Global Quota – Copt Heath Wharf http://coptheathwharf.co.uk/ Fri, 21 Jan 2022 14:19:23 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://coptheathwharf.co.uk/wp-content/uploads/2021/03/cropped-coptheathwraf-32x32.png Global Quota – Copt Heath Wharf http://coptheathwharf.co.uk/ 32 32 Chinese rare earth minerals are ‘a national security risk’: Senator Mark Kelly https://coptheathwharf.co.uk/chinese-rare-earth-minerals-are-a-national-security-risk-senator-mark-kelly/ Fri, 21 Jan 2022 14:19:23 +0000 https://coptheathwharf.co.uk/chinese-rare-earth-minerals-are-a-national-security-risk-senator-mark-kelly/ Efforts by the Biden administration to reduce U.S. dependence on Chinese imports have renewed domestic efforts to produce rare-earth minerals critical to the production of electric and electronic vehicles. A new bipartisan Senate bill aims to expedite that timeframe, barring defense contractors from sourcing those materials in the first place. In an interview with Yahoo […]]]>

Efforts by the Biden administration to reduce U.S. dependence on Chinese imports have renewed domestic efforts to produce rare-earth minerals critical to the production of electric and electronic vehicles.

A new bipartisan Senate bill aims to expedite that timeframe, barring defense contractors from sourcing those materials in the first place.

In an interview with Yahoo Finance Live, the bill’s co-sponsor Sen. Mark Kelly (D, AZ) called Chinese rare earth minerals a “national security risk” and urged the Pentagon to act quickly to remove metals from military weapon systems.

“We need to stop relying on Chinese rare earths in our defense industry. It is a risk to our national security. If China decided to cut us off from these rare earth minerals right now, it would have a serious impact on our national defense,” Kelly said. “So this requires DOD and the Department of the Interior to work together to build a stockpile of rare earth minerals.”

The bill marks the latest US attempt to break China’s virtual monopoly on a group of 17 metals that are crucial to the development of everything from smart electronics to wind turbines. The country controls nearly 80% of rare earth imports, according to US Geological Survey data, while the United States claims only one rare earth mine and lacks the capacity to process the minerals .

Last month, China moved to strengthen its grip on the market by consolidating key producers into a new conglomerate to double down on mining development in China.

Kelly’s legislation, known as the Restoring Essential Energy and Security Holdings Onshore for Rare Earths Act of 2022, specifically calls on the US Department of Defense and Interior to develop a sufficiently large strategic reserve of rare earths and products. to meet one year’s needs, by 2025. It also bans the use of Chinese metals in sensitive military systems by 2026 and requires defense contractors to track and disclose the origins of metals used in the equipment they deliver to the Pentagon.

“It sets the parameters, to put the United States in a position where we have to choose to do this. We’re building that stockpile, defense contractors will have access to it, and we’ll build the rare earth supply chain we need,” Kelly said. “We don’t want to continue to be in the situation where our opponent could cut us off from things that we need for our national defence.”

Wheel loaders fill trucks with ore at the MP Materials rare earth mine in Mountain Pass, California, U.S., January 30, 2020. Picture taken January 30, 2020. REUTERS/Steve Marcus

The United States has been here before.

For decades, the country’s only rare-earth mine was in Mountain Pass, California, and it dominated the world’s supply. But concerns about its environmental impact, treatment of workers and regulations slowed production in the 1980s.

This coincided with China’s aggressive move to capture global market share through government subsidies, lax environmental standards and lower labor costs. In 2010, China accounted for 97% of the world’s rare earth supply.

Over the years, Beijing has sought to use its leadership in metals as geopolitical leverage. In 2010, China halted all rare earth exports to Japan, after the country arrested a Chinese fishing captain near disputed islands in the South China Sea. Later that year, China reduced its metal export quota to protect domestic supplies, igniting trade relations with the United States and its allies.

But attempts by the United States to revive its domestic metals industry have been fraught with difficulties. Fears of rare earth shortages prompted Molycorp Inc. to reopen the Mountain Pass mine in 2010. That same year, the company listed on the New York Stock Exchange, only to see its price plummet. Poor investment decisions ultimately led to its demise, with the company filing for bankruptcy five years later. Las Vegas-based MP Materials (MP), which bought the mine in 2017, has since been trying to restart domestic production.

The Biden administration’s focus on reducing U.S. reliance on Chinese supply chains could give the industry a tailwind. Last year, the president signed an executive order calling for a national supply chain review of critical resources, including rare earths and electric car batteries. This fall, the US Department of Energy announced $30 million in funding for National Laboratories to build materials critical to clean energy technology.

Kelly said his legislation will push the United States to work harder.

“We don’t have a large enough supply here in the United States today. And this legislation is going to solve that problem,” he said. “We can build this strategic reserve of rare earth minerals over time. time if we focus on it and if we choose to.

Akiko Fujita is a presenter and reporter for Yahoo Finance. Follow her on Twitter @AkikoFujita

Read the latest financial and business news from Yahoo Finance

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MARKETS: Sensex drops 400 pts driven by RIL, Infosys; Clever nearly 17,850 https://coptheathwharf.co.uk/markets-sensex-drops-400-pts-driven-by-ril-infosys-clever-nearly-17850/ Thu, 20 Jan 2022 02:40:00 +0000 https://coptheathwharf.co.uk/markets-sensex-drops-400-pts-driven-by-ril-infosys-clever-nearly-17850/ Markets at 10 a.m. LIVE Market Updates: Benchmarks were lower early in the morning on selling IT stocks – Infosys, HCL Tech, TCS, private lender HDFC and heavyweight RIL, all of which were 1% lower. The BSE Sensex was 269 points lower at 59,829, while the NSE Nifty was down 65 points at 17,872. According […]]]>

Markets at 10 a.m.

