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Archive for the ‘Africa trade’ Category

January 22nd, 2009

Keeping pirates at bay

Posted by: Jeremy Gaunt

There are some expectations that piracy in the Gulf of Aden is about to tail off for a bit. It appears that pirates don't like rough weather any more than anyone else does.

Exclusive Analysis, a political risk consultancy, has conducted a detailed study of incidences of maritime hijacking in order to give its insurer clients the heads up about when and under what circumstances piracy is most likely to occur. It has told the International Underwriting Association of London that the arrival of the monsoon in the Gulf of Aden about now usually keeps pirates on shore. Not so for Somalia, where the waters are generally calmer at the moment. Technically, it is when the Sea Scale hits 5 or 6, that is, rough to very rough.

Weather was not the only factor thrown up by the study when it comes to keeping pirates at bay. Among an array of conditions, it found that ships that have freeboards -- the distance from waterline to deck -- of six metres or more have a lesser chance of being hijacked.

One pirate ship, apparently, was found with a five metre ladder on board -- a hint as to how far they are prepared to go, or at least climb.

November 14th, 2008

Should developing world have more say in crisis talks?

Posted by: Tom Pfeiffer

When world leaders meet in Washington to tackle the global financial crisis, Africa will be represented only by South Africa.

 

African officials meeting in Tunis this week to discuss the impact of the crisis argued that the continent needed better representation, given the effects that the turmoil is having in Africa as well as the continent’s growing financial importance. The complaint could apply equally to other developing countries.

 

The global crisis has come just as many African economies were turning a corner, buoyed by improvements in governance, technological change, debt relief, higher prices for their exports as well as inflows of funds from Asia and from Western investors seeking higher yields.

 

Many African countries have spent decades gearing economic policies to attract more private capital and dispel a reputation as unreliable investment destinations.

 

But turmoil on world markets has cut the supply of money as the world's biggest banks shift funds from new projects to shoring up balance sheets, leaving African governments wondering how their infrastructure will get built.

 

African officials were dismayed not to have a bigger voice at the summit in Washington.

 

"Africa ... was not associated even slightly with the preparation when it's a question of deciding the future of the world to which this continent belongs, in fact and by right," said Jean Ping, head of the African Union's executive Commission.

 

But should Africa be better represented? Compared to its own recent history, African economies have been doing extremely well, but they are still small in global terms. As Africa’s biggest economy, South Africa will be attending, alongside representatives of the main developed and developing countries. Is that enough? What advantage might Africa gain from having a bigger voice at the summit? What about the world's other poorer regions? Should they have more say too?