Tag Archives: vulture funds

Latest Developments, July 30

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Official xenophobia
The Guardian reports on divisions within the British government over a campaign telling illegal immigrants to “go home” and a possible move to require residents of certain countries to pay a security deposit before visiting:

“A day after the Liberal Democrat business secretary, Vince Cable, called the campaign ‘stupid and offensive’, a No 10 [Downing Street] spokesman said [UK PM] David Cameron disagreed, adding that the posters and leaflets were attracting ‘a great deal of interest’.
In a separate move, Lib Dem sources said that a Home Office plan to force visitors from certain Asian and African countries to pay a £3,000 bond before being allowed to visit the UK had not been agreed within the coalition. Reports saying the plan had been signed off prompted a particularly angry reaction from India.”

Mali election
Reuters reports that Mali’s presidential vote went fairly smoothly on Sunday, suggesting “world powers, especially France” were right to insist on the hastily organized election:

“Chief EU observer Louis Michel said on Monday the election took place in a calm atmosphere and participation exceeded 50 percent in some places.
Turnout at some polling stations visited by Reuters on Sunday was more than 50 percent, while participation in previous presidential elections has never exceeded 40 percent.
‘No major incidents were reported even though there were some imperfections,’ Michel told journalists in Bamako.
Some Malians had difficulty finding polling stations and thousands displaced by the war are likely to have missed the vote as they would not have received the newly-printed ID cards.”

Opinion shift
The Guardian reports on a new poll indicating that for the first time since the 9/11 attacks, more Americans are worried about their civil liberties than the threat of terrorism:

“Among other things, Pew finds that ‘a majority of Americans – 56% – say that federal courts fail to provide adequate limits on the telephone and internet data the government is collecting as part of its anti-terrorism efforts.’ And ‘an even larger percentage (70%) believes that the government uses this data for purposes other than investigating terrorism.’ Moreover, ‘63% think the government is also gathering information about the content of communications.’ That demonstrates a decisive rejection of the US government’s three primary defenses of its secret programs: there is adequate oversight; we’re not listening to the content of communication; and the spying is only used to Keep You Safe™.”

Global citizenship
The New York Times marks the passing of Garry Davis, the “self-declared World Citizen No. 1” who believed the end of nation-states would mean the end of war:

“The One World model has had its share of prominent adherents, among them Albert Schweitzer, Jean-Paul Sartre, Albert Einstein and E. B. White.
But where most advocates have been content to write and lecture, Mr. Davis was no armchair theorist: 60 years ago, he established the World Government of World Citizens, a self-proclaimed international governmental body that has issued documents — passports, identity cards, birth and marriage certificates — and occasional postage stamps and currency.
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In November 1948, six months after renouncing his [US] citizenship in Paris, Mr. Davis stormed a session of the United Nations General Assembly there.
‘We, the people, want the peace which only a world government can give,’ he proclaimed. ‘The sovereign states you represent divide us and lead us to the abyss of total war.’ ”

Charitable-industrial complex
Peter Buffett, chairman of the NoVo Foundation and son of multi-billionaire Warren Buffett, discusses the dangers of “philanthropic colonialism” and “conscience laundering”:

“Inside any important philanthropy meeting, you witness heads of state meeting with investment managers and corporate leaders. All are searching for answers with their right hand to problems that others in the room have created with their left.
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As more lives and communities are destroyed by the system that creates vast amounts of wealth for the few, the more heroic it sounds to ‘give back.’ It’s what I would call ‘conscience laundering’ — feeling better about accumulating more than any one person could possibly need to live on by sprinkling a little around as an act of charity.
But this just keeps the existing structure of inequality in place. The rich sleep better at night, while others get just enough to keep the pot from boiling over. Nearly every time someone feels better by doing good, on the other side of the world (or street), someone else is further locked into a system that will not allow the true flourishing of his or her nature or the opportunity to live a joyful and fulfilled life.
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It’s time for a new operating system. Not a 2.0 or a 3.0, but something built from the ground up. New code.”

