CFI.co Meets Ivy Apea Owusu

Ivy has been working in the Energy Sector since 2002 working with GE Capital in the USA from 2002 through 2007 and in the UK from 2007 until August 2009 in Energy Financing. Prior to that, she was with the Consumer Banking Department at Ecobank Ghana from 1998 until 2001 working closely with the Head of Consumer Banking and Customer care. Ivy is a graduate of the University of Ghana, Legon (BA Admin) as well as Vanderbilt University in TN, USA (MBA).

Ivy began her energy career in 2002 as an associate with GE Structured Finance Group and GE Energy Financial Services (GE EFS) focused on reserve based acquisition and monetization and quickly rose through the ranks to become Vice President in January 2007. During this period she garnered hands on experience in both Debt and Equity financing in the Oil & Gas, Power Generation, Renewable and Ancillary Energy Services Sectors. She was also involved in portfolio management, underwriting and loan syndication.

In 2007, Ivy was appointed Risk Director and transferred to London, UK to set up and head an European Structured Finance desk for GE’s French Bank (GECFB). In this role, she worked closely with GE EFS and was responsible for deal structuring, document and contract negotiations, supervising deal teams in risks and mitigants analysis and presenting deals to credit committee for approval. She worked on over $1BN transactions covering Leverage Buyouts, Project Finance and Acquisition Finance.

Her experience and wins include closing and syndicating the first GE Energy Financial Services UK Wind Farm Project Finance deal ($60MM) and the financing of 3 Spanish Solar projects (~$100MM) with WestLB and Santander Banks. She was also the portfolio manager and agent for the $100MM Katahdin Power Generation Portfolio which was owned by ArcLight Capital Partners. In 2008, she was handpicked and awarded by the Company CEO as an outstanding employee. She also received a best employee award in 2000 at Ecobank Ghana Limited.

Ivy joined Cirrus Oil in 2009 as the company’s Risk Manager. She was promoted to the role of General Manager, Commerce a few weeks after joining the company and then appointed CEO in November 2010. In this role, she has spearheaded a wide range of health and education related community activities for Cirrus including partnering with the Pediatric Oncology Center OF Korle Bu Teaching Hospital (KBTH) as well as constructing and furnishing a library for the Poasi and New Takoradi communities in the Western Region of Ghana.

Ivy has held numerous speaking engagements; some of which include giving the key note address for the Canadian Chamber of Commerce Power Breakfast 2012, panel presenter during the 2013 TICAD V conference in Japan, speaker at the CWC Energy Conference in Ghana 2011, etc.

Cirrus Oil

Cirrus Oil Services Ltd. is a subsidiary of Woodfields Energy Resources which has been in operation since 1999. In 2007 Cirrus Oil Services Limited obtained its license to operate as a bulk distributor of petroleum products and has since become a market leader in Ghana and the Sub Saharan Africa region.

In a market with growing need for energy, energy services and related products, Cirrus Oil is uniquely positioned as the preferred partner in the trading and distribution of downstream petroleum products. As a regional distribution hub, the company has over 70,000 cubic meters of storage capacity in Tema and Takoradi equipped with state- of- the- art terminal and loading gantries for distribution of petroleum products to its customers including the mining, aviation, offshore exploration, oil marketing companies and production industries. Our product line includes Gasoil, Gasoline 91, Gasoline 95 (differentiated product), LPG, Aviation Fuel, etc.

As part of its expansion projects, Cirrus Oil is constructing a new storage depot (Woodfields Storage Depot) with a capacity of 200,000 cubic meters and an LPG storage depot with an approximate storage capacity of 8,000 metric tonnes.

Cirrus Oil is critically acclaimed in the region for adherence to quality and safety

Vision: To be a leader in oil trading, storage and distribution in the West African sub-region and beyond.
Mission: To serve our clients with the highest quality of petroleum products and services and invest in strategic assets to ensure efficient product delivery to our clients’.
Clients: We aim to create sustainable and superior value in all our business relationships and transactions.

For our people and our company: We aim to be an employer of choice through a firmly established culture of openness that fosters people development, professionalism, and sustainably contributes to long term individual and organizational goals.

Our Strategic Objectives

Cirrus Oil’s strategic objective is to invest in strategic infrastructure and facilities that ensure the most reliable and efficient supply of petroleum products, under optimum safety and environmental conditions.

Our People and Management

In Cirrus Oil, the people make the difference. The people are definitely the organization’s most priceless asset and our business is as good as the value of the people we bring on board, making staff training and development a key focus. The Cirrus success story is a pointer to a proven competent leadership team with industry expertise which enables the organization not only to make better investment choices but also to win the confidence of suppliers, local and multinational clients and maintain its top industry ranking in the Sub- Saharan Africa region.

Corporate Social Responsibility

Cirrus Oil is promoting health through financial and non-financial resources.

Financial Support

Donation to the Global Fund towards HIV/AIDS awareness and treatment

Donation to Korle Bu Teaching Hospital (KBTH) Pediatric Oncology Centre in support of rehabilitation

Donation to the surgical department of KBTH towards construction of an Out Patient Department for endoscopy and breast center units

Donation to a medical research project by Noguchi Memorial Institute for Medical Research on Schistosomiasis control in Ada Foah

Support for Pamela Bridgewater Project on improving livelihood of kayayo (porter) girls in Ghana

Donation to radiology department of KBTH towards cancer walk & public awareness

Donation towards surgery for 2-year-old hole in heart patient

Non Financial Support

Provision of 12m3 waste container within the community for the collection of refuse. A major contributor to industrial pollution

Educating community market women on fire action in the event of a fire outbreak

Coaching sessions on the Oil and Gas Industry for students of tertiary institutions.

Job Creation for supervisory roles to ensure efficient waste management

Alliance with Ghana AIDS commission to sensitize the general public.


CBI on Europe: Half-Way Houses Won’t Work for the UK

[caption id="attachment_4527" align="alignright" width="215"] House of Commons[/caption]

The CBI is calling for the debate on Europe to focus on credible options for the UK's future relationship with the EU, warning that half-way house models such as Norway and Switzerland are not the answer.

Ahead of a key debate in the House of Commons on the timing of a potential EU referendum, the CBI is today (Friday July 5th) publishing new analysis of Norway’s and Switzerland’s relationships with the EU and rejects the notion that a similar form of associate membership would work for the UK.

While the CBI argues that the arrangements work for Norway and Switzerland, they would not work for the UK. They would leave British businesses on the margins of the world's largest trading bloc, operating under market rules over which it has little or no influence.

Katja Hall, CBI Chief Policy Director, said: “Businesses will get behind what’s best for growth, jobs and the long-term health of our economy – retaining access to the single market in a reformed EU. The test for those arguing that the UK must remain in the EU and for those pressing for our departure is to come up with a clear vision of our future, inside or out.

“Whether we are in or out of membership we will still need a relationship with the EU. But Norway and Switzerland simply don’t appear to have set-ups the UK should aspire to. They are half-way houses on the margins of Europe with no influence over the market rules under which they operate.

“Norway still pays the bills and has as much of a say on the single market as Liechtenstein, which is not my idea of greater sovereignty.

“The debate now needs to focus on the best way to use our seat at the table and get the wheels turning on the kinds of reform that will make all of Europe more competitive.”

The CBI’s research draws on a series of interviews and meetings held with leading Norwegian and Swiss politicians, business federations, companies and diplomats.

The Norway model

Norway is part of the single market, without being an EU member, via the European Economic Area (EEA) Agreement.

The Agreement provides access to the single market through the inclusion in national law of EU legislation covering goods, services and capital, as well as the free movement of people. In theory, Norway has equal access rights to any EU Member State. Several areas are not covered by the agreement including trade negotiations, agriculture and fisheries policies, justice and home affairs.

EEA members still pay contributions to the EU, with Norway paying 100 EUR per capita, well over half of the UK’s contributions as a full member (180 EUR).

Norwegian Conservative MP, Nikolai Astrup: “If you want to run Europe, you must be in Europe. If you want to be run by Europe, feel free to join Norway in the European Economic Area.”

Key findings:

The EEA agreement has given Norway’s businesses vital access to the single market whilst opting out in some areas such as fisheries and agriculture

Practical barriers and realities reduce the economic benefit of market access. For example, the EEA is supposed to implement EU rules ‘simultaneously’ but this is rarely the case which puts Norwegian firms at a competitive disadvantage and creates uncertainty

The lack of any formal influence on decision-making means Norway suffers a democratic deficit with no say on EU market rules, despite paying significant financial contributions.

The Swiss model

Switzerland has negotiated some access to EU markets through a Free Trade Agreement. More than 120 bilateral agreements have been agreed with the EU on areas such as free trade and free movement of people, but it has not successfully negotiated an agreement on services.

It also has a ‘safeguard clause’ where under the agreement on the free movement of people, an exemption has been negotiated to cap immigration over a limited period of time. Switzerland is not part of the Common Agricultural Policy and has not pressed for an agreement on financial services.

Key findings:

The Swiss solution has provided benefits through ‘access with flexibility’ for the economy and businesses – goods worth more than one billion Swiss francs cross into the EU each day

The model does not really provide for flexibility - Switzerland often opts to ‘autonomously introduce’ similar regulations to the EU, to make sure its industries do not have barriers to EU markets

Negotiating trade deals has taken many years and proved complex and time-consuming, leading to extra costs and uncertainty for Swiss businesses

Switzerland also has no formal channels to set the agenda and influence EU legislation.