LIVE Market Updates: Benchmarks were lower early in the morning on selling IT stocks – Infosys, HCL Tech, TCS, private lender HDFC and heavyweight RIL, all of which were 1% lower. The BSE Sensex was 269 points lower at 59,829, while the NSE Nifty was down 65 points at 17,872.

According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the bearish trend in the US market with the Nasdaq down 10.7% from its November 2021 highs may not translate to India, but investors will need to be cautious as rising global inflation and expectations for monetary tightening will be a major headwind for at least the first half of 2022.

“Things could change in the second half of the year if supply disruptions ease and inflation eases. IT, finance and construction. A lot of low-quality, speculative-driven small cap stocks are going to disaster,” he said.

That aside, among sectors, autos, consumer staples, metals, real estate and PSBs were the only gainers. Energy, IT, durable goods and banks were broadly weak.

Among stocks, Ceat shares came under heavy selling pressure after the tire maker reported a string of weak numbers for the October-December quarter (Q3FY22). READ MORE.


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opening bell

LIVE Market Updates: Taking inspiration from weak global sentiment, benchmarks opened on a lower note and extended losses for a third day. The BSE Sensex was 142 points lower at 59,956, while the NSE Nifty was 35 points lower at 17,902.

In the broader market, however, the BSE MidCap and SmallCap indices were in the green and rose as much as 0.2%.

On the Sensex, PowerGrid, Ultratech Cement, Tata Steel, Axis Bank, Bharti Airtel, Bajaj Finserv Bajaj Finance and ITC were the main gainers, up 0.3-2%. On the Nifty, Tata Consumer, Grasim, Coal India, Hero Moto Corp and Eicher Motors were additional winners.

Infosys, HCL Tech, Asian Paints, RIL, Tech M, TCS, Wipro, HDFC, M&M, Dr Reddy’s, Sun Pharma were the biggest losers, down 0.3-1.8%.

From a sector perspective, the Nifty IT index was the biggest loser, down more than 1%, while metals and real estate were the biggest gainers.

Among the actions, Syngene International traded more than 3 percent higher on BSE on strong Q3 numbers. Its December quarter PAT rose 55.9% sequentially and 1.8% year-on-year to Rs104 crores.

During this time, ICICI Lombard was down 6% on BSE as the company posted weak third-quarter earnings. The private sector general insurer reported a marginal 1.28% year-on-year increase in net profit to Rs 318 crore, with no street estimates. Sequentially, net income decreased by 29%.

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Pre-open session

LIVE Market Updates:

Benchmarks were considered weak in pre-open trades. The BSE Sensex was down 84 points to 60,014, while the NSE Nifty was at 17,919, down 19 points.

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LIVE Market Updates: Benchmarks are set to start on a subdued note for a third day on Thursday amid pessimistic global market sentiment. As of 8 a.m., the SGX Nifty Futures was trading at a level of 17,905, 70 points lower than Nifty’s close the previous day.

Today, third quarter earnings from Asian Paints, Bajaj Finserv, Biocon, Hindustan Unilever, Persistent Systems and Shoppers Stop will be announced, so these stocks are likely to remain in focus. LEARN MORE HERE.

That aside, Bajaj Auto and M&M will also be on the radar, after the former reported a dismal streak of third-quarter numbers, where FY22 third-quarter net fell 22% year-on-year. ; while the latter is likely to generate additional revenue in the range of Rs 140-150 crore by signing a 5-year contract with Hero Electric.

Primary market

AGS Transact Technologies’ IPO was 88% subscribed on the first day of the offering on Wednesday. The retail quota was subscribed 1.3 times.

Global indices

U.S. stocks extended losses on Wednesday on fears of monetary policy tightening amid inflation concerns as oil prices continue to soar. The Dow Jones and S&P 500 indices fell 1% each, while the Nasdaq slipped 1.2%. Tonight will be a data-heavy day for US markets, with crude stocks, unemployment insurance claims and home sales on the radar.

Meanwhile, oil prices hovered around 7-year highs amid supply worries. Oil supply from the Iraq-Turkey pipeline was briefly interrupted due to a fire. Brent Crude rose 1.1% to $88.44 a barrel, and WTI Crude gained 1.8% to $86.96 a barrel.

Major Asian markets on Thursday morning were broadly negative. Nikkei was down 0.7%. Shanghai Composite, Straits Times, Kospi and Taiwan each fell 0.3-0.5%. Hang Seng, however, rose 0.6%.

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Russia struggles to keep pace with OPEC+ oil supply increases https://coptheathwharf.co.uk/russia-struggles-to-keep-pace-with-opec-oil-supply-increases/ Tue, 18 Jan 2022 07:43:44 +0000 https://coptheathwharf.co.uk/russia-struggles-to-keep-pace-with-opec-oil-supply-increases/ (Bloomberg) – Russia may only be able to deliver about half of its projected increases in crude production over the next six months, joining the ranks of OPEC+ nations struggling to grow even as fuel demand rebounds after the pandemic. Bloomberg’s Most Read With crude already trading above $85 a barrel in London, the outlook […]]]>

(Bloomberg) – Russia may only be able to deliver about half of its projected increases in crude production over the next six months, joining the ranks of OPEC+ nations struggling to grow even as fuel demand rebounds after the pandemic.

Bloomberg’s Most Read

With crude already trading above $85 a barrel in London, the outlook for Russian production leaves the global market even tighter than expected. This risks amplifying the spike in energy prices that is contributing to the highest inflation in decades.

The OPEC+ member is supposed to add 100,000 barrels a day of crude to the market each month, but growth stalled in December. Due to a drop in drilling last year, most analysts polled by Bloomberg News expect Russia’s actual monthly increases cannot exceed 60,000 barrels per day in the first half of 2022.

“We struggle to see Russian suppliers sustaining a production increase of 100,000 barrels per day every month for the next six months,” Bank of America Corp analysts Karen Kostanyan and Ekaterina Smyk told Bloomberg.