Unmanned & warrantless
The Washington Times reports that the FBI has told the US Congress it does not see any need to obtain case-by-case permission for drone surveillance:

“Then, in a follow-up letter [Senator Rand] Paul released Monday, [assistant director for the FBI’s congressional liaison office Stephen D.] Kelly said they don’t believe they ever need to obtain a warrant to conduct drone surveillance as long as it’s done within guidelines.
He said they take their lead from several Supreme Court cases that don’t deal directly with drones but do cover manned aerial surveillance.”

Smear tactics
Inter Press Service reports that the efforts by American “vulture capitalists” to make huge profits off Argentina’s 2001 debt default go well beyond the courtroom:

“The public relations effort, which focuses on Argentina’s increasingly friendly relations with Iran, comes as the administration of U.S. President Barack Obama is weighing whether to side with Argentina before the Supreme Court in its battle with Wall Street.
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That the White House is backing away from its earlier defences of Argentina indicates that the millions of dollars U.S. hedge funds have spent lobbying members of the administration, Congress and the press are starting to change the debate, with Iran about as popular as Iraq was in 2002.”

Latest Developments, June 25

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Green light for blue helmets
Reuters reports that the UN Security Council has unanimously approved the start of peacekeeping operations in Mali on July 1:

“The 15-member Security Council unanimously approved in April a mandate for the 12,600-member force, to be known as MINUSMA, but its deployment had been subject to a council review on Tuesday of Mali’s security situation. French troops will support the peacekeepers if needed to combat Islamist extremist threats.
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Once the U.N. peacekeeping force is deployed, France will continue to handle counterterrorism and peace enforcement operations as needed in Mali, while the U.N. blue helmets will handle traditional peacekeeping duties of policing and trying to ensure new violence does not erupt.”

History dismissed
The New Yorker’s Amy Davidson comments on US Supreme Court Justice Ruth Bader Ginsburg’s description of her colleagues’ “demolition” of the Voting Rights Act as “hubris”:

“Perhaps she’s right; but it could also be said that the majority ruling was built more on resentment of a particularly petulant kind: grudging about the need to remember an unpleasant past and to be mindful of the marginalized; offended by the idea that anyone would consider certain parts of the country more racist than others, or, really, that anyone is particularly racist at all these days.
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‘As applied to Shelby County, the VRA’s preclearance requirement is hardly contestable,’ Ginsburg wrote, and the same could be said about Alabama as a whole. Ginsburg quoted an F.B.I. investigation of Alabama legislators who referred to black voters as ‘Aborigines’ and talked about how to keep them from the polls: ‘These conversations occurred not in the 1870’s, or even in the 1960’s, they took place in 2010.’”

Dangerous liaisons
In the wake of last week’s deadly attack on a UN compound in Mogadishu, Inner City Press reports on allegations that the actions of one UN agency operating in Somalia may be putting the organization’s personnel in danger:

“Now Inner City Press has exclusively been provided by whistleblowers with detailed complaints about the UN Mine Action Service’s David Bax, including that he shares both genetic information and physical evidence from bombings with American intelligence services, including through shadow private military contractor Bancroft Global Development.
According to the whistleblowers, this combined with Bax and ‘his’ Denel contractors traveling armed around Mogadishu leads to a perception that they and the UN have taken sides, and helps to make them a target.”

Militarized border
Agence France-Presse reports that US lawmakers are pushing for a military “surge” along the border with Mexico to prevent illegal immigration:

“Twenty thousand new border patrol agents, hundreds of miles of fencing, billions of dollars in drones, radar and sensors: US lawmakers are proposing a militaristic remedy to staunch illegal immigrant flow from Mexico.
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In Washington, the ‘border surge’ proposal is already being compared with the ‘surge’ of US war troop reinforcements that president George W. Bush ordered to Iraq in 2007.
‘That military reference makes sense because it is going to militarize hundreds of American communities in the Southwest,’ said veteran Senate Democrat Patrick Leahy.
He sneered that the border security modification ‘reads like a Christmas wish list for Halliburton,’ one of the nation’s largest defense and energy contractors.”

