A ruling from the European Court of Justice that the reformed EU cotton regime introduced in 2004 must be dismantled and replaced raises wider questions about decoupling, a centrepiece of the latest round of CAP reforms.
In the cotton regime reform the Commission decoupled 65 per cent of payments but left 35 per cent coupled which they claimed would be enough to maintain cotton production in all areas of the EU where it was important for the agricultural economy (principally Spain and Greece).
Spain, however, claimed that the reform did not provide enough subsidies to ensure that cotton production remained viable. They had a special legal argument because the maintenance of cotton production is enshrined in Spain's EU accession treaty.
The Court has required the Commission to make a fresh impact assessment. The current regime can continue until a new one is place, an outcome welcomed by the Commission which also emphasised that the basic principle of decoupling had not been challenged. Nevertheless, the ruling could re-open the issue in relation to other products where partial decoupling has been retained to protect production in [politically] sensitive areas.
It could also lead to trouble in the WTO where the 'cotton club' of Burkina Faso, Chand and Mali are upset about the collapse of the Doha Round and the prospect of better access to markets. They are considering a legal challenge over subsidies to cotton producers in rich countries. Although their principal target has been te US, any talk of recoupling payments could bring the EU into the frame.
Another tricky problem for the Commission to try and unravel.Any source
Thursday, September 14, 2006
Sunday, September 10, 2006
New appointments in Harneys BVI and Hong Kong offices
The Hong Kong office of Harney Westwood & Riegels, which is the oldest and largest law firm in the British Virgin Islands and one of the leaders in international legal practices, has announced the new appointments at its headquarters. It announced the arrival of Michael Gagie from the BVI office. He took the post of the head of the Hong Kong office.
Ray Wearmouth, the lawyer who was on this position, returned to the British Virgin Islands and continues to lead the Financial and Commercial branches of the firm in the BVI.
Both lawyers participating in this rotation have obtained high reputation in the BVI offshore jurisdiction and internationally.
Michael Gagie regularly appears in the global legal directories as one of the leading corporate lawyers in the BVI. He was qualified as an English solicitor in 1997. Working in several London law firms, namely Weil, Gotshal & Manges and Simmons & Simmons, he specialized in mergers and acquisitions. He was seconded also to the London Stock Exchange. In the same period of time he was engaged by Shell International Limited as an in-house counsel.
His current areas of legal practice include all corporate and commercial disciplines. He joined Harneys in 2003. Now he regularly consults the AIM exchange in London on subject of the listing of BVI corporate entities. This year he is also registered as a Foreign Lawyer in Hong Kong and since July 2006 he is a partner.
Ray Wearmouth, another Harneys' partner, has started his career in 1994, when he was qualified as a solicitor in England and Wales and started working in the corporate department at DLA. He joined Harneys in 2001 and became a partner on December 2004. In 2005 he was registered in Hong Kong as a Foreign Lawyer. Currently he is working as Head of Banking & Finance and Corporate & Commercial in the BVI.
Article any source
Ray Wearmouth, the lawyer who was on this position, returned to the British Virgin Islands and continues to lead the Financial and Commercial branches of the firm in the BVI.
Both lawyers participating in this rotation have obtained high reputation in the BVI offshore jurisdiction and internationally.
Michael Gagie regularly appears in the global legal directories as one of the leading corporate lawyers in the BVI. He was qualified as an English solicitor in 1997. Working in several London law firms, namely Weil, Gotshal & Manges and Simmons & Simmons, he specialized in mergers and acquisitions. He was seconded also to the London Stock Exchange. In the same period of time he was engaged by Shell International Limited as an in-house counsel.His current areas of legal practice include all corporate and commercial disciplines. He joined Harneys in 2003. Now he regularly consults the AIM exchange in London on subject of the listing of BVI corporate entities. This year he is also registered as a Foreign Lawyer in Hong Kong and since July 2006 he is a partner.
