Gambia recently became the fifth nation to ratify the United Nations Convention on Transparency in Treaty-Based Investor-State Arbitration (Mauritius Convention). Eighteen other countries have signed the Mauritius Convention but have not yet ratified it. While no arbitrations subject to the convention have yet been initiated, if the current signatories were to ratify it, at least an additional 39 bilateral and multilateral treaties would become subject to the convention, unless expressly reserved.
It should be anticipated that new types of energy arbitration will emerge in 2018 and beyond, whereas others may decline. As always in the energy sector, an uncertain political landscape combined with cross-border investment in energy projects and fluctuating prices creates the model ecosystem for a whole spectrum of energy disputes to emerge globally, with arbitration remaining a key method of dispute resolution.
The public policy exception to the recognition and enforcement of international arbitral awards creates uncertainty with respect to the enforcement of these awards – particularly because contracting states have diverse approaches to issues of public policy. While some jurisdictions still maintain a parochial approach, recent trends invite cautious optimism that major jurisdictions are converging in the practice of adopting a narrow interpretation of the public policy exception.
A disgruntled party on the losing end of an award will sometimes seek to have the award annulled or set aside at the seat of arbitration. However, even if such a challenge at the seat is successful, that is not necessarily the end of the matter. Awards that are seemingly 'dead and buried' can sometimes be resurrected or haunt the losing party in other jurisdictions where enforcement of the award is sought.
In recent years, many of the leading arbitral institutions have amended their rules in order to make arbitration more responsive to users' needs. A key development has been the introduction of emergency arbitrator procedures, which enable parties to obtain urgent relief before the substantive tribunal is formed. These new developments are attracting significant attention from parties and arbitrators – but have enforcement mechanisms kept pace?
Aviation is among the fastest growing sources of greenhouse gas emissions, which has given rise to environmental concerns over their global impact and effect on air quality, particularly at ground level. In an effort to tackle aviation's increasing contribution to climate change, international organisations – such as the United Nations and the International Civil Aviation Organisation – are taking steps to reduce global aviation emissions and develop measures with worldwide effect.
In January 2018 the single African air transport market (SAATM) was formally launched. Its principal objective stems from the Yamoussoukro Decision, which provided for the full liberalisation of intra-African air transport services in terms of market access. The SAATM is a welcome development; however, to reap the full potential of the initiative, the African Union must do all that is necessary to ensure that the resources, infrastructure and capacity required to grow the aviation sector are available.
The African Union endorsed the Yamoussoukro Decision in 2000 and it became fully binding in 2002. Its rationale was the need to foster socio-economic development in Africa – policymakers recognised that aviation and a competitive aviation market could be decisive for unlocking Africa's economic potential. However, the agreement has not been fully implemented by its signatories.
The International Air Transportation Association (IATA) Dangerous Goods Regulations – the only standard recognised by airlines – contain the globally applicable provisions for shipping dangerous goods by air. A violation of the regulations might lead to criminal proceedings and infringements are a notifiable fact to be reported to the competent authority. In order to assist shippers in understanding the complete requirements, IATA has prepared the Lithium Battery Shipping Guidelines.
A key component which promotes growth in the aviation industry is the availability of capital to finance aircraft transactions. Although the existing methods for financing aircraft are acceptable, they have some notable flaws. Conversely, a number of possible benefits exist for airlines that choose to accept digital currency for financing transactions in the sector.
International Shareholder Services recently released the results of its 2017-2018 global policy survey. The results reveal mixed views on multi-class capital structures, share buybacks and virtual annual meetings, but strong opinions on board gender diversity. However, although almost 70% of investors viewed as problematic the absence of any women on a board, making board diversity a reality seems to be a tougher proposition.
According to traditional antitrust theory, individuals (and firms) maximise utility according to stable preferences and rational expectations, while being well informed. This means that antitrust follows microeconomic bases that lead to the assumption that economic players are rational actors with willpower and self-interest. However, the emergence of behavioural economics shows that people do not necessarily behave in the ways that traditional economic principles would predict.
The International Federation of Consulting Engineers (FIDIC) Contracts Committee recently unveiled the much-anticipated new suite of rainbow contracts, with the publication of amended Red, Yellow and Silver Books. The changes reflect only some of the key amendments introduced by the revised 2017 FIDIC contracts. Nevertheless, the changes are significant and it will undoubtedly take time for contracting parties to become familiar with the revised contracts.
A new draft international standard providing information management guidance when using building information modelling has been issued for public comment. The standard is split into two parts. The first part deals with concepts and principles and applies to the whole lifecycle of a built asset, while the second deals with the delivery phase of assets and enables the client or appointing organisation to establish its requirements for information during the delivery phase of assets.