Search results for: Kuwait stock exchange (KSE)

Authors: Hannes Koester

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Driven by difficult market conditions and increasing regulations, many banks are making the strategic decision to restructure their portfolio by divesting several business segments. Using a unique dataset of 727 portfolio restructuring announcements by 161 international listed banks over the period 1999 to 2015, we investigate the impact of restructuring measurements on the stock performance as well as on the banks’ profitability and risk. Employing the event study methodology, we detect positive stock market reactions on the announcement of restructuring measurements. These positive stock market reactions indicate that shareholders reward banks’ specialization activities. However, the results of the system GMM regressions show a negative relation between restructuring measurements and banks’ return on assets and a positive relation towards the individual and systemic risk of banks. These empirical results indicate that there is no guarantee that portfolio restructurings will result in a more profitable and less risky institution.

Keywords: bank performance, bank risk, divestiture, restructuring, systemic risk

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Authors: Diteboho Xaba, Kolentino Mpeta, Tlotliso Qejoe

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This paper assesses the in-sample forecasting of the South African exchange rates comparing a linear ARIMA model and a SETAR model. The study uses a monthly adjusted data of South African exchange rates with 420 observations. Akaike information criterion (AIC) and the Schwarz information criteria (SIC) are used for model selection. Mean absolute error (MAE), root mean squared error (RMSE) and mean absolute percentage error (MAPE) are error metrics used to evaluate forecast capability of the models. The Diebold –Mariano (DM) test is employed in the study to check forecast accuracy in order to distinguish the forecasting performance between the two models (ARIMA and SETAR). The results indicate that both models perform well when modelling and forecasting the exchange rates, but SETAR seemed to outperform ARIMA.

Keywords: ARIMA, error metrices, model selection, SETAR

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Authors: Faisal Algosair

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We examine the role of monetary policy in the presence of commodity price shocks using a Dynamic stochastic general equilibrium (DSGE) model with price and wage rigidities. The model characterizes a commodity exporter by its degree of export diversification, and explores the following monetary regimes: flexible domestic inflation targeting; flexible Consumer Price Index inflation targeting; exchange rate peg; and optimal rule. An increase in the degree of diversification is found to mitigate responses to commodity shocks. The welfare comparison suggests that a flexible exchange rate regime under the optimal rule is preferred to an exchange rate peg. However, monetary policy provides limited stabilization effects in an economy with low degree of export diversification.

Keywords: business cycle, commodity price, exchange rate, global financial cycle

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Authors: Irina Bondarenko, Olga Vandina

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The theory of evolutionary economics is the basis for preparation and application of methods forming the stock market infrastructure development concept. The authors believe that the basis for the process of formation and development of the stock market model infrastructure in Russia is the theory of large systems. This theory considers the financial market infrastructure as a whole on the basis of macroeconomic approach with the further definition of its aims and objectives. Evaluation of the prospects for interaction of securities market institutions will enable identifying the problems associated with the development of this system. The interaction of elements of the stock market infrastructure allows to reduce the costs and time of transactions, thereby freeing up resources of market participants for more efficient operation. Thus, methodology of the transaction analysis allows to determine the financial infrastructure as a set of specialized institutions that form a modern quasi-stable system. The financial infrastructure, based on international standards, should include trading systems, regulatory and supervisory bodies, rating agencies, settlement, clearing and depository organizations. Distribution of financial assets, reducing the magnitude of transaction costs, increased transparency of the market are promising tasks in the solution for questions of services level and quality increase provided by institutions of the securities market financial infrastructure. In order to improve the efficiency of the regulatory system, it is necessary to provide "standards" for all market participants. The development of a clear regulation for the barrier to the stock market entry and exit, provision of conditions for the development and implementation of new laws regulating the activities of participants in the securities market, as well as formulation of proposals aimed at minimizing risks and costs, will enable the achievement of positive results. The latter will be manifested in increasing the level of market participant security and, accordingly, the attractiveness of this market for investors and issuers.

Keywords: institutional infrastructure, financial assets, regulatory system, stock market, transparency of the market

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Authors: Marija Vicic

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The purpose of commercial credit regulation in an unified way under Law on Foreign Exchange Operations in Republic of Serbia allows an easier state monitoring of credit operations performed by non-professionals on foreign exchange market. By broadly defining the term “commercial credits“, the state (i.e. National Bank of Serbia) is given the authority to monitor the performance of all obligations under commercial contracts in which the obligations are not performed simultaneously. In the first part of the paper, the author analyses the economic gist of commercial credits with the purpose of giving an insight into their special treatment. The author examines the term „commercial credits“ given in Law on foreign exchange operations and the difference between financial credits and irregular commercial credits (exports and imports of goods and services deemed to be commercial credits) is particularly highlighted. In the second part, the author emphasizes the specifics of commercial credit contracts, especially the effects of special requests for the parties to these contracts to notify National Bank of Serbia and specific regulations regarding maturity of obligations under these commercial credits and the assignment and compensation of the said contracts.

