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Ed Webb

The Coronavirus Oil Shock Is Just Getting Started - 0 views

foreignpolicy.com/...-shock-is-just-getting-started

energy oil economy pandemics Russia China US USA KSA Saudi Iran Iraq Algeria Angola Nigeria markets climate

shared by Ed Webb on 05 Jul 20 - Cached
  • People in the West tend to think about oil shocks from the perspective of the consumer. They notice when prices go up. The price spikes in 1973 and 1979 triggered by boycotts by oil producers are etched in their collective consciousness, as price controls left Americans lining up for gas and European governments imposed weekend driving bans. This was more than an economic shock. The balance of power in the world economy seemed to be shifting from the developed to the developing world.
  • If a surge in fossil fuel prices rearranges the world economy, the effect also operates in reverse. For the vast majority of countries in the world, the decline in oil prices is a boon. Among emerging markets, Indonesia, Philippines, India, Argentina, Turkey, and South Africa all benefit, as imported fuel is a big part of their import bill. Cheaper energy will cushion the pain of the COVID-19 recession. But at the same time, and by the same token, plunging oil prices deliver a concentrated and devastating shock to the producers. By comparison with the diffuse benefit enjoyed by consumers, the producers suffer immediate immiseration.
  • In inflation-adjusted terms, oil prices are similar to those last seen in the 1950s, when the Persian Gulf states were little more than clients of the oil majors, the United States and the British Empire
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  • Fiscal crises caused by falling prices limit governments’ room for domestic maneuver and force painful political choices
  • The economic profile of the Gulf states is not, however, typical of most oil-producing states. Most have a much lower ratio of oil reserves to population. Many large oil exporters have large and rapidly growing populations that are hungry for consumption, social spending, subsidies, and investment
  • In February, even before the coronavirus hit, the International Monetary Fund was warning Saudi Arabia and the United Arab Emirates that by 2034 they would be net debtors to the rest of the world. That prediction was based on a 2020 price of $55 per barrel. At a price of $30, that timeline will shorten. And even in the Gulf there are weak links. Bahrain avoids financial crisis only through the financial patronage of Saudi Arabia. Oman is in even worse shape. Its government debt is so heavily discounted that it may soon slip into the distressed debt category
  • Ecuador is the second Latin American country after Argentina to enter technical default this year.
  • Populous middle-income countries that depend critically on oil are uniquely vulnerable. Iran is a special case because of the punitive sanctions regime imposed by the United States. But its neighbor Iraq, with a population of 38 million and a government budget that is 90 percent dependent on oil, will struggle to keep civil servants paid.
  • Algeria—with a population of 44 million and an official unemployment rate of 15 percent—depends on oil and gas imports for 85 percent of its foreign exchange revenue
  • The oil and gas boom of the early 2000s provided the financial foundation for the subsequent pacification of Algerian society under National Liberation Front President Abdelaziz Bouteflika. Algeria’s giant military, the basic pillar of the regime, was the chief beneficiaries of this largesse, along with its Russian arms suppliers. The country’s foreign currency reserves peaked at $200 billion in 2012. Spending this windfall on assistance programs and subsidies allowed Bouteflika’s government to survive the initial wave of protests during the Arab Spring. But with oil prices trending down, this was not a sustainable long-run course. By 2018 the government’s oil stabilization fund, which once held reserves worth more than one-third of GDP, had been depleted. Given Algeria’s yawning trade deficit, the IMF expects reserves to fall below $13 billion in 2021. A strict COVID-19 lockdown is containing popular protest for now, but given that the fragile government in Algiers is now bracing for budget cuts of 30 percent, do not expect that calm to last.
  • Before last month’s price collapse, Angola was already spending between one fifth and one third of its export revenues on debt service. That burden is now bound to increase significantly. Ten-year Angolan bonds were this week trading at 44 cents on the dollar. Having been downgraded to a lowly CCC+, it is now widely considered to be at imminent risk of default. Because servicing its debts requires a share of public spending six times larger than that which Angola spends on the health of its citizens, the case for doing so in the face of the COVID-19 crisis is unarguable.
  • Faced with the price collapse of 2020, Finance Minister Zainab Ahmed has declared that Nigeria is now in “crisis.” In March, the rating agency Standard & Poor’s lowered Nigeria’s sovereign debt rating to B-. This will raise the cost of borrowing and slow economic growth in a country in which more than 86 million people, 47 percent of the population, live in extreme poverty—the largest number in the world. Furthermore, with 65 percent of government revenues devoted to servicing existing debt, the government may have to resort to printing money to pay civil servants, further spurring an already high inflation rate caused by food supply shortages
  • The price surge of the 1970s and the nationalization of the Middle East oil industry announced the definitive end of the imperial era. The 1980s saw the creation of a market-based global energy economy. The early 2000s seemed to open the door on a new age of state capitalism, in which China was the main driver of demand and titans like Saudi Aramco and Rosneft managed supply
  • The giants such as Saudi Arabia and Russia will exploit their muscle to survive the crisis. But the same cannot so easily be said for the weaker producers. For states such as Iraq, Algeria, and Angola, the threat is nothing short of existential.
  • Beijing has so far shown little interest in exploiting the crisis for debt-book diplomacy. It has signaled its willingness to cooperate with the other members of the G-20 in supporting a debt moratorium.
  • In a century that will be marked by climate change, how useful is it to restore profits and prosperity based on fossil fuel extraction?
  • The shock of the coronavirus is offering a glimpse of the future and it is harsh. The COVID-19 crisis drives home that high-cost producers are on a dangerously unsustainable path that can’t be resolved by states propping up their uncompetitive oil sectors. Even more important is the need to diversify the economies of the truly vulnerable producers in the Middle East, North Africa, sub-Saharan Africa, and Latin America.
Ed Webb

Can debt relief save the Red Sea's coral reefs? - 0 views

www.newarab.com/...lief-save-red-seas-coral-reefs

COP Egypt Tunisia Jordan environment climate debt analysis opinion Belize

shared by Ed Webb on 20 Dec 22 - Cached
  • despite contributing little to greenhouse gas emissions, debt-laden developing countries appear likely to suffer the costliest effects of global warming.
  • A landmark deal in Belize may provide a path for the Arab world’s poorest countries to tackle these vexing challenges in tandem, combining debt relief with climate change mitigation. The Nature Conservancy, an environmental organisation with global reach, helped Belize obtain over $350 million to service its government debt in exchange for the Central American country dedicating more resources to environmental protection and marine conservation.
  • Beyond the significance of a developing country receiving debt relief for toughening environmental policies, Belize oversees a series of coral reefs whose preservation the Nature Conservancy coded into the historic agreement. Arab countries such as COP27 host Egypt likewise have a number of coral reefs, among them species that have demonstrated impressive resilience against global warming.
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  • saving Egypt’s coral reefs will require greater action, likely from world powers
  • A 2019 study found that climate change could cost Egypt as much as 95 percent of its revenue from tourism to the coral reefs, so world powers will likely have to come up with millions or even billions of dollars more. Egypt hardly finds itself alone. In the first half of 2022, the government debt of Jordan—home to its own prized set of coral reefs in the Gulf of Aqaba—reached $41 billion, 88.4 percent of the kingdom’s gross domestic product. Meanwhile, in Tunisia, coral reefs near the resort destination of Tabarka appear set to suffer as climate change batters the country and the Tunisian economy falters, depriving authorities of the funds necessary to fund marine conservation.
  • pairing debt relief with marine conservation, as well as more general measures for environmental protection and climate change mitigation, a boon for Egypt, Jordan, Tunisia, and other coral-rich countries in the Arab world
Julianne Greco

