The US$1.92 billion settlement reached between HSBC and the U.S. Department of Justice this past December over allegations of money laundering by the global bank served as a stark reminder to all financial institutions: The penalty for breaking sanctions against Iran and other blacklisted nations would not only be severe, but even the biggest institutions […]
The geopolitics of the Internet broke open during the first half of December at an international conference in Dubai convened by the International Telecommunication Union (ITU), a UN affiliate agency with 193 national members. At these meetings, states (thronged by corporate advisors) forge agreements to enable international communications via cables and satellites. These gatherings, however […]
Dubai‘s new strategy would establish logistics and policy infrastructure for products and services aimed at giving birth to an Islamic economy that operates parallel to the existing robust economy of Dubai. The platform proposed will include Islamic finance instruments, Islamic insurance, Islamic contract arbitration, Islamic food industry and trade standards (Halal food), as well as […]
WORLD VIEW: ‘It’s called capitalism. We are proudly capitalistic. I’m not confused about this.” So said Google executive chairman Eric Schmidt this week in a Bloomberg interview defending the company’s use of legal incentives in Britain, Ireland and other states to minimise worldwide taxation and therefore maximise worldwide profits. He spoke as a perfect storm engulfed […]
The World Conference on International Telecommunication (WCIT) that concluded on December 14 saw much heated debate. Some countries wanted to use the International Telecommunication Union (ITU) to gain intergovernmental control of the World Wide Web. Some saw it as an opportunity to democratise the Internet, by replacing U.S. and corporate domination of Internet policy, with […]
The Internet has sustained some pretty intense assaults in the past couple of years. There was the heavy-handed attempt to stamp out content piracy with SOPA/PIPA, the Federal Communications Commission’s Net neutrality ruling, which many saw assplitting the baby, and that whack job who claimed to own a patent on the World Wide Web. It is again open season […]
For some time now, a certain strategic vision has been gaining traction: the United States is becoming energy-independent, paving the way for its political retreat from the Middle East and justifying its strategic “pivot” toward Asia. This view seems intuitively correct, but is it? Energy-hungry America has long depended on the global market to meet […]
When nations become strong and their companies begin to spread business to other countries, interests are bound to either collide or come together. For decades, it was the turn of the Western multinationals to face political wrath in faraway countries. Remember India threw out Coca Cola and IBM? Now it is the turn of Chinese and […]
Under sanctions imposed by the U.S. and its allies, dollars are hard to come by in Iran. The rial fell from 20,160 against the greenback on the street market in August to 36,500 rials to the dollar in October. It’s settled, for now, around 27,000. The central bank’s fixed official rate is 12,260. Yet there’s […]
Default became a dirty word in the United Arab Emirates after 2009, when Dubai World requested a six-month delay on payments on US$26 billion in debt. So much so that when UAE energy company Dana Gas this month missed repayment on a US$920 million Islamic bond, local press hesitated to label it as a default. […]
looking beyond borders 