ITLOS finds Guinea-Bissau liable over ship detention

The International Tribunal of the Law of the Sea has ordered Guinea-Bissau to pay damages to Panama in a dispute over the arrest and seizure of an oil tanker.

Guinea-Bissau and the Bissagos Islands (Credit: European Space Agency)

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Going for growth

Global economic activity is expected to increase in 2014-15 according to the latest IMF World Economic Outlook (WEO) survey. It was reported that this improvement in market productivity was largely attributed to a more favourable ‘recovery in advanced economies’. Global growth projections are now estimated at 3.6 per cent for 2014 and 3.9 per cent for 2015.

Emerging markets and developing economies continue to deliver the majority of the world’s economic growth- accounting for two-thirds of market expansion by Gross Domestic Product Purchasing Power. However, the increase in economic activity for the remainder of the year is expected to be moderate – up only 0.2 per cent from 2013. This modest acceleration, when compared to advanced economies, is partly due to domestic drawbacks.

In last week’s report, the IMF further highlighted that for developing economies, ‘stronger exports’ to developed nations will underpin any increase in economic output. With continued growth in international trade and investment, it is imperative for emerging markets to take greater initiative in developing strong dispute resolution infrastructures that support foreign investment and protect investors.

Industry, with coordinated efforts from professional alternative dispute resolution institutions, must be more proactive in advocating the role of arbitration in matters in international commercial disputes. Arbitration clauses can strengthen commercial agreements by helping businesses and states to protect their reputation in the broader global investment framework.

Editors Notes:
Release issued by Kim Regisford

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Young ICCA launches guide on tribunal secretaries

ICCA’s under-40 group has produced a set of guidelines on the use of tribunal secretaries, addressing issues such as how they should be paid and how far their role can go beyond the purely administrative.

Jean Miélot: fifteeth century author, scribe and secretary to the Dukes of Burgundy

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Swiss firm opens in Singapore

GAR 100 firm Schellenberg Wittmer has opened its first international office, establishing a base in Singapore co-led by international arbitration partner Christopher Boog.

Singapore’s central business district (Credit: Slivester)

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