For a Bounced Check in Dubai, the Penalty Can Be Years in Jail - NYTimes.com - 0 views

www.nytimes.com/...12dubai.html

Dubai debt as criminal offense

shared by Julianne Greco on 12 Sep 09 - Cached
  • For more than a year, prosecutors have been cracking down on the corruption and kickbacks that thrived during the boom years in this Persian Gulf city-state
  • But alongside the con artists and crooks, a rising number of businesspeople have been sent to jail for going into debt. Bouncing a check is a criminal offense here. That fact has begun raising questions about the fairness of Dubai’s laws, especially among the foreigners who make up about 90 percent of the population.
  • he criminalization of debt has put a formidable weapon in the hands of landlords, banks and other creditors, who can send someone to jail with a single document showing a check has been returned for insufficient funds. It has also complicated Dubai’s efforts to recover from the financial crisis by sending many legitimate but struggling businesspeople to jail, where they find it even harder to repay their debts.
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  • many expatriates to flee when they are in financial trouble rather than filing for bankruptcy and setting out a repayment schedule
  • Some financial analysts say the risk of arrest for debt could also drive away potential new investors and businesspeople as Dubai struggles to recover from the current economic slump.
  • The root of the problem, analysts say, is that Dubai’s legal structures have not kept pace with its frenetic development
  • Dubai’s laws are largely based on Egyptian civil law and Islamic law, or Shariah, with no real effort to encompass the tremendous volume of its commerce.
  • Some efforts have been made to change the system, though analysts worry that they may fade as the economic crisis recedes.
  • Julianne Greco on 12 Sep 09
     
    It's alarming how easy it is to commit a criminal offense. It is not hard to get debt or accumulate it in the business world, especially when the economy is not as good, so it's really not surprising that this could collapse Dubai's economy with the now minimal inclinations for businesses to take risks and low incentives for foreign investment.
Ed Webb

A declaration from North Africa: food sovereignty is a right | openDemocracy - 0 views

www.opendemocracy.net/...aration-from-north-africa-food

MENA northafrica agriculture food environment economy IMF IBRD worldbank WTO activism

shared by Ed Webb on 05 Jan 18 - No Cached
  • On December 15, 16 and 17, 2017, ATTAC Morocco, a member of the global network for the abolition of illegitimate debts (CADTM), organised a Maghreb seminar on free trade agreements, agriculture and food sovereignty under the slogan: No to colonial agreements, for the defence of people's sovereign right on their agricultural, food and environmental systems. The seminar was held in Agadir, Morocco with the participation of activists coming from Egypt, Tunisia, Algeria and Morocco.
  • trade agreements have deepened the control of multinational companies on agriculture and maritime fishing, exacerbated food speculation, and destroyed subsistence agricultural and fishing systems. Moreover, they accelerated the unlimited quest for the promotion of genetically modified seeds and the generalisation of the export-oriented agriculture and fishing industry. In the global south, International Financial Institutions (IFIs) are pursuing neoliberal policies that further deregulate, open borders to the invasion of foreign capital and subsidised products and ensure the transfer of profits and wealth. These neoliberal dictates are leading to an increase in public debt at the expense of the popular classes who shoulder the burden of austerity policies
  • affirm our support for people's food sovereignty and their right to determine their own food system, a system that ensures the production of healthy food in sufficient quantity while protecting nature and remaining in harmony with it
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  • resources for this purpose must be provided through the suspension of debt service payments and through the cancellation of illegitimate public debts
  • we are planning on organising campaigns of denunciation, raising awareness and initiatives in order to encourage common struggles and establish forms of coordination and solidarity with movements sharing the same objectives
  • Food sovereignty is the antithesis of the productivist capitalist food system, which is responsible for the destruction of natural resources and a climate chaos that threatens the lives of millions of people. It is peasant agriculture and subsistence fishing that feed humanity and preserve the environment, rather than the intensive, industrial, commercial and chemical agriculture promoted by capitalism.
  • collective struggle against free trade agreements, fisheries agreements and the World Trade Organization, as well as against the International Monetary Fund and the World Bank, which enslave people through the debt system
  • initiation and promotion of experiments in popular farming systems that aim at breaking free from food dependence
  • Broadening international solidarity in order to stop the growing repression against popular mobilizations (peasants, fishermen, indigenous, and agricultural workers, etc.) and to organize and protect their lives, their lands, their environment and their food traditions.
Ed Webb

U.S. debt relief for Egypt is mostly politics - News - Aswat Masriya - 1 views

en.aswatmasriya.com/...view.aspx

US USA aid development debt diplomacy Egypt opinion analysis military

shared by Ed Webb on 05 Sep 12 - No Cached
  • President Mohamed Mursi faces many challenges to get Egypt's finances into shape, but high foreign debt isn't one of them. Interest payments eat up one quarter of public spending but the burden stems from high domestic debt. Egypt's total external borrowing was just $35 billion or less than 15 percent of GDP, as of June 2011.
  • Military aid has benefited U.S. strategic interests by buying priority access to the Suez Canal and to Egyptian air space, as well as support for Middle East peace. Egypt's military view the payments as "untouchable compensation" for making peace with Israel, according to documents published by Wikileaks. The aid also supports U.S. defence equipment manufacturers, as the funds must be spent on American hardware and services.
Ed Webb

Syria Comment » Archives » "Bush White House Wanted to Destroy the Syrian Sta... - 0 views

www.joshualandis.com/blog

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shared by Ed Webb on 05 Sep 10 - Cached
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Morgan Mintz

Debt in Dubai Tests Laws Of Islamic Financing - NYTimes.com - 0 views

www.nytimes.com/...01islamic.html

dubai saudi arabia dubai world islamic law global economy debt crisis

shared by Morgan Mintz on 01 Dec 09 - Cached
  • The debt crisis in Dubai is about to test one of the fastest-growing areas in banking, Islamic finance, and put the city-state’s opaque judicial system on trial, according to bankers and experts in finance.
  • because there have been few major defaults in this market, there is little precedent for arbitrating the unique terms of these instruments.
  • Shariah-compliant investments prohibit lenders from earning interest, and effectively place lenders and borrowers into a form of partnership. Yet there are no consistent rules about who gets repaid first if a company defaults on such debt
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  • bondholders could insist on being repaid before banks, upending the traditional bankruptcy hierarchy.
  • A default would also pose a major new test for Dubai’s courts, which have never handled a major bankruptcy of one of the government’s own companies, lawyers and bankers said.
Ed Webb