Italy: IMF Mission Statement

An IMF team visited Italy from June 24 to July 4, 2013, for the annual evaluation of the economy as part of the regular consultations under Article IV of the IMF’s Articles of Agreement. This statement describes the preliminary findings:

BEYOND AUSTERITY: PRIORITIES FOR REVIVING GROWTH

The authorities have taken bold steps since the late 2011 crisis to strengthen the public finances and transform the economy. The difficult reforms were necessary to restore confidence and bring Italy back from the brink. But growth prospects remain weak, unemployment is unacceptably high, and market sentiment is still fragile, underscoring that the task is far from complete. The new government has started to build on the steps taken to tackle Italy’s structural problems. Accelerating the momentum for reform will be essential to jumpstart growth and create jobs. Europe will also need to play its part with actions to address financial fragmentation and strengthen further the currency union.

A Difficult Recovery

1. The economy is showing signs of stabilizing, but strong headwinds are still holding back the recovery. Business and household confidence have picked up but have yet to lift activity and employment. And while sovereign pressures and the pace of fiscal adjustment have eased this year, financial conditions remain tight, restraining private spending. Looking ahead, growth is projected at -1.8 percent this year, before recovering to 0.7 percent next year. The recovery is expected to start in late 2013, supported by exports and a modest turnaround in investment led in part by the clearance of public arrears.

"But growth prospects remain weak, unemployment is unacceptably high, and market sentiment is still fragile, underscoring that the task is far from complete."

2. The risks to the outlook are tilted to the downside. Policy slippages, including at the European level, could undermine market confidence in the sovereign, intensify funding pressures on the banks, and tighten credit. A prolonged recession would further increase banks’ nonperforming loans (NPLs), especially for the weak SME and construction sectors, and raise concerns about the country’s fiscal position. Outside Italy, a slowdown in the emerging market economies or market turmoil could jeopardize an export-led recovery and push up sovereign and private interest rates.

3. Italy’s growth prospects over the medium term will strengthen only with the implementation of comprehensive reforms. The euro zone crisis hit Italy hard, but the seeds of Italy’s low growth pre-date the crisis and follow from its stagnant productivity, difficult business environment, and over-leveraged public sector. Accelerating reforms to address these structural weaknesses will be crucial to limit the risks of long-term unemployment, especially for the youth, and raise Italy’s trend growth.

I. Structural Reforms to Improve the Business Environment

4. More effort is needed to boost the economy’s low productivity and declining competitiveness. The economy’s weak recovery since the crisis also highlights its lack of flexibility in responding to shocks and global changes. Factors include the high entry barriers and regulatory hurdles that have increased margins, especially in services, and the high cost of electricity (up to 40 percent greater than in France and Germany) that have undermined Italy’s competitiveness. The lengthy and inefficient justice system has also been linked to the high cost of doing business, low inward FDI, as well as the small size of firms and capital markets. While progress has been made in reforming the labor market, opening the gas sector, and liberalizing some professional services—the agenda is not complete, and implementation will be key:

Product markets. Steps to appoint transport regulators, enhance competition in the electricity sector, and reform the legal profession should be completed quickly.

Public services. The privatization agenda, especially at the local level, and the spending reviews to enhance public administration efficiency should be implemented quickly. The new anti-corruption law is an improvement, and further strengthening of the legal framework and effective implementation will be crucial.

Judicial reforms. The government has taken important steps to reorganize the court system, introduce compulsory mediation, and address the significant backlog of cases. A comprehensive review of all court fees and further aligning of the grounds for appeals with international practice will also improve judicial efficiency.

5. Priority should also be given to raising Italy’s low employment, especially of youth and women. Closing half the employment gap with the rest of Europe (some 4½ percentage points) could lift the level of GDP by as much as 2½ percent by 2018. To support employment, priority should be given to improving the coordination and efficiency of active labor market policies and employment services at the local level which would support the youth guarantee program starting next year. Shifting to a more flexible, single contract for new workers that gradually increases job protection with seniority could lower the cost of new hires and support apprenticeships. Encouraging companies and workers to set firm-level contracts would better match wages with productivity. Lowering the marginal tax rate for married, second earners could also lift labor participation, especially for women which, at 50 percent, is one of the lowest in the OECD.

II. Fiscal Policy—Reducing Vulnerabilities and Supporting Growth

6. Italy is set to reach its target of structural balance this year. The sizeable fiscal adjustment in 2012 weighed heavily on growth but was crucial for Italy to exit the EU Excessive Deficit Procedure. Achieving one the highest primary surpluses in the euro area last year was a key factor in strengthening policy credibility and confidence. This will allow fiscal policy to target a structural balance this year which will provide automatic flexibility to the economic cycle if needed.

7. A rebalancing of fiscal adjustment is urgently needed to support growth. Effective implementation of the government’s efforts to accelerate the payment of arrears, up to the amount of 40 billion euro over the next 12 months, could significantly ease firms’ credit constraints. The renewed efforts to legislate the Delega Fiscale are also welcome and should improve the efficiency of the tax system. But more can and should be done quickly to support growth, by rebalancing the composition of adjustment towards expenditure cuts and lower taxes:

Spending reviews. Over recent years primary expenditure declined by nearly 2 percent in nominal terms. Efforts to cut spending should continue with the budget starting in 2014, by implementing a more comprehensive spending review focused on improving the efficiency of public spending and finding additional savings to lower taxes.

Broadening the tax base. The spending reviews should be undertaken jointly with a systemic review of tax expenditures. The property tax on primary residences should be maintained for equity and efficiency reasons, and the review of cadastral values accelerated to ensure fairness. Stepping up efforts to combat tax evasion, including through better use of anti-money laundering tools, and increasing the inheritance tax would also raise revenue and more fairly distribute the tax burden.

Lower marginal tax rates on labor and capital. Savings from the above measures would help achieve the government’s objective of reducing the high tax on labor (4 percentage points of GDP higher than the euro area average) to boost employment and raising the allowance for corporate equity returns (ACE) to spur investment.

Public investment. Measures are being taken to speed up public infrastructure investment. If space allows, a modest, well-targeted increase in public infrastructure investment could catalyze private spending.

8. Vulnerabilities from the high public debt underscore the importance of a high primary surplus. Despite the strong fiscal effort in 2012, the public debt ratio is projected to be significantly higher than a year ago, primarily due to the weak economy and also the clearance of public arrears. To reduce vulnerabilities to an economic shock and support confidence in the sustainability of the public finances, the authorities could consider gradually building a structural surplus buffer above the balance in the new fiscal rule after 2014—once the economic recovery is firmly underway.

9. Stronger budget institutions will enhance the credibility of the fiscal anchor and improve the efficiency of expenditure. In particular, binding multi-year expenditure ceilings will more effectively guide budget planning by ministries and sub-national governments and enhance discipline. The setting up of an independent new Parliamentary Budget Office with professionally qualified board members from January 2014 will be crucial.

III. Banking sector—Strengthening Balance Sheets and Lending

10. The recession has eroded Italian banks’ asset quality and profitability. The ratio of nonperforming loans has almost tripled since 2007, while provisioning coverage has declined. Lower sovereign yields have boosted banks’ trading gains, but core profitability remains weak, as rising loan losses have absorbed nearly all operating profits. In contrast to other large countries in Europe, bank credit continues to contract and lending rates remain high, especially for SMEs.

11. Accelerating write-offs of bad loans would clean up banks’ balance sheets and support lending. The high stock of NPLs reflects both an increase in the flows and the slow pace of write-offs (6 years on average). Reducing the burden of NPLs would improve confidence in Italian banks and release resources to support lending. Policies to assist banks in developing strategies for selling, disposing, or writing down impaired loans should look to:

Enhance provisioning / write-offs. The Banca d’Italia (BoI) has taken appropriate measures—which it intends to continue—to strengthen provisioning through its inspection last autumn of 20 large and medium-size banking groups which has arrested the decline in provisioning coverage since the crisis. Expanding the BoI inspections to cover more impaired and performing loans as well as smaller banks would strengthen provisioning further. These measures will help banks be prepared for the forthcoming ECB/EBA asset quality review and stress tests. Publishing the general findings of the inspections, including guidance on provisioning, would encourage banks to converge to best practices and enhance market confidence. Ensuring a minimum level of harmonization and strengthening prudential considerations in write-off practices could also accelerate NPL disposal.

Increase tax deductibility of loan losses. Allowing for full deductibility of new loan loss provisions and as fiscal space allows, accelerating deductibility on old ones would encourage more provisioning and write-offs, thereby facilitating lending.

Expedite the judicial process. Expanding the use of specialized insolvency courts beyond Milan could reduce the time in solvency, while greater reliance on on-line court filings and decisions could accelerate the collateral foreclosure process. Introducing best practice guidelines on workouts would encourage more out-of-court restructuring.

12. Ensuring adequate capital and liquidity buffers would strengthen bank lending. Italian banks have bolstered their capital positions in recent years. The stress test results of the IMF’s Financial Sector Assessment Program (FSAP) found the overall level of capital in the system as a whole to be well above regulatory minima and sufficient to absorb the additional requirements of Basel III. 2 But given the low level of profitability, in an adverse macroeconomic scenario, the extra capital buffers would be quickly depleted. Targeted action to improve bank profitability and efficiency and to strengthen capital plans where needed would shore up the defenses of Italian banks and strengthen their lending capacity.

13. Corporate governance of the banking sector should be enhanced. Foundations should have in place proper governance frameworks, including a cap on leverage, strict disinvestment procedures, and more effective fit and proper tests for bank directors and controlling shareholders. The largest cooperative banks should also be encouraged to convert to joint stock companies. The authorities should monitor closely the implementation of Banca Monte dei Paschi di Siena’s restructuring plan and be prepared to take action expeditiously if the bank fails to meet its targets.