Keywords: commercial credit, foreign exchange operations, commercial transactions, deferred payment, advance payment, (non) resident

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Authors: Phumlani Msomi, Patrick Nonjola, Patrick Ndungu, James Ramontja

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A series of quaternized poly (2.6 dimethyl – 1.4 phenylene oxide)/ polysulfone (QPPO/PSF) blend anion exchange membrane (AEM) were successfully fabricated and characterized for methanol alkaline fuel cell application. Zinc Oxide (ZnO) nanoparticles were introduced in the polymer matrix to enhance the intrinsic properties of the AEM. To confirm successful fabrication, FT-IR spectroscopy and nuclear magnetic resonance (¹H NMR and HMBC ¹⁵N NMR) were used. The membrane properties were enhanced by the addition of ZnO nanoparticles. The addition of ZnO nanoparticles resulted to a higher ion exchange capacity (IEC) of 3.72 mmol.g⁻¹and a 30-fold ion conductivity (IC) increase of the nanocomposite due to no (zero (0)) methanol permeability at 30 °C and increased water uptake. The QPPO/PSF/2% ZnO composite retained over 80 % of its initial IC when evaluated for alkaline stability at room temperature. The maximum power output reached for the membrane electrode assembly (MEA) constructed with QPPO/PSF/2%ZnO is 69 mW.cm⁻², which is about three times more than the parent QPPO membrane. The above results indicate that QPPO/PSF-ZnO is a good candidate as an anion exchange membrane for fuel cell application.

Keywords: anion exchange membrane, fuel cell, zinc oxide, nanocomposite

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Authors: Suraj Mehrotra

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The stock market is a volatile, bustling marketplace that is a cornerstone of economics. It defines whether companies are successful or in spiral. A thorough understanding of it is important - many companies have whole divisions dedicated to analysis of both their stock and of rivaling companies. Linking the world of finance and artificial intelligence (AI), especially the stock market, has been a relatively recent development. Predicting how stocks will do considering all external factors and previous data has always been a human task. With the help of AI, however, machine learning models can help us make more complete predictions in financial trends. Taking a look at the stock market specifically, predicting the open, closing, high, and low prices for the next day is very hard to do. Machine learning makes this task a lot easier. A model that builds upon itself that takes in external factors as weights can predict trends far into the future. When used effectively, new doors can be opened up in the business and finance world, and companies can make better and more complete decisions. This paper explores the various techniques used in the prediction of stock prices, from traditional statistical methods to deep learning and neural networks based approaches, among other methods. It provides a detailed analysis of the techniques and also explores the challenges in predictive analysis. For the accuracy of the testing set, taking a look at four different models - linear regression, neural network, decision tree, and naïve Bayes - on the different stocks, Apple, Google, Tesla, Amazon, United Healthcare, Exxon Mobil, J.P. Morgan & Chase, and Johnson & Johnson, the naïve Bayes model and linear regression models worked best. For the testing set, the naïve Bayes model had the highest accuracy along with the linear regression model, followed by the neural network model and then the decision tree model. The training set had similar results except for the fact that the decision tree model was perfect with complete accuracy in its predictions, which makes sense. This means that the decision tree model likely overfitted the training set when used for the testing set.

Keywords: machine learning, testing set, artificial intelligence, stock analysis

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Authors: Aisha Al-Baroud

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The United Nations Compensation Commission (UNCC), Kuwait National Focal Point (KNFP) and Kuwait Oil Company (KOC) cooperated in a joint project to undertake comprehensive and collaborative efforts to remediate 26 million m3 of crude oil contaminated soil that had resulted from the Gulf War in 1990/1991. These efforts are referred to as the Kuwait Environmental Remediation Program (KERP). KOC has developed a Total Remediation Solution (TRS) for KERP, which will guide the Remediation projects, comprises of alternative remedial solutions with treatment techniques inclusive of limited landfills for non-treatable soil materials disposal, and relies on treating certain ranges of Total Petroleum Hydrocarbon (TPH) contamination with the most appropriate remediation techniques. The KERP Remediation projects will be implemented within the KOC’s oilfields in North and South East Kuwait. The objectives of this remediation project is to clear land for field development and treat all the oil contaminated features (dry oil lakes, wet oil lakes, and oil contaminated piles) through TRS plan to optimize the treatment processes and minimize the volume of contaminated materials to be placed into landfills. The treatment strategy will comprise of Excavation and Transportation (E&T) of oil contaminated soils from contaminated land to remote treatment areas and to use appropriate remediation technologies or a combination of treatment technologies to achieve remediation target criteria (RTC). KOC has awarded five mega projects to achieve the same and is currently in the execution phase. As a part of the company’s commitment to environment and for the fulfillment of the mandatory HSSEMS procedures, all the Remediation contractors needs to report waste generation data from the various project activities on a monthly basis. Data on waste generation is collected in order to implement cost-efficient and sustainable waste management operations. Data analytics approaches can be built on the top of the data to produce more detailed, and in-time waste generation information for the basis of waste management and collection. The results obtained highlight the potential of advanced data analytic approaches in producing more detailed waste generation information for planning and optimization of waste collection and recycling.

