ICAO and IATA continue to push ahead with their efforts at getting Global Time - the proposed government-backed fund for third-party liability war insurance - instituted. Global Time has stalled at 43% of ICAO membership support, with 51% needed for passage. Hopes were recently raised when IATA director general Giovanni Bisignani reported that Japan is possibly willing to join Global Time. The Japanese hold just under 15% of ICAO voting power.
Source: Airline Business