14. A more robust framework for financing SMEs would help ease credit constraints. Initiatives, such as the launch of mini-bonds, lending support from the Cassa Depositi e Prestiti, and expansion of the Central Guarantee Fund have eased SME credit constraints. At the same time, the government should monitor the expansion of public credit guarantees and strengthen the fee system to limit moral hazard. SME securitization and covered bonds could be expanded to facilitate SMEs’ access to credit, with potential support from the ECB through a reduction in collateral haircuts.

The Role of Europe

15. Italy’s efforts should be complemented at the euro area level with steps to strengthen the currency union and support growth. Direct asset purchases by the ECB, such as for SME credits, another LTRO of considerable tenor, and lower haircuts on eligible collateral would help lower bank funding costs and lending rates. Greater progress in the banking union, especially the single resolution mechanism and ESM backstop, would help sever the sovereign banking link. Moves to strengthen the common market, such as the Services Directive, would enhance the cross-border benefits of reforms. Progress in European policies combined with vigorous reforms in Italy would go far in producing a more vibrant and dynamic currency union.


CBI Urges Banks to Think of Customers First

[caption id="attachment_4537" align="alignright" width="193"] Matthew Fell[/caption]

The CBI commented on the Government’s formal response to the recent report from the Commission on Banking Standards.

Matthew Fell, CBI Director for Competitive Markets, said: “Britain needs a healthy and sustainable banking system to help drive our economy, so putting the customer front and centre, and boosting competition, is the best way to rebuild public confidence.

“The Chancellor has rightly kept the emphasis on lifting culture and standards through strong individual accountability and robust corporate governance. An extended licensing regime, aligning pay with long-term performance and enforcing the tough sanctions that already exist for those who step out of line, can only help make this a reality.

“Britain needs a healthy and sustainable banking system to help drive our economy, so putting the customer front and centre, and boosting competition, is the best way to rebuild public confidence."

“Giving the Prudential Regulatory Authority a competition objective will keep barriers low to new players entering the market. The leverage ratio can be a useful back-stop, but it is a pretty blunt tool and must not bite into banks’ ability to lend. The Banking Reform Bill gives the Government a vehicle to make these changes quickly, so the sector can then focus on its primary role of financing growth.”


Aid for Trade: Supporting the World’s Poorest

[caption id="attachment_4553" align="alignright" width="155"] Geneva[/caption]

The Heads of Agency of the Enhanced Integrated Framework (EIF) – Aid for Trade in action for Least Developed Countries (LDCs) – met in Geneva on 8 July during the Fourth Global Review of Aid for Trade.

The Heads of Agencies will recommit to helping the world's poorest communities get more from global trading networks as the international community moves to a post-2015 development agenda. The event will help to signal what now needs to be done to make sure that LDCs can channel their exports and growth to reach for more than a 1.1% share of world trade.

This historic event is being hosted by the Director-General of the WTO with keynote speakers, the Administrator UNDP, Secretary General UNCTAD and the Under Secretary General and High Representative for the LDCs, LLDCs and SIDS, UNOHRLLS. The Chairs of the EIF Steering Committee and EIF Board will also deliver remarks. High-level representatives from across Least Developed Countries, development partners and other partner agencies will participate.

[caption id="attachment_4556" align="alignleft" width="138"] Pascal Lamy[/caption]

Pascal Lamy, Director-General, WTO remarks "The last few years have laid strong foundations. The EIF has a global reach extending to 49 LDCs and recently graduated countries. Trade features in 90% of LDCs' national development plans. Supporting LDCs is a priority. We must show political support reaffirming our commitment and match leadership with investment in resources."

Helen Clark, Administrator UNDP notes "UNDP considers the EIF programme a key platform for channelling support to LDCs in delivering the Istanbul Programme of Action of LDCs. While a few countries have advanced, many others require support for mainstreaming trade and capacity development. UNDP looks forward to discussions with partners to design and define delivery modalities for customized support."

Supachai Panitchpakdi, Secretary General UNCTAD comments “UNCTAD believes that the success of EIF is the litmus test of the effectiveness of aid-for-trade. Therefore it is important to ensure that the EIF programme delivers both in terms of supply-capacity building and the mainstreaming of trade in the national development strategies of LDCs. In some ways, it is also a litmus test for the multilateral approach to supply-capacity building in developing countries through aid-for-trade assistance.”

"Supporting LDCs is a priority. We must show political support reaffirming our commitment and match leadership with investment in resources.”

Sri Mulyani Indrawati, Managing Director, World Bank notes "The EIF has allowed the Bank to respond to LDCs' trade-related needs in a coordinated manner, collaborating with multilateral agencies and donors working to address countries' most urgent needs. Trade remains an essential component of economic growth and poverty reduction strategies and I would like to reaffirm our commitment to the EIF partnership."

Min Zhu, Deputy Managing Director, IMF remarks “Helping the Least Developed Countries take a more active part in global trade is critical for their growth and development. This (EIF Heads of Agencies meeting) is an important opportunity to take stock and see how all contributing partners, within our respective institutions’ mandate and expertise, can coordinate this support."

Jean-Marie Paugam, Acting Executive Director ITC comments "ITC is a 100% Aid for Trade agency and fully committed to the EIF. We are active in many LDCs with the EIF and ready to support each one of them in their project development for export promotion."

The Enhanced Integrated Framework (EIF) is a global partnership between LDCs, Donors and International Organisations that support LDCs to be more active players in the global trading system by helping them tackle supply-side constraints to trade. In this way, the EIF works towards a wider goal of promoting economic growth and sustainable development and helping to lift more people out of poverty.

The programme is currently working with 47 LDCs worldwide and two recently graduated countries, supported by a multi-donor trust fund, the EIF Trust Fund, with contributions from 23 donors. A high-level pledging event in 2007 set a funding target of US$250 million over five years – and both additional and on-going contributions are being sought. The purpose of the EIF is to: mainstream trade into national development strategies; set up structures needed to coordinate the delivery of trade-related technical assistance; and to build capacity to trade, which also includes addressing critical supply-side constraints.

The EIF was built on the original Integrated Framework (IF) established in 1997 with the joint collaboration of six core Agencies working together with the aim of increased collaboration in Trade Related Technical Assistance (TRTA) for LDCs. The six core Partner Agencies are the International Monetary Fund (IMF); International Trade Centre (ITC); United Nations Conference on Trade and Development (UNCTAD); United Nations Development Programme (UNDP); World Bank Group (World Bank) and the World Trade Organisation (WTO). The United Nations Industrial Development Organisation (UNIDO) subsequently joined the EIF as an observer agency. The Executive Secretariat for the EIF (ES) is administratively housed in the WTO with the Trust Fund Management undertaken through the United Nations Office for Project Services (UNOPS).

An independent Mid-Term Review (MTR) of the EIF completed in November 2012 found that the EIF remains “highly relevant to the current trade and economic priorities of the LDCs”. It also concluded that the programme is effective, but effectiveness can still be increased; efficiency can be improved (due to design and the early stage of the programme); is likely to be sustainable, but still needs support; and that the programme is likely to deliver impact for LDCs.


Iraqi Government & Industry Gather to Drive Oilfield Optimisation in Iraq

[caption id="attachment_4564" align="alignright" width="107"] Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum[/caption]

Under the patronage of HH Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, the fourth Iraq Mega Projects Conference and Exhibition, organised by the CWC Group and supported by the Iraqi Government, will take place from 30 September – 3 October 2013 at the Dubai International Convention and Exhibition Centre, UAE.

As Iraq plans to increase oil production by 30% in the next 18 months in a bid to achieve 157% output of the current rates by 2020, the Iraq Mega Projects Conference will gather major stakeholders and key decision makers to discuss the current challenges faced in oilfield production in Iraq. Solutions and best practice case studies will also be shared by representatives across the industry value chain to ensure that operators work with greater efficiency and meet contractual obligations.

"As Iraq plans to increase oil production by 30% in the next 18 months in a bid to achieve 157% output of the current rates by 2020, the Iraq Mega Projects Conference will gather major stakeholders and key decision makers to discuss the current challenges faced in oilfield production in Iraq."

“Iraq Mega Projects 2013 will continue to bring all stakeholders in Iraq’s oil sector together; ensuring companies have access to best practice, knowledge and technological showcases to facilitate project successes in the country. The two day conference combines local expertise and insight with global best practices for successful project execution in Iraq’s dynamic energy market. The industry relevant programme and exhibitors make it a must-attend event for all stakeholders and decision-makers in Iraq oilfield development,” Fredric Ponton, Director Government Relations Middle East, CWC Group.

Key topics of the conference also include the logistical challenges of passing goods through the port of Basra, and distributing supplies by air and road to remote areas, corporate social responsibility and local content implementation to develop and utilise in-country value.

The exhibition, accompanying the conference and ancillary events, offers an ideal opportunity for IOCs and NOCs to source innovative technologies and service providers essential to delivering key projects and ensuring contractual targets are met. With 100 companies showcasing their expertise, products and services to 2,500 visiting project managers, purchasing managers and senior decision-makers, Iraq Mega Projects 2013 promises to be the most comprehensive showcase and knowledge exchange platform yet.