Sisi's final act: Six years on, and Egypt remains unbowed | Middle East Eye - 0 views

www.middleeasteye.net/...al-act-arab-spring-and-running

Egypt Sisi army military revolution protest media socialmedia corruption analysis opinion UAE KSA Libya Sudan Algeria

shared by Ed Webb on 26 Sep 19 - No Cached
  • For three weeks Sisi’s image has been trashed by an insider turned whistleblower whose videos from self-exile in Spain have gripped and paralysed Egypt in turn. 
  • Mohamed Ali is, by his own admission, no hero. One of only 10 contractors the army uses, he is corrupt. He also only left Egypt with his family and fortune because his bills had not been paid. Ali is no human rights campaigner. 
  • Egypt’s new folk hero likes fast cars, acting, film producing, real estate developing.
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  • when he talks he talks the language of the street and the street listens to him. That's Sisi's problem.  
  • Sisi  was a "failed man", a "disgrace", a "midget" who uses make up and hitches his trousers up too high, Ali told Egypt. Sisi was a con man who lectured you on the need to tighten your belt while building palaces for his wife Intissar.
  • Ali listed them: a luxury house in Hilmiya ($6m), a presidential residence in Alexandria ($15m), a palace in the new administrative capital, and another one in the new Alamein city west of Alexandria.
  • A report published by the World Bank in April calculated that "some 60 percent of Egypt’s population is either poor or vulnerable". 
  • "Now you say we are very poor, we must be hungry. Do you get hungry? You spend billions that are spilt on the ground. Your men squander millions. I am not telling a secret. You are a bunch of thieves."
  • Every Egyptian remembers the lectures Sisi gave them on the need to tighten their belts. When the IMF forced the state to reduce subsidies, Sisi’s response was: "I know that the Egyptian people can endure more... We must do it. And you’ll have to pay; you’ll have to pay," Sisi said in one unscripted rant a year into his presidency.
  • Most Egyptians have seen their real incomes fall, while Egypt under its IMF-backed austerity programme is racking up huge foreign debts. It was $43bn during Morsi’s presidency. It is $106bn now. Seventy per cent of taxes now goes into paying these debts off. Internal debt is over 5 trillion Egyptian pounds ($306bn).
  • Ali’s YouTube channel has done more in three weeks to destroy Sisi’s image than the Brotherhood, liberals and leftists, now all crushed as active political forces in Egypt, have done in six years of political protest. 
  • To their credit the opposition did not crumble, paying for their stand with their lives and their freedom. To their shame the Egyptian people did not listen.
  • Sisi thinks he can ride this out, as he has done challenges in the past. Hundreds of protesters have been arrested since last Friday.
  • The initial demonstration in Tahrir Square in January 2011 was smaller than the ones that broke out in Cairo, Suez and Alexandria last Friday. They called for reform, not the overthrow of Hosni Mubarak. Last Friday, Sisi’s portrait was torn down. “Say it, don’t be afraid, Sisi has to leave!” they shouted on day one of this fresh revolt. 
  • the "opposition" is everybody - ordinary Egyptians, disaffected junior ranks in the army, Mubarak era businessmen. This is a wide coalition of forces. Once again Egypt has been reunited by a tyrant
  • unlike 2013, Sisi’s bankers  - Saudi Arabia and the UAE - have run out of cash for Egypt. Today each has its own problems and foreign interventions which are all turning sour - Yemen and Libya.
  • The steam is running out of the counter-revolution.
  • popular protest is re-emerging as a driver for change across the region. We have seen it topple dictators in Sudan and Algeria. Both have learned the lessons of failed coups in the past and have so far managed the transition without surrendering the fruits of revolution to the army. This, too, has an effect on events in Egypt.
Ed Webb

25 years on, remembering the path to peace for Jordan and Israel - 0 views

www.brookings.edu/...to-peace-for-jordan-and-israel

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shared by Ed Webb on 02 Nov 19 - Cached
  • When the secret talks between Israel and the Palestine Liberation Organization (PLO) were divulged in 1993, Jordan’s King Hussein felt betrayed. For years he had been secretly meeting with the Israelis to broker peace; now he discovered that they were secretly meeting with the Palestinians and making a deal without consulting him. The PLO, fellow Arabs, had not consulted the king either. He was devastated.
  • In September 1993, Rabin secretly came across the border from Eilat to Aqaba to address King Hussein’s concerns and assure the Jordanians that they would be kept informed about the future of the Oslo process. The meeting was arranged by Efraim Halevy, the deputy director of the Israeli intelligence service, the Mossad. Hussein had been dealing with the Mossad and Halevy for years as a trusted clandestine back-channel
  • Clinton supported the peace process enthusiastically. A Jordanian treaty would get his support and help him sell the revival of bilateral relations with Jordan to Americans still angry over the Iraq war, especially in Congress
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  • Jordan had long held back from a peace treaty with Israel because it did not want to get in front of the Palestinians. It did not want a separate treaty with Israel, like President Anwar Sadat had done for Egypt. But now Arafat was engaging in direct talks with the Israelis to make a peace agreement: Jordan would not be alone. Even the Syrians were engaging with Israel via the Americans. Jordan was free to negotiate a peace treaty with Israel after decades of clandestine contacts begun by Hussein’s grandfather King Abdullah without fear of a backlash from the other Arabs
  • On July 25, 1994, Clinton read the declaration on the White House lawn and Rabin and Hussein signed it. It terminated the state of war. Israel formally undertook to respect the special role of the Hashemite Kingdom of Jordan in the Muslim holy shrines in Jerusalem. All three gave speeches, but the king’s address got the most attention. His speech included a clear and unqualified statement that the state of war was over. He spoke of the realization of peace as the fulfillment of his life-long dream.
  • Rabin had met with the king secretly for almost two decades
  • The Rabin-Hussein relationship was crucial to the success of the negotiations. Both trusted the other. Hussein saw Rabin as a military man who had the security issues under his command. He was convinced that he had a unique opportunity to get a peace treaty and Rabin was central to the opening.
  • The king also saw the negotiation process as almost more of a religious experience than a diplomatic solution to the passions of the Arab-Israeli conflict. He spoke movingly of restoring peace between the children of Abraham. He wanted a warm peace, not the cold peace between Egypt and Israel.
  • Jerusalem was also a core issue for the Hashemite family. Despite losing physical control of East Jerusalem in 1967, the king had retained influence in the Muslim institutions that administered the holy sites in the city. The preservation of Jordan’s role in the administration of the third holiest city of Islam was a very high priority of Hussein then, and still is for his son King Abdullah today
  • Clinton had studied the Jordanian wish list carefully. The top priority was for debt forgiveness, amounting to $700 million dollars. Clinton told Hussein that this would be a tough lift on Capitol Hill. If Hussein would meet Rabin at a public ceremony in the White House hosted by the president, Clinton said he could get the debt relief and progress on Jordan’s other requests.
  • The king told his aides that this was the best meeting he had had with an American president since his first with Dwight D. Eisenhower in 1959. On July 9, the king told the Jordanian parliament that it was time for an end to the state of war with Israel and for a public meeting with the Israeli leadership. He wanted the meeting to take place in the region.
  • The Jordanian and Israeli peace teams met publicly on the border to start the rollout, followed by a foreign ministers meeting at the Dead Sea in Jordan — a way to bring Peres into the photo op but not the negotiations.
  • The Americans got a copy only on the night before the White House ceremony.
  • Jordan and Israel would keep the Americans informed, but the king did not want Washington using its leverage in a negotiation process given the Americans’ closer ties to Israel.
  • Clinton spoke of the king’s extraordinary courage in pursuit of peace. He compared him to his grandfather, who had been assassinated for his talks with Israel
  • Rabin and Hussein addressed a joint session of Congress. Hussein spoke about his grandfather’s commitment to peace. “I have pledged my life to fulfilling his dream.” Both received standing ovations. Behind the scenes, Halevy was lobbying Congress for debt relief. He returned to the region on the royal aircraft with the king and queen.
  • Teams from the two countries met every day, mostly at the crown prince’s house in Aqaba. Hassan supervised the day-to-day talks for his brother.
  • The toughest issues were land and water.
  • The final issues were addressed at another Rabin-Hussein summit meeting in Amman on the evening of October 16. The two leaders got down on their hands and knees to pour over a large map of the entire border from north to south and personally delineated the line. Two small areas got special treatment: Israel would lease the two areas from Jordan so Israeli farmers could continue access to their cultivation. By 4am, it was done.
  • On October 26, 1994, Clinton witnessed the signing of the treaty on the border by the prime ministers of Israel and Jordan. It was only the second visit to Jordan by a sitting American president
  • Many Jordanians felt it was dishonorable to make peace with Israel while the occupation of the West Bank continued. Some argue that it legitimates the Israeli occupation. It has gotten progressively more unpopular in the 25 years since the signing ceremony
  • Two years later, Prime Minister Benjamin Netanyahu dispatched a Mossad hit team to Amman to poison a Hamas leader. The botched murder attempt created a crisis in the new peace, and Halevy had to be called back from his new job in Brussels as ambassador to the European Union to smooth out the disaster and get the Mossad team released. He would then be appointed the head of the Mossad.
  • Hussein never trusted or respected Netanyahu after it, and the peace has been cold ever since
  • Hussein’s strategic goal of restoring bilateral relations with the United States was achieved
  • in December 1999, I traveled with Clinton and three former presidents to attend Hussein’s funeral in Amman in a strong demonstration of America’s commitment to Jordan.
  • The Trump administration has tilted dramatically toward Israel on all the issues that concern Jordanians about the future of the Palestinian issue, especially the status of Jerusalem. The movement of the American embassy to Jerusalem was a particularly important shock to the peace treaty. If Israel begins to annex parts of the West Bank, as Netanyahu has promised, the Jordanians will be in a corner. The treaty may be more endangered today than ever before.
Ed Webb

