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Submersible Tourism: A Nightmare for Regulation, or the Catalyst for a Cleaner Ocean?
The call of the deep is an innate yearning in the human mind to explore the mysteries of the ocean and venture deeper. On June 18, 2023, five people dove to explore the legendary wreck of the Titanic on OceanGate’s Titan submersible. The Titan went missing en route to the wreck of the Titanic and the disappearance of the deep-sea submersible triggered a days-long, multinational search and hoped-to-be rescue operation. Unfortunately, all five passengers of the Titan submersible died on their voyage. Global headlines ranged from sympathy for the families of the deceased, to casting aspersions on OceanGate and the whole endeavor. The Titan submersible incident called into question the…
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The US-EU War Over Steel Tariffs Finally Comes to an End
Written by Associate Editor: Andrea Rojas In 2018, former President Donald Trump placed a 25% tariff on steel and a 10% tariff on aluminum imported to the United States from any country in the European Union. The tariff resulted in the EU placing duties on American goods imported to the EU. Under the new agreement, the Trump-era tariff will remain in place but allows for “limited volumes” of EU-produced metals to be imported to the U.S. under a duty-free agreement. In a joint statement at the G20 summit, President Biden and European Commission head Ursula von der Leyen shared the agreement’s details. It emphasized restoring the transatlantic relationship between the…
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The Pandora Papers: The Financial Secrets of the World’s Elite Uncovered
Written by: Amanda Roberts, Associate Editor In an unprecedented leak of millions of documents, the International Consortium of Investigative Journalists (ICIJ) has released the offshore dealings and financial secrets of the world’s richest, including 35 current or former world leaders, 330+ politicians, and public officials across 91 countries. The United States is a key player in the world of offshore finance due, in part, to the role of the dollar as a de facto global currency and the fact that most international transactions flow through U.S. based banking operations. In addition to this, as of 2020, 17 out of the world’s 20 least-restrictive trust jurisdictions were U.S. states. However, the…
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U.S. Nuclear Sub Pact with Australia and Britain Sends a Message to the World
Written by: Ryan Ockenden, Associate Editor. The U.S. and U.K have partnered to enter a deal with Australia, referred to as AUKUS, which enables those nations “to share artificial intelligence, undersea capabilities…other advanced technologies and deepen cooperation on a range of defense capabilities in the Indo-Pacific region.[1] China has claimed that this deal damages regional peace, intensifies an arms race, undermines nuclear non-proliferation efforts, and goes against cooperation and trust.[2] That assertion is wholly rich considering China’s actions in the region. China’s ever-expanding presence in the Indo-Pacific region is troubling. It has acted boldly in its militaristic actions toward other nations – like Vietnam and the Philippines – challenging territorial…
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Liquidity Factor on Taxable Income
Written by: Mark Rokow, Associate Editor There should be a deduction for liquidity when recognizing Taxable Income under the Internal Revenue Code to help remedy inequitable tax applications to both domestic and international transactions. Liquidity, in this instance, is defined simply as how quickly an individual can turn an asset into money. The quicker an asset can become cash, the more liquid it is. Section 63 of the Internal Revenue Code defines taxable income as gross income less deductions allowed.[1] Section 61 defines gross income as “all income from whatever source derived.”[2] Based on these two definitions, taxable income is all non-excluded income, from whatever source, less deductions.[3] This definition…
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‘OUR RIGHT TO VOTE’: HOW COVID-19 IS INFECTING DEMOCRACY AROUND THE WORLD
By Audrey Bimbi, Associate Editor COVID-19 has caused disruptions in more ways that many could have anticipated. Now added to the list of disruptions is the virus’ threat to democracy and the right to vote. As of April 15, 2020, several countries have postponed their elections to avoid putting people’s lives at risk, with South Korea currently standing out as an exception. With approximately 14,000 disinfected voting stations, South Korea is carrying out its elections in the strictest form, requiring voters to wear masks and stand about 3 feet from each other. Even those who are infected can vote by mailing the ballots. Regardless of whether countries will continue to…
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Global Mask Treasure Hunt Ensues Amid Rapid COVID-19 Spread
By Elena Delella, Associate Editor As of April 7th, 2020, the number of confirmed coronavirus disease (COVID-19) cases has risen to 1,280,000, while the global death toll has reached 72,780. COVID-19’s rapid spread has led to a global scramble for personal protective equipment (PPE). N-95 masks are one specific type of PPE that is hardest to find. These masks and other PPE are so difficult to obtain that the French are referring to the global race as “guerre des masques” – the war of the masks. Countries are not the only opponents in this war. Individuals are also fighting to amass masks as the World Health Organization (WHO) and the…
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The COVID-19 Pandemic: Are the PHEIC Protocols Doing Their Job?
By Kara Rockey, Associate Editor Since the first reported case of COVID-19 emerged in China in December 2019, there have been over 416,000 confirmed cases and over 18,000 confirmed deaths, all spurring from 197 affected countries. Ultimately, the rapid spread of the virus has highlighted a global vulnerability to the spread of novel infectious diseases, particularly ones spread easily through close proximity and social interaction. The World Health Organization (WHO) has been at the forefront of global efforts to combat the COVID-19 pandemic by providing leadership and guidance to many affected countries, contributing to research efforts, and setting global standards and monitoring their implementation. The IHR is a binding instrument…
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As Coronavirus Cases Rise Globally So Too Do Risks for International Businesses and Transactions
By Cody Lind, Associate Editor Coronavirus (COVID-19) has captured the world’s attention and concern as it continues to spread globally – leaving the international community with more questions than answers. As of March 3, 2020, The Word Health Organization has confirmed 91,783 cases of the virus worldwide, totaling 3,123 deaths. The virus has been confirmed in 74 countries, including China (80,303) where it was first detected, South Korea (4,812), Iran (2,336), Italy (2,036), and the United States (64). While the virus’s human impact is clear, the coronavirus’s impending threat to the global economy cannot be understated. In the past week, stocks in Europe and Asia have plummeted. In the US, the…
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Crypto Hub of Asia Has First Legal Battle Decided
By Greg Browne, Associate Editor Singapore’s Court of Appeals just ruled on its first legal dispute involving cryptocurrency. Four out of five judges concluded that Quoine Exchange, one of the world’s major bitcoin exchange operators, should pay damages for wrongfully reversing seven transactions on its platform in April of 2017. What is most interesting about this case is that the actors of both parties were a bunch of algorithms; there was no human error involved. In April 2017, B2C2, an electronic market maker, successfully sold 309 ether for 3,092 bitcoins, generating a profit of $3.7 million. Quoine claimed a glitch arose as it was reconfiguring passwords for its hacker defense…