Keywords: waste, tencnolgies, KERP, data, soil

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Authors: B. Palanikumaran, N. Kanagaraj, M. Sangareswari, V. Sailaja, Kapil Sihag

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The present study aimed to estimate the carbon sequestration potential of major forest types present in the foothills of Nilgiri biosphere reserve. The total biomass carbon stock was estimated in tropical thorn forest, tropical dry deciduous forest and tropical moist deciduous forest as 14.61 t C ha⁻¹ 75.16 t C ha⁻¹ and 187.52 t C ha⁻¹ respectively. The density and basal area were estimated in tropical thorn forest, tropical dry deciduous forest, tropical moist deciduous forest as 173 stems ha⁻¹, 349 stems ha⁻¹, 391 stems ha⁻¹ and 6.21 m² ha⁻¹, 31.09 m² ha⁻¹, 67.34 m² ha⁻¹ respectively. The soil carbon stock of different forest ecosystems was estimated, and the results revealed that tropical moist deciduous forest (71.74 t C ha⁻¹) accounted for more soil carbon stock when compared to tropical dry deciduous forest (31.80 t C ha⁻¹) and tropical thorn forest (3.99 t C ha⁻¹). The tropical moist deciduous forest has the maximum annual leaf litter which was 12.77 t ha⁻¹ year⁻¹ followed by 6.44 t ha⁻¹ year⁻¹ litter fall of tropical dry deciduous forest. The tropical thorn forest accounted for 3.42 t ha⁻¹ yr⁻¹ leaf litter production. The leaf litter carbon stock of tropical thorn forest, tropical dry deciduous forest and tropical moist deciduous forest found to be 1.02 t C ha⁻¹ yr⁻¹ 2.28 t⁻¹ C ha⁻¹ yr⁻¹ and 5.42 t C ha⁻¹ yr⁻¹ respectively. The results explained that decomposition percent at the soil surface in the following order.tropical dry deciduous forest (77.66 percent) > tropical thorn forest (69.49 percent) > tropical moist deciduous forest (63.17 percent). Decomposition percent at soil subsurface was studied, and the highest decomposition percent was observed in tropical dry deciduous forest (80.52 percent) followed by tropical moist deciduous forest (77.65 percent) and tropical thorn forest (72.10 percent). The decomposition percent was higher at soil subsurface. Among the three forest type, tropical moist deciduous forest accounted for the highest bacterial (59.67 x 105cfu’s g⁻¹ soil), actinomycetes (74.87 x 104cfu’s g⁻¹ soil) and fungal (112.60 x10³cfu’s g⁻¹ soil) population. The overall observation of the study helps to conclude that, the tropical moist deciduous forest has the potential of storing higher carbon content as biomass with the value of 264.68 t C ha⁻¹ and microbial populations.

Keywords: basal area, carbon sequestration, carbon stock, Nilgiri biosphere reserve

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Authors: Ayodele Ajayi, John Ajayi

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This paper investigates the effect of corporate governance with a view to determining the relationship between board size and bank performance. Data for the study were obtained from the audited financial statements of five sampled banks listed on the Nigerian Stock Exchange. Panel data technique was adopted and analysis was carried out with the use of multiple regression and pooled ordinary least square. Results from the study show that the larger the board size, the greater the profit implying that corporate governance is positively correlated with bank performance.

Keywords: corporate governance, banks performance, board size, pooled data

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Authors: H. Al-Baghli, F. Al-Asfour

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The current applied asphalt technology for Kuwait roads pavement infrastructure is the hot mix asphalt (HMA) pavement, including both pen grade and polymer modified bitumen (PMBs), that is produced and compacted at high temperature levels ranging from 150 to 180 °C. There are no current specifications for warm and cold mix asphalts in Kuwait’s Ministry of Public Works (MPW) asphalt standard and specifications. The process of the conventional HMA is energy intensive and directly responsible for the emission of greenhouse gases and other environmental hazards into the atmosphere leading to significant environmental impacts and raising health risk to labors at site. Warm mix asphalt (WMA) technology, a sustainable alternative preferred in multiple countries, has many environmental advantages because it requires lower production temperatures than HMA by 20 to 40 °C. The reduction of temperatures achieved by WMA originates from multiple technologies including foaming and chemical or organic additives that aim to reduce bitumen and improve mix workability. This paper presents a literature review of WMA technologies and techniques followed by an experimental study aiming to compare the results of produced WMA samples, using a water containing additive (foaming process), at different compaction temperatures with the HMA control volumetric properties mix designed in accordance to the new MPW’s specifications and guidelines.

