Search results for: trade finance

Authors: Shahla Ali

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In the context of promoting green infrastructure development, new opportunities are emerging to re-examine sustainable development practices. This paper presents an initial exploration of the development of community-investor dispute prevention and facilitation mechanisms in the context of the Belt and Road Initiative (BRI) spanning Asia, Africa, and Europe. Given the widescale impact of China’s multi-jurisdictional development initiative, learning how to coordinate with local communities is vital to realizing inclusive and sustainable growth. In the 20 years since the development of the first multilateral community-investor dispute resolution mechanism developed by the International Finance Centre/World Bank, much has been learned about public facilitation, community engagement, and dispute prevention during the early stages of major infrastructure development programs. This paper will explore initial findings as they relate to initiatives underway along the BRI within the Asian Infrastructure Investment Bank and the Asian Development Bank. Given the borderless nature of sustainability concerns, insights from diverse regions are critical to deepening insights into best practices. Drawing on a case-based methodology, this paper will explore the achievements, challenges, and lessons learned in community-investor dispute prevention and resolution for major infrastructure projects in the greater China region.

Keywords: law and development, dispute prevention, sustainable development, mitigation

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Authors: Vitus Onyebuchim Onyemailu, Olive Obianuju Okalibe

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The study tried to examine relationship between exchange rate variations on the balance of payments in Nigeria from 1970 to 2012. Using time series on econometric measures such as Granger causality and ordinary least square (OLS), the study found that exchange rate movements especially the depreciation of naira has not contributed significantly on the balance of payments under the year of the study. The granger result conform the Marshall-Lerner short and long run prepositions that exchange rate devaluation enhances balance of payments. On disaggregation exchange rate granger causes current and capital account balances give the Nigeria data from 1970 to 2012. Overall in the long run OLS regression analysis, exchange rate on semi log functional form, exchange rate variation did not record significant effect on balance of payment equation. This height was also maintained in the current or trade balance which does not match the Marshall-Lerner. The capital account balance in reverse reported a significant impact of exchange rate variability on the capital account balance. Finally, on exchange rate determination equation, where many fundamentals were considered including lagged of exchange rate. Thus, the lagged of exchange rate recorded a positive and significant influence on the present exchange rate. This means that players in the financial markets usually out plays authority’s policy’s stances through their speculative tendencies. The work therefore, recommend that effort should be made by the authorities to providing enabling environment for production of goods and services to triumph in order to take advantages of steady devaluation of its currency. This is done by providing infrastructure, provision of science and technology. Thus, when this is done Nigeria would be able to have competitive power against the rest of the world.

Keywords: exchange rate variation, balance of payments, current account, capital account, Marshall-Lerner hypothesis

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Authors: Kwabena Asare, Ezekiel N. N. Nortey, Felix O. Mettle

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Modelling of extreme events has always been of interest in fields such as hydrology and meteorology. However, after the recent global financial crises, appropriate models for modelling of such rare events leading to these crises have become quite essential in the finance and risk management fields. This paper models the extreme values of the Ghana Stock Exchange All-Shares indices (2000-2010) by applying the Extreme Value Theory to fit a model to the tails of the daily stock returns data. A conditional approach of the EVT was preferred and hence an ARMA-GARCH model was fitted to the data to correct for the effects of autocorrelation and conditional heteroscedastic terms present in the returns series, before EVT method was applied. The Peak Over Threshold (POT) approach of the EVT, which fits a Generalized Pareto Distribution (GPD) model to excesses above a certain selected threshold, was employed. Maximum likelihood estimates of the model parameters were obtained and the model’s goodness of fit was assessed graphically using Q-Q, P-P and density plots. The findings indicate that the GPD provides an adequate fit to the data of excesses. The size of the extreme daily Ghanaian stock market movements were then computed using the Value at Risk (VaR) and Expected Shortfall (ES) risk measures at some high quantiles, based on the fitted GPD model.

Keywords: extreme value theory, expected shortfall, generalized pareto distribution, peak over threshold, value at risk

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Authors: Hasan Bulent Kantarci

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This paper examine how Zakat provide a fair income redistribution and struggle with poverty. To provide a fair income redistribution and struggle with poverty take place among the fundamental tasks of all countries. Each country seeks a solution for this problem according to their political, economical and administrative styles through applying various economic and financial policies. The same situation gets handled via zakat association in the Islam. Nowadays, we observe different versions of zakat in developed countries. The applications such as negative income tax denote merely a difference from the zakat being applied almost the same way under changed names. But the minimum values to donate the zakat (e.g. 85 gr. gold and 40 animals) get altered and various amounts are put into practice. It might be named as negative income tax instead of zakat, nonetheless, these applications are based on the Holy Koran and the hadith released 1400 years ago. Besides, considering the savage and slavery in the world at those times, we might easily recognize the true value of the zakat applied the first time then in Islamic system. Through zakat is enabled an income transfer by the government so that the poor could reach the minimum level of life standard. To whom the zakat would be donated was not left to people’s heart and encouraged to determine according to objective criteria. Since the zakat is obligatory, the transfer do not get forward by hand but via the government and get distributed, which requires a vast government organization. Through applying the zakat as it must be would achieve to reduce the poverty mostly and ensuring the fair income redistribution.

