Expanding the Legacy
Debt Restructuring: Governance Missing from Equation
An untold number of debt relief initiatives have failed to help developing countries carry their financial burden. The schemes, well-meaning in nature, follow a predetermined script: the debtor nation promises reforms, the implementation of sound governance practices, and fiscal prudence. However, once creditors and debtors have reached an amicable agreement, the script goes awry. Promises are instantly forgotten and reform plans put on ice. Apart from perhaps a few cosmetic touch ups, governance remains as dismal as before.
UN Marginalised, NATO Facing Change
Whilst Donald Trump is often portrayed as unhinged and simple-minded, including on this forum; he does possess a surprisingly clear vision of America’s place and role in the world. It is a vision - or perhaps an instinct - that resonates with a great many American voters who agree with Mr Trump that the US should stay out of world affairs, discard geopolitical considerations, and concentrate on furthering its own interests, rather than those of longtime allies.
Toxic Work Environment Uncovered at WEF
Klaus Schwab, the octogenarian founder and chairperson of the World Economic Forum, has been a naughty boy. Mr Schwab repeatedly and persistently harassed female staffers with suggestive and vulgar comments and, on at least one occasion, propped his leg on a desk to place his crotch in front of a staffer’s face whilst lamenting the fact that she wasn’t from Hawaii, explaining that he would have enjoyed watching her in ‘Hawaiian costume’.
K Schwab Steps Back, Raising Hopes of WEF Demise
WEF executive chairperson Klaus Schwab (86) is taking a step back from the organisation of the talkshop that brings thousands of ‘thought leaders’ to the Swiss mountain resort Davos each year. Conceived as a low key event to allow movers and shakers to swap ideas and experiences away from probing microphones and cameras, the annual event has of late become a stage for grandstanding from where the holier-than-thou dispense lessons in ethics to the unwashed hoi polloi.
UAE Gathering Scores Few Successes
Beneath our feet, the earth manufactures and hides a treasure trove of clean energy. In Lorraine, a former coal mining region hugging the French-German border, a reservoir containing up to 260 million metric tonnes of natural hydrogen has recently been discovered. The volume equals almost four times that of the...
Mum on Ukraine & Short on Climate
To text or not to text? That was the question. It took diplomats five days of frantic talks to find an answer. In the end, a compromise statement – of 83 paragraphs – was duly produced and unanimously approved by the G20 leaders assembled in New Delhi for their annual...
Central Bankers Debate Yield Curves
Whilst BRICS leaders discuss ways to challenge US hegemony and plot to overthrow the mighty dollar as the global reserve currency, the minders of the financial status quo are descending on Jackson Hole, a picturesque town and refuge for millionaires and artisans in Wyoming at the foot of the majestically...
South Africa Diplomatic Heft Lacking
A champion of moderation – and its own interests – India seems determined to thwart plans by Russia and China to transform the BRICS group of emerging economies into a non-aligned movement 2.0 (albeit one with a pronounced pro-Beijing tilt) as the five countries meet for their annual summit. This...
On the Frontlines of Climate Change and War
To mitigate the harmful effects of climate change requires the mobilisation of trillions of dollars. IFC Regional Vice-President for Europe, Latin America, and the Caribbean Alfonso García Mora is encouraged by the outcome of COP27.
Struggling to Remain Relevant
Reports of its premature passing are greatly exaggerated. Maligned by many and ill-understood by most, globalisation is far from death – or dying. The Corona Pandemic, now into its second year, did expose weak links in cross-border supply chains and the perils of just-in-time manufacturing. Operational efficiency, it would seem,...
