Western countries have been suspicious of China’s outburst of development finance in Africa, even urging African nations to reject Chinese funding. With massive infrastructure investment gaps to fill, Africa has had no choice but to seek a liberal development sponsor for its programs. Furthermore, most African governments often avoid the World Bank and IMF, which have strict compliance requirements for their lending facilities.
The Belt and Road Initiative (BRI) has put China on a collision course with other world superpowers in the international arena. Can Western nations, however, band together to compete with the BRI?
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Should the G7 Countries Offer an Alternative to China’s Belt and Road Initiative?
Cargo Companies Request Congress to Revise Shipping Act
Cargo shippers are urging the United States Congress to act immediately to update rules and the Federal Maritime Commission (FMC) function, claiming that overcrowding, delays, rising fees, and a lack of infrastructure at U.S. seaports have caused unparalleled damage to the global shipping network.
This newest endeavor follows frequent complaints to the FMC by shippers alleging operators of unfair practices and high costs. While the FMC has raised worry about market circumstances, officials from shipping companies have immediately criticized these new recommendations.
The continuing maritime transport crisis has made a huge …
Mitsubishi Heavy Industries to Decarbonize Current Ships
Mitsubishi Heavy Industries (MHI) has begun a new initiative with the Maersk Mc-Kinney Møller Center to evaluate the practical, economical, and environmental considerations involved in converting current ships to operate on zero-carbon energy. The project intends to decrease investment risk in the carbon reduction transition by developing a plan for turning current ships into carbon-neutral vessels.
A technical examination of the safety implications of transforming bulkers, tankers, and box ships to function on urea, methanol, and other alternative fuels will be part of the project. MHI will also investigate the costs involved, …