Angola’s Sovereign Wealth Fund Announces Investment Policy

Asset allocation to support preservation of capital, maximisation of returns and infrastructure development

José Filomeno dos Santos appointed FSDEA chairman

Luanda, Angola, 21 June 2013 – The Fundo Soberano de Angola (FSDEA), today announced the publication of its Investment Policy by the Angolan Government, which outlines clear guidelines in relation to all operational matters and investments necessary for the Fund’s activities. The FSDEA also announced the appointment of José Filomeno dos Santos as the new Chairman of its Board of Directors.

The World Bank in a report issued on June 20 about Angola’s progress on improving transparency has called for the Fund’s mandate and governing framework to be clearly specified. The approval of the investment policy is key to meeting these requirements.

 “The Angolan government’s ratification of the FSDEA’s Investment Policy is a significant step towards securing Angola’s wealth and future prosperity. The approved policy, along with our commitment to accountability and transparency, will ensure that we make the best and most considered investments that support the country’s long-term economic future,” commented José Filomeno dos Santos.

 “The Angolan government’s ratification of the FSDEA’s Investment Policy is a significant step towards securing Angola’s wealth and future prosperity."

The FSDEA’s diversified asset allocation will support three key criteria: preservation of capital, maximisation of returns over the long-term and infrastructure development. Representing 50 per cent of the Fund’s investments will be fixed income instruments and cash, issued by sovereign agencies, supranational institutions, large companies with investment grade credit ratings, financial institutions and additionally, in equities issued within the G7.

The remainder of the funds will be allocated to alternative investments, including, but not limited to, emerging markets, high yield, commodities, agriculture and mining, infrastructure, property, BRICS and frontier market stocks, assets and depreciated opportunities.

The FSDEA will firstly focus on the hospitality sector by establishing a “Hotel Fund for Africa” in order to capitalize on the significant undersupply of hotel management capacity while addressing the urgent need for skilled local talent by supporting the establishment of a Hotel School. The Fund has issued a tender to a number of leading hotel operators to develop and operate a portfolio of three to five star business hotels across sub-Saharan Africa. The FSDEA is also in advanced discussions with a leading international hotel school to undertake feasibility studies to best determine the roll-out of the proposed Hotel School in Africa. The ultimate objective is to train and equip the Africa’s youth with industry level hospitality know-how so they can build promising careers in the continent’s service sector.

First Social Charter Initiative

As a key component of the Investment Policy, the FSDEA will make a commitment of 7.5 per cent to social development and socially responsible projects in the areas of education, income generation and off-the-grid access to clean water, healthcare and energy.

As part of the FSDEA Social Charter, the Fund unveiled details of its first community initiative, which consists in an education program designed to empower school children in economically vulnerable areas of Angola. This multi-year project, called “Kamba Dyami”, is part of the One Laptop per Child international program and encourages computer-based learning in traditional classrooms at an early age. It was launched in 2011 by the Dom Bosco Schools, located in the outskirts of Angola’s capital city.

Padre Santiago Christophersen SDB, Director, Dom Bosco School, Luanda, commented “Empowering our children with knowledge is fundamental and the Kamba Dyami Project has shown the progress children make through computer-based learning. We have seen a tremendous impact on the learning process through the use of the computers and the children are very enthusiastic to work with this interactive education tool. We are therefore very pleased that the FSDEA also recognizes the importance of not only the project but its future expansion. We look forward to working closely with the Fund’s leadership to expand the education system in Angola.”

“We intend to extend this initiative to additional schools in sub-urban and rural areas of Angola to enable the next generation to fully embrace our country’s future opportunities. From 2013 to 2015, 1,200 additional laptops will be availed, which will allow 2,400 more children to benefit from computer-based learning,” explained dos Santos.

A key focus of this computer-based learning program will be enhancing human capital to guarantee the sustainable success of the project and ensure that teachers are adequately trained to develop innovative educational practices in their schools.

“Since the Fund’s launch last year, we have been actively evaluating both social and economic development opportunities.  As the Investment Policy is approved, the Fund is now in a position to drive forward our mandate to promote the economic and social development of Angola,” concluded dos Santos.

About the Fundo Soberano de Angola

The Fundo Soberano de Angola (FSDEA) is a Sovereign Wealth Fund wholly owned by the Republic of Angola. The Fund, established according to international governance benchmarks, will gradually diversify its investment portfolio across a number of industries and asset classes in accordance with its investment policy and guidelines. By pursuing investments that generate long-term and socially enhancing financial returns, the Fund will play an important role in promoting Angola’s social and economic development and generating wealth for its people.

For further information, please visit www.fundosoberano.ao

José Filomeno de Sousa dos Santos - Chairman of the Board of Directors

José Filomeno de Sousa dos Santos serves as the Chairman of the Board of Directors of the Fundo Soberano de Angola (FSDEA) since June 2013. In this capacity, he oversees the management and performance of the Board of Directors and the FSDEA overall. Mr. dos Santos joined the FSDEA in 2012 as a Member of the Board of Directors where he was instrumental in building the strategic and operational foundations of the FSDEA..

Prior to his appointment to the FSDEA, Mr. dos Santos worked across various industries including trading, transport, insurance and finance and held positions with companies such as Glencore in London, TURA (Transportation company in Luanda), AAA Serviços Financeiros and Banco Kwanza Invest.

Mr. dos Santos holds a Master’s degree in Information Management and Finance from Westminster University and has published a number of specialized articles on Project Finance and Economics.

He is the son of the current Angolan president, is married and has three daughters.


The Swiss Banks: Handing Over Data

[caption id="attachment_4589" align="alignright" width="207"] Zurich[/caption]

The tax row with the United States is raising a feeling of uncertainty among cantonal banks, as well as adding a greater administrative burden, even for banks that are not directly concerned, a swissinfo.ch survey of all 24 institutions has found.

At the beginning of July the Swiss government said that it would give special permission to banks to cooperate with the United States justice authorities, as a means of helping them avoid criminal charges that would threaten their existence. This would involve banks asking for authorisation to hand over bank data to the US on a case-by-case basis.

The announcement came a few days after new legislation to enable banks to hand over data to the US authorities without contravening Swiss law was rejected by parliament.

The government’s proposal has caused much debate in the country, not least among its cantonal banks. Fears over how much they will be drawn into the tax spat and the increased administrative burden of staying out of the US justice authorities’ crossfire are mounting, the swissinfo.ch survey - which had 16 replies - can reveal.

It found that the administrative burden had also stretched to the smaller banks whose business strategy had never included actively touting for foreign clients, especially “US persons”, or offering them “tax advice”.

Only two institutions - the Basel and Zurich cantonal banks, whose problems with the US justice authorities are well documented - answered the question of whether their institutions were being investigated by the US with a yes. The other 14 said that they were neither in negotiations nor had any knowledge of ongoing investigations.

And they maintained that they had not taken on any US clients from the big Swiss banks or Bank Wegelin since spring 2009 when UBS was hit with a massive fine.

All cantonal banks have clients known as “US persons” who are subject to tax in the US. Many of them are dual citizens or cantonal citizens who have emigrated but who have kept bank accounts in their home country. Most cantonal banks have, however, severed ties with people domiciled in the US.

Foreign Account Tax Compliance Act (Fatca)

In 2010, the US Congress adopted a piece of legislation called the Foreign Account Tax Compliance Act (FATCA) to fight offshore tax evasion by its own citizens.

The legislation demands that all foreign financial institutions (banks, life insurance companies, investment funds, foundations), including even those not operating in the US, give up names and data of all their customers who are subject to American tax.

This means all American citizens or non-nationals resident in the US, American expatriates, and foreigners with significant holdings in the US.

All financial institutions abroad are required to register with the US Internal Revenue Service (IRS) and to enter into an agreement by which they undertake to identify customers subject to American tax and give their names and bank data to the IRS.

Under the Fatca agreement concluded by the Swiss government banks themselves must send names and data of their customers directly to Washington.

To do this, they must first obtain the customer’s consent. Banks are nonetheless required to notify the IRS of the number and total assets of accounts belonging to customers unwilling to cooperate.

The IRS can then ask for full details as part of a request for administrative assistance to the Swiss authorities. Unlike other European countries, the Swiss government has not insisted that the American side reciprocate.

US domicile

The Zug Cantonal Bank still has US domiciled clients, said Pascal Niquille, its CEO. “The fact that many banks stopped doing business with these clients is not necessarily to do with the tax issue, but more so because of the Dodd-Frank-Act, the US federal law, which was enacted in reaction to the 2007 financial crisis to stabilise the financial market.”

“If you want to do actively do business with clients in the US you have to register with the Securities and Exchange Commission (SEC) and adhere to increasing complex American regulations.”

This is why many banks have preferred to sever ties with US domiciled clients. “We have decided to stop our passive business with US domiciled clients. We have stopped around 100 client relations due to Dodd-Frank. The only exceptions are very particular types of client relationships with very limited product portfolios,” Niquille said.

If a client only works in the US for a few months or years, he may keep his savings or personal account, but he has to give up his custodian account and will not have access to e-banking. He may not telephone his bank during his US stay and cannot correspond by post. And he has to prove that he will comply with his tax liability in the US.

“We currently have around 20 clients from Zug who want to keep their relationship with the bank in this way,” said Niquille.

Zug also has many firms with American employees who also count as US persons, even if they are not resident in the US. “We can and want to have a business relationship with these local clients. This does not pose a legal problem if the US regulations are adhered to and if the clients also sign all the forms according to American law,” he added.

Nothing new

US monitoring of Swiss banks with US clients is nothing new – it has been going on since the Qualified Intermediary agreement of 2001. This compels banks to ask for special forms from their American clients and that they report certain information to the US tax authorities.

