
James A. Dorn
The Polar Code, an international regime covering a range of shipping-related matters for vessels operating in polar waters, was adopted by the International Maritime Organization, a specialized agency of the United Nations headquartered in London, England. Effective January, 1, 2017, the rules regulate navigation in waters in and around the Arctic and Antarctica, and include ship design, construction and equipment; operational and training concerns; search and rescue; and the protection of the unique environment and eco-systems of the polar regions.
New signs of life have begun to emerge in China’s restive domestic M&A market. The past years of relative quiet are giving way to political and economic reforms and China’s new normal economy. For example, at the end of 2014, 1,536 transactions were closed for an average value of $131 million.
Despite Washington’s efforts to persuade its Gulf Cooperation Council (GCC) allies that a comprehensive nuclear agreement with Iran would serve their long-term interests, most Gulf Arab monarchs remain far from sold. In addition to economic concerns about the potential reintegration of Iranian gas and oil into global markets, the GCC fears that a thaw in U.S.-Iran relations will diminish the council’s strategic value to Washington.
Contrasting Chinese and American perspectives were on display at the recent Shangri-La Dialogue, during which Defense Secretary Ashton Carter challenged Beijing over its island expansion program. Privately the possibility of war has emerged as a serious topic in Washington. Both nations should draw back from their increasingly dangerous game of chicken.
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