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Spending Spree: Anger with Greek Shipowners on the Rise

Written by Cecilia Helland on Wednesday, 23 July 2014. Posted in North Africa, Articles of North Africa, Main 2, Left 2 - 3st

The Greek economy continues to suffer, but the country's shipowners are spending as though there were no crisis. Once popular, Greece's shipping companies are now widely reviled.

Last year, they ordered 275 new ships worth almost €10 billion

Read more at - More than any other country in the world

World Cup 2022: The Dark Side of the Qatar Dream

Written by Cecilia Helland on Tuesday, 17 June 2014. Posted in North Africa, Articles of North Africa, Main 4, Left 2 - 3st

Qatar is spending billions to build hotels, subways, shopping centers and stadiums ahead of the World Cup in 2022.

But those working on the projects are poorly paid and poorly housed. And some of them can't leave.

Read the full story by Christoph Scheuermann

Greek statistics are back

Written by Cecilia Helland on Friday, 09 May 2014. Posted in Right left 3, North Africa, Articles of North Africa, Main 2

Primary deficit presented as surplus, with Eurostat’s seal of approval.

Have you heard the one about Greece’s Eurostat-approved 2013 primary surplus? Well, you should not believe it. Here is why

Economic crisis in Egypt

Written by Tony Harkén on Wednesday, 29 August 2012. Posted in North Africa, Articles of North Africa, Right Right, Right bottom - 8st

Egypt has applied for an emergency loan from the IMF worth nearly 5 billion U.S. dollars.

The country now faces a payment crisis and needs to reestablish the confidence of foreign investors who have left the country due to political instability.

The airline Qantas cancels aircraft order

Written by Tony Harkén on Saturday, 25 August 2012. Posted in North Africa, Articles of North Africa, Main 5, Right bottom - 8st

The Australian flight company Qantas cancels 35 new Boeing Dreamliners to a value of 8.5 billion dollars.

Qantas, Australia's largest airline, has reported its first loss in 17 years and the reason is the increased cost of fuel, labor disputes and the tougher competition on international routes.

The aircraft order cannot be completed due to the uncertainty on the global market.

UN Reports - Somalia inaugurates new federal Parliament

Written by Tony Harkén on Friday, 24 August 2012. Posted in North Africa, Articles of North Africa, Main 1, Right bottom - 8st

United Nations Secretary-General Ban Ki-moon welcomed the inauguration Monday of the New Federal Parliament of Somalia as a major milestone in the nation's peace and reconciliation process, according to his spokesperson.

Read the full story here – New federal Parliament in Somalia

The Economist Report - Somalia’s government Baby steps

EIB lends Autostrade EUR 500 million for A1 motorway

Written by Tony Harkén on Thursday, 23 August 2012. Posted in North Africa, Articles of North Africa, Main 8, Right bottom - 8st

The European Investment Bank (EIB) has approved a EUR 500 million line of credit for Autostrade per l’Italia, a company wholly owned by the listed company Atlantia.

The first tranche of the loan, amounting to EUR 250 million, was signed today in Rome and is intended for use in upgrading the Florence North-Barberino del Mugello stretch of motorway.

Specifically, the project involves increasing the capacity of the A1 toll motorway between Florence and Bologna along the 17 km Florence North-Barberino del Mugello section in the Tuscan Apennines. The A1 is Italy’s main motorway on Corridor I of the trans-European transport networks (TEN-T) – the supranational road infrastructure of European interest. The project is a combination of upgrading and widening of the existing motorway and construction of new sections.

The operation is expected to relieve traffic congestion north of Florence, speed up traffic on the Apennine segment of the A1 and have a positive environmental and employment impact and is therefore consistent with the infrastructure financing policies pursued by the European Commission and implemented by the EIB.

In Italy the EIB has a long tradition of financing the motorway network. The loan announced today is the fourth in support of the Florence-Bologna motorway.