“The US tax authorities are therefore informed about all the US persons who are our clients,” said Niquille. The bank is also subject to a regular QI audit and external experts check whether the bank is keeping to the agreement and transmit their results to the US.

 The Foreign Account Tax Compliance Act (Fatca), which will come into force on January 1, 2014, will increase the burden further. “All the banks taking part in Fatca will have to prove that they have done everything that is economically reasonable to identify US persons retrospectively and to recognize new clients as such,” he added.


Edelweiss – An Indian Financial Powerhouse

Edelweiss is a leading Indian financial services conglomerate that provides a wide range of financial products and services, serving a large diversified client base that includes individuals, institutions and companies. At the end of FY13, it had a balance sheet size of about $2.5 billion, net worth of $ 500 million, a loan book of about $1.1 billion and employs over 4,000 people.

Edelweiss was founded in November 1995 with an aspiration to become one of the leading financial services groups in India. With the economic liberalisation of the early 1990s, Edelweiss saw a huge opportunity in intermediating on capital flows from savings into investments. From initially providing advisory and investment banking services, Edelweiss has grown by consciously and strategically investing in expanding services in existing areas as well as adding a presence in adjacent markets.

The Group’s entry strategy in every new business has been to find growing but under-served niches in the market. The Group has used its skills as an efficient intermediary between savings and investments to grow into adjacent and related markets. As Edelweiss moved from wholesale to retail, and financial markets to insurance, the Group also expanded access to the financial savings pool from 5% to nearly 30%. This has allowed Edelweiss to expand across asset categories and broaden its addressable consumer segments – its reach has extended from wholesale to retail segments and to rural markets now.

"The Group’s entry strategy in every new business has been to find growing but under-served niches in the market."

Edelweiss’s belief has been that it must add significant value by providing cutting edge products and services by focusing on technology, risk, research, analytics, robust processes and high quality people. Starting life as a Corporate Finance Advisory firm, Edelweiss launched its Institutional Equities business in 2000, soon establishing its leadership position. Starting 2006, the expansion and diversification picked up pace. It launched the Commodities business in 2006, Corporate Credit business in 2007, Retail Financial Markets in 2008, Retail Credit in 2010 and Life Insurance in 2011. This diversification has expanded the addressable revenue pool twenty times in the last five years. With the Indian economy expected to grow between 6-8%, this addressable revenue pool is likely to expand another five times over the next decade, giving the Group huge headroom for growth.

Edelweiss has always believed that having a strong capital base is vital for any successful financial services company. The Group has raised capital on a number of occasions from a variety of investors, including a public issue of equity in 2007. Edelweiss maintained its strong balance sheet and consistent profitability even during the 2008-09 crises.

Key Businesses:

Credit: Edelweiss’s Credit business caters to a wide spectrum of clients -- from corporate to Small and Medium Enterprises to retail and rural. At the end of FY13, the credit business contributed 41% to the Group’s revenues with a total outstanding loan book of about $1.1 billion. Of this, the retail credit book accounted for $250 million. The credit book has gained from Edelweiss’ conservative approach and strong risk management with Gross Non-Performing Assets forming only 0.43% of the total credit book. The asset quality of the credit book is a testimony to the attention Edelweiss pays to risk monitoring and management and the appropriate credit appraisal skills imparted through a rigorous training schedule. In fact, Edelweiss’ seriousness about risk can be measured from the fact that the Group has 120 employees dedicated to managing, monitoring and mitigating risk. There are few financial services companies in India employing such a large team focused exclusively on risk management.

Financial Markets: The Edelweiss Financial Markets business -- consisting of advisory services, broking, financial products distribution and asset management – offers its services to a wide range of clients segments ranging from sovereign funds, pension funds, foreign institutional investors, domestic financial institutions, corporates, High Net Worth Individuals and mass affluent individuals. Edelweiss is the largest Indian Institutional Equities house with over 4.5% share of the market. Edelweiss’s 60-member research team publishes a wide range of reports – from thematic to fundamental and technical – including landmark reports on the rural economy and infrastructure. The research team actively covers nearly 70% of industry sectors in the Indian market and over 180 companies in these sectors. Its asset management business has over $500 million of assets under management in its domestic mutual fund and offshore alternate assets business.

Commodities: Edelweiss Commodities business consists of two parts – collateralised trade financing for agri-commodities and sourcing and distribution of precious metals. In the agri-commodities space has preferred access to 15 large centralized agri-produce markets across seven states. This has allowed it to cater to a large part of the value chain from farmer to end-user for their sourcing, inventory management and credit needs. The Group has an extensive network of brokers, suppliers, and warehouse service providers across all the commodities that it deals in. In the precious metals space, Edelweiss is in the business of procuring/importing of precious metals and distributing it to its clients who are either precious metals end-users (jewellers, manufacturers) or traders.

Life Insurance: Edelweiss Tokio Life Insurance (ETLife) is a 76-24 JV with Tokio Marine of Japan. ETLife offers a large bouquet of diverse products to meet the basic needs of customers on education funding, wealth accumulation and enhancement, living with impaired health, income replacement and retirement funding. It also offers group products for credit protection and life protection. In less than two years after launching its operations, ETLife has scaled up its presence to 45 branches in 38 cities and has 3,400 Personal Financial Advisors. Within a short period of about 21 months it has already written over 29,000 policies.

Culture of Compliance

Edelweiss is governed by all financial regulators – such as, Reserve Bank of India (RBI), Securities and Exchanges board of India (SEBI), Insurance Regulatory and Development Authority (IRDA), Forward Markets Commission (FMC), National Housing Bank (NHB) – and has a consistently clean track record.

Edelweiss Financial Services Ltd (EFSL) has 11 directors on its Board, of which seven are independent/ non-executive directors. The Board plays a vital role as a policy maker, sounding board for strategic initiatives and as an oversight body for corporate activities. This ensures that the Board’s actions are fair to all stakeholders and makes integrity an article of faith across the organisation.

Edelweiss has also consciously ensured that major subsidiaries (making up ~85% of Group Income) have external oversight through independent director/s. Key Board Committees like the Audit Committee and Remuneration/Compensation Committees consist entirely of independent directors, while all other Board committees including Risk, Investor Grievance, ESOP and Share Transfer have majority or equal participation of independent/non-executive directors.

All members of the Board and members of the senior management abide by a comprehensive Edelweiss Code of Conduct. This ensures that every member of the senior management, while playing an important role in achieving the company’s business objectives, also leads by example in matters of ethics, transparency and customer centric actions.

Philanthropy

Edelweiss has also fostered a strong philanthropic culture within the organisation by encouraging giving and volunteering for the Group’s Corporate Social Responsibility arm -- EdelGive Foundation. The Foundation’s mission is to leverage the capacity and capital of the for-profit world to equip and enable the social sector, to improve the lives of the financial excluded. So far, EdelGive’s not-for-profit activities have impacted more than 125,000 lives. It has achieved this by investing in over 20 organisations, providing over 6,000 hours of pro-bono support since its founding in 2008 and committing over $3.5 million. EdelGive’s focus areas have been education, livelihood and women empowerment.


IMF: KSA Is One of The Top G-20 Performers

On July 08, 2013, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Saudi Arabia.

Saudi Arabia has been one of the best performing G-20 economies in recent years, and has supported the global economy through its stabilizing role in the global oil market. Generous financial support has also been provided to countries in the Middle East region.

The Saudi economy grew by 5.1 percent in 2012, benefitting from high oil prices and output, strong private sector growth, and government spending. Inflation has risen over the past year to 3.8 percent in May 2013, driven by higher food prices and housing costs. High oil prices and production led to large fiscal and current account surpluses, and international reserves rose further. Credit growth has remained strong, and the banking system is well-capitalized and profitable, with Basle III capital standards implemented in January 2013. Following an expansionary fiscal stance in 2011, government expenditure growth slowed in 2012 and the non-oil deficit began to narrow. Consistent with the exchange rate peg, monetary policy settings have remained unchanged.

"The Saudi population is young and increasingly well-educated, and as it continues to enter into its working-age years, there is a tremendous opportunity to boost growth and raise living standards further."

Looking ahead, growth is projected to slow to 4 percent in 2013. Private sector growth is expected to be strong, but oil production is likely to be below 2012 levels while government spending growth may slow. Inflation is expected to ease toward year-end in line with declining international food prices. With oil prices and production expected to be lower, fiscal and external surpluses, while remaining large, are projected to narrow this year.

The Saudi population is young and increasingly well-educated, and as it continues to enter into its working-age years, there is a tremendous opportunity to boost growth and raise living standards further. Against this background, the government is continuing to implement initiatives to boost the employment of Saudi nationals, increase the supply of housing, improve infrastructure, particularly in the area of transportation, and develop the small-and medium enterprise (SME) sector.

Executive Board Assessment

Executive Directors welcomed the continued strong performance of the Saudi Arabian economy and the systemic and stabilizing role that the country plays in the global oil market. They also acknowledged Saudi Arabia's role as an important source of financial assistance and remittances for many developing countries. Directors noted that the outlook for the Saudi economy is positive. Looking ahead, they stressed the importance of continuing reforms aimed at maintaining macroeconomic stability and addressing demographic challenges.

Directors agreed that the fiscal and macroprudential policy settings are appropriate. They noted that if signs of inflationary pressures were to emerge, capital spending would need to be slowed and/or macroprudential policies would need to be tightened. Over the medium term, while the non-oil fiscal deficit is expected to decline as infrastructure spending tapers off, additional measures would be needed to further strengthen the fiscal position. Directors welcomed the measures the authorities have undertaken to strengthen fiscal management, but saw scope for further improvements. They generally agreed that moving to a medium-term budget framework that better integrates the five-year national development plans and sets the expenditure envelope based on a long-term estimate of the oil price would be useful.