Ray Wearmouth, another Harneys' partner, has started his career in 1994, when he was qualified as a solicitor in England and Wales and started working in the corporate department at DLA. He joined Harneys in 2001 and became a partner on December 2004. In 2005 he was registered in Hong Kong as a Foreign Lawyer. Currently he is working as Head of Banking & Finance and Corporate & Commercial in the BVI.Article any source
Thursday, September 7, 2006
BVI Captive insurers receive Practice Directions from Financial Services Comission
The BVI Financial Services Commission has published the new legislative acts. These are three Practice Directions that are issued under the Section 40 of the Financial Services Commission Act, 2001, and which give supplementary explanation of some terms, definitions and Commission requirements included in the Insurance Act, 1994 and Insurance (Amendment) Regulations, 2005. The documents were signed by Robin Goal, the Chairman of the Board of Commissioners of the Financial Services Commission, and officially sealed on 29 August 2006.
The Practice Direction Number 1 of 2006 - Definition of Terms – Insurance Allowable Assets gives formal definitions of the certain terms included in the Insurance (Amendment) Regulations, 2005, which expand the list of allowable assets and non-allowable assets. These terms are "high grade rating, "medium grade rating", "credit assessment institutions recognised by the Commission" and "stock exchanges recognised by the Commission". The Practice Direction includes the list of the Credit Assessment Institutions and Stock Exchanges recognised by the Commission, and represents the table of investment ratings.
The Practice Direction Number 2 of 2006 - Investment Policy for Captive Insurance Companies provides the criteria how the Commission may be ensured in the competent manner of insurer's business and prudent investment management practices. The need for satisfying the Commission that the insurer has available knowledge and expertise to carry on insurance business is provided by the Insurance Act, 1994. This Practice Direction applies to all Captive Insurers licenced under the Insurance Act, 1994, and sets out the minimum policies and procedures of prudent investment management.
The Practice Direction Number 3 of 2006 - Books and Records for Captive Insurance Companies also applies to all Captive Insurers and their insurance managers licenced under the Insurance Act, 1994. It provides guidance how they can demonstrate to the Commission that they meet the minimum requirements for maintaining books and records at the principal office of a Captive Insurer in the British Virgin Islands. The Practice Direction 3 also sets the minimum information amount that should be mantained in the insurer's principal office.
Article any source
The Practice Direction Number 1 of 2006 - Definition of Terms – Insurance Allowable Assets gives formal definitions of the certain terms included in the Insurance (Amendment) Regulations, 2005, which expand the list of allowable assets and non-allowable assets. These terms are "high grade rating, "medium grade rating", "credit assessment institutions recognised by the Commission" and "stock exchanges recognised by the Commission". The Practice Direction includes the list of the Credit Assessment Institutions and Stock Exchanges recognised by the Commission, and represents the table of investment ratings.
The Practice Direction Number 2 of 2006 - Investment Policy for Captive Insurance Companies provides the criteria how the Commission may be ensured in the competent manner of insurer's business and prudent investment management practices. The need for satisfying the Commission that the insurer has available knowledge and expertise to carry on insurance business is provided by the Insurance Act, 1994. This Practice Direction applies to all Captive Insurers licenced under the Insurance Act, 1994, and sets out the minimum policies and procedures of prudent investment management.
The Practice Direction Number 3 of 2006 - Books and Records for Captive Insurance Companies also applies to all Captive Insurers and their insurance managers licenced under the Insurance Act, 1994. It provides guidance how they can demonstrate to the Commission that they meet the minimum requirements for maintaining books and records at the principal office of a Captive Insurer in the British Virgin Islands. The Practice Direction 3 also sets the minimum information amount that should be mantained in the insurer's principal office.
Article any source
Tuesday, September 5, 2006
Little change in Poland's farm structure
As Poland takes steps to reassure other member states that it is a good European, news comes from Eurostat that the modernisation of farm structures is proceeding at a snail's pace. Average farm size fell very slightly between 2002 and 2005. The average farm size in Poland was now 12.1 hectares compared with 12.2 hectares in 2002.