Keywords: warm-mix asphalt, water-bearing additives, foaming-based process, chemical additives, organic additives

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Authors: Asiye Aydilek, Harun Aydilek

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We investigate the costs of various suboptimal allocations in housing, consumption, bond and stock holdings of a retiree in a setting with recursive utility, considering the extensive empirical evidence that investors make suboptimal decisions in different ways. We find that suboptimal stock holdings impose only modest costs on the retiree. This may have a merit in explaining the limited stock investment in the data. The cost of suboptimal bond holdings is higher than that of stocks, but still small. This may partially explain why many more people hold bonds compared to stocks. We find that positive deviations from the optimal level are less costly relative to the negative ones in suboptimal housing allocations. This may help us to clarify why the elderly are over consuming housing, as seen in the housing data. The cost of suboptimal consumption is quite high and the highest of all. Our paper suggests that, in terms of welfare, the decisions of how much of liquid wealth to use for consumption and for saving are more important than the decision about the composition of liquid savings. Suboptimal stock holdings are twice more costly in power utility and suboptimal bond holdings are twenty times more costly in recursive utility. Recursive utility is superior to power utility in terms of rationalizing many people's preference for bonds instead of stocks in investment.

Keywords: housing, recursive utility, retirement, suboptimal decisions, welfare cost

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Authors: Kaoutar Abbahaddou, Mohammed Salah Chiadmi

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The need to find a relevant way to predict the next-day price of a stock index is a real concern for many financial stakeholders and researchers. We have known across years the proliferation of several methods. Nevertheless, among all these methods, the most controversial one is a machine learning algorithm that claims to be reliable, namely neural networks. Thus, the purpose of this article is to study the prediction power of neural networks in the particular case of Islamic finance as it is an under-looked area. In this article, we will first briefly present a review of the literature regarding neural networks and Islamic finance. Next, we present the architecture and principles of artificial neural networks most commonly used in finance. Then, we will show its empirical application on two Islamic stock indexes. The accuracy rate would be used to measure the performance of the algorithm in predicting the right price the next day. As a result, we can conclude that artificial neural networks are a reliable method to predict the next-day price for Islamic indices as it is claimed for conventional ones.

Keywords: Islamic finance, stock price prediction, artificial neural networks, machine learning

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Authors: Shervin Alaei, Reza Moradi

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Trading in financial markets is subject to risks due to their high volatilities. Here, using an LSTM neural network, and by doing some risk-based feature engineering tasks, we developed a method that can accurately predict trends of the Tehran stock exchange market index from a few days ago. Our test results have shown that the proposed method with an average prediction accuracy of more than 94% is superior to the other common machine learning algorithms. To the best of our knowledge, this is the first work incorporating deep learning and risk factors to accurately predict market trends.

Keywords: deep learning, LSTM, trend prediction, risk management, artificial neural networks

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Authors: John Adebayo Oloyhede

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This paper examines effect of financial liberalization on the stability of the demand for money function and its implication for exchange rate behaviour of three African countries. As the demand for money function is regarded as one of the two main building blocks of most exchange rate determination models, the other being purchasing power parity, its stability is required for the monetary models of exchange rate determination to hold. To what extent has the liberalisation policy of these countries, for instance liberalised interest rate, affected the demand for money function and what has been the consequence on the validity and relevance of floating exchange rate models? The study adopts the Autoregressive Instrumental Package (AIV) of multiple regression technique and followed the Almon Polynomial procedure with zero-end constraint. Data for the period 1986 to 2011 were drawn from three developing countries of Africa, namely: Gambia, Ghana and Nigeria, which did not only start the liberalization and floating system almost at the same period but share similar and diverse economic and financial structures. Its findings show that the demand for money was a stable function of income and interest rate at home and abroad. Other factors such as exchange rate and foreign interest rate exerted some significant effect on domestic money demand. The short-run and long-run elasticity with respect to income, interest rates, expected inflation rate and exchange rate expectation are not greater than zero. This evidence conforms to some extent to the expected behaviour of the domestic money function and underscores its ability to serve as good building block or assumption of the monetary model of exchange rate determination. This will, therefore, assist appropriate monetary authorities in the design and implementation of further financial liberalization policy packages in developing countries.

Keywords: financial liberalisation, exchange rates, demand for money, developing economies

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Authors: John Kabuba, Hilary Rutto

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Ion exchange is one of the methods used to remove heavy metal such as copper and cobalt from wastewaters. Parameters affecting the ion-exchange of copper and cobalt aqueous solutions using clinoptilolite are the objectives of this study. Synthetic solutions were prepared with the concentration of 0.02M, 0.06M and 0.1M. The cobalt solution was maintained to 0.02M while varying the copper solution to the above stated concentrations. The clinoptilolite was activated with HCl and H2SO4 for removal efficiency. The pHs of the solutions were found to be acidic hence enhancing the copper and cobalt removal. The natural clinoptilolite performance was also found to be lower compared to the HCl and H2SO4 activated one for the copper removal ranging from 68% to 78% of Cu2+ uptake with the natural clinoptilolite to 66% to 51% with HCl and H2SO4 respectively. It was found that the activated clinoptilolite removed more copper and cobalt than the natural one and found that the electronegativity of the metal plays a role in the metal removal and the clinoptilolite selectivity.

