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Weekly Review: Global Business Centers Share New York's Pain
By Phil Wainewright
September 18, 2001

In common with countless others around the globe, I watched live pictures of last Tuesday's events in numb disbelief, unable to accept the reality of what I was seeing. Almost a week later, part of me is still searching for some rational means of denying the full extent of what I now know took place, in a vain attempt to lessen the horror that I feel.

Speak Out
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How much worse must be the heartache and grief of those who lost loved ones, friends and colleagues. My deepest condolences and sympathies, and those of everyone at ASPnews and its sister publications, go out to them.

All of us who do business in the global economy stand by them in their grief. Finance and technology, in particular, are inherently global industries in their nature. The pain that New Yorkers now feel is shared especially keenly by residents of every international business center, whether it be London, Frankfurt, Singapore, Tokyo, Sydney or San Francisco — we can all identify so closely with them.

Last Tuesday's attacks were, first and foremost, attacks on the United States of America. But by striking against the World Trade Center, the terrorists also struck with deliberate and callous symbolism against the entire global economy. They were motivated by hatred of an economic and political system that the United States personifies, but which citizens of every nation on earth participate in.

Just like every international financial center, the working population of the Twin Towers was a multi-national, multi-cultural and multi-ethnic group of people. It appears that more than a tenth of those lost or missing are citizens of countries other than the U.S. As many as 300 are thought to be Britons. Others come from all over Europe, and from Asian countries including Japan, Korea and China. Victims were of all races and all religions — including innocent expatriate and American muslims.

The World Trade Center was a place where all those people worked together in harmony. Its destruction is an attempt to shatter the mutual respect, tolerance and trade that binds our modern world, and which enables our common prosperity.

Making a Contribution
Today, that world is picking itself up and resuming work, conscious that some things will have to change in order to better protect and sustain those core values. We have woken up to a more dangerous world than the one we believed we lived in. It is also a world where we feel a keener need for purpose; we want a role in which we make a contribution to the greater good.

For the service provider industry, that role seems clear. The events of the past week have demonstrated the importance of robust, sustainable infrastructure. Telecoms, mobile networks and the Internet all proved their worth when they were working. When they failed, we recognized how much we depend on them at times of crisis. Those infrastructures must now be deepened and hardened.

With business travel temporarily in abeyance, the availability of alternative ways of meeting, collaborating and communicating becomes all the more important. Even when travel and congregation becomes difficult or ill-advised, the Internet and telecoms systems are capable of shrinking distances, bringing people together irrespective of their physical location.

Finally, every business must take steps to ensure the sustainability of its own infrastructure. Some will continue to do that for themselves. The majority will need to draw on the greater expertise and resources that service providers have to offer. Before last Tuesday, such decisions were simply commercial considerations. Suddenly, there seems to be more at stake. It is a matter of ensuring the survivability of our shared way of life.

This review of the week's news highlights is by ASPnews.com founder and consulting analyst Phil Wainewright. A comprehensive news digest is published every month in the ASP News Review newsletter, available exclusively to subscribers.