“A modern, efficient transport network is a necessary condition for supporting growth”, remarked Dario Scannapieco, EIB Vice-President with responsibility for operations in Italy, Malta and the Western Balkans, “and we have a long and very fruitful relationship with Atlantia-Autostrade which benefits the entire Italian network”.

“We are delighted that the EIB considers us to be a reliable, solvent partner for channelling to Italy EU funds that will be able to improve the competitiveness of the productive sector and in the short term maintain an adequate level of activity in the construction sector”, stated Giovanni Castellucci, CEO of Atlantia.

Well-educated individuals leave Portugal

Written by Tony Harkén on Thursday, 19 April 2012. Posted in North Africa, Articles of North Africa, Right Left, Main 8 - 3st

Currently, many individuals chose to leave Portugal for Africa and Angola is a favorable choice.

Angola is an interesting country with high economic growth and it is easy to find a well-paid job. At the same time, Portugal is experiencing hard economic times including high unemployment.

Chinese car manufacturers invest in Africa

Written by Cecilia Helland on Friday, 30 March 2012. Posted in North Africa, Articles of North Africa, Main 6, Main 6 - 3st

Foton Motor Group, the Chinese car manufacturer, builds a new factory in Nairobi in order to try to increase its market share in Kenya and East Africa.

The factory, which cost 50 million U.S. dollars, will produce cheaper cars for the growing middle class that show an increasing demand for new vehicles.

With the local car production, Foton Motor Group will avoid paying a custom duty of 25 percent for imported vehicles and the next step will be to expand the reseller network on the market with 130 million inhabitants.

The automotive industry in Kenya and East Africa has long been dominated by the carmakers Toyota and General Motors.

Baker & McKenzie announces affiliation with leading Turkish Firm Esin

Written by Tony Harkén on Wednesday, 23 November 2011. Posted in North Africa, Articles of North Africa, Left 1, Left 2 - 3st

Baker & McKenzie, the leading global law firm, has further strengthened the coverage it provides to clients by entering into an exclusive relationship with leading Turkish law firm Esin Attorney Partnership (Esin Avukatlık Ortaklığı). 

The move comes in response to growing client interest and activity in Turkey, one of the world’s fastest-growing economies. It is also an important step in Baker & McKenzie's efforts to strengthen its global platform and service offerings to serve clients in both developed and emerging markets globally.

"Istanbul is an increasingly important hub for global business. By entering into an exclusive arrangement with one of Istanbul's leading law firms we are underlining our commitment to being able to serve our clients in those markets in which they are growing their businesses, while strengthening our ability to help Turkish clients take advantage of the opportunities beyond their borders,” said Eduardo Leite, Chairman of Baker & McKenzie's Executive Committee.

By working in an exclusive consultancy arrangement with Esin Attorney Partnership, clients of Baker & McKenzie will have access to the full-service, international and foreign law advice of the world's leading global law firm and the Turkish law counsel of one of the leading law firms in Turkey.

Esin is a 40-lawyer firm, founded by Ismail Esin in 1997. It was named Legal Adviser of the Year in Turkey at the European M&A Awards 2010 by the Financial Times and MergerMarket and ranked in Tier 1 for M&A in legal directory The Legal 500.  Its practices include Corporate and M&A, Real Estate, Dispute Resolution and Competition law.

Koen Vanhaerents, European Chairman and member of the Firm's Executive Committee noted that Baker & McKenzie has been advising clients on high-profile cross-border transactions involving Turkey for years. “It has become increasingly clear that Turkey is rapidly growing in importance for our clients. This exclusive relationship with Esin Attorney Partnership, provides our clients with access to the very best legal services in Turkey,” he added.

The news follows a period of recent expansion for Baker & McKenzie. In May 2011, Baker & McKenzie opened an office in Qatar, following Luxembourg in October 2010 and Abu Dhabi in 2009. Baker & McKenzie is one of the largest law firms in EMEA with more than 1,900 practitioners across the region.

 

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