The Ouarzazate Solar Plant in Morocco: Triumphal 'Green' Capitalism and the Privatizati... - 0 views

www.jadaliyya.com/...-plant-in-morocco_triumphal-gr

Morocco energy environment neoliberalism globalization land water EU economy

shared by Ed Webb on 26 May 16 - No Cached
  • a solar mega-project that is supposedly going to end Morocco's dependency on energy imports, provide electricity to more than a million Moroccans, and put the country on a “green path.”
  • This analysis examines the project through the lens of the creation of a new commodity chain, revealing its effects as no different from the destructive mining activities taking place in southern Morocco.
  • What seems to unite all the reports and articles written about the solar plant is a deeply erroneous assumption that any move toward renewable energy is to be welcomed. And that any shift from fossil fuels, regardless of how it is carried out, will help us to avert climate chaos. One needs to say it clearly from the start: the climate crisis we are currently facing is not attributable to fossil fuels per se, but rather to their unsustainable and destructive use in order to fuel the capitalist machine. In other words, capitalism is the culprit, and if we are serious in our endeavors to tackle the climate crisis (only one facet of the multi-dimensional crisis of capitalism), we cannot elude questions of radically changing our ways of producing and distributing things, our consumption patterns and fundamental issues of equity and justice. It follows from this that a mere shift from fossil fuels to renewable energy, while remaining in the capitalist framework of commodifying and privatizing nature for the profits of the few, will not solve the problem. In fact, if we continue down this path we will only end up exacerbating, or creating another set of problems, around issues of ownership of land and natural resources.
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  • the acquisition of 3000 hectares of communally owned land to produce energy
  • "green grabbing"
  • the transfer of ownership, use rights and control over resources that were once publicly or privately owned –or not even the subject of ownership– from the poor (or everyone including the poor) into the hands of the powerful
  • This productivist creation of marginality and degradation has a long history that goes back to French colonial times. It was then that degradation narratives were constructed to justify both outright expropriation of land and the establishment of institutional arrangements based on the premise that extensive pastoralism was unproductive at best, and destructive at worst.
  • The land, sold at a cheap one Moroccan dirham per square meter was clearly worth a lot more. As if things were not bad enough, the duped local population were surprised to find out that the money from the sale was not going to be handed to them, but that it would be deposited into the tribe's account at the Ministry of Interior. Additionally, the money would be used to finance development projects for the whole area. They discovered that their land sale was not a sale at all: it was simply a transfer of funds from one government agency to another.
  • various deceptive laws with colonial origins that have functioned to concentrate collective land ownership within the hands of an individual land representative, who tends to be under the influence of powerful regional nobles
  • meetings masquerading as a "consultation with the people" were only designed to inform the local communities about a fait accompli rather than seeking their approval
  • the discursive framework rendered it "marginal" and open to new "green" market uses: the production of solar power in this case at the expense of an alternative land use - pastoralism - that is deemed unproductive by the decision-makers. This is evident in the land sale that was carried out at a very low price.
  • privatizations in the renewable energy sector are not new as of 2005, when a royal holding company called Nareva was created specifically to monopolize markets in the energy and environment sectors and ended up taking the lion's share in wind energy production in the country
  • he government had effectively privatized and confiscated historical popular sovereignty over land and transformed the people into mere recipients of development; development they are literally paying for, provided it would one day materialize, of course
  • There is no surprise regarding the international financial institutions' (IFIs) strong support for this high-cost and capital-intensive project, as Morocco boasts one of the most neoliberal(ized) economies in the region. It is extremely open to foreign capital at the expense of labor rights, and very advanced in its ambition to be fully integrated into the global marketplace (in a subordinate position, that is).
  • The World Bank’s disbursement levels to Morocco reached record levels in 2011 and 2012, with a major emphasis of these loans placed on promoting the use of Public Private Partnerships (PPPs) within key sectors
  • It seems that production of energy from the sun will not be different and will be controlled by multinationals only interested in making huge profits at the expense of sovereignty and a decent life for Moroccans.
  • The idea that Morocco is taking out billions of dollars in loans to produce energy, some of which will be exported to Europe when the economic viability of the initiative is hardly assured, raises questions about externalizing the risk of Europe's renewable energy strategy to Morocco and other struggling economies around the region. It ignores entirely what has come to be called "climate debt" or "ecological debt" that is owed by the industrialised North to countries of the Global South, given the historical responsibility of the West in causing climate change
  • The biggest issue with this technology is the extensive use of water that comes with the wet cooling stage. Unlike photovoltaic (PV) technology, CSP needs cooling. This is done either by air cooled condensers (dry cooling) or high water-consumption (wet cooling). Phase I of the project will be using the wet cooling option and is estimated to consume from two to three million cubed meters of water annually (Kouz 2011). Water consumption will be much less in the case of a dry cooling (planned for phase II): between 0.73 and 0.88 million cubed meters. PV technologies require water only for cleaning solar panels. They consume about 200 times less water than CSP technology with wet cooling and forty times less water than CSP with dry cooling.
  • Even if the solar plant is only using one percent of the average dam capacity, the water consumption is still significant and can become a thorny problem at times of extreme drought when the dam contains only fifty-four million cubed meter. At such times, the dam waters will not be sufficient to cover the needs of irrigation and drinking water,  making the water usage for the solar plant deeply problematic and contentious.
  • in an arid region like Ouarzazate, this appropriation of water for a supposedly green agenda constitutes another green grab, which will play into and intensify ongoing agrarian dynamics and livelihood struggles in the region.
  • If the Moroccan state was really serious about its green credentials, why is it then building a coal-fired power plant at the same time, which represents an ecocide in-waiting for the already-polluted town of Safi? Why is it also ignoring the devastating environmental and social effects of the mining industry in the country? One notable example is the long-standing community struggle in Imider (140 kilometres east of Ouarzazate) against the royal holding silver mine (Africa's most productive silver mine), which is polluting their environment, grabbing their water, and pillaging their wealth.
Ed Webb