Keywords: clinoptilolite, cobalt and copper, ion-exchange, mass dosage, pH

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Authors: Anders Schou Simonsen, Thomas Condra, Kim Sørensen

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Various processes are modelled using a discrete phase, where particles are seeded from a source. Such particles can represent liquid water droplets, which are affecting the continuous phase by exchanging thermal energy, momentum, species etc. Discrete phases are typically modelled using parcel, which represents a collection of particles, which share properties such as temperature, velocity etc. When coupling the phases, the exchange rates are integrated over the cell, in which the parcel is located. This can cause spikes and fluctuating exchange rates. This paper presents an alternative method of coupling a discrete and a continuous plug flow phase. This is done using triangular parcels, which span between nodes following the dynamics of single droplets. Thus, the triangular parcels are propagated using the corner nodes. At each time step, the exchange rates are spatially integrated over the surface of the triangular parcels, which yields a smooth continuous exchange rate to the continuous phase. The results shows that the method is more stable, converges slightly faster and yields smooth exchange rates compared with the steam tube approach. However, the computational requirements are about five times greater, so the applicability of the alternative method should be limited to processes, where the exchange rates are important. The overall balances of the exchanged properties did not change significantly using the new approach.

Keywords: CFD, coupling, discrete phase, parcel

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Authors: Lavanya Dharmendran, Shenuka Singh, Sona Baburathanam

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The aim of the study is to understand the level of awareness in a community of a specific region of Kuwait regarding oral cancer and its screening methods so as to enhance the uptake of oral cancer screening methods. This is a cross-sectional study comprising 100 adult participants residing in the governate of Farwaniya, Kuwait. Participants of above 18 years of both genders will be selected using convenience sampling. Data collection includes the administration of a self-administered questionnaire. The questionnaire comprises three sections, each section assessing the knowledge, attitudes and practices of the participants’ opinions about oral cancer and screening methods. Data will be analyzed using Humphris Oral Cancer Knowledge Scale. Inferential statistics will be done using Chi-Square or Fisher’s exact test for categorical data. A level of p<.05 will be established as being significant. All ethical considerations, such as respect for personal confidentiality and informed consent, will be applied in this study. This study revealed that although respondents were aware of the term oral cancer, more than half of the study participants were unaware of the symptoms associated with this condition. Smoking and alcohol were identified as risk factors for oral cancer, but the majority of participants did not identify the Human Papilloma Virus (HPV) as an added risk factor. This suggests a greater need for dental practitioners to include educational strategies in routine dental visits to ensure greater awareness of oral cancer.

Keywords: oral cancer, oral screening, oral public health, oral health

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Authors: Moridi Fatemeh, Dasineh Mehdi, Jafari Narges

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The aim of this study was to investigate the relationship between dividends and investment in a condition of cash flow uncertainty. Previous studies have also found some evidence that there is N-shaped relationship between dividends and investment given different levels of cash uncertainly. Thus, this study examines this relationship over the period 2009-2014 in Tehran Stock Exchange (TSE). Based on our sample and new variables, we found reverse N-shaped relationship in different levels of cash flow uncertainly. This shape was descending in cash flow certainly and uncertainly but it is ascending in medial position.

Keywords: dividends, investment, nonlinear relationship, uncertainty of cash flow

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Authors: I. R. Keke, C. S. Nwigwe, O. S. Nwanjo, A. S. Egeruoh

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An experiment was carried out at Urban Farm and Fisheries Nigeria Ltd, Owerri Imo State South East Nigeria between February and June 2014 to induce Brood stock of Heterobranchus longifilis (mean wt 1.3kg) in concrete tanks (1.0 x 2.0 x 1.5m) in dimension using a synthetic hormone (Ovaprim) and pituitary extract from Heterobranchus longifilis. Brood stock males were selected as pituitary donors and their weights matched those of females to be injected at 1ml/kg body weight of Fish. Ovaprim, was injected at 0.5ml/kg body weight of female fish. A latency period of 12 hours was allowed after injection of the Brood stock females before stripping the egg and incubation at 23 °C. While incubating the eggs, samples were drawn and the rate of fertilization was determined. Hatching occurred within 33 hours and hatchability rate (%) was determined by counting the active hatchings. The result showed that Ovaprim injected Brood stock eggs fertilized up to 80% while the pituitary from the Heterobranchus longifilis had low fertilization and hatching success 20%. Ovaprim is imported and costly, so more effort is required to enhance the procedures for homoplastic hypophysation.