The Organization of the Petroleum Exporting Countries and its allies are restoring production halted during the pandemic. The coalition is supposed to pump an additional 400,000 barrels a day each month, but actual increases in production have been insufficient due to factors ranging from internal unrest to insufficient long-term investment in a number of countries.

Last month, OPEC increased production by just 90,000 barrels a day. Russian production began to stagnate in November, and in December fell below its OPEC+ quota for crude, according to Bloomberg estimates based on Energy Department statistics. The first few days of January saw a less than 1% increase in the country’s total oil production, which includes crude and a light oil called condensate extracted from natural gas, according to Interfax.

Russia’s top oil official, Deputy Prime Minister Alexander Novak, said the country would continue to meet its production targets. Crude production will reach 10.1 million barrels per day this month, he told the Tass news agency last week. This would be in line with its OPEC+ quota and an increase of around 100,000 barrels per day from December.

Inflationary pressure

If OPEC+ continues to struggle to meet its production targets, the economic consequences could be greater. The recovery in oil demand has remained robust as the Omicron strain of the coronavirus has a milder-than-expected effect on the global economy.

Brent, the international benchmark, has jumped more than 10% since the start of the year and could still have some way to go, according to Vitol Group. High energy prices are contributing significantly to rising inflation, and the White House has consistently pressured OPEC+ to boost supply and help lower fuel costs.

For most of 2021, Russia has maintained fairly steady monthly production increases while restoring idle capacity at the onset of the Covid-19 pandemic. In November, the revival began to run out of steam.

The spread of active, inactive and closed Russian production wells has returned to pre-pandemic levels, indicating that the industry has almost fully deployed its spare capacity. This was later confirmed by the statements of the largest producers in the country, Rosneft PJSC, Lukoil PJSC and Gazprom Neft PJSC.

Last year, Russian oil majors were in no rush to increase their production drilling, a move that would have seen new capacity come on stream in late 2021 and into 2022. ‘year were down 4.5. % over the same period in 2020, according to Interfax data based on Department of Energy CDU-TEK figures.

Russia’s oil industry is in wait-and-see mode due to uncertainty surrounding the effect of the coronavirus on demand, according to analysts at Bank of America and Vygon Consulting. Several companies also capped production last year after some of their projects lost tax breaks.

These producers “are rather reluctant to invest” in these projects until they know whether the Ministry of Finance will restore some of these incentives, said Daria Melnik, senior analyst at Oslo-based consultant Rystad Energy A/S. The government is ready to consider tax cuts from 2023 at the earliest, provided that OPEC+ production cuts end this year as planned, Deputy Finance Minister Alexey Sazanov told Bloomberg last month. .

This year, most major Russian producers plan to increase their investments, ranging from around 10% at Gazprom Neft to around 20% at Rosneft. Tatneft PJSC expects its 2022 upstream investments to grow up to three to four times compared to last year.

This increase in drilling will eventually generate higher production, but most of the gains will come after 2022. New wells will generate only a modest increase this year, Rystad Energy analysts at Renaissance Capital say.

Rosneft, which accounts for a large share of the Russian oil industry’s total spending, “is now funneling money into its Vostok Oil project, that’s the main priority for the producer,” Melnik said. The company plans to start full-scale crude production at the Arctic project in 2024.

Gazprom Neft’s cluster of new Zima fields in Western Siberia, which analysts at Renaissance Capital and Rystad Energy point to as a source of new crude for the producer in 2022, will peak production in 2024. Its Arctic Oil Rims project produces already, but will gradually increase, doubling in five years.

This explains why most observers see Russia falling short of its 2021 targets. “We don’t expect Russia to increase production by 100,000 barrels per day every month of the year,” Melnik said.

Bloomberg Businessweek’s Most Read

©2022 Bloomberg LP

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Building Capacity for Global Trade Negotiations: ICAB https://coptheathwharf.co.uk/building-capacity-for-global-trade-negotiations-icab/ Sun, 16 Jan 2022 16:30:00 +0000 https://coptheathwharf.co.uk/building-capacity-for-global-trade-negotiations-icab/ Capacity building is essential to participate more effectively in multilateral, regional and bilateral trade negotiations, bankers, chartered accountants and industry leaders said in a webinar. They also emphasized the payment of exports in freely convertible currencies and the revision of the current tariff policy. The Institute of Chartered Accountants Bangladesh (ICAB) organized the webinar on […]]]>

Capacity building is essential to participate more effectively in multilateral, regional and bilateral trade negotiations, bankers, chartered accountants and industry leaders said in a webinar.

They also emphasized the payment of exports in freely convertible currencies and the revision of the current tariff policy.

The Institute of Chartered Accountants Bangladesh (ICAB) organized the webinar on “International Trade Negotiations: The Bangladesh Perspective”.

Bangladesh Bank (BB) Governor Fazle Kabir was present as the main guest of the webinar.

Fazle Kabir said payment for exports must be executed in freely convertible currency. There is a dilemma between exporters and importers.

Exporters want cash payments, while importers want deferred payments, the governor said.

Therefore, there is a mismatch with respect to payments for which a counterparty agreement is required. This is essentially done by third-party funders, who act as facilitators to bring trade deals to fruition, he added.

ICAB Chairman Shahadat Hossain FCA said that Bangladesh is leading negotiations on Regional Trade Agreements (RTAs) such as BIMSTEC, APTA and a few bilateral FTAs ​​as well. In these negotiations, Bangladesh always places emphasis on creating better market access for goods, especially duty-free and quota-free market access, preferential market access for services where the Bangladesh has many potentials, elimination of non-tariff barriers (NTBs) etc.

“Successfully managing these complex negotiations is totally dependent on understanding the changes happening globally. global trade phenomena and survival trade policy,” he said.

They can also contribute to the trade policy formulation process, he noted.

