| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 European
 International
 
 Analysis/Comment

RSS FEED


How to use our RSS feed

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax 2008

Climate Change Reports

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : International Last Updated: Sep 16, 2009 - 8:00:08 AM


China confirms "firm opposition" to Japan's bid to extend its continental shelf; India to expand navy to support seabed mineral exploration
By Finfacts Team
Sep 16, 2009 - 6:15:06 AM

Email this article
 Printer friendly page

China on Tuesday confirmed what it termed its "firm opposition" to Japan's bid to extend its continental shelf in the southern Pacific. Meanwhile, India is planning to add up to 100 warships to its fleet over the next decade, as it seeks to modernise its armed forces; develop low-cost shipbuilding capabilities and support the search for seabed minerals.

Last November, Japan submitted an application to the UN Commission on the Limits of the Continental Shelf, asking for recognition of Japan's continental shelf based on the what China terms the "so-called Okinotori Island."

A sub-panel of the UN Commission began to examine Japan's submission last week, and China has lodged its opposition.

What Japan calls Okinotori Island, some 1,740 km south of Tokyo, was merely an atoll that cannot sustain human habitation or economic life of its own, China's Foreign Ministry spokeswoman Jiang Yu said at a news briefing.

She said Japan's application to claim exclusive economic zones or continental shelves based on such an atoll violated the regulations of the United Nations Convention on the Law of the Sea (UNCLS). The bid has attracted attention from the international community.

According to Article 121 of the UNCLS, rocks which can not sustain human habitation or economic life of their own, should have no exclusive economic zone or continental shelf.

"China's position on the issue is consistent, and we hope the UN Commission on the Limits of the Continental Shelf will handle the problem properly,"Jiang said.

According to UN rules, nations can claim a right to a continental shelf extending beyond their 200-nautical mile coast boundaries if they have evidence to support the claim. 

Okino-Tori-shima is a small, extremely isolated reef located near the centre of the Philippine Sea region of the western Pacific Ocean. The reef lies 1,190 km northwest from US-controlled Guam  and 1,062 km southeast from Okinawa (in the Ryukyu Archipelago). The closest landfall to Okino-Tori-shima is the small island of Oki-Daitō-jima, 675 km to the northwest.

Okino-Tori-shima consists of a 4.5 km long, mostly submerged reef formation with an approximate area of 8 km². Its outer reef crest protects a shallow interior lagoon, within which are found three small artificial islets (concreted over), a research platform and a number of emergent rocks.

In 2005, the New York Times said the smaller of the two islets is roughly the size of a twin bed and pokes 7.4 centimeters out of the ocean. The larger, as big as a small bedroom, rises about twice as high.

Up to that time, the Japanese government had already spent $600 million to keep the two barren islets in the western Pacific above water. The islets have long allowed Japan to assert exclusive economic control over an ocean area larger than all of the country.

Meanwhile, India plans to extend its fleet of 120 ships by up to 100 warships, in response to China's growing presence in the waters of South Asia, which are believed to have a seabed that is rich in reserves of oil and gas, and minerals such as manganese, cadmium and nickel, as land-based resources are depleted.

The FT reports that the Goa-based National Institute of Oceanography, has surveyed an area of nearly 4km² in the central Indian Ocean basin that has led to findings of “significant commercial grades” of copper, nickel, iron and cobalt deposits.

India has exclusive rights there, from the International Seabed Authority for exploration.

Related Articles


© Copyright 2009 by Finfacts.com

Top of Page

International
Latest Headlines
Markets News Afternoon: Shares fall in Dublin; Inventories at US wholesalers unexpectedly dipped in December indicating rise in demand
The Big Tilt: Western companies unprepared for the rise of Asia; Senior executives should move to region
Markets News Tuesday: Shares fall slightly in Europe and Dublin; German consumer prices dip in January; UK retail sales stall
Tuesday Newspaper Review - Irish Business News and International Stories - - February 09, 2010
US Employment Trends Index rose in January for the fifth consecutive month; Trend points to the resumption of jobs growth soon
Dow Jones Industrial Average closes below 10,000 level; First crossed threshold in March 1999
Markets News Afternoon: Shares up slightly in Europe and US
Markets News Monday: G7 to canvass support for global banking levy; Aer Lingus traffic rose in January; German manufacturing turnover fell in December
Monday Newspaper Review - Irish Business News and International Stories - - February 08, 2010
Asia 2010 growth forecast upgraded - - region will be responsible for 60% of global growth of 4.4%; World's Emerging Markets will account for 75% of growth
US unemployment rate fell to 9.7% in January; Employment dipped by 20,000 and the broad measure of unemployment fell to 16.5%
Markets News Friday: Stocks, commodities and euro plunge; OECD composite leading indicators give stronger signals of economic expansion
Friday Newspaper Review - Irish Business News and International Stories - - February 05, 2010
China says currency exchange rate close to "reasonable" level
Markets News Afternoon: Stocks slide in Europe and US as sovereign debt worries rise; Euro below $1.38; Trichet says ECB’s interest rate are “appropriate”
US retailers posted mixed sales results for January; New weekly jobless benefit claims rose unexpectedly; Manufacturers' orders gained in December
Markets News Thursday: Deutsche Bank reports net income of €5.0 billion in 2009; Embattled Toyota swung into black in last quarter
Thursday Newspaper Review - Irish Business News and International Stories - - February 04, 2010
Growth of global service sector moderated in January
Obama raises issue of China's dollar-pegged currency at time of rising tensions