Directors noted that an upward adjustment of energy prices would help curb the growth of energy demand. Implementing the adjustments in a phased and well communicated manner would allow businesses and households time to adjust. Vulnerable groups would need to be protected from the effects of higher prices.

Directors welcomed the continuing steps to promote financial development and strengthen financial regulation and supervision. They noted that Saudi Arabia is among the first countries to implement Basle III capital standards. Directors agreed that the pegged exchange rate remains appropriate. A few Directors considered that, if at a later stage a flexible exchange rate were to become appropriate with the evolution of the structure of the economy, steps to facilitate the transition would be helpful. Directors looked forward to enactment of the bill on countering the financing of terrorism.

Directors noted that the young, rapidly growing Saudi population provides both an opportunity and a challenge in raising growth and living standards. In this regard, reforms under way to boost employment, support the housing market, develop infrastructure, and foster the small and medium enterprise sector will help address the challenges. Directors welcomed the large investments in education aimed at strengthening the skills of the population, noting that such spending should be monitored vis-à-vis achievement of desired outcomes. They also cautioned that implementation of labor market policies to boost Saudi employment should be carefully coordinated with macroeconomic policies.

Directors noted that considerable progress has been made in improving economic statistics but saw scope for further improvement. Subscription to the Special Data Dissemination Standards would be an important goal.


Nelson Mandela: Giant of Our Times

 UN Secretary-General Ban Ki-moon’s message for Nelson Mandela International Day, 18 July:

This year’s commemoration of Nelson Mandela International Day comes at a moment of deep reflection on the life and work of Madiba, as the universally revered leader remains in the hospital. As we extend our best wishes to President Mandela on his ninety-fifth birthday, let us also give tangible meaning to our feelings of concern by taking action on behalf of others.

Nelson Mandela gave 67 years of his life to the struggle for human rights and social justice. In marking this Day, the United Nations is joining the Mandela Foundation in asking people around the world to devote at least 67 minutes of their time on 18 July to community service.

"The heart of Nelson Mandela International Day is good works for people and the planet."

The heart of Nelson Mandela International Day is good works for people and the planet. Its theme ‑ “take action, inspire change” ‑ is meant to mobilize the human family to do more to build a peaceful, sustainable and equitable world. This is the best tribute we can pay to an extraordinary man who embodies the highest values of humanity.

At this difficult time, our thoughts and prayers are with Mr. Mandela, his family and with all the people of South Africa. We are united in admiration for a giant of our times.


IMF: Ireland Approaching Best Practice in Fiscal Reporting & Forecasting

[caption id="attachment_4614" align="alignright" width="259"] Dublin[/caption]

The IMF published on July 16th a Fiscal Transparency Assessment (FTA) report for Ireland, which was carried out at the request of the Irish Government by a Fiscal Affairs Department team that visited Dublin in March 2013. This report constitutes a pilot of a new IMF instrument for evaluating countries’ fiscal transparency practices based on a revised draft of the IMF’s Fiscal Transparency Code (FTC).

The report found that, following a number of significant reforms in recent years, Ireland is approaching best practice in fiscal reporting and forecasting and meets the basic requirements for fiscal risk disclosure under the revised draft FTC which has since been released for public consultation and is due to be finalized before the end of the year. The report also noted the Irish government’s ambitious plans for further improving the timeliness, quality, and comprehensiveness of its budgets, statistics, and accounts.

"The report also noted the Irish government’s ambitious plans for further improving the timeliness, quality, and comprehensiveness of its budgets, statistics, and accounts."

The assessment also highlighted that fiscal disclosure in Ireland remains somewhat fragmented and diffuse. The report therefore recommends a series of actions over five years to: (i) expand the institutional coverage of budgets, statistics, and accounts; (ii) recognize all assets, liabilities, and associated fiscal flows in fiscal reports; (iii) modernize and harmonize accounting standards across the public sector; (iv) accelerate the timetable for submission and approval of the annual budget and financial statements; and (v) improve the analysis forecast changes, long-term trends, and fiscal risks.

By consolidating readily available information into a more comprehensive set of summary fiscal documents, these reforms would put Ireland at the forefront of fiscal transparency practice within a reasonable timeframe and relatively modest additional cost.

The Irish government’s response to these report and its recommendations can be found at http://www.finance.gov.ie/ and http://per.gov.ie/


Investor Confidence in Dubai Real Estate Sets Tone for Big Year at Mid East's Largest Property Show

Cityscape Global prepares to host more than 200 exhibitors as Dubai real estate benefits from AED50 billion investment surge in 2012.

Dubai, UAE, 17 July 2013: The renewed investor confidence in Dubai’s real estate market is reflected in the emirate’s largest property showcase, Cityscape Global, as the three-day event prepares to host more than 200 exhibitors in 2013 for the first time in four years.

According to the Dubai Land Department, more than AED50 billion was invested into Dubai real estate in 2012, while Cityscape Global, the Middle East’s largest and most influential international real estate event, is expected to grow by 50 per cent for the second year running.

Several Dubai-based developers will be exhibiting for the first time at Cityscape Global, further underlining the emirate’s property market revival, and many more major developers will be returning to the show after a hiatus following the global recession in 2008.

MAG Group, Omniyat, Tanmiyat, Jumeirah Golf Estates and Union Properties return for the first time in several years with new developments and project updates, while Diamond Developers, SKAI, and Sobha Group take their place among a group of newcomers to the showpiece event, which takes place from 8-10 October at the Dubai World Trade Centre.

The event’s organisers, Informa Exhibitions, also expect several exciting new project launches from local powerhouses including Emaar, Nakheel, Dubai Properties Group, Meraas, Dubai World Central, and Meydan, as the key developers look to drum up demand from investors at their largest show stands yet.

 “Jumeirah Golf Estates is one of the most eagerly anticipated luxury residential golf communities in Dubai, which has generated significant interest from investors around the world,” said Ms Muna Al Haddad, Commercial Director, Jumeirah Golf Estates.

“With the first batch of villas from the development set for handover in the fourth quarter of this year, it was imperative that we participate in Cityscape Global taking place in October, given its status as the region’s biggest real estate event.

“We look forward to capitalising on the event’s broad appeal to network with potential investors and industry peers, while promoting the distinguishing factors of Jumeirah Golf Estates that make it one of the region’s most attractive sporting, leisure and luxury residential destination.”

For the first time since 2008, all sectors of the Dubai real estate market are now on the upswing. According to global real estate service firm, Jones Lang LaSalle, 2,200 units were added to Dubai’s residential stock inventory in first quarter of 2013, bringing the total inventory in the emirate to 357,000 units, with a further 42,000 estimated to be delivered in the next two years.

Maintaining its appeal to international developers, Cityscape Global has attracted dozens of big-name organisations from emerging real estate markets this year. Turkey represents the largest out of eight international pavilions, as more than 20 developers including Agaoglu, Eroglu, Vadistanbul, and NEF showcase their latest mega-projects in the country’s property market.

A large representation from Qatar will be also take part as the thriving Gulf state continues on its ambitious development plan as the host of the 2022 FIFA World Cup – Msheireb Properties, Mall of Qatar, Barwa and United Development Company (UDC), the company behind the Pearl Qatar, are among the headline developers on show.

Wouter Molman, Exhibition Director for Cityscape Global said: “The 12th edition of Cityscape Global will return this October after a hugely successful year in 2012, in which it attracted more than 25,000 visitors from 93 countries – an increase of 25 per cent year-on-year.

“The global showpiece continues its increasingly significant role as the barometer of the local and international real estate market, and we anticipate that exhibition space will increase by 50 per cent this year for the second year running, while visitor numbers will match this growth.”

Supported by the Dubai Land Department, Cityscape Global is the annual meeting point for key real estate investors, developers, investment promotion authorities, architects, designers and other real estate professionals to drive growth in real estate investment and development across emerging markets globally.

The property event is co-located with three dedicated conference programmes – the Global Real Estate Summit, Future Cities, and the MENA Mortgage and Affordable Housing Congress, bringing together a combined 750 senior real estate professionals who will explore opportunities and find solutions to key challenges affecting the industry today.

Also co-located with the exhibition is the Cityscape Awards for Emerging Markets. The awards programme attracts hundreds of entries from developers and architects behind real estate developments across emerging markets globally.

Entries from other Cityscape’s Awards programmes in Qatar, Egypt and Saudi Arabia are also entered to compete for the ultimate accolade, with winners to be announced at an elaborate ceremony taking place at the JW Marriot Marquis hotel on 9 October in Dubai.

Cityscape Global 2013 returns in October with support from Foundation Sponsors Emaar, Nakheel, and Dubai Properties Group; Strategic Sponsor Barwa; Silver Sponsors Anantara Residences and Pacific Ventures; Al Aribya as Regional Broadcast Partner; and CNN as the International Broadcast Partner.


World Bank: Philippines Poised for More and Better Jobs

By Axel Van Trotsenburg, World Bank Vice President for East Asia and Pacific

[caption id="attachment_4634" align="alignright" width="258"] Axel Van Trotsenburg[/caption]

If the first quarter of this year is any indication, the Philippines is doing well in terms of gross domestic product (GDP) growth. At almost 8 percent, it is currently one of the fastest growing economies in East Asia. This builds on the solid GDP growth last year of 6.6 percent, ahead of even the government’s own target. The expansion is fueled by strong exports, private construction, public infrastructure and private consumption.

