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Foreign direct investment and private capital flows are highly concentrated geographically, with almost half of them reaching five top destinations. These flows tend to evade many high-risk countries. Regulatory and contractual risks, particularly in infrastructure, have inhibited investments in many parts of the developing world. A core objective of the World Bank Group (WBG) has been to support the flow of private investment for development; guarantees and insurance have been among the instruments that the WBG has used to pursue this objective. This study examines three main questions: • Should the WBG be in the guarantee business? • Have guarantee instruments in the three WBG institutions been used to their potential as reflected in WBG expectations and perceived demand? • Is the WBG appropriately organized to deliver its range of guarantee products in an effective and efficient manner?

This article analyses the legal framework of commercial usage, as well as its use in commercial transactions directly or as a tool for interpreting legal norms and contractual terms. Commercial usages play a vital role in the unification of private law; this unification is high priority. The harmonization of international private law, especially trade law (commercial law), is an objective of many international organizations of global importance. Thus, having established that commercial usages exist as the relevant legal framework, the correct use of this legal framework should be the current focus of legal and related research. The purpose of this article is to provide a comprehensive analysis of the application of commercial usages by evaluating current effective legal documents and current legal practice, especially in Latvian court` judgments to formulate an opinion on the application of commercial usages in Latvia. The research highlights the necessity for broader utilization of commercial usages to advance commercial law development and facilitate the international unification of legal regulations for commercial transactions. This, in turn, would contribute to enhancing cross-border legal predictability and enforcement. The research is based on logical-analytical and descriptive scientific methods, incorporating historical and systemic approaches, as well as generalization of professional experience. The basis of the study is the analysis of various resources and legal acts, as well as observations. Techniques for interpreting legal norms are based on grammatical, historical, systemic, and teleological methods. This research underscores the significance of integrating commercial usages into legal frameworks to improve legal certainty in commercial transactions. It also offers recommendations for refining the definition of commercial usages in Latvian law to ensure consistency and foster unification with international standards.

Small and medium sized enterprises (SMEs) take up over 98% of the structure of economies and are consequently the biggest creators of new jobs, innovations, economic activity, and greater social inclusion in the European Union. One of the biggest issues that SMEs face is collection of accounts receivable. Late payments in commercial transactions are made not only by private but also public sector, and that public sector entities, i.e. state institutions, are even larger generators of illiquidity compared to private companies. SMEs in BiH have certain, although insufficient, legal solutions available in combating late payment in commercial transactions. However, the fear of losing business partners overcomes their willingness to exercise their rights as creditors.

Value chain–based approaches offer tremendous scope for market-based improvements in production, productivity, rural economy diversification, and household incomes, but are often covered by literature that is too conceptual or heavily focused on analysis. This has created a gap in the information available to planners, practitioners, and value chain participants. Furthermore, few references are available on how these approaches can be applied specifically to developing agriculture in Africa. 'Building Competitiveness in Africa's Agriculture: A Guide to Value Chain Concepts and Applications' describes practical implementation approaches and illustrates them with scores of real African agribusiness case studies. Using these examples, the 'Guide' presents a range of concepts, analytical tools, and methodologies centered on the value chain that can be used to design, implement, and evaluate agricultural and agribusiness development initiatives. It stresses principles of market focus, collaboration, information sharing, and innovation. The 'Guide' begins by examining core concepts and issues related to value chains. A brief literature review then focuses on five topics of particular relevance to African agricultural value chains. These topics address challenges faced by value chain participants and practitioners that resonate through the many cases described in the book. The core of the book presents methodological tools and approaches that blend important value chain concepts with the topics and with sound business principles. The tools and case studies have been selected for their usefulness in supporting market-driven, private-sector initiatives to improve value chains. The 'Guide' offers 13 implementation approaches, presented within the implementation cycle of a value chain program, followed by descriptions of actual cases. Roughly 60 percent of the examples are from Africa, while the rest come from Europe, Latin America, and Asia. The 'Guide' offers useful guidance to businesspeople, policy makers, representatives of farmer or trade organizations, and others who are engaged in agro-enterprise and agribusiness development. These readers will learn how to use value chain approaches in ways that can contribute to sound operational decisions, improved market linkage, and better results for enterprise and industry development.

