Barcelona Traction, Light and Power Company (BTLP) (locally known as La canadiense in Spanish and La canadenca in Catalan, "The Canadian") was a Canadian utility company that operated light and power utilities in Catalonia, Spain . It was incorporated on September 12, 1911 in Toronto, Ontario , Canada by Frederick Stark Pearson . The company was developed by Belgian-American engineer Dannie Heineman .
51-583: It operated in Spain but was owned mostly by the Belgian holding companies SOFINA and SIDRO and became the subject of the important International Court of Justice case, Belgium v. Spain (1970) . Pearson died in the 1915 sinking of the Lusitania . In 1919, a conflict between a BTLP subsidiary, Riegos y fuerzas del Ebro , and eight office workers escalated into a 44-days general strike called by
102-488: A major economic and political concern as the baby boomers approach retirement age . Although Belgium is a wealthy country, public expenditures far exceeded income for many years, and taxes were not diligently pursued. The Belgian Government reacted to the 1973 and 1979 oil price hikes by hiring the redundant work force into the public sector and subsidizing industries like coal, steel, textiles, glass, and shipbuilding, which had lost their international competitive edge. As
153-408: A deficit of about $ 25 billion. Belgium's accumulated public debt remains high at 99% of 2009 GDP. A slight decrease in the accumulated public debt compared to GDP has been seen, however, thanks to a higher economic growth rate compared to the budget growth rate, which pushed the percentage from 99% of GDP in 2009 to 95% of GDP in 2011, a four-point decrease in two years, a feat rare enough to mention in
204-565: A difficult transition out of sunset industries (mainly coal and steel), while sunrise industries (chemicals, high-tech, and services) dominate in Flanders. Belgium's unemployment rate was 6.5% in 2008. A total of 4.99 million people make up Belgium's labor force. The vast majority of these people (80%), work in the service sector. The Belgian Industry claims 19% of the labor force; and agriculture claims 1%. As in other industrialized nations, pension and other social entitlement programs have become
255-497: A highly efficient and strong social security system; social expenditure stood at roughly 29% of GDP . Belgium's industry is concentrated mainly in the populous region of Flanders in the north, around Brussels and in the two biggest Walloon cities, Liège and Charleroi , along the Sillon industriel . Belgium imports raw materials and semi-finished goods that are further processed and re-exported. Except for its coal , which
306-538: A highly skilled, multilingual, and productive work force. One of the founding members of the European Community , Belgium strongly supports deepening the powers of the present-day European Union (EU) to integrate European economies further. About three-quarters of its trade is with other EU countries. In 2021, Belgium's public debt was about 108% of the country's gross domestic product (GDP). For 50 years through World War II , French-speaking Wallonia
357-639: A host of incentives and benefits. Foreign companies in Belgium account for approximately 11% of the total work force, with the U.S. Attracted by the EU 1992 single-market program, many foreign firms and lawyers have settled in Brussels since 1989. The social security system, which expanded rapidly during the prosperous 1950s and 1960s, includes a medical system, unemployment insurance coverage, child allowances, invalid benefits, and other benefits and pensions. With
408-539: A result, cumulative government debt reached 121% of GDP by the end of the 1980s. However, thanks to Belgium's high personal savings rate, the Belgian Government financed the deficit from mainly domestic savings, minimizing the deleterious effects on the overall economy. The federal government ran a 7.1% budget deficit in 1992 at the time of the EU's Treaty of Maastricht , which established conditions for Economic and Monetary Union (EMU) that led to adoption of
459-448: A rule, anti-protectionist and try to maintain a hospitable and open trade and investment climate. The European Commission negotiates on trade issues for all member states, which, in turn lessens bilateral trade disputes with Belgium. The Belgian Government encourages new foreign investment as a means to promote employment. With regional devolution, Flanders , Brussels, and Wallonia are now courting potential foreign investors and offer
510-450: Is a Latin phrase which means "towards all" or "towards everyone". For instance, a property right is an erga omnes entitlement and therefore enforceable against anybody infringing that right. An erga omnes right can be distinguished from a right based on contract , which is unenforceable except against the contracting party. In international law , it has been used as a legal term describing obligations owed by states towards
