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NATO: Azerbaijan’s importance is growing

Dimitris Giannakopoulos

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Welcome to the Caspian Daily, where you will find the 10 most important things you need to know on Caspian Sea Region. We appreciate ideas, reports, news and interesting articles. Send along to Caspian[at]moderndiplomacy.eu or on Twitter: @DGiannakopoulos

1Azerbaijan is going to be an important component of global energy security market place, according to NATO Liaison Officer in the South Caucasus William Lahue. It is important that countries have multiple sources of supply in order to protect themselves from fluctuations in available sources of supply,” he said. “In this process Azerbaijan is going to be important, and its importance is growing.”

2A report on the results of the recent talks with Turkmenistan’s official delegation led by Deputy Prime Minister Baimurad Hodzhamuhammedov in Tokyo was heard at the recent meeting of the country’s Cabinet of Ministers. During the working visit, there were held meetings with Japanese Prime Minister Shinzo Abe and business representatives. The meetings focused on the prospects for attracting Japanese investments in the implementation of the projects for developing fields in Turkmenistan, modernization of the oil and gas industry and diversification of the supply routes of Turkmen gas, as well as cooperation within other bilateral agreements and contracts.

3Russia has become the most attractive market among BRICS countries for investors in 2015, replacing China as the top earner, this according to the Bloomberg news agency. Concerns over falling oil prices and the collapse of the ruble at the end of 2014 have largely dissipated, with investors betting on fewer political risks for Moscow.According to Bloomberg, “the tables have turned in these seven months.” Crude has rebound, and investors have calmed down over the country’s troubles. Oil has stabilised above US$ 55 a barrel and a cease-fire is holding in eastern Ukraine, whose crisis the West has blamed on Russia.“Most Russian stocks are fundamentally undervalued,” said Mattias Westman, the London-based founder of Prosperity Capital Management, a major asset investment firm heavily involved in former Soviet republics. “There is potential for further recovery,” he explained. Russia’s economy, set to contract this year for the first time since 2009, may rebound 0.5 per cent in 2016. At the same time, European economic sanctions over the Ukraine are likely to be relaxed, as it will not be “easy to convince everyone to prolong them” next year, Westman said.

4Iran set for significant investment. A few investors are racing to establish funds for Iran following last week’s nuclear deal with world powers, and many others are tapping into multinationals already present in the $400bn economy. The agreement has made some seek a foothold in Tehran’s $100bn stock market even before sanctions are lifted, although others are taking a more cautious approach. Classified as an upper-middle income country, with a population of 78m and annual output higher than that of Thailand or the United Arab Emirates, Iran is set to be the biggest economy to rejoin the global trading and financial system since the break-up of the Soviet Union over 20 years ago.

5“Hybrid war” – a Scholarly Term or a Propaganda Cliché? “In June 2015 the Finnish Institute of International Affairs (FIIA) published a report entitled “Russia’s Hybrid War in Ukraine: Breaking the enemy’s ability to resist”, by András Rácz, a senior research fellow at the institute [1]. As the title indicates, the subject of the paper is the phenomenon of “hybrid war”. Following Russia’s annexation of Crimea and the start of military actions between Ukrainian security forces and units of the non-recognised Donetsk and Luhansk People’s Republics in 2014, this phenomenon has attracted the close attention of political, military, academic and journalistic circles in western countries and in Russia” writes Pyotr Topychkanov for RIAC.

6Russia’s Coming Regime Change. Regime change in Russia is inevitable, maybe imminent. But the West should not bet on that eventuality or make it a policy goal. The Russian people will rise up again, but the path to a sustainable democracy and stable economy will be challenging. The West should be ready to help then” writes Andrei V. Kozyrev for the New York Times.

7Your Time Is Over Mr. Netanyahu. “Three years ago, when the Israeli Prime Minister Benjamin Netanyahu displayed an imaginary map of Iran’s effort to build nuclear bomb at the annual meeting of the United Nations General Assembly to the attendees, he was not taken seriously by anybody, even his own American friends. At that time, some politicians told Netanyahu that “your time is over,” though he did not believe them” writes Haroun Yashayaei, Leader of Iran’s Jewish Community for Iran Review.