At Banque Havilland, Abu Dhabi's Crown Prince Was Known as 'The Boss' - Bloomberg - 0 views

www.bloomberg.com/...n-prince-was-known-as-the-boss

UAE Qatar GCC banks banking bank finance markets law media

shared by Ed Webb on 26 Dec 20 - No Cached
  • A trove of emails, documents and legal filings reviewed by Bloomberg News, as well as interviews with former insiders, reveal the extent of the services Rowland and his private bank provided to one of its biggest customers, Mohammed bin Zayed, better known as MBZ, the crown prince of Abu Dhabi and de facto ruler of the United Arab Emirates. Some of the work went beyond financial advice. It included scouting for deals in Zimbabwe, setting up a company to buy the image rights of players on the Abu Dhabi-owned Manchester City Football Club and helping place the bank’s chairman at the time on the board of Human Rights Watch after it published reports critical of the Persian Gulf country.
  • a 2017 plan devised by the bank for an assault on the financial markets of Qatar, a country that had just been blockaded by the UAE, Saudi Arabia, Egypt and Bahrain for allegedly sponsoring terrorism
  • a coordinated attack to deplete Qatar’s foreign-exchange reserves and pauperize its government
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  • One of Rowland’s sons, a senior executive at the Luxembourg-based bank, emailed the plan to Will Tricks, who had swapped a career in the U.K.’s foreign intelligence service MI6 for a job advising MBZ. Tricks, who acted as a go-between for the Rowlands, was paid as a contractor by Banque Havilland. The presentation found its way to the UAE’s ambassador to the U.S., who stored it on his computer under “Rowland Banque Havilland.”
  • Last year, Qatar sued Banque Havilland in London, accusing it of orchestrating a campaign that cost the country more than $40 billion to shore up its banks and defend its currency peg against the U.S. dollar. While the lawsuit has received attention in the media, the extent of other work Banque Havilland did on behalf of MBZ hasn’t been previously reported. Nor has the role of Tricks.
  • Havilland is facing a criminal investigation in Luxembourg for, among other things, its dealings with the family of another head of state, Azerbaijan’s President Ilham Aliyev. It has also had communications with regulators in Luxembourg and the U.K. about the Qatar plan
  • Devising a plan for economic sabotage, whether implemented or not, is beyond the remit of most private banks. But Banque Havilland is no ordinary financial institution. The firm specialized in doing things others might balk at, the documents and emails show. Its clients included kleptocrats and alleged criminals in corruption hotspots including Nigeria and Azerbaijan. Its owners solicited business in sanctioned countries such as North Korea and Zimbabwe.
  • Not all of its clients were pariahs, and none was as important as MBZ, people with knowledge of the matter say. The crown prince, 59, is one of the Arab world’s most powerful leaders. A graduate of Britain’s Royal Military Academy Sandhurst, he commands one of the best-equipped armies in the region and has waged wars in Yemen, Libya and Somalia. He’s not as well-known as his protégé and neighbor Mohammed bin Salman, Saudi Arabia’s crown prince. And he isn’t president of the UAE, a title held by a half-brother.
  • When MBZ wanted to develop a foothold in southern Africa’s commodities market in 2011, Tricks worked with the Rowlands on sourcing potential investments, documents and emails show. They picked Zimbabwe as a hub for the region, but there was a problem. The country was subject to U.S. and European Union sanctions that banned dealings with President Robert Mugabe’s inner circle and many of its state-owned companies. Tricks passed on advice about setting up a trust in Abu Dhabi for any Zimbabwe deals to hide the identities of investors from the U.S. Treasury Department, which oversees sanctions enforcement
  • the UAE is now a major trading partner with the country despite continuing U.S. sanctions, and it opened an embassy there in 2019
  • Robeson, the foundation’s chairman, was elected to the Human Rights Watch board a few months later, in April 2012. He was named to the advocacy group’s Middle East and North Africa advisory committee. “We have been given the complete list of projects currently being undertaken by Human Rights Watch in the Middle East and North Africa,” Robeson wrote soon after joining the board, in a memo he emailed to Jonathan Rowland that he asked him to share with his father. Robeson also said he’d been given detailed notes of a meeting between the group and Britain’s then-Secretary of State for International Development Andrew Mitchell, along with other private briefings.
  • The foundation appears to have had no other purpose than making the Human Rights Watch donations. It was registered in Guernsey after the first gift and wound down when Robeson left the board in 2016.
  • Emma Daly, a spokeswoman for Human Rights Watch in New York, said the organization vetted Robeson at the time he was being considered for the board and couldn’t find any conflicts. She said the group didn’t know about Rowland’s or the bank’s connections to MBZ. Its most recent report on the country noted that, “Despite declaring 2019 the ‘Year of Tolerance,’ United Arab Emirates rulers showed no tolerance for any manner of peaceful dissent.”
  • The presentation is now a key part of the case in which Qatar accuses the bank of orchestrating an illegal UAE-backed campaign to create false impressions about the country’s stability. The UAE is not a defendant. The plan called for setting up an offshore vehicle into which the UAE would transfer its holdings of Qatari debt before buying more of the securities. The fund would also purchase foreign-exchange derivatives linked to the Qatari riyal and buy enough insurance on its bonds—a barometer of a country’s creditworthiness—to “move the price sufficiently to make it newsworthy.” Working with an affiliated party, it would then flood the market with the bonds to create the impression of panicked selling. The presentation also described a public relations drive to “add more fuel to the fire” and suggest Qatar might be struggling to access U.S. dollars.
  • Within weeks of the plan being sent to Tricks, the riyal—under pressure since the beginning of the blockade in June 2017—went into freefall and hit a record low. The yield on Qatar’s 10-year bonds also soared, as did the cost of insuring the country’s debt against default. The currency didn’t recover until November of that year, after the Intercept reported on the Banque Havilland plan.
Ed Webb