However, as President Aquino and his team continue to emphasize, what is even more important is translating high growth into inclusive growth – to create more and better jobs and reduce poverty. This is the vision incorporated in the President’s Social Contract with the Filipino people. The President wants to lift millions of people out of poverty before he leaves office. We applaud that ambition.

The World Bank Group recently expressed its own aspiration to achieve two equally ambitious but achievable goals: to end extreme poverty globally by 2030 and build shared prosperity for the bottom 40 percent of the population in every country. These twin goals were endorsed in April by the Board of Governors of the World Bank and they converge with President Aquino’s Social Contract.

"[...] what is even more important is translating high growth into inclusive growth – to create more and better jobs and reduce poverty."

So what will it take to end extreme poverty in the Philippines? The latest household data from 2009 show 18.4 percent of Filipinos living under the international poverty line of US$1.25 per day. That’s roughly 17 million men, women, and children who are trying to pay for the basics: food, shelter, health and education on just US$1.25 each day. To end extreme poverty by 2030, as many Filipinos acknowledge, “business as usual” will not be sufficient and more needs to be done.

The second big challenge is how to improve living standards for the bottom 40 percent of people. In the Philippines this refers to those living on less than roughly US$2 per day. If the goal was to cut that number in half, to 20 percent by 2030, it would require sustaining the strong growth rates that we have seen recently, while accelerating the reforms which address deep-rooted distortions in the economy.

As the World Bank Group works together with the Philippines to achieve inclusive growth, sound macroeconomics will be important with prudent fiscal, monetary and exchange rate management. It is also important to look at competitiveness and how good, sustainable jobs can be created. This involves regulatory reform to ensure markets are open and globally competitive. It means creating a friendlier business climate that allows small and medium enterprises to undertake necessary investment to grow and create jobs. Businesses grow best in a transparent environment where there is zero tolerance for corrupt practices. Good governance is good economics.

Big gains can also be made by supporting manufacturing of higher value goods and by supporting smallholder farming to improve yields and provide better institutions and infrastructure so farmers can get their goods to market. It means supporting the new, dynamic export sectors, such as business process outsourcing.

An effective inclusive growth strategy will need to focus on the long term development of the country’s most important asset: the Filipino people. Good quality investments in education from early childhood and primary to secondary and higher education are vitally important. Equally, investments in health are also of the essence. Children will need the necessary health and nutritional care so they can excel in school and prepare themselves for future labor market opportunities. Given the extreme vulnerability of the poor to adverse events, like conflicts and natural disasters, a strong social safety net can play an important role.

The World Bank has been a long term partner with the Philippines and is committed to building an even stronger relationship with the government and the people. We want to help Filipinos translate the ambition of ending extreme poverty and boosting shared prosperity through concrete programs by the government and private sector.

We are supporting the Government’s efforts through conditional cash transfers that help children stay in school and keep healthy. We are also supporting public-private partnerships that bring clean water to the urban poor in Manila to reduce disease and improve lives. In Mindanao, we help coordinate the efforts of development partners to improve basic services in conflict-affected communities. In other areas of Mindanao, we also help improve livelihood opportunities and help local governments deliver services to farmers and fishermen. Nationwide, we help empower communities to participate in local decision making so the people themselves manage community projects that fight poverty.

Our goal is to help the Philippines create conditions for long term inclusive growth. Concretely, it means that a mother can get health care, a decent education for her children and teach them the skills they need to compete for good jobs. It is simply about helping ensure poor people have a real prospect for a better future in the 21st Century.


UN Says Bangladesh Labour Laws Fall Short of International Standards

[caption id="attachment_4640" align="alignright" width="236"] Bangladesh[/caption]

The United Nations labour agency today on Monday 22nd July that amendments to the Bangladesh Labour Act “will hopefully prove to be a first step” in addressing workers’ rights and boosting occupational safety and health, but urged the Government to advance the reforms to more comprehensively protect workers.

“The ILO calls on the Government of Bangladesh to take the further steps necessary to fulfil its obligations under ratified conventions, as well as its commitments on labour law reform made at the Organization’s International Labour Conference in June and commitments made in the Sustainability Compact agreed with the EU on July 8,” the UN International Labour Organization (ILO) said in a statement.

“Important additional labour reforms will be required to fulfil the Government’s commitments and obligation and these should be undertaken as a matter of urgency,” the Geneva-based agency said, reiterating its willingness to develop and adopt further legislative proposals to address the conclusions and recommendations of the ILO supervisory bodies.

“The ILO also offers to work with urgency on the regulations required to implement the amendments and to build the capacity of the labour inspectorate to assume its new responsibilities,” the UN agency said.

Bangladesh adopted the amendments to its Labour Act 2006 on 15 July, including ILO Conventions 87 and 98 on freedoms of association and collective bargaining. This past April, the Rana Plaza factory building collapsed on the outskirts of Dhaka, the capital, killing more than 1,000 people, mostly female workers. The garment industry employs some 3-5 million workers in the country.

Among the approved revisions in the country’s labour laws, the amendment include several provisions to improve workplace safety, such as the creation of safety committees in factories of 50 workers or more. Personal safety equipment will now be required and provisions now also require the establishment of health centres in workplaces of more than 5,000 employees.

The revisions also eliminated the previous obligation to send to employers the names of union leaders when a trade union is registered, and it allows workers to call on outside experts for advice during collective bargaining.

“An initial review suggests that the amendments did address some of the ILO’s specific concerns, while falling short of several important steps called for by the ILO supervisory system to bring the law into conformity with ratified international labour standards,” the UN agency said.

Based on an unofficial translation of the adopted amendments, ILO said the revised laws do not address a number of concerns, including a 30 per cent minimum membership requirement to form trade unions and the extension of the freedom of association and collective bargaining to workers in labour-intensive export processing zones.

The UN agency also noted that the amendments do not prohibit discrimination in employment or remuneration, nor do they prohibit debt bondage by children or compulsory labour as a form of punishment.

The ILO’s critiques are based on an unofficial translated of the adopted amendments, but the UN agency said its supervisory machinery will officially review the amended legislation later in the year.


World Bank: Efforts for Better Land Governance in Africa

Sub-Saharan Africa is home to nearly half of the world’s usable, uncultivated land but so far the continent has not been able to develop these unused tracts, estimated at more than 202 million hectares, to dramatically reduce poverty and boost growth, jobs, and shared prosperity.

According to a new World Bank report, “Securing Africa’s Land for Shared Prosperity,” released on Monday July 22nd, African countries and their communities could effectively end ‘land grabs,’ grow significantly more food across the region, and transform their development prospects if they can modernize the complex governance procedures that govern land ownership and management over the next decade. Africa has the highest poverty rate in the world with 47.5 percent of the population living below US $1.25 a day.

“Despite abundant land and mineral wealth, Africa remains poor,” says Makhtar Diop, World Bank Vice President for Africa. “Improving land governance is vital for achieving rapid economic growth and translating it into significantly less poverty and more opportunity for Africans, including women who make up 70 percent of Africa’s farmers yet are locked out of land ownership due to customary laws. The status quo is unacceptable and must change so that all Africans can benefit from their land.”

“Despite abundant land and mineral wealth, Africa remains poor.”

The report notes that more than 90 percent of Africa’s rural land is undocumented, making it highly vulnerable to land grabbing and expropriation with poor compensation. However based on encouraging evidence from country pilots in African countries such as Ghana, Malawi, Mozambique, Tanzania, and Uganda, Securing Africa’s Land for Shared Prosperity suggests an action plan that could help revolutionize agricultural production, end land grabbing, and eradicate extreme poverty in Africa.

An action plan for change

The report suggests that Africa could finally realize the vast development promise of its land over the course of the next decade by:

Championing reforms and investments to document all communal lands and prime lands that are individually owned.

Regularizing tenure rights of squatters on public land in urban slums that are home to 60 percent of urban dwellers in Africa.

Tackling the weak governance and corruption endemic to the land governance system in many African countries which often favor the status quo and harm the interests of poor people.

Generating the political will of African governments to mobilize behind these land reforms and attract the political and financial buy-in of the international development community.

The new report says it would cost African countries and their development partners, including the private sector, US $4.5 billion spread over 10 years to scale up these policy reforms and investments.

“Improving the performance and productivity of Africa’s agricultural sector is vital for broad-based growth, more jobs, investment, and substantially less poverty,” says Jamal Saghir, World Bank Director for Sustainable Development in Africa. “Land governance is a proven pathway to achieving transformational change and impact that will help secure Africa’s future for the benefit of all its families.”

Opportunities for change have never been better

Surging food commodity prices and foreign direct investment have increased the potential return on investing in effective land administration through higher agricultural yields and better market access and prices. Most African countries already have the basic land laws in place that recognize customary land rights and gender equality which are essential to reinforce needed reforms.

In addition, new satellite and information technologies can greatly reduce the cost of land administration. A growing number of African countries are now using these technologies to reduce the costs of surveying and mapping land and computerizing their land registries to improve efficiency and reduce corruption.

Some 26 African countries have established at least one continuously operating reference station (CORS) and about 50 CORS are contributing data to the African geodetic reference system, which, once completed, will provide a uniform coordinate reference system across the continent.

Challenges remain

With only 10 percent of Africa’s rural land registered, inefficient land administration means that it takes twice as long and costs twice as much to transfer land compared to industrialized countries, and weak governance is the leading cause for corruption in the land sector.