561-538: Is a serious breach of peremptory norms of international law like those against piracy , genocide and wars of aggression . The concept was recognized in the International Court of Justice 's decision in the Barcelona Traction case [( Belgium v Spain ) (Second Phase) ICJ Rep 1970 3 at paragraph 33]: ... an essential distinction should be drawn between the obligations of a State towards
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#1732801494648612-649: Is also a small Flemish nationalist union that exists only in the Flemish -speaking part of Belgium, called the Vlaamse Solidaire Vakbond . The last Belgian union worth mentioning is the very small, but highly active anarchist union called the Vrije Bond . About 80% of Belgium's trade is with fellow EU member states. Given this high percentage, it seeks to diversify and expand trade opportunities with non-EU countries. The Belgian authorities are, as
663-525: Is also the main hub and the headquarters of TNT Airways . Charleroi features an industrial area, iron and steel industry, glassworks, chemicals, and electrical engineering. Charleroi is in the center of a vast coal basin, called Pays Noir . Many slag heaps still surround the city. Charleroi is also known for its publishing industry with Dupuis , one of the main publishers of Franco-Belgian comics , located in Marcinelle. The following table shows
714-495: Is no longer economical to exploit, Belgium has few natural resources other than fertile soils . Despite the heavy industrial component, services dominate the country's economy and account for 77.2% of Belgium's gross domestic product (GDP), while agriculture accounts for 0.7%. With exports equivalent to over two-thirds of the country's gross national income (GNI), Belgium depends heavily on world trade. Belgium's trade advantages are derived from its central geographic location and
765-472: Is one of the most important, modern and fastest growing ports in Europe. It is Europe's largest port for RoRo traffic and natural gas . It also is the world's largest port for the import and export of new vehicles. Tourism is also a major component of the economy of Bruges. Due to its pristine medieval city centre, Bruges has become a popular tourist destination. Annually about 2.5 million day tourists visit
816-683: Is roughly 20% higher (per inhabitant) than in Wallonia. Brussels' GDP per capita is much higher than either region, although this is misleading, as many of those that work in the Brussels-Capital Region live in Flanders or Wallonia. Their output is counted in Brussels and not where they live, artificially raising the per capita GDP of Brussels and slightly lowering that of Flanders and Wallonia. Unemployment has remained consistently more than twice as high in Wallonia than in Flanders, and has been even higher in Brussels, during most of
867-412: Is the liberal (classical liberal) union General Confederation of Liberal Trade Unions of Belgium (ACLVB-CGSLB) which is relatively small in comparison to the first two with a little under 290 thousand members. The ACLVB-CGSLB was founded in 1920 in an effort to unite the many small liberal unions. Back then the liberal union was known as the "Nationale Centrale der Liberale Vakbonden van België". In 1930,
918-569: The Balearic Islands who had begun his career as a smuggler and had become an industrialist and banker. He fled Spain after the government of the Second Spanish Republic tried to arrest him. In 1936, he financed a right-wing and military coup that culminated in the three-year Spanish Civil War . March was widely known for involvement in lucrative illegal activities, for bribery and political influence, and for bending
969-686: The Galopin doctrine , the stage was set for a period of rapid development, particularly in Flanders. The postwar boom years, enhanced by the establishment of the European Union and NATO headquarters in Brussels , contributed to the rapid expansion of light industry throughout most of Flanders, particularly along a corridor stretching between Brussels and Antwerp , which is the second largest port in Europe after Rotterdam . Foreign investment contributed significantly to Belgian economic growth in
1020-635: The Great Recession , Belgium suffered negative growth and increased unemployment. GDP growth in 2009 was −1.5%. With 65% of the workers belonging to a union, Belgium is a country with one of the highest percentages of trade union membership. Only the Scandinavian countries have a higher trade union density. The biggest union with around 1.7 million members is the Christian democrat Confederation of Christian Trade Unions (ACV-CSC) which
