ECSA Piracy Taskforce to Discuss Growing Piracy Hot Spots

first_imgThe exhibition will be on display this whole week in the European Parliament, where the ECSA Piracy Taskforce will also have a meeting to discuss growing piracy hot spots. Ms Rosbach (ECR, Denmark) deplored the fact that piracy continues to pose a threat to innocent seafarers, the shipping industry and by extension global trade and she hoped that events such as this one would contribute to raise awareness among the general public and decision makers.While successful hijackings off the coast of Somalia have considerably decreased in the last few years, the root causes of Somali piracy have not yet been tackled. The international community and shipowners have managed to keep the pirates at bay at great costs, both human and economic. Ships transiting the high risk area are today less vulnerable, mainly due to passive (sharp lookout, barbed wire surrounding the ships, faster sailing speeds etc…) as well as active self-defense measures (deployment of national armed forces or private armed guards on board). A resurgence of piracy in the Horn of Africa is however far from improbable, so continued international military presence and the implementation of protective measures are still of the upmost importance.The rapidly emerging piracy model in West Africa is also extremely worrying. According to the International maritime Bureau, in 2013, 53 incidents took place while in the first 45 days of 2014, 10 incidents have already been reported. However, numbers are likely to be higher as many attacks still remain unreported.“Piracy in West Africa needs to be addressed effectively now before it escalates. Whilst we cannot simply apply the solutions successfully used off the coast of Somalia, we believe that there is a clear role for the EU and the international community. The situation in West Africa affects not only seafarers and shipowners but also jeopardizes efficient trade with the entire region” said Jan Fritz Hansen, Chairman of the ECSA Piracy Taskforce.Patrick Verhoeven, ECSA Secretary General added: “I do hope that this exhibition will help raise awareness on the thorny issue of piracy and prompt decision makers to maintain a credible military presence off the coast of Somalia while also scaling up their efforts in West Africa.” 此页面无法正确加载 Google 地图。您是否拥有此网站?确定 My location zoom “Ideally, events such as this one should not be necessary” said MEP Anna Rosbach, host of a maritime piracy photography exhibition organized in the European Parliament by ECSA and the Danish Shipowners’ Association.center_img ECSA, March 4, 2014 Print Closelast_img read more

Budget Bulletin Debt Retirement

first_img establishing a debt retirement contingency in fiscal year 2004-05 that will be required to reach $106 million by fiscal year 2007-08; creating a fund for debt retirement using a portion of the interest earned on investments; and enacting legislation that commits extraordinary revenues to the province, as well as money from the sale of provincially owned assets, to the debt retirement fund. The province of Nova Scotia continues to make progress inmanaging its long-term debt. Three successive balanced budgets,steady reduction in net debt to GDP ratio, and continuedreduction in foreign currency exposure have contributed tofinancial recovery and prosperity for the province. The government announced a debt retirement plan in June 2003. Bylowering the debt, annual interest charges will be reduced,making the province more attractive in financial markets. The plan’s three components are: The debt retirement plan focuses on net direct debt (NDD) as thetarget measure of the province’s debt. Despite balanced budgets,annual spending on tangible capital assets (TCA) such as roads,schools, and other public infrastructure, has been adding to thedebt. To address this challenge, a $250 million annual capitalspending TCA allocation was established. This will controlprovincial spending while prudent investment in capitalinfrastructure will support steady economic growth. Net direct debt to gross domestic product (GDP) compares what theprovince owes with what it produces, thereby measuring theability of the province to manage its debt. NDD:GDP RATIO2002-03 45.0 per cent2003-04 44.1 per cent2004-05 (estimated) 43.1 per cent Reducing the amount of debt that is in foreign currencies reducesthe province’s vulnerability to sudden changes in foreigncurrency markets. By law, Nova Scotia’s foreign debt had to belowered to under 20 per cent. FOREIGN CURRENCY EXPOSURE1994-95 72.2 per cent2001-02 28.9 per cent2002-03 18.1 per cent2003-04 16.9 per cent The benefits of the above actions can be seen in debt servicingcosts. In fiscal year 2003-04, debt servicing costs were down by$25.3 million compared to the budget estimate. This, despite theinclusion of $30.5 million in interest on post-employmentbenefits in 2003-04 debt servicing costs. Without that change inaccounting policy, debt servicing costs would have been down$55.8 million. In part, decline in debt servicing costs was dueto the improvement in the Canadian dollar and the continuation oflow short-term interest rates. Debt servicing costs in 2004-05 are up slightly compared to the2003-04 forecast. However, the increase is due to interest onpension and other obligations totalling about $10 million. -30-last_img read more