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Renegotiation and Contract Adaptation in International Investment Projects
(Brill, 2000-07-02) Kolo, Abba; W. Walde, Thomas
This study focuses on the law and practice with respect to renegotiation of long-term international investment agreements-particularly in the natural resources and energy sector. It analyses the concept of renegotiation in the context of long-term international commercial contracts, and in particular in the upstream petroleum industry. It discusses the reasons governments and companies have for insisting on, and accommodating, renegotiation. It provides a survey of legal issues which are relevant to renegotiation. First, naturally, the question of what law is applicable, and second, how the major legal systems deal with the issue of renegotiation (including international law). The survey then concentrates on how, in practice, particularly in the natural resources industry, governments and companies have dealt with the challenge of renegotiation due to changed circumstances, and it concludes with a recommendation on how reasonable contract partners should accommodate fundamental changes of circumstance.
Environmental Regulation Investment Protection and 'Regulatory Taking' in international law
(Cambridge University Press, 2001) Kolo, Abba; Waelde, Thomas
THIS article addresses a currently very controversial issue—the question of environmental regulation of foreign investment and the limits on such national regulation by international law, in particular by recently completed and nego-tiated multilateral investment Treaties (MITs). It contributes to the emerging discussion on how and where to draw the line between legitimate non-compensable national regulation aimed at protecting the environment, or `human, animal or plant life or health'l on one hand, and regulation which is `tantamount' to expropriation requiring compensation, on the other. It is a question that is largely responsible for the 1998 collapse of the negotiations for a Multilateral Agreement on Investment (MAI) within the OECD.2 This experience is currently the main obstacle for negotiating multilateral invest-ment agreements—and it has already become a problem for the proper imple-mentation of the already existing ones—in particular the novel and far-reaching investor-state arbitration under Chapter XI of NAFTA and Art.
Environmental Regulation, Investment Protection and 'Regulatory Taking' in International Law
(2001) Waelde, Thomas; Kolo, Abba
This article addresses a currently very controversial issue-the question of environmental regulation of foreign investment and the limits on such national regulation by international law, in particular by recently completed and negotiated multilateral investment Treaties.
Legal Issues arising from the Termination of Oil Prospecting Licenses by the Nigerian Government
(Taylor and Francis Journals, 2001-10-02) Kolo, Abba
When it came to power in 1999, the present Nigerian Government cancelled several contracts, including oil prospecting licences, that had been set up by the previous military regime. This article assesses the policy implications of the cancellation of the contracts in terms of the country's ability to attract foreign investment and discusses recent attempts to encourage foreign investment in Nigeria. The article goes on to examine the legal nature of petroleum prospecting licences and argues for the contractual element to take precedence over the administrative element under the current liberal investment climate.
Managing Post-Privatisation Political and Regulatory Risks in Nigeria - a Law and Policy Perspective
(Taylor and Francis Journals, 2004-05-01) Kolo, Abba
In an effort to revive the ailing economy andjoin the global markets, successive Nigerian governments since 1986, have taken measures that were aimedat liberalising the economy and creating a conducive atmosphere for more private, especially foreign direct investment, long recognised as engines of growth and development and prosperity Among the policy initiatives were: the repeal or amendment of certain laws and regulations that restricted foreign investment, and privatisation of state-owned enterprises. These reform measures have reduced the political risk perception of the country by foreign investors as evidenced in the increased level of foreign participation in the telecommunications, and oil and gas industries. However, with liberalisation and privatisation, new forms of political and regulatory risks emerge that require new management techniques. These risks include possible changes in environmental and social regulations, discriminatory treatment of the private/foreign investor by regulatory agencies through licensing, taxation and enforcement of business laws, control of essential facilities by dominant enterprises, lack of observance of the rule of law and other good governance issues.
Investor-State Disputes: The Interface Between Treaty-Based International Investment Protection and Fiscal Sovereignty
(Kluwer Law Online, 2007) Walde, Thomas; Kolo, Abba
Taxation of foreign investment is an important part of the interaction between foreign investors and host states (and to some extent, home states) in the international investment process. While every foreign investor accepts that tax is the price to pay to host states for being allowed to operate in their territory, governments view tax not only as a means of raising revenue but also as a tool for regulating foreign investment. However, sometimes that regulatory authority might be exercised in a manner detrimental to the interests of the foreign investor, either by undermining the economic function of its investment or rendering it uncompetitive vis-à-vis other investors, especially domestic investors. Thus, like all other regulatory instruments, taxation might be used by a host state to squeeze a foreign investor out of its property rights.