Gulf Intervention
Radio France Internationale reports on the French military presence in the Gulf of Guinea, off Africa’s west coast:

“Since 1990, France has maintained a ship on a near permanent basis in the region as part of Operation Corymb. Currently, the frigate Touche-Tréville is patrolling the area. This ship intervened to assist the oil tanker MT Adour, attacked near the Togolese capital Lomé on the night of Wednesday June 19 to Thursday June 20. Its crew has since been freed. The Navy stresses, however, that ‘Operation Corymb’s mission is to protect French citizens and interests in the region. At this time, this boat is not dedicated to the fight against piracy.’ ”

African debt redux
Columbia University’s Joseph Stiglitz and the United Nations Department of Economic and Social Affairs’ Hamid Rashid ask if the new enthusiasm for sovereign-bond issues in Africa is paving the way for “the world’s next debt crisis“:

“Signs of default stress are already showing. In March 2009 – less than two years after the issue – Congolese bonds were trading for 20 cents on the dollar, pushing the yield to a record high. In January 2011, Côte d’Ivoire became the first country to default on its sovereign debt since Jamaica in January 2010.
In June 2012, Gabon delayed the coupon payment on its $1 billion bond, pending the outcome of a legal dispute, and was on the verge of a default. Should oil and copper prices collapse, Angola, Gabon, Congo, and Zambia may encounter difficulties in servicing their sovereign bonds.
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Countries contemplating joining the bandwagon of sovereign-bond issuers would do well to learn the lessons of the all-too-frequent debt crises of the past three decades. Matters may become even worse in the future, because so-called ‘vulture’ funds have learned how to take full advantage of countries in distress. Recent court rulings in the United States have given the vultures the upper hand, and may make debt restructuring even more difficult, while enthusiasm for bailouts is clearly waning.”

GM dispute
The Alliance for Food Sovereignty in Africa’s Million Belay and the African Biodiversity Network’s Ruth Nyambura reject the UK environment minister’s claim that Africa needs genetically modified crops:

“It is a myth that the green revolution has helped poor farmers. By pushing just a few varieties of seed that need fertilisers and pesticides, agribusiness has eroded our indigenous crop diversity. It is not a solution to hunger and malnutrition, but a cause. If northern governments genuinely wish to help African agriculture, they should support the revival of seed-saving practices, to ensure that there is diversity in farmers’ hands.
But GM crops pose an even greater threat to Africa’s greatest wealth. GM companies make it illegal to save seed.”

Growth for some
King’s College London’s Andy Sumner looks into the “winners and losers” of global growth between 1990 and 2010:

“Third, one can say that 15% of global consumption growth from 1990 to 2010 went to the richest 1% of global population. At the other end of the distribution, the 53% under $2 in 1990 benefitted from less than an eighth of that global growth; and the 37% on less than $1.25 a day benefitted by little more than a twentieth of that growth.”

Latest Developments, December 18

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Asymmetric grief
The Guardian’s George Monbiot points out that drone war-waging American officials and the world’s media seem to consider the deaths of innocent children far less tragic in some contexts than in others:

“It must follow that what applies to the children murdered [in Newtown, Connecticut] by a deranged young man also applies to the children murdered in Pakistan by a sombre American president. These children are just as important, just as real, just as deserving of the world’s concern. Yet there are no presidential speeches or presidential tears for them, no pictures on the front pages of the world’s newspapers, no interviews with grieving relatives, no minute analysis of what happened and why.
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‘Are we,’ Obama asked on Sunday, ‘prepared to say that such violence visited on our children year after year after year is somehow the price of our freedom?’ It’s a valid question. He should apply it to the violence he is visiting on the children of Pakistan.”