8Market study: Home Care in Kazakhstan. Home care saw a good sales growth during the review period benefiting from economic growth in Kazakhstan and rising income levels. There was strong expansion in the country’s mid-income group while many low-income consumers also benefited from increased household budgets. Consequently low-income consumers became able to buy a wider range of home care while mid- to high-income consumers continued to trade up to more specialised and value-added products. Urbanisation also contributed to sales. [Euromonitor]

9Turkmenistan, India to hold talks on TAPI project. Talks on Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project will be held in India’s New Delhi city July 21. For this purpose, a Turkmen delegation has been sent on an official visit to India in accordance with the order of Turkmenistan’s President Gurbanguly Berdimuhammadov. TAPI project was one of the key issues during the negotiations between Turkmenistan’s president and India’s prime minister in Ashgabat July 11.

10Azerbaijan specifies requirements on state secrets protection. The activities of state authorities of Azerbaijan in the territory of the Republic of Azerbaijan and beyond, regardless of legal form of the organization and types of property, all enterprises, institutions and organizations performing activities related to state secret, formations, military units and institutions of the Azerbaijani Armed Forces and other military agencies established in accordance with the legislation shall be based upon the provisions of the Requirements.

Journalist, specialized in Middle East, Russia & FSU, Terrorism and Security issues. Founder and Editor-in-chief of the Modern Diplomacy magazine. follow @DGiannakopoulos

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ADB Invests $25 Million in Private Equity Fund to Help Small Businesses in Southeast Asia

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The Asian Development Bank (ADB) signed an agreement to provide a $25 million equity investment to Exacta Asia Investment II, L. P. (Exacta II), a private equity fund, to provide much-needed investments for small and medium-sized enterprises (SMEs) in Southeast Asia.

“ADB’s investment will help well-managed and middle-market SMEs in Southeast Asia to realize their growth plans, thereby driving employment, tax generation, skills transfer, and regional trade,” said ADB Director for Private Sector Investment Funds and Special Initiatives Division Ms. Janette Hall. “Investing in Exacta II allows ADB to participate in Southeast Asia’s continued economic growth while providing development benefits for people in the subregion.”

ADB’s support will allow Exacta II to invest growth equity into smaller firms—particularly those from Indonesia, Malaysia, Philippines, Singapore, Thailand, and Viet Nam—whose growth is driven by domestic consumption and export. This will help address the issue of low private equity penetration in Southeast Asia, which is crucial to create new jobs, drive economic growth, and encourage further investments in related sectors.

Exacta II, a private equity fund with a target capitalization of $250 million, intends to invest about $10 million to $40 million per transaction in some of Southeast Asia’s SMEs and lower middle-market companies, particularly in the manufacturing, technology, and service sectors.

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Suzhou Forum Calls for Faster Energy Transformation for Better Lives and Prosperity

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Senior government officials, business leaders and key players in the global energy sector met today at the Third International Forum on Energy Transitions (IFET) in Suzhou, China. The international gathering, co-organized by the National Energy Administration of China, the International Renewable Energy Agency (IRENA), and the Jiangsu Provincial People’s Government of China, is an important platform for dialogue and collaborative action on how to transform energy systems towards a sustainable, low-carbon and resilient energy future.

Over the last decade, renewables have brought disruptive change to the global energy landscape. Driven by rapid technological advances, enabling policy frameworks and plummeting costs, renewables have created unprecedented opportunities to rethink the way our energy systems operate. IFET aims to identify solutions to scale up the latest renewable energy innovations, particularly in end-use sectors, accelerate power sector transformation, increase renewable energy financing, and transform urban energy systems.

In his keynote remarks, IRENA Director-General Adnan Z. Amin stressed the need to take the global energy transformation to the next level by strengthening innovation, mobilizing investments and modernizing gird infrastructure. Accelerating renewables deployment is essential to tackle challenges such as climate change, sustainable development and meeting growing energy demand. The Director-General underlined that the energy transformation offers us vast socio-economic benefits in terms of powering sustainable growth, creating jobs and creating local value-added.

Leading the way on the energy transformation are those frontrunner countries, like China who, early on, recognised the potential opportunities in and are developing the policies, market mechanisms, and systems necessary to reorient their economies towards the high-tech industry and workforce of the future. As highlighted in IRENA’s Corporate Sourcing Report, it is not only countries that are leading the way: companies in 75 countries actively sourced 465 terawatt hours of renewable energy in 2017, enough to power a country the size of France.