Investor Protection vs Host State Regulatory Autonomy during Economic Crisis: Treatment of Capital Transfers and Restrictions under Modern Investment Treaties
(Brill, 2007-03-01) Kolo, Abba
There is a debate amongst economists over whether foreign exchange restrictions-as a form of capital control1-drive away foreign investors, or whether they can be used to stem the damaging effects of the flow of 'hot money'; why do countries impose capital restrictions and whether such restrictions are the best available options to countries facing economic crises.2 For international investment lawyers, the main questions are: to what extent is a host state under legal duty to comply with the capital repatriation obligations of an investment treaty in the face of economic or financial crisis or threat thereof? Who should bear the risk of such economic turmoil and measures taken by the state to ameliorate the situation; should it be the private investor or the public in whose interest the restrictions were imposed? Should a determination by the national authorities on the appropriateness to impose restrictions be self-judging or subjected to an international scrutiny under relevant investment treaties and instruments such as the Articles of Agreement of the IMF, GATT and GATs rules? What margin of appreciation should be afforded a host state in an analysis of the rights of the foreign investor to repatriate capital on the one hand, and the regulatory autonomy of the host state on the other?
Capital Transfer Restrictions under Modern Investment Treaties
(Oxford Academic, 2008-03-02) Kolo, Abba; Walde, Thomas
This chapter examines the restrictions on capital transfer in modern investment treaties. It suggests that capital transfer restrictions have been used as a means of regulating foreign investment, however, the power of the host state to impose capital transfer restrictions is constrained by general international law and modern investment treaties in order to prevent or minimize abuse of the right, and protect the interests of foreign investors. It discusses the criteria used to evaluate the legality of exchange restriction measures.
Economic crises, capital transfer restrictions and investor protection under modern investment treaties
(Oxford University Press, 2008-03-24) Kolo, Abba; Walde, Thomas
The Asian and Russian financial crises in 1998 and the Argentine economic crisis of 2001 and the claims brought against some of the countries (in particular Argentina) by foreign investors have raised many international law questions, amongst which is the power of host states to impose capital controls that are inconsistent with their bilateral and multilateral investment treaty obligations and which adversely affected the rights of foreign investors.
TAX "VETO" AS A SPECIAL JURISDICTIONAL AND SUBSTANTIVE ISSUE IN INVESTOR-STATE ARBITRATION: NEED FOR REASSESSMENT?
(Hein Online, 2009-03-01) Kolo, Abba
Despite the evolving nature of the global economy and the role of the state from the "nation-states" (Westphalia) into "market-states" with emphasis on privatization of hitherto state activities and competitive markets, which entail more external disciplines on state power especially in the areas of trade, invest- ment, and human rights,1 most governments still viewed taxa- tion as a central element of sovereignty and so are reluctant to accept extensive or heightened international disciplines on their taxing powers.2
Agora – Asymmetry and Equality of Arms: Foreword
(Wolters Kluwer, 2010) Elisabeth Kjos, Hege
This article addresses some procedural challenges that arise primarily in investment disputes—i.e., treaty-based arbitration against states—which concern special procedural privileges invoked by the respondent state and actions specific to a state that may amount to an abuse of its powers, posing a risk to the integrity of the arbitral procedure. It argues that investment treaty arbitration is asymmetrical in nature, as treaty states wield disproportionate powers vis-à-vis private claimants. When deployed inappropriately, such powers can undermine the principle of equality of arms in adjudication. In such situations, there is a duty on the arbitral tribunal to proactively restore the equality of arms affected by an abuse of government powers. The key concept that provides substance to the tribunal’s duty to restore this balance is that of inherent powers.
Blockchain Technology for Hospitality Industry
(Springer, 2011) Khanna, Abhirup; Sah, Anushree; Choudhury, Tanupriya; Maheshwari, Piyush
Blockchain technology and its economic, social, and technological implications, have seen significant upsurge among researchers across the globe. Blockchain has revolutionized the concept of transactions by enhancing their security and efficiency. The blockchain technology is primarily associated with Bitcoin but however, the technology has the potential to go far beyond crypto currencies across various verticals. In a recent survey performed by Deloitte, more than 53% of the responds across various industries see blockchain tech nology as a critical requirement for their respective organizations[4]. The hospitality industry is one such domain where blockchain can prove enormously beneficial. The paper explores major application areas that involve the applicability of blockchain technology in the hospitality industry. The work investigates the implications of blockchain technology in enhancing operational efficiency, in creased revenue and improved security and privacy for the hospitality industry. The paper establishes a link between blockchain technology and the hospitality sector and subsequently analyses recent works and case studies. A two-step research study has been introduced to present a systematic review of some of the main contributions in the literature that focuses on the integration of the blockchain technology and hospitality industry. The article adds to an interesting concept of blockchain technology, and its current research trends with respect to the hospitality industry and their various areas of application.