Plugging leaks
Global Financial Integrity has released its annual study on “the amount of money flowing out of developing economies via crime, corruption and tax evasion” and called for global action to limit this draining of resources:

“Policies advocated by GFI include:

  • Addressing the problems posed by anonymous shell companies, foundations, and trusts by requiring confirmation of beneficial ownership in all banking and securities accounts, and demanding that information on the true, human owner of all corporations, trusts, and foundations be disclosed upon formation and be available to law enforcement;
  • Reforming customs and trade protocols to detect and curtail trade mispricing;
  • Requiring the country-by-country of sales, profits and taxes paid by multinational corporations;
  • Requiring the automatic cross-border exchange of tax information on personal and business accounts;
  • Harmonizing predicate offenses under anti-money laundering laws across all Financial Action Task Force cooperating countries; and
  • Ensuring that the anti-money laundering regulations already on the books are strongly enforced.”

Behaving like adults
Foreign Policy reports that former senator Chuck Hagel, one of the frontrunners to become the next US secretary of defense, has a history of opposing sanctions and endorsing engagement in dealing with perceived threats to international stability:

“ ‘Engagement is not appeasement. Diplomacy is not appeasement. Great nations engage. Powerful nations must be the adults in world affairs. Anything less will result in disastrous, useless, preventable global conflict,’ Hagel said in a Brookings Institution speech in 2008.
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On Syria, Hagel was a longtime supporter of engagement with the regime of President Bashar al-Assad and his father before him, Hafez al-Assad. After meeting with Assad the elder in 1998, Hagel said, ‘Peace comes through dealing with people. Peace doesn’t come at the end of a bayonet or the end of a gun.’ ”

Vulture setback
The Guardian reports that an international tribunal has ordered Ghana to release an Argentine ship and crew detained due to aggressive collection tactics by an American “vulture fund“:

“The vessel arrived at Tema on 1 October, but was prevented from leaving three days later by a court order obtained by the investment vulture fund NML Capital, which is suing the Argentinian government for non-payment of a $1.6bn (£988m) debt.
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Ahead of the tribunal’s decision, the UN independent expert on foreign debt and human rights, Cephas Lumina, said: ‘Vulture funds, such as NML Capital, should not be allowed to purchase debts of distressed companies or sovereign states on the secondary market, for a sum far less than the face value of the debt obligation, and then seek repayment of the nominal full face value of the debt together with interest, penalties and legal costs or impound assets of heavily indebted countries in an attempt to force repayment.’ ”

WTO contender
Reuters reports that a former Ghanaian trade minister, Alan John Kwadwo Kyerematen, has become “the first official candidate” to succeed France’s Pascal Lamy as head of the World Trade Organization:

“Many trade diplomats think the job should go to an African, Latin American or Caribbean candidate, since all but one head of the 17-year-old WTO have been from developed countries. The exception was Thailand’s Supachai Panitchpakdi.
But Lamy has said there was no system of rotating the job between countries and regions and said his successor, chosen by consensus, should be picked on the basis of competence alone.”

Deep sea concerns
Inter Press Service reports on some of the worries being expressed over the prospect of deep sea mining in the territorial waters of a number of Pacific island states:

“The International Seabed Authority (ISA) and the Applied Geoscience and Technology Division of the Secretariat of the Pacific Community (SOPAC) concluded last year, ‘The current level of knowledge and understanding of deep sea ecology does not make it possible to issue any conclusive risk assessment of the effects of large-scale commercial seabed mining.’
Furthermore, many Pacific Island states are yet to establish appropriate DSM legislation and regulatory bodies.
‘PNG does not yet have all of its maritime boundaries established,’ [the University of Papua New Guinea’s] Kaluwin said. ‘The government does not yet have appropriate off-shore or deep sea mining policies and legislation in place.  We also need to address the traditional rights of landowners and communities over the marine environment.’
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Hannah Lily, legal advisor to the [EU’s Deep Sea Minerals Project], told IPS, ‘Appropriate regulatory mechanisms, which require of proposed DSM (projects) further in-depth scientific research and analysis, should be in place before any DSM mining project takes place.’ ”

