The ascent of the United States to becoming the world’s largest producer of natural gas, its transition from a net importer historically to a net exporter for the foreseeable future, and finally the important role of shipping in facilitating that transition to being a key player in the global LNG market. We also discuss the latest developments from three key areas of Asia – Japan, Singapore and Indonesia.
Modern Slavery Act 2015 – supply chain due diligence
The Modern Slavery Act 2015 (the Act) came into force in October this year, consolidating existing criminal offences in slavery and human trafficking and bringing in new rules on supply chain due diligence. The UK Government has now issued supporting guidance to the legislation.
With the fall in global commodity prices and slowdown in Chinese demand for commodities, a number of African governments may face the imminent prospect of having to restructure their sovereign and parastatal debt. They should not be ignoring this and recent examples have shown that the more proactive an approach that can be taken, the better the long term results.
An article by Partner James Clibbon on legal professional privilege and an application by the Serious Fraud Office (the SFO) for disclosure of legal documents possessed by Barclays was published in Economia on 29 October 2015.
Progress continues to be made in implementing the various parties’ obligations pursuant to the Joint Comprehensive Plan of Action (JCPOA) with a view to the lifting of the majority of EU sanctions and US extra-territorial sanctions at some point in 2016.
In a recent landmark judgment handed down by the Dubai Court of Appeal, Holman Fenwick Willan’s Middle East shipping team has successfully obtained a judgment ordering the recognition and enforcement of a London arbitration award in the UAE.
Following the first two economic stimulus packages introduced by the Indonesian President Joko Widodo’s administration in September 2015, in October this year the government launched the much anticipated third phase of the stimulus package. These measures are intended to bolster the weakening Rupiah (IDR) and boost investment in the industrial sector.
In the first line of his leading judgment, Lord Mance wrote “cigarettes attract smokers, smugglers and thieves”. This appeal involved two separate container loads of cigarettes: one allegedly hijacked in Belgium en route between Switzerland and the Netherlands, and the other stolen in part near Copenhagen en route between Hungary and Denmark.