Outlining the main objectives and process of trade negotiations, keynote speaker Shubhashish Bose said: “When we engage in international trade negotiations, we need to know the interests of our counterparts to get a sense of the common ground or find a balance, showing flexibility in protecting national interests and forming alliances between countries with similar interests taking into account global political issues, etc.

“Then we would strike a striking balance and come to an agreement,” he added.

“We are working to develop the environment for trade negotiations through various political supports,” said Afzal Hossain, chairman of the Bangladesh Trade and Tariff Commission.

Noor Md Mahbubul Haq, Additional Secretary (FTA), FTA Wing, Ministry of Commerce, said the current tariff policy should be reviewed. It is only a policy based on revenue collection.

“We also need to focus more on domestic trade negotiation skills. A separate negotiation department should be formed for the development of local industry,” he said.

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Here’s how to repay developing countries for colonialism – and tackle the climate crisis | Michael Franczak and Olúfẹ́mi O Táíwò https://coptheathwharf.co.uk/heres-how-to-repay-developing-countries-for-colonialism-and-tackle-the-climate-crisis-michael-franczak-and-olufemi-o-taiwo/ Fri, 14 Jan 2022 17:03:00 +0000 https://coptheathwharf.co.uk/heres-how-to-repay-developing-countries-for-colonialism-and-tackle-the-climate-crisis-michael-franczak-and-olufemi-o-taiwo/ AActivists who demand global reparations for colonialism and slavery are often accused of asking for the politically impossible. Internationally, however, reparations are more plausible than one might think. Indeed, an international mechanism to transfer resources to the formerly colonized world in a politically feasible way already exists: the policy instrument of “special drawing rights” (SDRs) […]]]>

AActivists who demand global reparations for colonialism and slavery are often accused of asking for the politically impossible. Internationally, however, reparations are more plausible than one might think. Indeed, an international mechanism to transfer resources to the formerly colonized world in a politically feasible way already exists: the policy instrument of “special drawing rights” (SDRs) managed by the International Monetary Fund.

Calls to change the allocation of SDRs are not new, nor is the idea that SDRs could function as reparations for transatlantic slavery and colonialism. Professor Cynthia L Hewitt of Morehouse College championed exactly this strategy as early as 2004. What is new is the political possibility opened up by growing awareness of the global climate crisis, which requires solutions that are not only practical but historically correct. . The reallocation of SDRs, as Barbadian Prime Minister Mia Mottley suggested in her “scathing” speech at Cop26, is both.

Introduced in 1969, SDRs are essentially “IMF coupons” distributed to central banks or national treasuries around the world, who can either hold them or exchange them with other member countries for cash. “Adding SDRs to a country’s international reserves makes it more financially resilient,” says the IMF. “In times of crisis, a country can dip into its savings for urgent needs (for example, to pay for importing vaccines).”

Unfortunately, the general allocation of SDRs is unfair and inefficient. It is not a coincidence. At the 1944 Bretton Woods conference, 44 nations “negotiated” plans for the IMF and World Bank, but only two counted: the United States and the United Kingdom, with the latter ranking far behind. The allocation of quotas was decided by wartime politics, as Raymond Mikesell, the author of the “formula”, explained 50 years later. No European country expected to lose its empire; The presence of India as the only colony was the exception proving the rule.

Two decades later, dozens of new countries in Africa and Asia had achieved political independence from Britain, France and others. In the mid-1960s, Third World countries dominated the UN General Assembly, but the “economic decolonization” they sought was impossible without equal representation in global economic governance – the IMF created a whole new “African department” to manage the overflow. It is in this context that the SDRs were born.

“In 1965, when serious discussions about the creation of the SDR began, a group of experts…argued that SDRs should be allocated with a view to meeting the development needs of newly independent countries,” explains the historian Economics Barry Eichengreen. As the former colonial powers and the United States enjoyed a “golden age” of fossil fuel-fueled capitalism, inequality between rich and poor countries reached new heights. According to some, SDRs would allow poor countries to prioritize development that colonialism had denied, without risking massive capital flight or default. “But when the SDRs were issued in 1970, they were allocated in proportion to IMF member quotas.”

Last August, the IMF’s board of governors approved $650 billion in new SDRs, its largest allocation since 1945 and more than double its expansion in 2009 at the height of the global financial crisis. However, because SDRs are allocated by quota, low-income developing countries only received 1.4% of this massive sum. High-income developing countries like China did better, at 22%, but rich countries took the lion’s share – more than 60%. The United States gobbled up an obscene 17%. Additionally, U.S. law requires the U.S. Treasury to consult with Congress on any material changes to SDR allocations, giving U.S. lawmakers a functional unilateral veto over any new and significant SDR allocations.

Of course, the US will never touch its SDRs – the “exorbitant privilege” of the US dollar means the country can print all the money it needs. Other rich countries have equally low or zero utilization rates; reaching their SDRs would be an admission of failure. At the other end, the vast majority of small island developing states and low-income developing countries – countries that, let’s not forget, have never created a global financial meltdown – rely on their meager reserves for emergencies of all kinds.

The quota system is worse than a relic – it is a literal representation of how colonialism continues to exclude poor countries from global governance. For African countries still using the CFA franc currency instituted by the French empire, the link with colonialism goes far beyond the symbolic: while most countries in the world are authorized to use their SDRs without conditions, the use of SDRs by these former French colonies is assessed through IMF-backed “surveillance consultations” on a “case-by-case” basis. The size of the quotas also determines voting power on the IMF’s board of governors, giving the United States a 17% share of the vote. Since major IMF decisions require an 85% vote share, this gives the US a functional veto over the voting system on which SDR allocations are currently based. The IMF recognizes the need for change, but the US has blocked even marginal reforms, while hoarding SDRs it neither needs nor uses.