Atmospheric governance
The Economist’s Free Exchange blog argues that, in a world where countries cannot seem to agree on collective emissions reductions, people should expect more and more “unilateral geoengineering gambits“:

“Large, northerly countries like Canada and Russia have an almost unchecked ability to adapt but smaller and more equatorial places will quickly run out of options. It is unrealistic to suppose that unilaterial geoengineering schemes won’t be an inevitable result.
Such schemes could pose huge risks. Successful, precisely deployed efforts might nonetheless have unpredictable and substantial side effects or unpleasant distributional costs. Without a forum to address such effects, geopolitical tensions could worsen in a hurry.
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If the world can’t create a functional international forum for addressing atmospheric management—one with teeth—then the costs of global warming are going to be far higher than they ought to be, whatever the mix of policies used to attack it.”

Latest Developments, November 23

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Mining aid
The Globe and Mail reports that Canada’s new international co-operation minister’s promotion of business opportunities abroad, particularly for mining companies, signals “a profound shift” in the Canadian approach to foreign aid:

“[Julian Fantino] said part of [the Canadian International Development Agency’s] work is to help small and medium enterprises in developing countries find their footing. But he also emphasized CIDA’s role in preparing those countries for foreign investment, suggesting the agency’s work can help make countries and people ‘trade and investment ready’ and even dissuade governments from nationalizing extractive industries.
‘CIDA can help develop the capacity to negotiate with other countries, implement international commercial agreements with Canada and other trading partners and help firms benefit from these agreements. We will be doing more of this in the future,’ he said.”

Setting limits
In a draft report on sustainability and the post-2015 development agenda, New York University’s Alex Evans calls for the successors to the Millennium Development Goals to include “explicit recognition of planetary boundaries”:

“Poverty reduction is the first casualty of unsustainability, with poor people disproportionately reliant on natural assets and vulnerable to climate and scarcity risks. At the same time, current models of development are also the main driver of unsustainability – most obviously in ‘developed’ countries, but increasingly also in emerging economies which, though far behind high income countries in per capita impacts, are nonetheless helping push the world towards ecological tipping points.
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Environmental summitry has become the world’s principal breeding ground for multilateral zombies (staggering on, moaning piteously, never quite dying) with few if any really significant wins in the 15 years since Kyoto. This should surprise no-one, mirroring as it does the fact that in capitals all over the world, environment ministers lack the clout to make change happen. Sustainability advocates need to stop talking about mainstreaming and get on with it. That means bringing environment to the heart of debates about how we develop – not in some vague, aspirational way, but by starting from quantified estimates of how much environmental space is available for us to share between us.”

Vulture loss
The Guardian reports that politicians in Jersey have voted to prevent so-called vulture funds from using the British island’s courts as a venue to sue poor countries:

Vulture funds, which buy up poor nations’ debts on the cheap before suing them for up to 100 times the original amount, had attempted to take cases to Jersey after British law banned the practice.
In the latest case, multimillionaire speculator Peter Grossman used Jersey’s courts to sue the Democratic Republic of the Congo (DRC) for $100m (£64m) over a decades-old debt that started out at $3.3m. Grossman, who runs the FG Hemisphere fund, was able to take the case to Jersey’s courts because the island is a crown dependency not covered by all UK laws.
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The International Monetary Fund and the World Bank estimate that vulture funds are seeking total claims of $1.47bn from countries including Cameroon, Ethiopia, Sudan, Uganda, and the DRC.