Keywords: Islamic finance, zakat, income redistribution, circle of poverty, negatif income tax

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Authors: Soumya Chaturvedi

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Ever since India opened its doors for the world economy to enter, there has not been a single instance of recoil. A consequence of this move by the government of India resulted in India evolving as a consumer-driven market and in order to survive in this era of extreme competition, the corporate houses have employed every possible means to reach out and hit onto the sentiments of the consumers. The most obvious way to ensure a strong perseverance towards the specific product or brand is through celebrity endorsements. In a country like India, whose film industry accounts for the largest sales and output, it is indeed appalling to acknowledge the fact that it lacks an effective mechanism of protection of the commercial exploitation of celebrities’ attributes under the ambit of law. The western half of the globe has very well accepted and recognized the rights of the celebrities to decide upon the quantum of commercial exploitation of their own attributes and earn profit out of the same. However, the eastern half seems to be a little reluctant in accepting and enforcing these views per se. A celebrity has a right to publicity over the traits of his personality which involves voice, autographs, reputation, and style, so on and so forth as it is these attributes that are responsible for huge trade profits concerning the products to which such traits are attributed to. This clearly involves the right of the celebrity to benefit himself by commercially exploiting the same and refraining the unauthorized gain to third parties. The market is making it nearly impossible to proceed further with such weak laws considering the escalating rate of celebrity endorsements in the nation. This paper discusses the lacunae in law per se to identify a right as such by a celebrity over his traits that are potentially under the circle of commercial exploitation and the need of a definite legislation that would ensure a change in the paradigm of the Courts in India. Also, it discusses the only remedy available currently for violation, which is, a suit for passing off by Indian Courts under Trademark and Copyright laws and a comparison of the same with the mechanisms adopted by the legal systems across the globe.

Keywords: celebrity, rights, intellectual property, trademark, copyrights

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Authors: Abdullah Almulhim

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The International Accounting Standards Board (IASB) was established in 2001 to develop International Financial Reporting Standards (IFRS) that bring transparency, accountability, and efficiency to financial markets around the world. In addition, the IFRS provide a unified accounting language, which is especially important in the era of globalization. However, the establishment of a single set of high-quality international accounting standards is a matter of growing importance, as participants in the increasingly integrated world capital market demand comparability and transparency of financial reporting worldwide. Saudi Arabia became the 149th member of the World Trade Organization (WTO) on 11 December 2005, which has increased the need to convert to IFRS. Currently, the Saudi Arabian Monetary Authority (SAMA) requires banks and insurance companies in Saudi Arabia to report under IFRS Standards. However, until the end of 2016, SOCPA standards were applied to all other companies, listed and unlisted. From 2017, listed Saudi companies would be required to report under IFRS Standards as adopted by SOCPA effective 2017. This paper is to investigate the expected benefits gained and highlight the challenges faced by adopting IFRS by the listed companies in the Saudi Stock Exchange. Questionnaires were used as the main method of data collection. They were distributed to listed companies in the Saudi Capital Market. Data obtained through the questionnaires have been imported into SPSS statistical software for analysis. The expected results of this study will show the benefits of adopting IFRS by Saudi Listed Companies. However, this study will investigate the challenges faced by adopting IFRS by the listed companies in the Saudi Arabian Stock Market. Findings will be discussed later upon completion of initial analysis.

Keywords: challenges, IAS, IFRS, opportunities, Saudi, SOCPA

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Authors: Ji-Hoon Byeon, Kwon-Hee Lee

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Strainer filter serves to block the inflow of impurities while mixed fluid is entering or exiting the piping. The filter of the strainer has a perforated structure, so that the pressure drop and the velocity change necessarily occur when the mixed fluid passes through the filter. It is possible to predict the pressure drop and velocity change of the strainer by numerical analysis by implementing all the perforated plates. However, if the size of the perforated plate exceeds a certain size, it is difficult to perform the numerical analysis, and sometimes we cannot guarantee its accuracy. In this study, we tried to predict the pressure drop and velocity change by using the porous media technique to obtain the equivalent resistance without actual implementation of the perforation shape of the strainer. Ansys-CFX, a commercial software, is used to perform the numerical analysis. The analysis procedure is as follows. Firstly, the unit pattern of the perforated plate is modeled, and the pressure drop is analyzed by varying the velocity by symmetry of the wall surface. Secondly, since the equation for obtaining resistance is a quadratic equation of pressure having unknown velocity, the viscous resistance and the inertia resistance of the perforated plate are obtained from the relationship between pressure and speed. Thirdly, by using the calculated resistance values, the values are substituted into the flat plate implemented as a two-dimensional porous media, and the accuracy is verified by comparing the pressure drop and the velocity change. Fourthly, the pressure drop and velocity change in the whole strainer are analyzed by using the resistance values obtained on the perforated plate in the actual whole strainer model. Using the porous media technique, it is found that pressure drop and velocity change can be predicted in relatively short time without modeling the overall shape of the filter. Acknowledgements: This work was supported by the Valve Center from the Regional Innovation Center(RIC) Program of Ministry of Trade, Industry & Energy (MOTIE).