1071-498: The International Court of Justice but to no avail: the final resolution coming in 1970, eight years after March's death. The government of Spain under Franco in the 1960s placed restrictions on foreigners doing business in Spain. The Belgian stockholders in Barcelona Traction lost money and wanted to sue in the International Court of Justice , but in the court Judge Fornier ruled on the side of Spain, holding that only
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#17328014946481122-458: The Middle Ages and the arms industry is still strong with the headquarters of FN Herstal . The economy of the region is now diversified, the most important centers are mechanical industries ( aircraft engine and Spacecraft propulsion ), space technology, information technology, biotechnology and also production of water, beer or chocolate. Liège Science Park south east of the city, near
1173-587: The University of Liège campus, houses spin-offs and high technology businesses. Liège is also a very important logistic center: the city possesses the third largest river port in Europe, directly connected to Antwerp, Rotterdam and Germany via the Meuse river and the Albert Canal . In 2006 Liège Airport was the 8th most important cargo airport in Europe. A new passenger terminal was opened in 2005. It
1224-622: The country's central geographic location , and has a well-developed transport network , and diversified industrial and commercial base. Belgium was the first European country to join the Industrial Revolution in the early 19th century. It has since developed a highly-developed transportation infrastructure made up of ports (most notably the Port of Antwerp ), canals, railways, and highways, in order to integrate its industry with that of its neighbours. Among OECD nations, Belgium has
1275-452: The 1960s. In particular, U.S. firms played a leading role in the expansion of light industrial and petrochemical industries in the 1960s and 1970s. The older, traditional industries of Wallonia, particularly steel industry , began to lose their competitive edge during this period, but the general growth of world prosperity masked this deterioration until the 1973 and 1979 oil price shocks and resultant shifts in international demand sent
1326-426: The 1980–82 recession shook Belgium to the core—unemployment mounted, social welfare costs increased, personal debt soared, the government deficit climbed to 13% of GDP, and the national debt, although mostly held domestically, mushroomed. Against this grim backdrop, in 1982, Prime Minister Martens' center-right coalition government formulated an economic recovery program to promote export-led growth by enhancing
1377-533: The ACLVB-CGSLB adopted its current name. Besides these "big three" there are a number of smaller unions, some more influential than others. These smaller unions tend to specialize in one profession or economic sector. Next to these specialized unions there is also the Neutral and Independent Union that rejects the pillarization of the "big three" trade unions (their affiliation with political parties). There
1428-570: The Anarcho-Syndicalist National Confederation of Labour halting Barcelona and 70% of the Catalan industry. A success for labour, the strike ended with a law establishing an 8-hour workday throughout Spain, the liberation of imprisoned workers without a pending process, wage increases for La Canadiense workers and half-wages for the month spent striking . Juan March was a Spaniard from Mallorca in
1479-524: The Antwerp freight railway station accounts for one-third of Belgian freight traffic. Antwerp is the first diamond market in the world, diamond exports account for roughly 1/10 of Belgian exports. The Antwerp-based BASF plant is the largest BASF-base outside Germany, and accounts on its own for about 2% of Belgian exports. Other industrial and service activities include car manufacturing, telecommunications, photographic products. The port of Bruges-Zeebrugge
1530-728: The Belgian economy suffered the worst recession since World War II, with the real GDP declining 0.96% in 1993. On 1 May 1998, Belgium became a first-tier member of the European Monetary Union . Belgium switched from the Belgian franc to the Euro as its currency after 1 January 2002. Belgian per capita GDP ranks among the world's highest. In 2008, the per capita income (PPP) was $ 37,500. The federal government has not managed to present balanced budgets in recent years and public debt remains high, at 99% of 2009 GDP. In 2009, during
