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Turkey cashes in on the Iran talks

You may have thought the Geneva deal struck last month between Iran and the P5+1 nations (the five permanent members of the United Nations Security Council plus Germany) was a sweet one for Tehran -- getting billions in sanctions relief in exchange for mere promises to halt its nuclear program.

But Turkey may be an even bigger winner. It just needs to open its doors and wait for Iranian funds to pour in.

Iran was Turkey’s third largest export market in 2012. In fact, Turkey is reportedly exporting more than 20,000 products to Iran right now; among them gold and silver. It turns out that the Geneva deal also loosened sanctions on precious metals.

The White House estimates that this, along with the easing of sanctions in the automobile and petrochemical sectors, could generate $1.5 billion in government revenues for Tehran. But that’s a lowball estimate. Turkey exploited a “golden loophole,” as Roubini Gobal Economics and the Foundation for Defense of Democracies reported earlier this year, and helped Iran evade sanctions for about a half a year. Gold imports from Turkey to Iran in 2012 reached as high as $1.6 billion per month. In other words, if gold sanctions relief is given for six months, using the past as a guide, Iran has the potential to pocket an estimated $9.6 billion if gas-for-gold resumes.

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Ukraine’s Protests: Not (yet) a revolution

In the three weeks since Ukraine formally suspended talks aimed at signing an Association Agreement with the European Union, two important facts have become clear.

First, it is now apparent that Ukraine's president, Viktor Yanukovich, had no effective strategy to resist intense pressure against the EU deal from Moscow. The Kremlin promised big cash loans, a gas discount and debt forgiveness, while explicitly threatening to block Ukraine's access to the Russian market and implicitly threatening to stoke separatism in regions of the country.

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Mandela and De Klerk: Essential partners

When Nelson Mandela and South African President F.W. De Klerk began their historic negotiations to end apartheid, each man professed respect for the other. Indeed their relationship appeared not only professional, but personal.

Yet as the negotiations dragged on through 1992 and 1993, tempers grew short, and South Africans grew increasingly frustrated with the slow progress toward the liberation that had seemed so promising just a few years ago. Most worrisome, violence was growing between the supporters of Mandela’s political party, the African National Congress, and Mangosuthu Buthelezi’s Inkhatha Freedom Party.

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On meeting Mandela

Journalists are not easily impressed. We pride ourselves on our skepticism. (Most advisable of us, may I add.)

But I confess to having been in awe of Nelson Mandela, and not just in theory. I met him, spent about an hour with him -- or, to put it more accurately, I spent about an hour in his presence.

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Mandela’s message of reconciliation

On the day that Nelson Mandela was elected as South Africa’s first black president, I drove across the fault lines of segregated suburbia to watch his fellow citizens vote him into office.

In the mixed-race “Malay Quarter” in central Cape Town -- named for the residents descended from the Malaysian and Indonesian slaves brought to the city in the 17th and 18th centuries -- joyous residents thronged the streets outside the polling stations.

Only paying teachers more will raise Britain to the top of the class

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–Vikas Pota is chief executive of the Varkey GEMS Foundation. The opinions expressed are his own.–

It was results day yesterday for education ministers around the world, and where they’ve come in the class will affect their prospects just as surely as a sixth-former opening their brown envelope. Nowhere around the world will the wait have been more nail-biting than in Michael Gove’s Department for Education.

Bank of England’s focus on growth might stir ghost of inflation

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–Darren Williams is Senior European Economist at AllianceBernstein. The opinions expressed are his own.–

The Bank of England appears to have moved the goalposts. After 30 years of focusing almost exclusively on inflation, monetary policy is now being more explicitly directed toward generating faster growth and lower unemployment.

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Longer lives would lead to better living

Last week, the United States Food and Drug Administration ordered the Google-backed genetic testing company 23andMe to stop selling its home testing kits, arguing that the possibility of false positive readings for potentially fatal or debilitating conditions could prompt people to take unnecessary and potentially fatal medical action. The FDA should now work quickly to develop standards so that 23andMe and companies like it can get back to their vital businesses of working to extend the human life span.

Looking at the challenges facing us, you’d be forgiven for thinking that long lives are a problem. Humans face food shortages, the effects of climate change, and potential overcrowding on a global scale, as well as developed world retirement and healthcare systems that are ill-equipped to serve the needs of too many Methuselahs. But these problems might be more the result of short-term thinking rather than long-lived lives. The economist John Maynard Keynes once remarked, “In the long run, we are all dead.” We may have taken that too much to heart.

Happy Birthday, texting: 21 today

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–Iain Regan is global head of sales, marketing and customer management at Firstsource Solutions. The opinions expressed are his own.–

Text messaging feels like such a contemporary part of our lives that it is hard to believe that SMS is today marking its 21st anniversary. On 3 December 1992, Neil Papworth, a 22 year old test engineer for Sema Group in the UK used a PC to send the text message “Merry Christmas” via the Vodafone network to the phone of Richard Jarvis in Newbury.

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Don’t miss the boat on trade facilitation

Trade ministers open their meeting in Bali Tuesday with the aim of creating a new multilateral trade reform package worth more than $100 billion to the global economy. The deal -- focusing on measures to cut red tape at borders -- would be a welcome shot in the arm for both global trade and for the World Trade Organization itself.

This may come as a surprise to some. Indeed, you could be forgiven for thinking that the Doha Round of multilateral trade negotiations had quietly died after a 10-year struggle. But in fact, work has continued in the World Trade Organization -- and in capitals around the world -- to capture some of the gains from what was once billed as the most ambitious trade round ever. The first multilateral trade agreement in almost 20 years now stands tantalizingly within reach.

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