Dispute settlement and sustainable development of natural resources in Africa
(Edward Elgar Publishing, 2011-02-23) Kolo, Abba
To a large extent, the above observation made by the World Bank more than two decades ago in the context of socio- economic development still stands and probably applies with respect to conflicts that threaten sustain able development of the natural resources of most African countries. This chapter argues that inadequate or ineffective (real or perceived) access to justice to those harmed by natural resource exploitation fuels armed conflict in most resource- rich African countries, which in turn threatens sustainable development of the resources. The chapter focuses on the need for future investment treaties and/or natural resources development agree ments in Africa to incorporate key sustainable development principles (such as protection of fundamental human rights and the environment) and to subject these rights to binding international arbitration provision of the treaty or agreement. The chapter suggests that institutionalising good governance through international adjudication of resource- related disputes between host communities and foreign investors/host states is not only desirable but necessary for the sustainable development of such resources in Africa. International adjudication is as important in resolv ing such disputes as it is with respect to disputes between host states and foreign investors.
Establishing international branch campuses: a framework for assessing opportunities and risks
(Taylor and Francis, 2016) Wilkins, Stephen
At the start of 2016, there were 230 international branch campuses operating worldwide, but of the campuses that were established since the mid-1990s, around 10 per cent have failed. The purpose of this article is to propose a framework that the strategic decision makers in higher education institutions can refer to when evaluating opportunities to develop branch campuses in foreign countries. The framework derives from empirical evidence that was the product of a rigorous search of the literature and other secondary sources, and it has drawn upon business management theories such as institutional theory, Porter’s industry-based view, and Barney’s resource-based view. Thematic analysis was used to identify the following themes, or influencing factors, in the data: environmental, industry, and organisational. The framework provides higher education managers with an analytical tool to guide a process of systematic data collection and analysis, which includes reflection on institutional objectives, resources, and competencies. It is likely that the systematic, data-driven approach promoted by the framework will in future reduce the number of international branch campus failures.
The effects of social identification and organizational identification on student commitment
(Taylor and Francis, 2016) Wilkins, Stephen; Butt, Muhammad Mohsin; Kratochvil, Daniel; Balakrishnan, Melodena Stephens
The purpose of this research is to investigate the effects of social and organizational identifications on student commitment, achievement and satisfaction in higher education. The sample comprised 437 students enrolled in an undergraduate or postgraduate programme in business or management. A model was developed and tested using structural equation modelling. It was found that organizational identification is a stronger predictor of student commitment, achievement and satisfaction than social identification. Although organizational identification was a strong predictor of student satisfaction, student commitment was better at explaining student achievement. The implications for higher education institutions are discussed. To the knowledge of the authors, this is the first study to examine the effects of organizational identification on student commitment, achievement and satisfaction. The key contribution of the research is in providing support for the hypothesis that organizational identification can influence the attitudes and behaviour of higher education students, as it has been shown to do with employees and consumers.
The use of MOOCs in transnational higher education for accreditation of prior learning, programme delivery, and professional development
(Emerald, 2016) Annabi, Carrie Amani; Wilkins, Stephen
Purpose The purpose of this paper is to investigate how, and the extent to which, massive open online courses (MOOCs) might be used in the accreditation of students’ prior learning, in programme delivery at international branch campuses, and for lecturers’ professional development (PD) in transnational higher education. Design/methodology/approach The data were obtained from two international branch campuses in the United Arab Emirates. The research adopted a qualitative methodology that involved 20 lecturers participating in semi-structured interviews and ten lecturers participating in a focus group. A rigorous process of content analysis was used to analyse and interpret the data. Findings Lecturers in transnational higher education perceived that MOOCs were not suitable for accredited prior learning but that they might be useful as a supplementary resource for student learning and for personal PD. There was a strong belief that as international branch campuses offered a commodified product, MOOCs were unlikely to be adopted as a replacement for traditional programme delivery methods, as students strongly prefer face-to-face teaching and support. Practical implications The research has identified a number of recommendations for higher education institutions operating in transnational settings, which might improve both institutional and individual performance. Institutions that intend to use MOOCs in programme delivery should consider how their students and staff would react to such a move, and how this might impact upon institutional image and reputation. Originality/value Surprisingly, there has been little academic research published on the use of MOOCs in higher education, and to the authors’ knowledge, this is the first study conducted in a transnational education setting. The uniqueness of the environment in which international branch campuses operate, as well as their different objectives and student profiles, provide the rationale for this research.