The Pandemic Could Spark a New Refugee Crisis by Destabilizing Egypt, Turkey, Tunisia, ... - 0 views

foreignpolicy.com/...ng-a-crisis-on-europes-borders

EU mediterranean migration economy pandemics Turkey Egypt Tunisia Jordan Ukraine

shared by Ed Webb on 06 Jul 20 - No Cached
  • middle-income countries—including Turkey, Ukraine, Egypt, and Morocco—do not benefit from global initiatives like the debt relief programs led by the International Monetary Fund (IMF), which target less developed nations. Yet they lack the domestic resources to rebound effectively from the deep recession that awaits them. The rising risk aversion in global markets has constrained their debt-raising options. Their economic well-being has further been undermined by the coronavirus-related economic downturn, raising fears about economic dislocation and political instability.
  • the economic resilience of Europe’s neighbors is clearly at risk. A major revenue stream for many of Europe’s southern and eastern neighbors is tourism. In 2018, tourism revenues as a share of total exports of goods and services reached 41 percent in Jordan and 25 percent in Egypt, according to the United Nations World Tourism Organization.
  • In absolute numbers, Turkey’s tourism revenues including international transport were the highest at $37 billion, amounting to around 5 percent of GDP. This important revenue source is now set to evaporate as the virus takes its toll. The collapse of the tourism industry will also have significant repercussions for the sustainability of employment. For Jordan, Morocco, and Tunisia, tourism provided for around 7 percent of total employment, compared with the global median of 3.8 percent.
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  • Europe’s neighbors are set to endure even more hardship when it comes to trade imbalances as their exports are due to collapse. They will be among the most affected from the ongoing fall in consumer demand in Europe given their heavy reliance on the continental market. The European Union’s share of total exports stands at some 65 percent for Morocco, 50 percent for Turkey, and 43 percent for Ukraine.
  • a perfect storm on Europe’s borders. The combination of recessionary economics, balance of payments difficulties, and surging unemployment has created a formidable challenge that will jeopardize domestic social contracts
  • The ensuing political and economic instabilities would not only create the conditions for the rise of radicalization in these afflicted societies but also trigger new cross-border movements and refugee flows across the Mediterranean.
  • In the absence of a global consensus, EU governments should consider shifting their IMF-held SDRs to financially strained neighboring countries. That would amount to a financial stimulus of about $95 billion with no fiscal impact on EU and national budgets.
  • the European Central Bank (ECB) should be more actively involved in establishing swap arrangements with the central banks of partner countries. Under such a scheme, beneficiary countries would obtain euros from the ECB against a collateral in their own currency. These arrangements would provide beneficiary countries with foreign exchange liquidity and replenish their reserves
Ed Webb

Egypt vows to cut military's outsized role in economy under IMF bailout | Financial Times - 0 views

www.ft.com/...cb-da0b-42d9-a5da-35674c001e28

Egypt economy military IMF debt inflation Sisi

shared by Ed Webb on 12 Jan 23 - Cached
  • Egypt has committed to reducing the military’s role in the economy as part of its $3bn IMF bailout package, as the Arab state grapples with a foreign currency crisis, a weakening pound and rising inflation.
  • Under the policy, the government would define sectors that are “strategic” while gradually withdrawing the state from “non-strategic sectors”, including through asset sales.
  • Sisi’s regime has previously pledged to reduce the military’s role in the economy and privatise army-owned companies, but little progress has been made. Businessmen hope the scale of the current crisis will now force the authorities to act.
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  • Economists and Egyptian businessmen have long complained that the military’s role in the economy crowded out the private sector and scared away foreign investors. The army, the country’s most powerful institution, is exempted from some taxes and its businesses are notoriously opaque.
  • Cairo was forced to go to the IMF last year after foreign investors withdrew about $20bn from Egypt’s debt markets around the time of Russia’s invasion of Ukraine. The capital outflow triggered a foreign currency crisis and forced Cairo to turn to Gulf states for a multibillion-dollar bailout.
  • Egypt had been paying the world’s highest real interest rate to attract the portfolio inflows it used to finance its current account deficit.
  • the weak pound has added to inflationary pressures. Core inflation rose to 24.4 per cent in December
Ed Webb

How Africa will become the center of the world's urban future - Washington Post - 0 views