The report warns that “…unless communal and individual land rights are registered and land governance is improved, the recent surge in foreign direct investment in Africa will not generate shared and sustained growth, as disruptions will likely arise from the dispossession of local communities, and investors’ deals will face severe uncertainty or collapse, as witnessed in Madagascar in 2009.”

The report notes successful examples of how African governments have undertaken tough reforms, enacted laws and implemented progressive land policies that have benefited poor communities. Highlighting the need for greater capacity, the report finds that Ghana, Kenya and Uganda each have fewer than 10 professional land surveyors per one million people, compared to 197 in Malaysia and 150 in Sri Lanka. Of Kenya’s 206 registered land surveyors, only 85 were found to be practicing. The report points to the futility of building capacity without making complementary investments in land administration.

“Land governance issues need to be front and center in Africa to maintain and better its surging growth and achieve its development promise,” says Frank Byamugisha, author of the report and Lead Land Specialist in the World Bank’s Africa Region. “Our findings provide a useful, policy-oriented roadmap for African countries and communities to secure their own land for building shared prosperity.”

As of 2002, at least 20 countries in Sub-Saharan Africa had recognized customary land rights and gender equality, a number that has nearly doubled. The African Union Commission has developed a land policy framework backed by a five year strategic plan for implementation to 2016.

How the World Bank Group helps to improve land governance

As this report points out, Africa is home to the largest amount of land that can be brought under the plow and securing access to land is critical for millions of its people. Investing in improved land governance then offers a win-win opportunity for governments, investors and the landless.

The World Bank Group supports and endorses the Voluntary Guidelines on the Responsible Governance of Tenure of Land, Fisheries and Forests in the Context of National Food Security (“the VGs”). These guidelines are a major international instrument to inform specific policy reforms, including our own procedures and guidance to clients. The World Bank Group is already working with countries to implement the VGs, with a special focus on Africa.

The World Bank Group and its partners have also developed the Land Governance Assessment Framework (LGAF) as a diagnostic tool to assess the status of land governance at the country level. LGAF assessments have been carried out—or are underway—in 18 countries, 10 of them in Africa. The World Bank Group now support 24 projects on land administration amounting to US $928 million – likely the largest number of interventions on the governance of land tenure of any international development agency.


IMF: Sri Lanka Has the Potential

[caption id="attachment_4654" align="alignright" width="225"] Anoop Singh[/caption]

On July 9, Anoop Singh, Director of the IMF’s Asia Pacific Department, delivered the keynote speech at the inauguration of the 2013 Sri Lanka Economic Summit, held in Colombo. The event was sponsored by the Ceylon Chamber of Commerce and had the theme of “Rebalancing the Economy.”

Mr. Singh’s presentation, entitled “Asia in the 21st Century: The Potential for Sri Lanka,” started by noting the growing importance of Asia in the global economy. It went on to discuss research findings, from the Commission on Growth and Development as well as from others, on the common factors shared by countries that have managed to sustain rapid growth over an extended period. Drawing lessons for Sri Lanka, Mr. Singh emphasized the importance of maintaining macroeconomic stability, boosting trade and FDI, raising savings and investment, and accelerating productivity growth. He also stressed the need to improve education and health, and to improve labor force participation rates, especially among women. Mr. Singh concluded by noting that Sri Lanka has the potential to raise the key drivers of sustained growth and substantially narrow the income gap with other emerging market economies.


CBI: Encouraging Signs from the UK Jobs Market

[caption id="attachment_4660" align="alignright" width="193"] Neil Carberry[/caption]

The CBI commented last week on the latest official labour market data, showing that employment grew by 16,000 and unemployment fell by 57,000 in the three months to May, while the number of people taken on as employees rose by 34,000. Neil Carberry, CBI Director for Employment and Skills, said: “Unemployment rates are still high, but there are some encouraging signs in the jobs data that support the more upbeat mood in the economy.

“More people are getting full-time work, fewer people are signing on, and pay levels are starting to rise. It's important to remember that employment typically lags economic performance and as the economy picks up, we'd expect to see an improvement in the jobs market."


Ursula Burns: Driving Change at Xerox

Ursula Burns has a certain prominence in our minds because she became the first African-American woman to run a Fortune 500 company. Yes, of course, she is a trail blazer in this regard but it was not for this reason that we included her in our list of Ten Outstanding Female Business Leaders.

Burns took over at the helm at Xerox in 2009 from perhaps one of the best saleswomen to have headed a Fortune 500 company namely, Anne Mulcahy. The prime driver behind what Money Magazine describes as “the great turnaround story of the post-crash era”, Mulcahy bought Xerox back from the brink of bankruptcy. Burns was a key member of Mulcahy’s team and the women describe their working relationship as a true partnership. So the succession of Burns came as no great surprise.

The challenges Burns faces now are certainly no less problematic than those of her predecessor. As each day passes “making a Xerox copy” becomes less and less relevant to the future of the business. Xerox needs a leader to help drive the necessary changes that will ensure its long term security. An trained engineer with a Masters from Columbia and a reputation for speaking her mind, Burns is pushing forward a real transformation at the Company. Her first major step was the acquisition of Affiliated Computer Services for $6.4 billion in 2010. As Xerox brings increasing levels of service into its business model, the quality of leadership and oversight provided by Burns is proving to be of critical importance.

Having joined the company as in intern in 1980, Burns is in many ways a product of Xerox’s ability to deliver product development and innovation in-house. There are few companies with Xerox’s track record for invention. With these skills running through the veins of the company, it seems fitting that Xerox has been able to produce a leader of the calibre of Burns.

We selected Ursula Burns because we believe she is the person who - at this critical point in Xerox’s history - will help ensure that the Company will still be a household name fifty years from now. Maybe the term ‘Xeroxing’ will take on significant and profitable new meanings.


Dr Ramphele: Opposing the ANC

This year, Mamplela Ramphele, aged 65, formed Agang (Build) a political party to oppose the African National Congress (ANC). She is an accomplished academic, medical doctor, anti-apartheid activist, former World Bank managing director and this issue’s Hero from South Africa.

Her experience of the evils of apartheid came early on. As an eight year old she witnessed a struggle between villagers who wanted to bury one of their dead in church grounds but were prohibited from doing so by a racist minister backed by a racist local authority. Her sister was expelled from school for demonstrating against South Africa becoming a republic and Ramphele was mindful that she studied at the only medical school to allow the enrolment of black students without prior approval from the government. The scene was set.

“All signs in our society point to the need for us to take stock and ask ourselves fundamental questions about how we have been able to discharge our responsibilities to honour the ideals we enshrined in our founding constitution. We stand at a crossroads yet again as a society struggling to emerge from the growing pains of being a young democracy”.

At university, Ramphele founded the Black Consciousness Movement alongside Steve Biko and set to work on community development programmes. She became increasingly drawn into activism with Biko (who was murdered by the apartheid enforcers in 1977). She then had the honour of being banished by the despicable regime and continued to work with the rural poor, improving healthcare and generally empowering women – all of course, under the watchful eyes of the security police. Other honours bestowed on her by apartheid South Africa included a charge under the Suppression of Communism Act (for possessing banned literature).

Archbishop Emeritus Desmond Tutu, also an opponent of the ANC, has praised Ramphele’s decision to form the new party and described her as a ‘brave and principled leader who would be contesting next year’s general election with a clean slate’. He, like many other South Africans, feels that in the midst of such frequent and compelling stories of corruption and mishandling of funds by those in charge of the country, 2014 may be the year for change.


Hero Kapila: Remembering Darfur

The whistleblower that exposes misconduct in organisations is becoming more and more important to society and has a protected and honourable place within good corporate governance. While we have concerns that some well-meaning whistleblowing can have dangerous repercussions (for example, by compromising state security) there are times when loud and persistent whistleblowing is a moral imperative that must not be ignored. Perhaps the best exemplar of the latter is personified by our Hero Mukesh Kapila who struggled to bring the news of the tide of evil that was Darfur to a largely disinterested world ten years ago.

Can you imagine being told by a government representative that his country was ready to implement ‘The Final Solution’ in a troubled remote area of their country? The country was Sudan, where Kapila was the UN head, and the problems were in Darfur in the far west. The words used by the Sudanese official were a disgraceful throwback to the days of Nazi Germany but all too accurate is conveying intent.

“Those that stand by and don’t even try to do something are almost as culpable as those who stick in the knife or pull the trigger.”

A veteran observer of the obscenities of Srebrenica and Rwanda, Kapila knew from day one what the Sudanese military were doing and had information about times, places and could even identify the army units that were directly responsible. A lone woman from Darfur walked into his office to tell that she, her daughter and two hundred fellow villagers from Darfur had been brutally attacked by soldiers. The scene was being set for the first mass murder of the twenty first century.

There was no reaction from New York when Kapila reported back to his superiors other than a reluctance to interfere in the domestic affairs of a sovereign state. As Kapila remarked, ‘It was as if the report fell into a black hole.’ He was confounded by the global indifference to what was taking place and resolved to tell the story to anyone who would listen. Mukesh Kapila could not understand why ‘so many good people stood by and did nothing.’ We should all be most grateful to Kapila and media organisations around the world for spilling the beans. Spill more, spill them all.

Mukesh Kapila, who received a CBE award in 2003, is presently professor of Global Health & Humanitarian Affairs at the University of Manchester. He is also focusing on the prevention of genocide and crimes against humanity as a special representative of the Aegis Trust. Reviewing Kapila’s book ‘Against a Tide of Evil’, General Dellaire, UN Force Commander, Rwanda, said that, ‘Kapila forces us to look directly into the face of genocide’. It is a not a pretty sight.