This report analyzes the different standard methods of quantity measurement, which, when applied in the processes of receiving and transferring fuel quantities, lead to discrepancies and accounting losses. Three main factors contribute to these discrepancies: unavoidable errors of measuring devices (calibration uncertainty ranging from 0.1 to 0.5% at best), systematic errors due to non-applied corrections during transactions, and systematic errors due to different regulations, which result in inconsistent conversion rules applied throughout the entire purchase-production-sales chain. Modeling of air buoyancy effects showed that neglecting buoyancy correction can lead to measurable and economically significant discrepancies, especially in large-scale operations. The mass of light petroleum products can be underestimated by up to 0.15%, potentially resulting in approximately $3 million in annual financial losses for a medium-sized refinery processing 10,000 tonnes per day. These findings underscore the necessity of applying buoyancy corrections for conventional weighing, especially for liquid petroleum products (LPP) measured in open systems. Conversely, for LPG weighed in closed, pressurized containers, a constant correction factor (0.99985) applies, but its economic impact is negligible. Therefore, the study recommends omitting this LPG correction unless contractually required, to streamline processes and reduce complexity. Achieving result comparability throughout the entire petroleum supply chain requires implementing uniform quantity calculation provisions using calibrated instruments and standardized methods under different conditions. This necessitates that all measurement results are traceable to reference conditions (mass in vacuum, volume at +15 °C). The proposed algorithms for oil mass and volume measurement and recalculation highlight the need for unified international regulations and a robust system.

In the beginning of the second book of his Politeia (Republic) Plato in passage 2.358e-359a-c raises the issue of the administration of justice as a means of motivating people to behave fairly regarding their relationships and when cooperating with each other because, at the end, this is mutually beneficial for all of them. We argue that this particular passage could be seen as a part of a wider process of evolution and development of the institutions of the ancient Athenian economy during the Classical period (508-322 BCE) and could be interpreted through modern theoretical concepts, and more particularly, game theory. Plato argued that there are two players, each with two identical strategies, to treat the other justly or unjustly. In the beginning, each player chooses the 'unjust' strategy, trying to cheat the other. In this context, which could be seen as a prisoner's dilemma situation, both end with the worst possible outcome, that is, deceiving each other and this has severe financial consequences for both of them. Realizing this, in a repeated game situation, with increasing information on the outcome and on each other, they choose the \"just\" strategy so achieving the best outcome and transforming the game in a cooperative one. We analyze this, formulating a dynamic game which is related to international commercial transactions, after explaining how such a situation could really arise in Classical Athens. We argue that this is the optimal scenario for both parties because it minimizes the risk of deceiving each other and creates harmony while performing financial transactions.

Pre-Islamic economic practices such as gharar, munābadhah, bay' al-ḥaṣāh, muḥāqalah, muzābanah, mulāmasah, ḥabal al-ḥabalah, mu'āwamah, among others, were causes of disputes and feuds among families, clans, and tribes. Islam prohibited those and many other economic transactions, and regulated commercial activities, giving birth to the early economic law in Islam. Undoubtedly, Islamic economic law tackled two major problems coming from the jāhiliyyah period, which were still in practice at the beginning of Islam: one to avoid tribal feuds and the other to protect the weaker participant in any commercial transaction. This essay analyses these Islamic commercial regulations as contained both in the Qur'ān and the sunnah. In order to acquire a more general view of some social activities at the time of Prophet Muḥammad, this paper also deals with Prophet Muḥammad's recommendations for all travellers, whether or not they moved from one place to another in search of economic transactions.

The adoption of arbitration in the light of its well established attributes promotes confidence levels in the general businesses environment, enhances institutional trust, whilst also developing practical compromise resolution mechanisms. However, Nigeria, a developing economy has not matched policy intent with commercial realities, particularly in terms of broad based integration and utilization of arbitral tools. This trend is not sustainable in the light of the renewed efforts to promote enhanced justice delivery; lower administrative costs and the urgent need to optimize the capabilities of the judicial arm of government. The paper assessed specific arbitral provisions of selected, State High Court Civil Procedures Rules, and on this basis critiqued the arbitral visibility and incorporation relative to established legal processes. Amongst other salient issues, a robust application of arbitration is recommended especially in view of the peculiarities of Nigeria's legal processes, judicial institutions, evolving political and social-economic indicators.