www.washingtonpost.com/...africa-cities

Africa demographics cities migration Kenya Nigeria CotedIvoire Sudan DRC

shared by Ed Webb on 09 Jan 22 - Cached
  • by the end of this century, Africa will be the only continent experiencing population growth. Thirteen of the world’s 20 biggest urban areas will be in Africa — up from just two today — as will more than a third of the world’s population.
  • Set to become the world’s most populous city, Lagos faces all the challenges rapid growth poses, which can be boiled down to one: planning. Can solutions outpace the weight tens of millions of new inhabitants will place on a city that is low-slung and dense, situated on polluted lagoons and rivers, and short on public services?
  • Khartoum, Sudan: Unstable states like Sudan crumble first in their hinterlands, and in those moments of crisis, cities are beacons of safety, places for people to regroup, build new identities and forge political movements — even revolutions — that aim to bring peace back to places they had to abandon.
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  • Kinshasa, Congo: In a city whose geography still reflects segregationist colonial-era planning, where a handful of oligarchs lead gilded lives while the poor navigate systems broken by corruption and neglect, we get a glimpse of what it takes to break inequality’s shackles.
  • Mombasa, Kenya: The designs of foreign powers have molded African cities for centuries, especially along the continent’s coasts. From narrow-alleyed old towns to gleaming new container-shipping terminals, port cities like this one are layered with evidence of how budding empires, in the Arab world, Europe and now China, sought to remake them.
  • Abidjan, Ivory Coast: Despite fearmongering that Africa’s growing population will flood into wealthier parts of the world, cosmopolitan cities like this one draw most of Africa’s migrants and serve as models of tolerance, welcoming immigration policies and a reinvigorated Pan-African identity.
  • The traffic is a manifestation of what Lagosians fear most for their city: There is no plan. Lagos will balloon to 30 million, then 50 million, maybe even 100 million people, and meanwhile the government will keep unveiling new visions for the city that never come to fruition. Many doubt even its simplest promises, such as the impending inauguration of a single subway line that was supposed to open a decade ago.
  • Lagos emerges as the world’s most populous city at some point between now and 2100, in study after study. Changing the inputs affects only how soon and by how much.
  • A study published last year in the Lancet forecasts that Nigeria will become more populous than China by the end of the century, as birthrates rapidly shrink in some parts of the world — East Asia, eastern and southern Europe, the Caribbean — and level off in others, such as the United States, which is projected to have a similar population in 2100 as now.
  • Ethiopia, the Democratic Republic of Congo and Tanzania are all forecast to join Nigeria among the 10 most populous countries by 2100. North Africa and southern Africa, while continuing to grow, will do so at much lower rates than the rest of the continent.
  • “The people who govern this city are brutes, banning this and that left and right,” said Olushola, who, like countless others, pays off police officers to continue working. “We are providing a service that millions of people need 24/7. There is no alternative except to walk, and they ban us.”
  • Lawanson and other researchers cautioned against believing wholesale in projections of 80 million or even 100 million people in greater Lagos. Not because that’s infeasible, but because the city is already so strained, there’s no guarantee that people will continue to find the kind of economic opportunity that draws them here now.
  • in a city where the first and only major bridge over the lagoon was built decades ago, his assurance that not one but five more are being planned is scoffed at by many Lagosians — as are the four metro lines he says are “in the pipeline.”
  • For half a century now, displacement by catastrophe has been the main driver of growth in Khartoum. This is the biggest of a downtrodden club of African cities where people have brought their lives on donkey carts or in rickety trucks, far from hometowns abandoned because of conflict or climate change — or both.
  • “We cannot be like Dubai, which is a utopian aspiration some of our leaders have. We have to be the best Lagos we can be.”
  • “All the energy in the humanitarian world gets channeled toward emergencies, and so we don’t end up talking about what happens as a result — the big current underneath our work, which is massive urban influx,” said Bernard Lami, the IOM’s deputy head in Sudan.
  • Ivory Coast, where foreigners now account for nearly 20 percent of the country’s economy, more than anywhere else in Africa.
  • Around 40 percent of the world’s internally displaced people are in Africa
  • “There are millions of us living in these places that politicians never set foot in except to tear them down so they can make an industrial zone or new, big houses,”
  • In camps-turned-neighborhoods like Haj Yousif, long-oppressed groups from Sudan’s hinterlands discovered common histories and common cause. The city, after providing safety, became an organizing ground for groups that wanted to ensure that the safety was lasting. In Sudan, that meant first getting rid of Bashir.
  • “In the revolution, that’s partly what we were fighting against. There were big political issues, but it was also about mismanagement,” he added. “How long will it take for the needs of the people to become part of our governance? Ten, 20 years — or after we’re long gone? I guess it will always depend on us, the people, ourselves.”
  • Like many port cities, Mombasa is infused with distant cultures. From its centuries-old core, its expansion has been spurred by sultanates, seafaring mercantilists and great world powers, which all saw economic opportunity in its protected inlets.
  • The shifting dynamics have been a source of concern in Western capitals, which have seen their cachet on the continent decline. And the changes have spawned warnings from those same capitals to African governments that they are being tricked into debt traps that leave strategic resources and infrastructure vulnerable to Chinese takeover.That view has been increasingly discounted by scholars, in part because Chinese lenders have not requisitioned any major infrastructure projects even as debts continue to mount. Chinese loans to Africa also have declined after a high in 2013, the year China launched its ambitious Belt and Road Initiative to link its markets with the rest of the world.
  • loans laden with confidentiality clauses
  • Opaque loans and closer ties with Beijing have strengthened African governments that have little regard for democracy, human rights or economic equality
  • “We have deep water, we’re on the equator, we’re on the way from everywhere to everywhere else,” said Kalandar Khan, a historian of Kenya’s coast whose ancestors were brought from Baluchistan, in what is now Pakistan, to Mombasa four centuries ago by Omani sultans who employed them as mercenaries.
  • Mombasa, Kenya’s second-biggest city, is expected to grow rapidly as it accelerates its shift from being an outdated spice-route waypoint to a major global city that funnels goods to all of East Africa, a region with one of the world’s fastest-growing populations.
  • The United States in particular has sought to counter China’s ascent in Africa with questions about respect for human rights and the environment in Chinese-linked projects. The approach has not prevented any of those projects from pushing forward.
  • Responding to skepticism about Chinese intentions, many Africans simply ask: What is the problem with getting help to attain the same level of development others have? And who are Western governments to raise questions about human rights and accountability in Africa when their own record is atrocious?
  • she, like the majority of African migrants, did something many in the West might not expect, especially after a decade of fearmongering by populist politicians and a relentless focus in the media on the most desperate, perilous voyages in search of asylum.Gadji immigrated, legally, to another African country.
  • The majority of African migrants, both rich and poor, do not cross oceans, but rather land borders within Africa.Ninety-four percent of African migration across oceans takes a regular, legal form.At least 80 percent of Africans contemplating migration say they have no interest in leaving the continent.
  • Without new infrastructure to keep up with the growth, it now takes longer to cross Lagos from one edge to the other in a danfo than it does to fly to Lagos from Europe.
  • Like New York or Paris, Ivory Coast’s biggest city, Abidjan, is a cosmopolitan patchwork of neighborhoods where flavors, languages and histories overlap. As Africa’s population grows, Abidjan, Nairobi, Johannesburg and other cities across the continent that brim with opportunity will reap the dividends of that growth, especially if Western countries continue to suppress African migration flows off the continent.
  • In modern West Africa, home to 17 countries, locals often see borders as a hindrance — or even a fallacy — more useful to the Europeans who created them than the Africans who have to navigate them.
  • Despite relatively low historical levels of African migration to Europe, European Union member states have paid billions of dollars to West African governments over the past decade in return for strict enforcement of border controls aimed at preventing African migrants from reaching European shores.
  • “There are levels of irony here. Europe has integrated into a union, and yet they pay us to isolate ourselves,” said Issiaka Konate, a senior official in Ivory Coast’s ministry that promotes regional integration. “By doing so, they create an opportunity for criminal networks to operate in human trafficking, which has led to a profusion of armed groups and instability. Migration is not the political lightning rod in West Africa that it is in Europe. We welcome it.”
  • For most of its post-independence period, Ivory Coast has sought to lure migrants with relatively high wages, especially in its cocoa industry, the world’s largest. That alone has drawn millions from Guinea, Mali, Burkina Faso, Niger and others, and propelled Ivory Coast forward as the region’s best-performing economy.
  • Nearby countries such as Niger, which has the world’s highest birthrate and lowest standard of living, are replete with reasons to leave
  • The food stall’s owner said that in just five years, 15 young men like Amadou had come and gone, earning enough to go back home comfortably.“Garba makes us popular here. It is cheap, it is fast, it is tasty. People appreciate us,” Amadou said, explaining why he’d chosen Abidjan over Europe.“Europe is unimaginable to me. Very few people dream of Europe, frankly — and they are people you could say who dream too much.”
  • Europe has restricted the flow to exceptionally strong-willed migrants for whom the lure of Europe is hard to shake.
  • To an older generation of migrants, the fixation on Europe and the insistence that it’s the only place to make enough money to live the good life is a sinister myth driven by a few success stories.
  • “In my youth, there was no word ‘immigration’ — saying a fellow African is a foreigner is itself a foreign concept,” he said. “Well, it is an infectious concept and a political tool — the blame game, the creation of difference, those classic divide-and-rule mentalities of the West, are they not? It is a miseducation foisted upon us.”
Ed Webb