In his speech at the Sub-Forum on International Cooperation on Renewable Energy Industry Development, the Director-General also highlighted that international cooperation is needed to share lessons and experiences to overcoming challenges in transforming existing energy structures to low-carbon sustainable systems based on renewables and energy.

During his remarks at the Energy Future session, the Director-General identified five priority action areas to advance the energy transformation. These include: fostering a power sector that integrates higher shares of variable renewables and decarbonising end-use sectors, strengthening system-wide innovation, scaling up investment, ensuring equitable costs and benefits of the transition, and furthering international cooperation.

The previous conferences in 2015 and 2016 adopted the Suzhou Declaration and Consensus, respectively, which called for higher levels of ambition and decisive action to accelerate the energy transition.

IRENA also participated in the Belt and Road Energy Ministerial Conference taking place in Suzhou at the same time. Renewable energy has been identified as central to one of the initiative’s key pillars as a means to build a sustainable energy future.

IRENA

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Scaling up climate finance in Asia-Pacific through Financial Centres for Sustainability

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Financial Centres for Sustainability (FC4S) today launched its Asia-Pacific Centre, one of several important steps taken to scale up the financing required for climate action and sustainable development, at the 2nd meeting of the global network.

The new centre will be located in Shanghai Lujiazui Financial City, which will work with other cities in the Asia-Pacific region to promote the innovation and development of sustainable and green finance. Lujiazui is an international financial center with a high concentration of financial institutions, dynamic capital markets and a vast financial talent pool.

The most recent report of the Intergovernmental Panel on Climate Change (IPCC) concluded that an additional 1.5 per cent in global investment would be needed to hold global warming to 1.5 degrees Celsius. Mobilizing the world’s financial centres will be crucial to achieving the system transition that the IPCC has recommended.

Lujiazui Financial City and Casablanca Financial City also signed an agreement to strengthen cooperation in sustainable finance, green finance and exchange of resources, while Lujiazui Financial City unveiled the Green Finance Integrated Development Platform, the first regional online green finance platform.

This platform provides a practical place to exchange information on green projects, capital and finance from home and abroad, enabling companies and institutions to match supply and demand, and integrate resources.

Meeting in Shanghai, the global network also appointed two co-chairs to provide strategic leadership: Pierre Ducret, board member of the Paris-based Finance for Tomorrow initiative and Kong Wei, chair of the Shanghai Green Finance Committee.

In addition, a new Wall Street Working Group on Sustainable Finance is being formed, and is considering joining the network to represent New York.

Quotes

“The IPCC report has shown more clearly than ever the need to mobilize the trillions for climate, and accelerating action is a priority for France,”  said Ducret. “I’m honoured to be appointed as a co-chair of the Financial Centres for Sustainability network – and view this as a great opportunity to strengthen international cooperation at a time of great uncertainty.”

“Green finance is a national priority in China to develop a cleaner and more prosperous economy,” said Kong Wei. “ I feel privileged to take up the role of co-chair of the Network and will use this opportunity to promote practical measures that enable all financial centres to play their role in the transition that lies ahead.”

Curtis Ravenel, Global Head of Sustainable Business & Finance, Bloomberg said: “To solve the climate challenge, we need more sustainable finance product innovation and scale across the U.S. and international capital markets. Along with the growing roster of global hubs that are part of the FC4S Network, Bloomberg is working with a number of financial institutions and others to explore the formation of a Wall Street Sustainable Finance working group to scale capital deployment aligned with the goals of the Paris Agreement.”

Satya Tripathi, Assistant Secretary General, UN Environment said: “UN Environment works across the sustainability and finance agenda – and I see that the FC4S Network is having a significant impact on the international policy sphere. These moves will further consolidate the Network’s leadership role.”

Nick Robins, the founder of the FC4S network and Special Advisor on Sustainable Finance, UN Environment said: “We need financial centres to be fit for purpose in the rapid transition that lies ahead. With Pierre Ducret and Kong Wei as co-chairs, the network has the strategic leadership it needs for the next phase.”

UN Environment

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