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China Banks Pull Out Of World Bank, IMF Events

China Banks Pull Out Of World Bank, IMF Events | Selected Articles in Geopolitics | Scoop.it

Published October 02, 2012

 

Japan's territorial dispute with China could finally be spilling onto the global stage.

 

Several big Chinese banks say they've canceled participation in the high-profile annual meeting of the World Bank and International Monetary Fund--to be held in Tokyo next week--as well as in the constellation of events taking place alongside. Some of the banks say they've also pulled out of another big financial-industry conference scheduled to take place in the western Japanese city of Osaka at the end of the month.


Most of the banks haven't given a reason for their last-minute no-shows. But the withdrawals come amid an escalating tit-for-tat between China and Japan, which recently nationalized a set of islands in the East China Sea that are also claimed by Beijing. China has shown its displeasure by canceling some diplomatic events and sending patrol boats into what Japan considers its territorial waters--with one group going through Tuesday. Some Japanese companies have reported falling demand for their goods in China and unusually strict inspections as well as processing delays at Chinese ports.


"Quite frankly, it's Japan-China relations," said an official at the Tokyo branch of the Agricultural Bank of China, explaining why the bank was pulling out of both IMF-related events and the Osaka conference, which is sponsored by Belgium-based SWIFT, a group set up by financial institutions to handle transactions. The bank is still sponsoring and participating in a meeting of the Institute of International Finance--a global association of financial institutions--that is taking place in Tokyo at the same time as the IMF meeting, another official said.


The moves by the Chinese banks are the latest sign that souring relations between Asia's two biggest economies are starting to affect the broader, economic realm, and go beyond regional squabbling. The annual meeting of the IMF and World Bank is the largest single gathering of finance and economic officials, non-governmental organizations and bankers. Organizers estimate some 20,000 delegates will be in Tokyo for a range of meetings and seminars, taking place Oct. 9-Oct. 14.


China has long sought a more important role in such global forums, even as its dynamic economy has been playing an increasingly significant part in bolstering global growth. But some experts warn that letting bilateral spats spill into key economic and financial areas may be a sign China isn't quite ready to be at the international leaders' table.


"The point is really about China being a global player," said Fraser Howie, a Singapore-based co-author of "Red Capitalism," a book on China's financial system. "China may rightly demand a seat at the head table, but what signal does it send when they go off in a huff over these types of issues. Such boycotts are pointless. They only harm China and make China out to be a unstable and unreliable partner."


An official at the Tokyo branch of the Bank of Communications--another big Chinese lender--said it had pulled out of IMF-related events, while a Tokyo-based official at the China Construction Bank said attendees from China had canceled due to "scheduling problems" but that some Tokyo staffers were planning to go. An official at the Tokyo branch of the Industrial and Commercial Bank of China said it had pulled out of the Sibos conference, and that nobody was coming from headquarters in China for next week's events in Tokyo. An official from Bank of China's Tokyo branch said bankers still hadn't decided whether to attend the IMF meetings.
Organizers for Sibos, scheduled for Oct. 29-Nov. 1, confirmed that the ICBC, Agricultural Bank of China and Bank of China had officially withdrawn from the exhibition and speaker participation, but overall registrations were still running ahead of target.


A few Chinese speakers appear to have dropped off the IMF and World Bank schedules as well. The latest schedule for a British Broadcasting Corporation-sponsored debate on rescuing the global economy, for instance, shows German Finance Minister Wolfgang Schauble replacing China Investment Corp. President Gao Xiqing. The CIC couldn't be reached for comment.


"We are aware of the changes in the schedule by some participants in the IMF-World Bank Annual Meetings, but have not been informed why their plans are changing," said IMF spokesman Jeremy Mark. "It is not unusual for the lineup of speakers to change in advance of the meetings."


A World Bank spokesman declined to comment on any matters related to shareholder participation.


Write to Phred Dvorak at phred.dvorak@dowjones.com, Atsuko Fukase at atsuko.fukase@dowjones.com, and Dinny McMahon at dinny.mcmahon@wsj.com

Read more: http://www.foxbusiness.com/news/2012/10/02/china-banks-pull-out-world-bank-imf-events/#ixzz28AeK6hHO

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Une entreprise privée au secours de la souveraineté des États

Une entreprise privée au secours de la souveraineté des États | Selected Articles in Geopolitics | Scoop.it
Des Français viennent de créer à Londres une entreprise, ni société de sécurité ni SMP (société militaire privée).
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FMI, mesures contre la crise

FMI, mesures contre la crise | Selected Articles in Geopolitics | Scoop.it
Le Fonds Monétaire International (FMI) a besoin de 150 milliards de dollars pour aider les pays touchés par la crise à la combattre, a déclaré son directeur général Dominique...
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Edwin P. Wilson: gunrunner and manager of CIA front companies

Edwin P. Wilson: gunrunner and manager of CIA front companies | Selected Articles in Geopolitics | Scoop.it

Edwin P. Wilson, gunrunner and manager of CIA front companies, died on September 10th, aged 84


Sep 29th 2012 | from the print edition

 

NOTHING about Edwin P. Wilson was quite as it appeared. If you met him at an airport—en route to Geneva, London, New York, on joking terms with the Concorde stewardesses—he looked like any other globetrotting businessman. In fact, he was a spy. The companies on the card he flashed from his pocket, Consultants International, or World Marine, Inc., or any of five dozen others, sounded plausible. They were all CIA fronts. He was tall, loud, assertive, and a fund of great stories told over late-night Scotch—how he’d spent an evening clubbing with Somoza, how he’d killed Che Guevara. The real stories, though, he didn’t tell.