Yet it is entirely possible for the IMF and the international community to turn SDRs into an effective tool for climate reparations, rather than more money under the mattress for rich countries. Here are some ways that could happen.

The first is the IMF’s own proposal. As its Director General, Kristalina Georgieva, has rightly acknowledged, Africa contributes “almost nothing” to global warming but bears the consequences – and the costs – largely on its own. His idea, endorsed by G20 finance ministers at their October 2021 summit in Rome, is a new Resilience and Sustainability Trust (RST) within the IMF worth up to $50 billion. Through the RST, rich countries could turn their SDRs into climate finance for low- and middle-income countries vulnerable to climate shocks. But $50 billion – less than half of the new US allocation – isn’t just insufficient, it’s unlikely. As a mechanism and not a mandate, the RST cannot force rich countries to redistribute their SDRs. Even if the target is achieved, “design flaws” including eligibility requirements and conditionalities “would render the planned RST ineffective for most climate-vulnerable countries”, as noted by members of the a working group from Boston University.

The good news is that better alternatives already exist. In fact, most Multilateral Development Banks (MDBs) are prescribed holders, including new climate-focused banks like the UN Adaptation Fund and the Green Climate Fund could be added with consent. the United States. MDBs have climate knowledge and expertise that the IMF lacks, lagging behind in the climate game, and as prescribed holders, MDBs can use SDRs as part of their normal financial operations.

“Redirecting SDRs to multilateral development banks will expand [their] reach and power,” says the Center on Global Development. The African Development Bank and other multilateral development banks have asked for this, but so far the IMF has turned them down. Another option is the creation of special environmental drawing rights within the IMF, which would help fund national investment plans aligned with a country’s climate goals.

The best option is the simplest and fairest: eliminate the system of allocation based on the “quota” of members and build a new one based on restorative principles, as Professor Hewitt argued years ago and as Prime Minister Mottley puts it today. Such an alternative ranking system would award the most SDRs to countries most disadvantaged by slavery and colonialism as well as climate vulnerability.

International funding for phasing out fossil fuels and adapting to climate impacts is trillion dollars short of what will be needed to avoid the worst climate impacts. More than a decade later, the Green Climate Fund (the largest dedicated climate fund in the world) has only managed to raise a tenth of a target that was an order of magnitude too small in the departure. SDR allocations can provide an alternative to the failing global climate finance system via an institution that is at least nominally publicly accountable, instead of relying on fantasies about private sector social accountability.

Not only are SDRs great dollar-for-dollar climate finance, but rich countries have little to lose beyond IMF “coupons” they don’t need and won’t spend. Abandoning the quota system outright may not happen (yet), but redistributing SDRs is a serious and workable way for rich countries to begin a process of reparations and avoid the worst versions. of the climate crisis at the same time.

  • Michael Franczak is a postdoctoral fellow at the University of Pennsylvania’s Perry World House and author of the forthcoming book Global Inequality and American Foreign Policy in the 1970s

  • Olúfẹ́mi O Táíwò is Assistant Professor of Philosophy at Georgetown University and author of the forthcoming book Reconsidering Reparations

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Berkshire Hathaway invests in Ariel Re, extends quota sharing deal https://coptheathwharf.co.uk/berkshire-hathaway-invests-in-ariel-re-extends-quota-sharing-deal/ Tue, 11 Jan 2022 08:42:22 +0000 https://coptheathwharf.co.uk/berkshire-hathaway-invests-in-ariel-re-extends-quota-sharing-deal/ Ariel Re, the Bermuda-based reinsurer, as well as National Indemnity Co. (NICO), a wholly-owned subsidiary of Berkshire Hathaway Inc., have announced a new strategic alignment between the two companies. In separate transactions, NICO invested in new Ariel Re convertible notes and extended its subscription commitment to the Ariel Re 1910 Syndicate through a multi-year quota […]]]>

Ariel Re, the Bermuda-based reinsurer, as well as National Indemnity Co. (NICO), a wholly-owned subsidiary of Berkshire Hathaway Inc., have announced a new strategic alignment between the two companies.

In separate transactions, NICO invested in new Ariel Re convertible notes and extended its subscription commitment to the Ariel Re 1910 Syndicate through a multi-year quota agreement.

This expanded strategic alignment will enhance Ariel Re’s ability to provide its customers and distribution partners with innovative and consistent reinsurance solutions, Ariel Re said in a statement.

“This long-term strategic partnership with the Berkshire Hathaway reinsurance division will add tremendous value to Ariel Re and our ability to continue to invest, innovate and improve our clients’ solutions and services,” said Jim Stanard, Chairman of Ariel Re. “We anticipate that Berkshire Hathaway will be our long-term strategic partner as we develop and expand Ariel Re’s underwriting capacity with other high-quality long-term partners. “

“We are extremely pleased that a partner of the caliber and acumen of Berkshire Hathaway reinsurance endorses the Ariel Re team,” commented Eric Rahe, Managing Director and Co-Chairman of JC Flowers & Co. (Ariel Re was acquired by Pelican Ventures and JC Flowers in November 2020.)

“We have appreciated the opportunity to work with the Berkshire Hathaway reinsurance team over the past year as a key partner and provider of capital,” said Ryan Mather, CEO of Ariel Re. “Their insights on global macroeconomic trends and creative solutions have been invaluable to us and we look forward to working with them for years to come. “

About Ariel Ré:

Originally founded in 2005, Ariel Re offers a wide range of insurance and reinsurance solutions and services through offices in Bermuda, London and Hong Kong. Ariel Re operates primarily through Syndicate 1910 in London and also provides access to Lloyd’s Europe through Syndicate 5336.