Some 2.67 million people are still employed in Polish agriculture, although more than half of these were family members working on a part-time basis. To qualify as a farm, an enterprise has to have an annual gross margin of €1200. By this definition there are some 1,082,700 farms in Poland. 35 per cent of farms have less than 5 hectares of farmland at their disposal, while only two per cent held more than 50 hectares. However, holdings in the latter category accounted for some 26 per cent of all Polish farmland.
Around one-fifth of farmers did not own a tractor. However, despite their small size, only 5.9 per cent of holdings engaged in any other gainful activity on farm. One would think that there was more scope for rural tourism. Meanwhile, the sums received from the EU, small though they are, are vital to the survival of such holdings. Historically, some of them were worked on a part-time basis as smallholdings by industrial workers who have now often lost their jobs in heavy industries.Any source
Some 2.67 million people are still employed in Polish agriculture, although more than half of these were family members working on a part-time basis. To qualify as a farm, an enterprise has to have an annual gross margin of €1200. By this definition there are some 1,082,700 farms in Poland. 35 per cent of farms have less than 5 hectares of farmland at their disposal, while only two per cent held more than 50 hectares. However, holdings in the latter category accounted for some 26 per cent of all Polish farmland.
Around one-fifth of farmers did not own a tractor. However, despite their small size, only 5.9 per cent of holdings engaged in any other gainful activity on farm. One would think that there was more scope for rural tourism. Meanwhile, the sums received from the EU, small though they are, are vital to the survival of such holdings. Historically, some of them were worked on a part-time basis as smallholdings by industrial workers who have now often lost their jobs in heavy industries.Any source
Obesity subsidies for farmers?
Farmers' spokespersons have been trying hard to talk up the threat to food security from terrorists as a means of justifying the continuation of agricultural subsidies. However, the problem of obesity may give them a new basis for subsidy claims.
Australia has one of the worst obesity problems in the world and a call has been made for fruit and vegetables to receive subsidies to make prices more affordable. Research has shown that if apple prices were halved, sales would treble.
How the subsidy will be paid is yet to be decided. It does give farmers an opportunity to make use of discourses about health, although clearly some producers would benefit more than others.Any source
Australia has one of the worst obesity problems in the world and a call has been made for fruit and vegetables to receive subsidies to make prices more affordable. Research has shown that if apple prices were halved, sales would treble.
How the subsidy will be paid is yet to be decided. It does give farmers an opportunity to make use of discourses about health, although clearly some producers would benefit more than others.Any source
Cows moo with a local accent
Cows in the south-west of England are mooing with an 'oo-arr' according to farmers in the West Country Farmhouse Cheesemakers Group. They believe that their own regional accent has influenced their cows' pitch and tone who have picked up the distinctive Somerset twang. Accent shifts have also been noticed in cows in Norfolk, Lancashire, the Midland and Essex, the latter presumably having an 'Estuary' moo.
John Wells, Professor of Phonetics at University College London, provided academic confirmation: 'This phenomenon is well attested in birds. You find distinct chirping accents in the same species around the country. This could also be true of cows.'
The farmers themselves believe that the quality time they spend with their cows has led to this distinctive accent. In the winter the West Country cows are wrapped up in cow coats and are played classical music to help them relax during milking.
Lloyd Green of Glastonbury explained, 'I spend a lot of time with my Freisians and they definitely moo with a Somerset drawl. I think it works the same as with dogs - the closer a farmer's bond is with the animals, the easier it is for them to pick up on the accent.'Any source
John Wells, Professor of Phonetics at University College London, provided academic confirmation: 'This phenomenon is well attested in birds. You find distinct chirping accents in the same species around the country. This could also be true of cows.'
The farmers themselves believe that the quality time they spend with their cows has led to this distinctive accent. In the winter the West Country cows are wrapped up in cow coats and are played classical music to help them relax during milking.