 

His chief business in the 1970s was shipping arms to Libya, then under Western sanctions. He didn’t advertise it. But then again, he claimed later, it wasn’t what it seemed. He sold Muammar Qaddafi firearms, some of which were used to murder Libyan dissidents at home and abroad. But that was done to “buddy up” to him, to try to use him like an asset. He offered him plans for making a nuclear bomb, but only to find out how Libya’s own bomb-making was going. The plans were bogus anyway. He recruited ex-Green Berets to train Qaddafi’s intelligence officers, and to teach them to make bombs disguised as bedside lamps and radios. He earned $1m a year from that, but also learned the officers’ identities. It was all done with CIA backing. These were patriotic acts.


Most spectacularly—and disastrously for his cover—in 1977 he shipped to Libya 20 tons of C4 plastic explosives. This was almost the whole of America’s stockpile, flown out of Houston in a DC-8 charter in barrels marked “oil-drilling mud”. Mr Wilson felt no qualms about it. He didn’t believe it had been used for terrorism. He had sent it to ingratiate himself and to get intelligence. The CIA, he said, knew all about it. But the CIA denied it.

 

His connections with the Company had begun in 1955 on the plane home from fighting in Korea, when he was given a name and a number to call by a man who then disappeared. He worked actively for the CIA for 15 years, destabilising European labour unions by using anything—Corsican mobsters, plagues of cockroaches—and setting up his front companies. The work was “a hell of a satisfaction” to him. He left, officially, in 1971, but only for Task Force 157 of the Office of Naval Intelligence, another super-secret outfit. Then, in 1976, he went “freelance”. The CIA contacts, and all the front companies, continued—sending arms to Angola and boats to the Congo, bringing intelligence back—right up to the moment when he stood in a federal court, in 1983, accused among other things of shipping the explosives and sending the guns to Libya without a licence.

 

The third-highest CIA officer in the land declared then, in a sworn affidavit, that since 1971 the agency had had nothing to do with him. Not directly; not indirectly. Contacts zero. For good measure, Mr Wilson was found guilty of offering $50,000 per head for the murders of the federal prosecutor, six witnesses and his wife (from whom he wanted his gold ring back, preferably still on her finger). Some jailhouse snitch, wearing a wire, claimed to have taped him. He was sentenced to 52 years in jail, most of it in solitary: thoroughly, royally screwed, as he put it, by “snotty law-school graduates…with too much power and too few scruples.”

 

The CIA’s story was that he had gone rogue. Deniability was part of the deal, of course. But it was sheer success that made him, in the end, “a little hot”. His front companies were also legitimate businesses, and they made real profits—all the more because his books were hardly audited. Asked once to itemise the cost of a trawler stuffed with surveillance gear, sold to the agency for $500,000, he quoted $250,000 for “product” and $250,000 for “service”. Fine and dandy. Kinglike, and worth $23m, he rollicked over a 2,500-acre estate at Mount Airy in Virginia, lavishing jewels on his girlfriends, entertaining congressmen and generals to picnics and hunting parties. Not bad for a poor farm boy from Idaho. There were “very, very nice” villas, with Pakistani houseboys, in Malta and in Tripoli, where he was forced to lie low for a while in 1980-82, getting too drunk on the disgusting local hooch, before agents cannier than himself tricked him into leaving and repatriated him.

 

Black, white and herringbone

 

His revenge for his framing came almost too late. In 2003 his conviction for the explosives-shipping was overturned because, wrote the judge, the government had lied. Far from no contacts with the CIA between 1971 and 1978, there had been at least 80. Several ran intriguingly “parallel” to the illegal acts he had been charged with. The next year he was released, white-haired at 76, fighting fit and pumped up with his own righteousness, to spend the rest of his days trying to clear his name.

 

He knew that would be a tough sell. For many he would always be a traitor and a terrorist as well as an amoral profiteer. Black couldn’t be made white, and he had to be one or the other, even though reality, as he wrote, “is actually really herringbone”. Those sounded like the words of a man who felt sorry for himself. No, he said; there was no profit in that. Just for a moment then, you might have taken him for an ordinary businessman.

 

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Milan : design et fibre naturelle

Milan : design et fibre naturelle | Selected Articles in Geopolitics | Scoop.it
« Quand la fibre naturelle rencontre le design » Les designers Antoine Fritsch et Vivien Durisotti seront présents à Superstudio Più, via Tortona à Milan dans le cadre du plus...
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