1581-537: The ICJ, there cannot be an espousal . The case is also important as it demonstrates how the concept of diplomatic protection under international law can apply equally to corporations as to individuals. It also expanded the notion of obligations owed erga omnes (in relation to everyone) in the international community. Economy of Belgium The economy of Belgium is a highly developed , high-income , mixed economy. Belgium's economy has capitalised on
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1632-524: The Western World. The economy of Belgium is varied and cannot be understood without taking the regional differences into account. Indeed, the Flemish and Walloon economies differ in many respects (consider for instance Eurostat and OECD statistics), and cities like Brussels , Antwerp, Liège , Bruges , Charleroi or Ghent also exhibit significant differences. In general, productivity in Flanders
1683-614: The city and in 2007 there were about 1.4 million overnight stays. The port of Ghent , in the north of the city, is the third largest port of Belgium. It is accessed by the Ghent–Terneuzen Canal , which ends near the Dutch port of Terneuzen on the Western Scheldt . The port houses, among others, big companies like ArcelorMittal , Volvo Cars , Volvo Trucks , Volvo Parts , Honda , and Stora Enso . The Ghent University ,
1734-533: The common Euro currency on 1 January 2002. Among other criteria spelled out under the Maastricht treaty, the Belgian Government had to attain a budget deficit of no greater than 3% of GDP by the end of 1997; Belgium achieved this, with a total budget deficit in 2001 (just prior to implementation of the Euro) that amounted to 0.2% of GDP. The government has balanced the budget every year since, until 2009 where it ran
1785-401: The community of states as a whole. An erga omnes obligation exists because of the universal and undeniable interest in the perpetuation of critical rights and the prevention of their breach. Consequently, any state has the right to invoke state responsibility in order to hold the responsible state legally liable and required to pay reparations. Erga omnes obligations attach when there
1836-497: The competitiveness of Belgium's export industries through an 8.5% devaluation. Economic growth rose from 2% in 1984 to a peak of 4% in 1989. In May 1990, the government linked the Belgian franc to the Deutsche Mark , primarily through closely tracking German interest rates . Consequently, as German interest rates rose after 1990, Belgian rates have increased and contributed to a decline in the economic growth rate. In 1992–93,
1887-414: The convenience of some of its foreign investors, BTLP had issued some bonds denominated in pounds, and the interest on these bonds was payable in pounds. The Spanish government had imposed currency restrictions : BTLP was unable to exchange its Spanish pesetas for pounds, and so could not pay the interest. This was not viewed with any great alarm by the bond-holders; BTLP had plenty of pesetas and would pay
1938-437: The crop is exported. In the past, Liège was one of the most important steel-making centres in Europe. Starting in 1817, John Cockerill extensively developed the iron and steel industry. The industrial complex of Seraing was the largest in the world. Although now a shadow of its former self, steel production and the manufacture of steel goods remain important. Liège has also been an important centre for gunsmithing since
1989-529: The economy into a period of prolonged recession . In the 1980s and 1990s, the economic center of the country continued to shift northwards to Flanders with investments by multinationals ( automotive industry , chemical industry ) and growing local industrial agriculture (for textiles and food). The early 1980s saw the country facing a difficult period of structural adjustment caused by declining demand for its traditional products, deteriorating economic performance, and neglected structural reform. Consequently,
2040-473: The government of the French Community . Brussels also has many commuters, with 230,000 coming from Flanders, and 130,000 from Wallonia. Much of the success of Brussels is based on the high educational skills of its workforce. As of July 2012, however, the statistical unemployment rate in Brussels was 20.6%. In 2004, the port of Antwerp was the second largest European sea port by cargo volume, and
2091-576: The interest arrears whenever the currency restrictions were relaxed. However, March scented an opportunity. Agents secretly acting for him quietly bought up the bonds (about £500,000). Then in February 1948, they appeared in a Spanish court, asserted that BTLP was in default on the bonds, and demanded immediate relief. The judge agreed and awarded ownership of all BTLP's assets to them (in fact to March). BTLP's foreign investors appealed, but got no relief from Spanish courts. The Belgian government appealed to