Lloyd Green of Glastonbury explained, 'I spend a lot of time with my Freisians and they definitely moo with a Somerset drawl. I think it works the same as with dogs - the closer a farmer's bond is with the animals, the easier it is for them to pick up on the accent.'Any source
Friday, September 1, 2006
BVI loosing momentum in Ukraine
When talking about foreign investments into Ukraine's economy, the fact that the British Virgin Islands got the 8th place over the first six months of 2006 should by no means be ignored.
In this period of time, investments to the Ukrainian economy essentially increased. In accordance with the State Statistics Committee, the growth of foreign direct investments in first 6 months of 2006 has reached 1.698 billion USD.
As of July 1, 2006, the total amount of foreign investments into Ukraine's economy reached 18.383 billion USD.
About 85% of FDI came from just 10 countries. The biggest investments are from Germany – 495.2 million USD. Germany is followed by the second biggest investor – Cyprus – with 433.6 million USD. The list of biggest investors includes also France with 361.6 million USD, Great Britain with 272.9 million USD, the Netherlands with 270.4 million USD, Russia with 101.5 million USD, Austria with 85.6 million USD. The British Virgin Islands have invested 56.5 million USD. Poland and Hungary conclude the list of Ukraine's top investors with 26.6 and 24.7 million USD.
It is worth drawing attention to the fact that last year the British Virgin Islands were the 4th to invest in Ukraine's economy and its total investments exceeded 700 million USD. As far as Cyprus has been excluded from the Ukraine's “blacklist” of offshore zones while the BVI has been left there, recent BVI investments into the country have decreased while Cyprus is on an enormous increase – well, partially, on BVI's account.
It seems that the team of Mr. Robert Mathavious should include Ukraine in its list of the countries where the BVI jurisdiction is actively promoted, so that the British Virgin Islands would return their position with its other investment companies in Ukraine.
Besides the BVI, the Ukrainian offshore blacklist includes the Bahamas, Belize, Gibraltar, Dominican Republic, Marshall Islands, Jersey, the Isle of Man, the Island of Nevis, the Seychelles, St. Vincent and the Grenadines and the Turks & Caicos Islands. However, classical offshore countries – Panama and Mauritius are not blacklisted.
Article any source
In this period of time, investments to the Ukrainian economy essentially increased. In accordance with the State Statistics Committee, the growth of foreign direct investments in first 6 months of 2006 has reached 1.698 billion USD.
As of July 1, 2006, the total amount of foreign investments into Ukraine's economy reached 18.383 billion USD.
About 85% of FDI came from just 10 countries. The biggest investments are from Germany – 495.2 million USD. Germany is followed by the second biggest investor – Cyprus – with 433.6 million USD. The list of biggest investors includes also France with 361.6 million USD, Great Britain with 272.9 million USD, the Netherlands with 270.4 million USD, Russia with 101.5 million USD, Austria with 85.6 million USD. The British Virgin Islands have invested 56.5 million USD. Poland and Hungary conclude the list of Ukraine's top investors with 26.6 and 24.7 million USD.
It is worth drawing attention to the fact that last year the British Virgin Islands were the 4th to invest in Ukraine's economy and its total investments exceeded 700 million USD. As far as Cyprus has been excluded from the Ukraine's “blacklist” of offshore zones while the BVI has been left there, recent BVI investments into the country have decreased while Cyprus is on an enormous increase – well, partially, on BVI's account.
It seems that the team of Mr. Robert Mathavious should include Ukraine in its list of the countries where the BVI jurisdiction is actively promoted, so that the British Virgin Islands would return their position with its other investment companies in Ukraine.
Besides the BVI, the Ukrainian offshore blacklist includes the Bahamas, Belize, Gibraltar, Dominican Republic, Marshall Islands, Jersey, the Isle of Man, the Island of Nevis, the Seychelles, St. Vincent and the Grenadines and the Turks & Caicos Islands. However, classical offshore countries – Panama and Mauritius are not blacklisted.
Article any source
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