Source: Ariel Ré

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Nigeria loses major investors as oil theft escalates https://coptheathwharf.co.uk/nigeria-loses-major-investors-as-oil-theft-escalates/ Sat, 08 Jan 2022 22:00:00 +0000 https://coptheathwharf.co.uk/nigeria-loses-major-investors-as-oil-theft-escalates/ The year 2021 ended with a report that Nigeria experienced a deficit of nearly 200 million barrels of crude in the first 11 months of the year, mostly due to oil theft. But these experiences are all too common and are not limited to Nigeria alone. Year after year we see huge losses of oil […]]]>

The year 2021 ended with a report that Nigeria experienced a deficit of nearly 200 million barrels of crude in the first 11 months of the year, mostly due to oil theft. But these experiences are all too common and are not limited to Nigeria alone. Year after year we see huge losses of oil due to theft.

The theft of oil in Nigeria is facilitated by several factors. Aging infrastructure, such as pipelines, makes it easier for thieves to access crude. In addition, the general underinvestment in the sector and poor security of the country’s waterways means little is being done to combat crime. Some security agencies even agree with cartels for payment.

As Nigeria hopes to meet its OPEC quota of 1.68 million barrels per day of crude by January 2022, these types of crimes make the task increasingly difficult. Nigeria has produced nearly 1.25 million barrels per day in recent months, demonstrating the uphill battle it faces to achieve this goal.

And the high prevalence of oil theft keeps international investors away. As the problem persists, the oil majors are directing their money to more reliable markets with better control and oversight practices. Shell, ExxonMobil, Chevron and Total have all already moved their operations to other regions, despite Nigeria being Africa’s largest producer.

These flights correspond to $ 3.5 billion in lost revenue in 2021 alone, or around 10% of the country’s foreign exchange reserves. Nigeria is believed to have lost 42.25 million barrels in 2019 and 53.28 million barrels the year before, due to the theft of oil. So, it seems clear that the situation is getting worse, perhaps in part due to the economic hardships faced during the pandemic, as well as the ease of access to aging pipelines and the prevalence of corruption.

Nigeria’s Extractive Industries Transparency Initiative (NEITI), the auditor of the country’s oil industry, released a report in 2019 that suggested the OPEC state lost around 138,000 bpd. of crude due to theft during the previous decade, to a worth about $ 40.06 billion.

In September last year, the Nigerian government established a Committee on the Recovery of Crude Oil and Illegally Refined Petroleum Products. The group included the Department of Petroleum Resources, the Nigeria National Petroleum Corporation, the National Oil Spill Detection and Response Agency, the Nigerian Army and Navy, and the Nigeria Security and Civil Defense Corps. But Nigeria still suffered huge losses for the remainder of the year.

Related: White House Congratulates OPEC on Production Decision

Despite previous discussions on how to prevent this from continuing, little investment has been made to stem the trend. For example, there was a reluctance to fund technologies that could monitor oil and pipelines across the country to recognize sabotage or human interference and prevent theft.

And this after years of widespread oil theft in Nigeria. In November 2015, thieves stole $ 250 million in crude from a single pipeline, about half a billion liters. As Africa’s largest oil exporter, it is vital that the government and the oil industry work together to curb this costly trend before it escalates further.

But this is not a problem that only affects Nigeria. While most of the oil comes from Nigeria, the effects of crime spill over to other West African countries, according to at UNODC. Cartels in the Niger Delta region typically steal crude through “hot taping” – attaching a secondary pipeline to a mainline, or “cold taping” – by detonating a pipeline and replacing it with their own. They then export this oil illegally to countries like Ghana, Cameroon, Ivory Coast and South Africa. Some even reach the international market. Corruption kicks in as tankers are often overloaded, with exporters bribing officials who control the product’s transport to turn a blind eye.

While Nigeria is not the only country to be directly confronted with the theft of oil, with case studies in Ghana, Morocco, Uganda, Mozambique, Mexico, Thailand, Azerbaijan and Turkey, to name a few, it suffers by far the largest average losses. The lucrative nature of crime makes it all the more common in poorer states. For example, in 2009, running a Mexican pipeline for seven minutes to access its refined oil could net a cartel $ 90,000.

While oil thefts from the global industry averaged 70,000 bpd of crude production in August 2020, Nigeria is recording significantly higher losses. While its oil production levels remain high, the government and the oil industry must tackle crime head-on, through better monitoring and evaluation of pipelines, if they hope to attract more foreign investment into the pipeline. industry. Having lost funding from some of the world’s supermajors and experiencing declining production levels in the wake of the pandemic, Nigeria faces an uphill battle as OPEC increases its quotas. The reduction in the prevalence of oil theft could strongly support the ongoing development of the country’s oil industry.

By Felicity Bradstock for Oil Octobers

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OPEC + continues to struggle to produce as much as quotas allow https://coptheathwharf.co.uk/opec-continues-to-struggle-to-produce-as-much-as-quotas-allow/ Wed, 05 Jan 2022 11:05:00 +0000 https://coptheathwharf.co.uk/opec-continues-to-struggle-to-produce-as-much-as-quotas-allow/ The OPEC + group continues to post supply increases below monthly production quotas, according to alliance estimates on meeting November crude oil production quotas. In November 2021, members of the OPEC + deal adhered to production cuts of 117%, Amena Bakr, deputy bureau chief and OPEC chief correspondent at Energy Intelligence, reported on Tuesday, citing […]]]>



The OPEC + group continues to post supply increases below monthly production quotas, according to alliance estimates on meeting November crude oil production quotas.

In November 2021, members of the OPEC + deal adhered to production cuts of 117%, Amena Bakr, deputy bureau chief and OPEC chief correspondent at Energy Intelligence, reported on Tuesday, citing delegates to the monthly meeting. of OPEC + in progress.

The high level of compliance with the reductions – over 100 percent – suggests that OPEC + is in fact producing volumes that are overall below collective quotas.

The ten OPEC members bound by the OPEC + Pact – and excluding exempt producers from Iran, Venezuela and Libya – have complied with the massive 122% cuts, while the level of compliance of Russian-led non-OPEC members was 107%, according to Energy Intelligence. Bakr notes.