Keywords: heterobranchus longifilis, ovaprim, hypophysation, latency period, pituitary

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Authors: Piotr Prewysz-Kwinto, Grazyna Voss

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Accounting policies are a set of solutions compliant with legal regulations that an entity selects and adopts, and which guarantee a proper quality of financial statements. Those solutions may differ depending on whether the entity adopts national or international accounting standards. The aim of this article is to present accounting principles (policies) in Polish and international legal regulations and their adoption in selected Polish companies listed on the Warsaw Stock Exchange. The research method adopted in this work is the analysis and evaluation of legal conditions in Polish companies.

Keywords: accounting policies, international financial reporting standards, financial statement, method of measuring

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Authors: Michel Zaitouni, Mohamed Nassar

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The purpose of this study is first, to explore the effect of employees’ perception of justice on trust in the supervisor in the context of performance appraisal; Second, to assess the role of perceived supervisor support as a mediator between organizational justice and trust in the supervisor in a non-western society such as Kuwait.The survey data consisted of 415 employees working at different hierarchical levels in three major banks in Kuwait. Hierarchical regression analysis was used to test the research hypotheses. Results supported hypothesized relationships between distributive, informational and interpersonal justice and trust in the supervisor but failed to support that procedural justice positively and significantly relate to trust in the supervisor. Moreover, results found that this relationship is partially mediated by perceived supervisor support. A potential limitation of this study is that data were obtained from the same industry which limits the generalizability of this study to other industries. Moreover, a longitudinal research will be helpful to strengthen the mediating relationship. The findings provide valuable information for the development of common perspectives regarding the perception of justice in the context of performance appraisal between the western and non-western societies. The paper has the privilege to explore additional relationships related to justice perceptions in the Kuwaiti banking sector, whereas previous research focused mainly on procedural and distributive justice as predictors of trust in the supervisor.

Keywords: Kuwait, organizational justice, perceived supervisor support, trust in the supervisor

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Authors: Vladimir Simovic, Matija Varga, Predrag Oreski

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XHTML and XBRL are the standard languages for creating a database for the purpose of displaying financial statements on web applications. Today, XBRL is one of the most popular languages for business reporting. A large number of countries in the world recognize the role of XBRL language for financial reporting and the benefits that the reporting format provides in the collection, analysis, preparation, publication and the exchange of data (information) which is the positive side of this language. Here we present all advantages and opportunities that a company may have by using the XBRL format for business reporting. Also, this paper presents XBRL and other languages that are used for creating the database, such XML, XHTML, etc. The role of the AJAX complex model and technology will be explained in detail, and during the exchange of financial data between the web client and web server. Here will be mentioned basic layers of the network for data exchange via the web.

Keywords: XHTML, XBRL, XML, JavaScript, AJAX technology, data exchange

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Authors: Mohammad Abotalib, Hamid Alhamadi

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In Kuwait, electricity is generated from two primary sources that are heavy fuel combustion and natural gas combustion. As Kuwait relies mainly on petroleum-based products for electricity generation, identifying and understanding the environmental trade-off of such operations should be carefully investigated. The life cycle assessment (LCA) tool is applied to identify the potential environmental impact of electricity generation under three scenarios by considering the material flow in various stages involved, such as raw-material extraction, transportation, operations, and waste disposal. The three scenarios investigated represent current and futuristic electricity grid mixes. The analysis targets six environmental impact categories: (1) global warming potential (GWP), (2) acidification potential (AP), (3) water depletion (WD), (4) acidification potential (AP), (4) eutrophication potential (EP), (5) human health particulate matter (HHPM), and (6) smog air (SA) per one kWh of electricity generated. Results indicate that one kWh of electricity generated would have a GWP (881-1030) g CO₂-eq, mainly from the fuel combustion process, water depletion (0.07-0.1) m³ of water, about 68% from cooling processes, AP (15.3-17.9) g SO₂-eq, EP (0.12-0.14) g N eq., HHPA (1.13- 1.33)g PM₂.₅ eq., and SA (64.8-75.8) g O₃ eq. The variation in results depend on the scenario investigated. It can be observed from the analysis that introducing solar photovoltaic and wind to the electricity grid mix improves the performance of scenarios 2 and 3 where 15% of the electricity comes from renewables correspond to a further decrease in LCA results.

Keywords: energy, functional uni, global warming potential, life cycle assessment, energy, functional unit

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Authors: Kunya Bowornchockchai

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The objective of this research is to forecast the monthly exchange rate between Thai baht and the US dollar and to compare two forecasting methods. The methods are Box-Jenkins’ method and Holt’s method. Results show that the Box-Jenkins’ method is the most suitable method for the monthly Exchange Rate between Thai Baht and the US Dollar. The suitable forecasting model is ARIMA (1,1,0)  without constant and the forecasting equation is Y_t = Y_t-1 + 0.3691 (Y_t-1 - Y_t-2) When Y_t  is the time series data at time t, respectively.