Kuwait expresses dismay to U.N. over Iraqis' border protest | Reuters - 0 views

www.reuters.com/...q-border-idUSBRE92B0D120130312

Iraq Kuwait border UN

shared by Ed Webb on 12 Mar 13 - No Cached
  • Iraq formally accepted a U.N.-demarcated border line in 1994 after the first Gulf War - when Iraqi strongman Saddam sent his troops into Kuwait in 1990 and was forced out by a U.S.-led coalition.But many Iraqis in the area remain opposed to it, saying the line robbed them of property and territory.Iraqi police sources said the protesting crowd hurled stones at Iraqi security forces in the border town of Um Qasr on Monday, prompting the security forces to fire in the air to disperse them. The unrest was triggered by border signs maintenance work nearby, they said.Kuwaiti border guards, hearing the gunshots and believing they were being targeted, opened fire at Iraqi security forces in response, Kuwaiti media reported. There were no reports of casualties on either side.
  • Leaders of both oil-producing countries have been working to improve ties in the past year, despite public wariness. The nations came to an agreement over Gulf War-era debts last year.
Ed Webb

OPEC Is in its Death Throes | Foreign Policy - 0 views

foreignpolicy.com/...arabia-united-states-oil-shale

Saudi KSA economy economics OPEC oil energy Russia Iran Iraq Venezuela Kuwait UAE

shared by Ed Webb on 21 Oct 16 - No Cached
  • In February, OPEC called for an oil production “freeze” to raise crude prices in conjunction with Russia. But this effort collapsed at a meeting in Doha, Qatar, in April when Iran refused to join any freeze in order to regain the pre-2012 production levels of close to 4 mbpd it enjoyed before U.S. and European Union nuclear sanctions were imposed, following the removal of certain sanctions after the 2015 nuclear deal. A similar proposal failed at the OPEC meeting in June, again following Iran’s refusal, despite outreach by the Qataris.
  • OPEC again called for a form of output cut on Sept. 28 at an extraordinary meeting in Algiers. Markets bit on the news, with Brent prices rising sharply by about 15 percent in the following week, from $46 to $52 per barrel.
  • Can action by the cartel sustain higher crude prices over the long term? Probably not. Like a desert mirage, the image of an OPEC resurrection vanishes when approached.
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  • The massive fall in oil prices from over $100 per barrel in early 2014 to under $30 by January 2016 was caused primarily by then-Saudi Minister of Petroleum Ali al-Naimi’s strategy to gain market share for the kingdom and hurt the U.S. tight oil (or “shale”) industry by allowing the market, not OPEC interventions, to set prices.
  • While Riyadh has cranked up its production from mid-2014 to today by over a million barrels a day (to a peak of 10.7 mbpd in August this year), its fiscal position has taken a serious blow, with the budget deficit rising from 3 percent of GDP to 16 percent in 2015
  • The resilience of U.S. shale makes the argument that OPEC has experienced a resurrection a fragile claim. The cartel can probably raise prices in the short term through an output cut, but it will only be so long, perhaps already by mid-2017, before the U.S. shale industry revives and grabs any market share conceded by OPEC in a higher price environment. This will ultimately bring prices lower again, all else being equal.
  • Within OPEC, while other Gulf Co-Operation states, namely Kuwait and the United Arab Emirates, may be prepared to make a small cut to their production, key producers like Iraq and Venezuela are in too difficult a fiscal position to agree to any major cut.
  • Outside OPEC, Russia reached a production record of 11.1 mbpd in August, eclipsing Soviet levels. Being so close to the maximum anyway, Russia has little to lose by supporting the OPEC output cut and agreeing not to raise production further. Yet the Kremlin is unlikely to impose actual cuts on the range of oil companies that operate in the country.
  • In the short term, it seems Riyadh’s fiscal position was under such pressure from low oil prices that something had to give. While the kingdom has eased the fiscal pressure by starting to issue sovereign debt, the burn rate through its foreign reserves has been relentless (from about $740 billion in mid-2014 to $550 billion today) as it has attempted to defend the currency in the face of substantial capital flight from the country since the oil price crash in 2014.
  • Climate change will plainly be a major problem of the 21st century, and the world is moving away from fossil fuels: game over for an unreformed Saudi Arabia.
  • Saudi Arabia will face hard years ahead as the oil market increasingly looks to U.S. shale, not OPEC, as a handrail to oil prices on the supply side. However, this might well be the jolt that Salman needs to push through painful but necessary reforms
Ed Webb

Could hydroponics save Yemen from starving? | Green Prophet - 0 views

www.greenprophet.com/...onics-save-yemen-from-starving

Yemen food agriculture climate UN FAO WFP UNICEF

shared by Ed Webb on 12 Feb 17 - No Cached
  • The number of food insecure people in Yemen has risen by 3 million in seven months, with an estimated 17.1 million people now struggling to feed themselves
  • More than two-thirds of Yemen’s population of 27.4 million people now lack access to food and consume an inadequate diet. Another Syria-style crisis may be on our way, and climate change and lack of water is making it worse.
  • “We are witnessing some of the highest numbers of malnutrition amongst children in Yemen in recent times. Children who are severely and acutely malnourished are 11 times more at risk of death as compared to their healthy peers, if not treated on time. Even if they survive, these children risk not fulfilling their developmental potentials, posing a serious threat to an entire generation in Yemen and keeping the country mired in the vicious cycle of poverty and under development,”
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  • 80 percent of Yemenis are in now in debt, and more than half of all households have had to buy food on credit.
  • Up to 1.5 million households engaged in agriculture now lack access to critical agricultural inputs (including seeds, fertiliser, fuel for irrigation) and are in urgent need of emergency agricultural support. Of these, 860 000 households engaged in livestock production lack access to animal feed (fodder, concentrate, mineral blocks) and many livestock-dependent households have been forced to sell their herds to cater for other household needs
Ed Webb

Press Release | Embassy of the United States - 1 views

egypt.usembassy.gov/tr070812.html

US USA Egypt diplomacy economy

shared by Ed Webb on 08 Jul 12 - No Cached
  • Secretary Clinton’s visit to Egypt later this month, which will highlight U.S. support for Egypt’s democratic transition and economic revival
  • For all the very real problems that remain, not all nations who rose up alongside you last year have been so fortunate.  Not all nations carry Egypt’s strategic and historic weight.  And not all nations can have such an important impact on the entire region through the success of their democratic transition, and through their continued role as a strong pillar of peace, security, and prosperity
  • We are fully committed to tangible initiatives to help Egypt deal with its economic challenges, including meeting immediate financial concerns, providing debt relief, helping to create jobs and educational opportunities, and encouraging U.S. investment and tourism
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  • It will be critical to see a democratically elected parliament in place, and an inclusive process to draft a new constitution that upholds universal rights.  The challenge remains of building institutions which will ensure that no matter who wins an election in any particular year, the rights of all Egyptians will always be protected.  This challenge belongs not just to Egypt's leaders but to its citizens as well
  • tens of millions of Egyptians will be looking to President Morsy and the Cabinet he forms to take needed steps to advance national unity and build an inclusive government that embraces all of Egypt's faiths and respects the rights of women and secular members of society
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