Consumers’ behavioural intentions after experiencing deception or cognitive dissonance caused by deceptive packaging or slack filling
(Emerald, 2016) Wilkins, Stephen; Beckenuyte, Carina; Muhammad Mohsin, Butt
Purpose The purpose of this study is to discover the extent to which consumers are aware of air filling in food packaging, the extent to which deceptive packaging and slack filling – which often result from package downsizing – lead to cognitive dissonance and the extent to which feelings of cognitive dissonance and being deceived lead consumers to engage in negative post-purchase behaviours. Design/methodology/approach The study analysed respondents’ reactions to a series of images of a specific product. The sample consisted of consumers of fast-moving consumer goods (FMCG) in the UK. Five photographs served as the stimulus material. The first picture showed a well-known brand of premium chocolate in its packaging and then four further pictures each showed a plate with a different amount of chocolate on it, which represented different possible levels of package fill. Findings Consumer expectations of pack fill were positively related to consumers’ post-purchase dissonance, and higher dissonance was negatively related to repurchase intentions and positively related to both intended visible and non-visible negative post-purchase behaviours, such as switching brand and telling friends to avoid the product. Furthermore, consumers with low product involvement were less likely to repurchase the brand, and were more willing to engage in visible and non-visible negative behaviours. Research limitations/implications The key message from this study is that consumers’ post-purchase dissonance is likely to damage the firm. Although firms may initially achieve increased sales through deceptive packaging and slack filling, these practices risk damaging a brand’s reputation and consumer loyalty to the brand. Firms need to strike a balance between packaging size and content, and as consumer expectations are likely to vary across different products, individual companies should engage in market research and substantive market testing. Originality/value To the authors’ knowledge, this is the first study that investigates antecedents and consequences of cognitive dissonance experienced by consumers which was caused by perceived deceptive packaging and/or slack filling.
Issues and challenges for small countries in attracting and hosting international students: the case of Lithuania
(Taylor and Francis, 2016) Urbanovič, Jolanta; Wilkins, Stephen; Huisman, Jeroen
At the start of 2016, there were 230 international branch campuses operating worldwide, but of the campuses that were established since the mid-1990s, around 10 per cent have failed. The purpose of this article is to propose a framework that the strategic decision makers in higher education institutions can refer to when evaluating opportunities to develop branch campuses in foreign countries. The framework derives from empirical evidence that was the product of a rigorous search of the literature and other secondary sources, and it has drawn upon business management theories such as institutional theory, Porter’s industry-based view, and Barney’s resource-based view. Thematic analysis was used to identify the following themes, or influencing factors, in the data: environmental, industry, and organisational. The framework provides higher education managers with an analytical tool to guide a process of systematic data collection and analysis, which includes reflection on institutional objectives, resources, and competencies. It is likely that the systematic, data-driven approach promoted by the framework will in future reduce the number of international branch campus failures.
Country of origin and country of service delivery effects in transnational higher education: a comparison of international branch campuses from developed and developing nations
(Taylor and Francis, 2016) Chee, Chiu Mei; Butt, Muhammad Mohsin; Wilkins, Stephen; Ong, Fon Sim
Over the last decade, international branch campuses have been established by universities from developing countries as well as developed countries. Little research has been conducted into students’ perceptions of branch campuses from different countries, or how universities from different countries compete in the increasingly competitive market. A framework incorporating the concepts of country of origin and country of service delivery is adopted to assess how potential undergraduate students in Malaysia perceive the home and international branch campuses of universities from the United Kingdom (UK) and India, which are used to represent universities from developed and developing nations. It was found that for a university from a developing nation, students perceived the image, reputation, quality and brand equity of its home campus more positively than its international branch campus. The results suggest that although all universities must devise and implement strategies that enhance the image and reputation of their international branch campuses, institutions from developing countries should seek niche markets where they do not have to compete directly with prestigious universities from developed countries.
Bio fuel renewable energy, 3 rd generation bio fuel.
(2016) Nofal, Heba; Abu-Hijleh, Bassam
Biofuel energy is one of the oldest resources that ever known, which is similar to the fossil fuel in the making process (hydro carbonic way) but different in the period that takes to prepared. More and more expected demand for the ethanol and biodiesel in the future, developed countries realized the important role of renewable energy, so they mandated a use of renewable energy such as U.S. that mandated a usage of 36 billion gallons of biofuel by 2022 [1]. However, still there are many issues should be discussing the ability of biofuel to meet the sustainable demands and not affect the environment and biodiversity in general. The third generation can consider as the most developed technology of biofuel to produce energy. By using microalgae, generation can avoid all the drawbacks of the first and second generation. This research will focus on the ability of algae to produce energy, the demand, and circumstances that need it, and the impact of this technology on the surroundings environment especially on the water that because water is the primary environment for the growth of algae. Also, it will present the new technology of using algae and it significant role in sea pollution as many industries disposed of the chemical in the sea.

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