Vulture win
The Financial Times reports that Argentina’s government has described as “a kind of legal colonialism” a US court ruling that the country should pay $1.3 billion to hedge funds:

“The victory for several hedge funds against Argentina has sparked fears that the country could be plunged into yet another debilitating sovereign default and threatens to make government restructurings more difficult in the future.
In what has been dubbed the ‘trial of the century’ for sovereign debt restructurings, a US District Court judge on Wednesday ordered Argentina to pay the hedge fund creditors – led by Elliott Associates and Aurelius Capital – in mid-December.
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Buenos Aires could choose to default rather than repay the hedge funds it considers ‘vultures’, in a case that experts say has far-reaching ramifications for international finance.
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The decision still has to be confirmed by the appeals court and could end up before the US Supreme Court. But if upheld, it would open a chink in the armour of sovereign immunity against creditors that countries have largely enjoyed for the past century.”

Unnecessary incentives
TrustMedia reports that the African Tax Administration Forum is calling for a review of tax incentives granted by African governments to multinational corporations:

“[ATAF’s Logan Wort] said most tax incentives agreements were entered into without wide consultations as to how they impact on African countries’ ability to mobilise domestic resources for development.
‘We believe African countries are losing millions of dollars through tax incentives, which are mostly negotiated by the political elite.’
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Zambia, for instance, has given specific tax incentives to companies operating in copper mining, the country’s traditional export sector, with conditions varying from one company to another. ATAF thinks this kind of incentive is not necessary.
‘We believe investors will come with or without tax incentives, therefore they are not necessary,’ Thulani Shongwe, a tax expert at the ATAF secretariat, commented. He said the organisation was now on a ‘crusade’ to review the benefits.”

Corn fears
Via Campesina expresses concern that multinational giants Monsanto, Dow and DuPont look likely to get the green light to plant genetically modified maize on 2.4 million hectares of Mexican land, “a surface area equivalent to that of El Salvador”:

“The situation is extremely alarming since Mexico is the world’s centre of maize diversity, with thousands of varieties in the fields of peasant and indigenous communities. Maize is currently one of the world’s three main food staples, so the contamination of Mexican maize by dangerous GMOs is a threat to the entire planet.”

Human development
The University of London’s Simon Reid-Henry writes that Nobel prize-winning economist Amartya Sen’s conception of development “requires thinking about poverty not simply as an aberration, as something that we might somehow solve.”

“It involves acknowledging, rather, that ‘our privileges are located on the same map as their suffering’, as Susan Sontag puts it. The problem of development lies as much in what we classify as wealth and how we go about promoting that as it does in poverty.
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Accordingly, development becomes not so much about making up for what people lack (modernisation, say) so much as removing the ‘unfreedoms’ that stop them living in a way they might otherwise choose: market inequalities, perhaps, or state violence.”

Latest Developments, July 19

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Debt speculation
The Guardian reports that the UK’s privy council has ruled that a “vulture fund” cannot collect $100 million on a DR Congo debt that was, before interest, a thirtieth of that amount:

“In an attempt to skirt British law, which bans ‘vulture funds’ from buying poor nations’ debts on the cheap before suing them for 10-100 times the amount paid, [FG Hemisphere’s Peter] Grossman took the case to Jersey, a crown dependency not covered by the UK law.
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Before turning to the Jersey loophole, Grossman’s company had unsuccessfully tried to seize the DRC’s embassy in Washington as a downpayment on the debt.”

Fatal strike
The Globe and Mail reports Canadian-based First Quantum Minerals has temporarily shut down operations at a copper and gold mine in Mauritania due to an “illegal strike” that has already claimed the life of one worker:

“According to local reports, demonstrators clashed with security forces outside the Guelb Moghrein mine over the weekend as workers demanded better pay and conditions. One worker died in the clashes, although further details about the circumstances were muddied amid differing reports.”