This suggests that OPEC members of OPEC + encountered more difficulty pumping as much as their quotas required than non-OPEC producers.

The OPEC + group has not met its collective production targets for months and will likely continue to do so in the months to come, analysts say. African OPEC members lack capacity and investment to increase production, Russia is estimated to pump and export volumes below its quota, and the largest producers in the Arab Gulf have the means to increase production but at the expense of reducing their unused production capacity, which for the majority of unused capacity in the world.

The alliance’s inability to meet its production targets (some estimates place overall production at around 650,000 b / d at 730,000 b / d below the collective quota) should support oil prices next year, according to analysts. This underproduction could even become a major asset for oil this year, especially if Omicron’s impact on global oil demand remains limited to jet fuel, as the most recent estimates and analyzes at the end of 2021 have shown.

By Tsvetana Paraskova for OilUSD


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Hainan’s China sees duty-free sales skyrocket in 2021 https://coptheathwharf.co.uk/hainans-china-sees-duty-free-sales-skyrocket-in-2021/ Mon, 03 Jan 2022 14:08:00 +0000 https://coptheathwharf.co.uk/hainans-china-sees-duty-free-sales-skyrocket-in-2021/ Customers smell perfumes at a duty free shop in Haikou, capital of southern China’s Hainan Province, Jan. 3, 2022. Photo: Xinhua Foreign duty-free sales in southern China’s Hainan Island Province reached 60.2 billion yuan (about $ 9.4 billion) in 2021, an 84% increase year-on-year. said the provincial department of commerce. According to the department, the […]]]>

Customers smell perfumes at a duty free shop in Haikou, capital of southern China’s Hainan Province, Jan. 3, 2022. Photo: Xinhua

Foreign duty-free sales in southern China’s Hainan Island Province reached 60.2 billion yuan (about $ 9.4 billion) in 2021, an 84% increase year-on-year. said the provincial department of commerce.

According to the department, the number of buyers totaled nearly 9.7 million in 2021, with around 53.5 million items purchased, up 73% and 71% respectively year on year.

Three more duty-free shops opened in Hainan last year, bringing the total number to 10. The duty-free shops accommodate more than 720 brands in a total shopping area of ​​220,000 square meters.

Since July 1, 2020, Hainan has increased its annual quota of duty-free purchases from 30,000 yuan to 100,000 yuan per person. The duty-free purchase limit for cosmetics has been increased from 12 to 30 items.

The province has also implemented a range of policies such as flexible pickup services to provide a better experience for customers.

China released a master plan in June 2020 to make the island province a globally influential, high-profile free trade port by mid-century. Amid the COVID-19 pandemic, Hainan has become an attractive shopping destination for domestic consumers.

Customers try electronic products at a duty free shop in Haikou, capital of southern China's Hainan Province, Jan. 3, 2022. Photo: Xinhua

Customers try electronic products at a duty free shop in Haikou, capital of southern China’s Hainan Province, Jan. 3, 2022. Photo: Xinhua


A customer tries cosmetics at a duty free shop in Haikou, capital of southern China's Hainan Province, Jan. 3, 2022. Photo: Xinhua

A customer tries cosmetics at a duty free shop in Haikou, capital of southern China’s Hainan Province, Jan. 3, 2022. Photo: Xinhua

A customer looks at a watch at a duty free shop in Haikou, capital of southern China's Hainan Province, Jan. 3, 2022. Photo: Xinhua

A customer looks at a watch at a duty free shop in Haikou, capital of southern China’s Hainan Province, Jan. 3, 2022. Photo: Xinhua

Customers pay for goods at a duty free shop in Haikou, capital of southern China's Hainan Province, Jan. 3, 2022. Photo: Xinhua

Customers pay for goods at a duty free shop in Haikou, capital of southern China’s Hainan Province, Jan. 3, 2022. Photo: Xinhua


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A medical mess https://coptheathwharf.co.uk/a-medical-mess/ Sat, 01 Jan 2022 20:04:37 +0000 https://coptheathwharf.co.uk/a-medical-mess/ Bandhs, gheraos and peaceful demonstrations are quintessential features of the democracy for which India is acclaimed around the world. After protracted protests against the Citizenship (Amendment) Act and the three farm laws, India has again gained global media attention with thousands of striking resident doctors at New Delhi public hospitals facing off against police because […]]]>

Bandhs, gheraos and peaceful demonstrations are quintessential features of the democracy for which India is acclaimed around the world. After protracted protests against the Citizenship (Amendment) Act and the three farm laws, India has again gained global media attention with thousands of striking resident doctors at New Delhi public hospitals facing off against police because of the inadmissible delay of NEET- PG Tips 2021. Further delay could lead to a paralysis of medical services across the country, as the Federation of Indian Medical Association (FAIMA) threatened to boycott all work, including emergency services, in protest against the crackdown on medical residents.

The alleged assault on the medics and FIR registration against them is deeply distressing as they were covered in rose petals by the government a year ago for being corona warriors. Resident physicians have been protesting since November 27 against the multiple postponements of NEET PG Counseling 2021 and the subsequent admission of a new batch of resident physicians to medical schools.

Resident physicians are crucial for the entire healthcare system, including Covid care. One public health expert has rightly said that nothing is truer in the medical profession than this ~ “Interdependence is a higher value than independence”. NEET-PG-21 counseling cannot tolerate delay for a variety of interrelated, interconnected and incidental reasons. It would be interesting to go into the genesis of the current unrest.

On July 29, 2021, the Union government issued a notification introducing two new bookings for undergraduate and postgraduate medical and dental courses, starting in the current academic year 2021-2022. Under the notification, 10 percent is reserved for the Economically Weaker Section (EWS) and 27 percent for Other Backward Classes (OBC) under the Indian Global Quota (AIQ). The National Testing Agency (NTA), Department of Education, organizes the National Eligibility-cum-Entrance Test (NEETUG) which is the entrance examination to all undergraduate courses (NEETUG).