Keywords: Box–Jenkins method, Holt’s method, mean absolute percentage error (MAPE), exchange rate

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Authors: Najlae Bendou, Jean-Jacques Lilti, Khalid Elbadraoui

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In this paper, we examine stock market integration of emerging markets around the global financial turmoil of 2007-2008. Following Pukthuanthong and Roll (2009), we measure the integration of 46 emerging countries using the adjusted R-square from the regression of each country's daily index returns on global factors extracted from the covariance matrix computed using dollar-denominated daily index returns of 17 developed countries. Our sample surrounds the global financial crisis and ranges between 2000 and 2018. We analyze results using four cohorts of emerging countries: East Asia & Pacific and South Asia, Europe & Central Asia, Latin America & Caribbean, Middle East & Africa. We find that the level of integration of emerging countries increases at the commencement of the crisis and during the booming phase of the business cycles. It reaches a maximum point in the middle of the crisis and then tends to revert to its pre-crisis level. This pattern tends to be common among the four geographic zones investigated in this study. Finally, we investigate the determinants of stock market integration of emerging countries in our sample using panel regressions. Our results suggest that the degree of stock market integration of these countries should be put into perspective by some macro-economic factors, such as the size of the equity market, school enrollment rate, international liquidity level, stocks traded volume, tax revenue level, imports and exports volumes.

Keywords: correlations, determinants of integration, diversification, emerging markets, financial crisis, integration, markets co-movement, panel regressions, r-square, stock markets

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Authors: Nada Al-Qallaf, Aisha Al-Barood, Djamel Lekmine, Srinivasan Vedhapuri

Abstract:

Kuwait Oil Company (KOC) under the supervision of Kuwait National Focal Point (KNFP) is planning to remediate 26 million (M) m3 of oil-contaminated soil in oil fields of Kuwait as a direct and indirect fallout of the Gulf War during 1990-1991. This project is funded by the United Nations Compensation Commission (UNCC) under the Kuwait Environmental Remediation Program (KERP). Oil-contamination of the soil occurred due to the destruction of the oil wells and spilled crude oil across the land surface and created ‘oil lakes’ in low lying land. Aerial fall-out from oil spray and combustion products from oil fires combined with the sand and gravel on the ground surface to form a layer of hardened ‘Tarcrete’. The unique fresh groundwater lenses present in the Raudhatain and Sabriya subsurface areas had been impacted by the discharge and/or spills of dissolved petroleum constituents. These fresh groundwater aquifers were used for drinking water purposes until 1990, prior to invasion. This has significantly damages altered the landscape, ecology and habitat of the flora and fauna and in Kuwait Desert. Under KERP, KOC is fully responsible for the planning and execution of the remediation and restoration projects in KOC oil fields. After the initial recommendation of UNCC to construct engineered landfills for containment and disposal of heavily contaminated soils, two landfills were constructed, one in North Kuwait and another in South East Kuwait of capacity 1.7 million m3 and 0.5 million m3 respectively. KOC further developed the Total Remediation Strategy in conjunction with KNFP and has obtained UNCC approval. The TRS comprises of elements such as Risk Based Approach (RBA), Bioremediation of low Contaminated Soil levels, Remediation Treatment Technologies, Sludge Disposal via Beneficial Recycling or Re-use and Engineered landfills for Containment of untreatable materials. Risk Based Assessment as a key component to avoid any unnecessary remedial works, where it can be demonstrated that human health and the environment are sufficiently protected in the absence of active remediation. This study demonstrates on the risks of tarcrete materials spread over areas 20 Km2 on the fresh Ground water lenses/catchment located beneath the Sabriyah and Raudhatain oil fields in North Kuwait. KOC’s primary objective is to provide justification of using RBA, to support a case with the Kuwait regulators to leave the tarcrete material in place, rather than seek to undertake large-scale removal and remediation. The large-scale coverage of the tarcrete in the oil fields and perception that the residual contamination associated with this source is present in an environmentally sensitive area essentially in ground water resource. As part of this assessment, conceptual site model (CSM) and complete risk-based and fate and transport modelling was carried out which includes derivation of site-specific assessment criteria (SSAC) and quantification of risk to identified waters resource receptors posed by tarcrete impacted areas. The outcome of this assessment was determined that the residual tarcrete deposits across the site area shall not create risks to fresh groundwater resources and the remedial action to remove and remediate the surficial tarcrete deposits is not warranted.