Dogs of war
The Daily Maverick reports that a leaked UN document accuses private security companies of violating international arms embargoes against Somalia and Eritrea:

“During the course of the [UN Monitoring Group on Somalia and Eritrea]’s mandate, this highly profitable business has expanded beyond the provision of armed escorts to the leasing of arms, ammunition and security equipment, and the establishment of ‘floating armouries’ that operate in international waters beyond the remit of any effective international regulatory authority. PMSCs are currently holding approximately 7,000 weapons in circulation, which are either owned or leased.”

Deposed despots beware
Reuters reports that the International Court of Justice is expected to hand down a ruling on Friday that could create new legal obligations for countries with exiled former dictators residing on their territory:

“The ruling could worry former rulers like Zine al-Abidine Ben Ali, the Tunisian president overthrown in January 2011 at the start of the Arab Spring and now in exile in Saudi Arabia.
But it could also deter other leaders facing mounting violence at home, such as Syrian President Bashar al-Assad, from going into exile despite promises or guarantees of amnesty.
‘If Belgium is successful, it will mean that third states would be able to oblige states on whose territory an accused war criminal resides to either prosecute such persons or extradite them to a state which can and wishes to prosecute,’ Malcolm Shaw, a law professor at Cambridge University, said in an email.”

Easing pressure
The Independent reports that the UK government is proposing to relax EU sanctions against Zimbabwe, whereas opposition MP Peter Hain is calling for more sanctions:

“Mr Hain said: ‘Let us be clear: Zimbabwean military-controlled blood diamonds are now sold within the EU and almost certainly within the UK, appearing on wedding rings. It is time for jewellery companies to stop hiding behind the façade of the Kimberley Process [to stop diamonds being used to finance military activity] and take responsibility for their own supply chains.’ ”

Let’s make a deal
Reuters reports the US wants a new trade deal with the 5-nation East African Community, comprising Kenya, Tanzania, Uganda, Rwanda and Burundi:

“[US deputy national security adviser for international economic affairs Michael] Froman said the proposal by Obama for a new trade deal was meant to encourage [growing investment in East Africa] and support further EAC integration. The deal would seek to guarantee American investors that they would be treated fairly and that their investments would be secure.
‘It calls for a focus on trade facilitation to reduce the bottlenecks at the border, such as moving to a single border clearance and harmonising customs documentation, to reduce delays and unnecessary costs,’ he said.”

Watering down the ATT
Embassy Magazine reports that opposition MPs are accusing the Canadian government of trying to sabotage the Arms Trade Treaty, currently under negotiation at the UN, by adding loopholes:

[NDP trade critic Don Davies] and other treaty supporters point to the Harper government’s desire not to include the mandatory tracking of ammunition, or detailed reporting on high-volume trades. They say another example of Canada’s attempts to gum up the treaty is Canada’s suggestion that no new money go to the UN to police the agreement’s implementation.
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Mr. Davies attended the first week of negotiations in New York, and said foreign delegations frequently asked him why Canada was trying to weaken the treaty by pushing for ammunition and other items to be exempt.
‘I got a lot of questions on Canada’s official position that not every transaction be recorded,’ he said. ‘They asked how we saw an effective arms trade treaty if from the outset, and by design, there are loopholes built into it.’ ”

Transparency hype
Using the example of Angola, Oxford University’s Ricardo Soares de Oliveira warns that transparency reforms can amount to little more than “upgrades of the status quo”:

“The contribution of the IMF and a number of Angolan technocrats towards macro-economic reform is undeniable. What is missing from the IMF’s assessment is the fact that the reforms have had next to no impact on the elite’s approach to development and the real lives of the poor.
tA lesson of the Angolan reform trajectory is self-evident yet frequently forgotten: transparency is merely a means to an end. By itself the transparency agenda is a technocratic exercise that savvy governments can easily game. You can have an oil-rich state tick all the boxes and come out on the other side without this having any implications whatsoever for the nature of governance and broad-based development.”