The National Examination Council (NBE), Ministry of Health and Welfare, organizes the NEETPG, that is, the postgraduate examination for courses in medicine and dentistry in the country. The NEET-PG review was scheduled to take place in January 2021. But it was postponed to April 2021 and due to the evolving situation of Covid-19, still postponed to September 2021. The result of the NEET- review PG was released the following month.

The council was to start from the end of October itself. But counseling to PG courses could not begin as the notification regarding bookings for OBCs and EWS was challenged in the Supreme Court by some doctors aspiring to graduate. The petitioners also challenged the reasonableness of the annual income cap of Rs 8 lakh set by the government to determine the status of the SAP.

The case was heard by the Supreme Court on November 25, 2021. Asked about the justification for the income cap of Rs 8 lakh, the learned Solicitor General, Tushar Mehta, told the Supreme Court that the reservation was a matter of justice social, it could not be rescheduled and requested a four week deadline to review the annual income criteria of Rs 8 lakh for EWS applicants. He also said the review process would take around four weeks and until then PG Counseling would be kept on hold.

The government formed a three-member committee to review the SAP criteria with instructions to submit a report within four weeks. The next hearing is scheduled for January 6, 2022. However, due to clashes with police and the registration of FIRs against some protesting doctors, medical residents have called for the total closure of medical services in Delhi hospitals.

Calling it a “dark day” in the history of the medical fraternity, the Federation of Resident Doctors Associations (FORDA) said there would be a complete shutdown of all health facilities. In a press release, FORDA said, “We strongly condemn this brutal act and demand the immediate release of all medical residents. There will be a complete shutdown of health facilities… ”They also urged all state GDRs to join in the agitation. FAIMA has shown solidarity with them. The medical residents have insisted that the Department of Health give written assurance that the council will begin on a specific date. The case being sub-judicial, the department is faced with a dilemma. In addition, the next court date is approaching.

It should be remembered that the All India Quota (AIQ) program was introduced in 1986 on the instructions of the Supreme Court to provide homeless merit-based opportunities for students from any state aspiring to study at a good medical school in one of the states. The AIQ is made up of 15 percent of the total UG seats available and 50 percent of the total PG seats available in government medical schools. In particular, before 2007, there was no reservation in the AIQ system. In 2007, the Supreme Court introduced a 15 percent reservation for listed castes (SC) and a 7.5 percent quota for listed tribes (ST) in the AIQ scheme.

When the Law on Central Educational Institutions (Admission Reservation) entered into force in 2007, it for the first time provided for a reserve of 27% for CBOs. It has been implemented by all central medical education institutions such as Safdarjung Hospital, Lady Hardinge Medical College, Aligarh Muslim University and Banaras Hindu University. However, it was not extended to the AIQ seats in state medical and dental schools.

The 103rd Constitutional Amendment of 2019, provided for a reservation of 10% for the SAP category in all central educational institutions. The number of places in the faculties of medicine and dentistry has been increased over the next two years (2019-2020 and 2020-2021) to take into account this additional SAP reservation of 10% so that the total number of places available for the unreserved category is not reduced.

In AIQ seats, however, these benefits were not extended. On a petition filed by the DMK party, the Madras High Court ruled in 2020 that CBOs were entitled to reservations at AIQ seats and ordered the Union government to implement the same from of the 2021 academic year. The Union government, after careful consideration, made a conscious political decision and decided to provide 27% reservation for OBCs and 10% reservation for EWS in AIQ headquarters for all undergraduate and postgraduate medical / dental courses from the current academic year, 2021-2022.

Given the huge delay in the NEET-PG-21 Council meeting, the government could have taken the decision to implement these reserves as early as the next academic year 2022-23. But no democratic government that must seek popular support can be seen procrastinating and procrastinating on the highly emotional and inflammable issue of social justice, especially as the elections draw near.

The forgotten recommendations of the Mandal Commission were to be implemented by VP Singh as a countermeasure to save his government. Narasimha Rao’s government had introduced a 10 percent reserve for SAP, with the exception of 27 percent reservations for CBOs which were challenged in the Supreme Court in 1992. The Supreme Court in the famous Indra Sawhney case against Union of India confirmed the quota of 27 percent. for OBCs but canceled a 10 percent reserve for EWS. However, with the adoption of the 103rd Amendment to the Constitution, the reserve for the SAP was guaranteed by the Constitution.

Resident Doctors want NEET-PG-21 to start without further loss of time, which has been unreasonably and disproportionately delayed for multiple reasons, including the Covid-19 outbreak and the decision to introduce reservations for OBCs and EWS. The 2022-2023 academic session is only a few months away and given the severe constraints of infrastructure and faculty, approximately 90,000 PG students cannot be supported by a system intended for 45,000 students per academic year.

Besides great mental agony and affliction for the students, it will have a severe and debilitating effect on the teaching and treatment of the patients. To overcome the shortage of teachers, the Medical Council of India (now the Medical Commission) increased the teacher-teacher ratio from 1: 2 to 1: 3 compared to the 2018-19 academic session. The professors of the PG are already overloaded and the simultaneous conduct of two promotions, under the circumstances, is far from practical.

Moreover, the deprivation of much-needed medical care for patients, exacerbated by the looming Omicron threat, a possible brain drain and the financial losses to the nation cannot be measured in monetary terms. Indian medical education is acclaimed around the world. Indian doctors and paramedics are widely recognized for their professionalism. The whole nation is waiting with great hope and expectation for the Supreme Court to resolve the matter as we cannot afford the protracted protests from our doctors.

(The author is the former Additional Secretary, Lok Sabha and a member of the Delhi Bar Council. The views expressed are personal)


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