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2142-429: The international community as a whole, and those arising vis-à-vis another State in the field of diplomatic protection . By their very nature, the former are the concern of all States. In view of the importance of the rights involved, all States can be held to have a legal interest in their protection; they are obligations erga omnes . [at 34] Such obligations derive, for example, in contemporary international law, from
2193-539: The last 20 years (2012: Flanders: 4.55%; Wallonia: 10.12% and Brussels: 17.47%). Being the de facto capital of the European Union, its economy is massively service-oriented. It has a number of regional headquarters of multinational corporations. It is also host to a great number of European institutions, in addition to the Belgian federal government , the government of the Flemish Community and
2244-607: The law whenever he saw a benefit. This was exemplified in his 1948 takeover of the Barcelona Traction, Light, and Power Company (BTLP) for a small fraction of its real worth. BTLP was a utility company which provided power and streetcar services in Barcelona; originally incorporated in Canada, it was mostly owned by Belgian investors. BTLP had come through the civil war largely undamaged, and was quite profitable. Its assets were about £10,000,000 (about $ 500,000,000 in 2010). However, for
2295-924: The main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation under 5% is in green. (in Bil. US$ PPP) (in US$ PPP) (in Bil. US$ nominal) (in US$ nominal) (real) (in Percent) (in Percent) (in % of GDP) In 2022, the sector with the highest number of companies registered in Belgium is Services with 433,375 companies followed by Finance, Insurance, and Real Estate with 169,544 companies. [REDACTED] Media related to Economy of Belgium at Wikimedia Commons [REDACTED] World portal Erga omnes In legal terminology , erga omnes rights or obligations are owed toward all. Erga omnes
2346-437: The onset of a recession in the 1970s, this system became an increasing burden on the economy and accounted for much of the government budget deficits . The national unemployment figures mask considerable differences between Flanders and Wallonia. Unemployment in Wallonia is mainly structural, while in Flanders it is cyclical. Flanders' unemployment levels are generally only about half those of Walloon. The southern region continues
2397-457: The outlawing of acts of aggression , and of genocide, as also from the principles and rules concerning the basic rights of the human person, including protection from slavery and racial discrimination. Some of the corresponding rights of protection have entered into the body of general international law ... others are conferred by international instruments of a universal or quasi-universal character. The UN International Law Commission has codified
2448-457: The second largest university of Belgium by number of students, and a number of research oriented companies are situated in the central and southern part of the city. Tourism is increasingly becoming a major employer in the local area. Begonias have been cultivated in the Ghent area since 1860. Belgium is the world's largest producer of begonias, planting 60 million tubers per year. Eighty percent of
2499-473: The state in which the corporation was incorporated (Canada) can sue. The decision in Belgium v. Spain is important in public international law because it demonstrates the importance of protections of corporate nationality in nominal ("paper") terms over effective nationality ( siège social ) where the ownership effectively resides. Unless a principle of law permits a country to espouse a national's claim in
2550-411: Was a technically advanced, industrial region, with its industry concentrated along the sillon industriel , while Dutch-speaking Flanders was predominantly agricultural with some industry, mainly processing agricultural products and textiles. This disparity began to fade during the interwar period . When Belgium emerged from World War II with its industrial infrastructure relatively undamaged thanks to
2601-615: Was founded in 1904. The origins of the union can be traced back to the "Anti-Socialist Cotton Workers Union" that was founded in 1886. The second biggest union is the socialist General Federation of Belgian Labour (ABVV-FGTB) which has a membership of more than 1.5 million. The ABVV-FGTB traces its origins to 1857, when the first Belgian union was founded in Ghent by a group of weavers . This and other socialist unions became unified around 1898. The ABVV-FGTB in its current form dates back to 1945. The third major multi-sector union in Belgium
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