Keywords: conceptual site model, fresh groundwater, oil-contaminated soil, tarcrete, risk based assessment

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Authors: Zainab Dashti, Leila Vali

Abstract:

Background: The Middle East, in particular Kuwait, contains one of the highest rates of patients with Diabetes in the world. Generally, infections resistant to antibiotics among the diabetic population has been shown to be on the rise. This is the first study in Kuwait to compare the antibiotic resistance profiles and genotypic differences between the resistant isolates of Enterobacteriaceae obtained from diabetic and non-diabetic patients. Material/Methods: In total, 65 isolates were collected from diabetic patients consisting of 34 E. coli, 15 K. pneumoniae and 16 other Enterobacteriaceae species (including Salmonella spp. Serratia spp and Proteus spp.). In our control group, a total of 49 isolates consisting of 37 E. coli, 7 K. pneumoniae and 5 other species (including Salmonella spp. Serratia spp and Proteus spp.) were included. Isolates were identified at the species level and antibiotic resistance profiles, including Colistin, were determined using initially the Vitek system followed by double dilution MIC and E-test assays. Multi drug resistance (MDR) was defined as isolates resistant to a minimum of three antibiotics from three different classes. PCR was performed to detect ESBL genes (blaCTX-M, blaTEM & blaSHV), flouroquinolone resistance genes (qnrA, qnrB, qnrS & aac(6’)-lb-cr) and carbapenem resistance genes (blaOXA, blaVIM, blaGIM, blaKPC, blaIMP, & blaNDM) in both groups. Pulse field gel electrophoresis (PFGE) was performed to compare clonal relatedness of both E. coli and K.pneumonaie isolates. Results: Colistin resistance was determined in three isolates with MICs of 32-128 mg/L. A significant difference in resistance to ampicillin (Diabetes 93.8% vs control 72.5%, P value <0.002), augmentin (80% vs 52.5%, p value < 0.003), cefuroxime (69.2% vs 45%, p value < 0.0014), ceftazadime (73.8% vs 42.5%, p value <0.001) and ciprofloxacin (67.6% vs 40%, p value < 0.005) were determined. Also, a significant difference in MDR rates between the two groups (Diabetes 76.9%, control 57.5%, p value <0.036 were found. All antibiotic resistance genes showed a higher prevalence among the diabetic group, except for blaCTX-M, which was higher among the control group. PFGE showed a high rate of diversity between each group of isolates. Conclusions: Our results suggested an alarming rate of antibiotic resistance, in particular Colistin resistance (1.8%) among K. pneumoniea isolated from diabetic patients in Kuwait. MDR among Enterobacteriaceae infections also seems to be a worrying issue among the diabetics of Kuwait. More efforts are required to limit the issue of antibiotic resistance in Kuwait, especially among patients with diabetes mellitus.

Keywords: antibiotic resistance, diabetes, enterobacreriacae, multi antibiotic resistance

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Authors: Saroj Bala Grover, Al Munther Alhasawi, Prem N. Sharma, P. S. N. Menon

Abstract:

Background: Prisoners are considered one of the high-risk populations for the transmission of human immunodeficiency virus (HIV) infection. Targeting this group is one of the strategies to reduce the incidence of acquired immune deficiency syndrome (AIDS) in the community. Subjects and Methods: A cross-sectional study was conducted among male inmates in Kuwait’s prison by administering three sets of questionnaires to assess the level of their knowledge and awareness about the mode of transmission of HIV/AIDS, their risky personal behavior that may lead to HIV infection, and the presence of any negative attitudes and stigmatization towards HIV infected individuals. Results: The study included 123 male inmates, with a mean ± SD age of 30.9 ± 8.4 years. Most participants had good general knowledge (90%) about the mode of transmission of HIV/AIDS, including sharing contaminated syringes, risky personal behaviors such as having unprotected sex and increased number of extramarital relationships (66%), and the avoidance of the regular use of condoms. The younger age group (< 35 years) had more extramarital relationships than those > 35 years (71.4% Vs. 46.4%; p=0.016). There was a perceived attitude of stigmatization among inmates towards HIV-infected persons. Conclusions: This vulnerable group of prisoners, especially young adults, need educational programs to improve knowledge about the transmission of HIV and to correct and change their risky personal behaviors to protect themselves and the community against HIV transmission.

Keywords: HIV/AIDS, Kuwait, prisoners, knowledge, awareness, personal behavior, extramarital relationships, safe sex, discrimination, stigmatization

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Authors: Sana El-Azzeh, Farraj Al-Ajmi, Abdulrahman Al-Aqqad, Mohamed Salem

Abstract:

Thermal comfort is defined according to ANSI/ASHRAE Standard 55 as a condition of mind that expresses satisfaction with the thermal environment and is assessed by subjective evaluation. Sustaining this standard of thermal comfort for occupants of buildings or other enclosures is one of the important goals of HVAC design engineers. This paper presents a study of thermal comfort and adaptive behaviors of occupants who occupies two locations at the campus of the Australian College of Kuwait. A longitudinal survey and field measurement were conducted to measure thermal comfort, adaptive behaviors, and indoor environment qualities. The study revealed that female occupants in the selected locations felt warmer than males and needed more air velocity and lower temperature.

Keywords: indoor thermal comfort, educational facility, gender analysis, dry desert climate

Procedia PDF Downloads 157