Keywords: strainer, porous media, CFD, numerical analysis

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Authors: Asad Rehman

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Although a vast majority relates the concept of ‘halal’ or what is permissible in Islam to food only. However, halal industry covers many sectors such as food, fashion, transport, finance and even tourism. Halal tourism is not just about halal food; it is also about the overall experience, which is amenable with the Shariah (Islamic jurisprudence). Oman has a plethora of natural beauty and many places of interest for all types of tourists. It is one of the most secure and peaceful countries in the world. Having a well-developed Infrastructure, Oman is ready to take its tourism to new heights. The ever-hospitable Omanis are proud of their rich cultural and historical heritage. Thus, Oman appears to have all what it takes to become a prime destination for halal tourism. The objective of this study is to assess the prospects of Oman as a destination for halal tourism. Based on the interviews of experts like academicians, tourism professionals, officials and clerics, Oman’s competitiveness as a destination for halal tourism was assessed by developing a Strengths, Weaknesses, Opportunities and Threats (SWOT) profile. The findings of the SWOT were compared with the data from the Global Muslim Travel Index (GMTI) from the year 2014 to 2018. Based on the analysis, Oman is found to have the right mix of environment and enabling services for halal tourism. However, it is found lacking in public transport, communication and customer outreach. Oman is also found to be losing its rank among the top 10 destinations for halal tourism to close competitors like Qatar, Bahrain, Morocco, etc. The concerned authorities need to make conscious efforts to resolve these issues as it becomes imperative for Oman to revamp its tourism strategy.

Keywords: destination, halal, Islam, SWOT, tourism

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Authors: Muhammad Hakim Bin Mat Tasir, Erwan Shahfizad Hasidan, Hamidah Makmor Bakry, M. Hafiz B. Izhar

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Every key performance indicator used to monitor a project’s construction progress emphasizes trade productivity or specific commodity run-down curves. Examples include the productivity of welding by the number of joints completed per day, quantity of NDT (Non-Destructive Tests) inspection per day, etc. This perspective is based on progress and productivity; however, it does not enable a system perspective of how we produce. This paper uses a project production system perspective by which projects are a collection of production systems comprising the interconnected network of processes and operations that represent all the work activities to execute a project from start to finish. Furthermore, it also uses the 5 Levels of production system optimization as a frame. The goal of the paper is to describe the application of Project Production Control (PPC) to control and improve the performance of several production processes associated with the fabrication and assembly of a Central Processing Platform (CPP) Jacket, part of an offshore mega project. More specifically, the fabrication and assembly of buoyancy tanks as they were identified as part of the critical path and required the highest demand for capacity. In total, seven buoyancy tanks were built, with a total estimated weight of 2,200 metric tons. These huge buoyancy tanks were designed to be reversed launching and self-upending of the jacket, easily retractable, and reusable for the next project, ensuring sustainability. Results showed that an effective application of PPC not only positively impacted construction progress and productivity but also exposed sources of detrimental variability as the focus of continuous improvement practices. This approach augmented conventional project management practices, and the results had a high impact on construction scheduling, planning, and control.

Keywords: offshore, construction, project management, sustainability

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Authors: Bade-Afuye Toyin Beatrice

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Nigeria, as a multi-cultural nation, boasts of many festivals, many of which are found in the six geo-political zones of the country. One of the major festivals that bring together the Nigerian citizens as one entity is the National Festival of Arts and Culture (NAFEST), organized by the National Council for Arts and Culture (NCAC). The festival is celebrated yearly in ways that are unique to Nigerians and culture enthusiasts locally and abroad. The festival has equally boosted the Nigerian economy through tourism promotion and culture preservation. This study shall adopt the cultural identity theory. The theory will be used to examine the festival as a platform that showcases culture, which represents the totality of the ways and lives of the Nigerian people. To achieve this, the researcher shall gather data as a participant-observer during the festival, which featured elements such as costume, make-up, dance, drama, children's theatre, fashion parade, local cuisines, local games, music, props, acrobatic displays, trade fair among others. These elements are the cultural aesthetics of the festival, thereby creating spectacles and colours in unique styles by each of the 36 states of the federation and the FCT Abuja. The study particularly examines the 2021 edition of NAFEST hosted by the Ekiti State Government. The study reveals that the festival is a unique multi-ethnic event that brings together Nigerians and their kinsmen in the diaspora. NAFEST has equally provided a good opportunity to showcase the rich cultural heritage of the Ekiti people and the economic values of their products and materials. The paper, therefore, concludes that the National Festival of Arts and Culture has over the years promoted national unity and social integration among Nigerians.

Keywords: colours, culture, spectacle, NAFEST

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Authors: Anthony Oppong Kyekyeku, Sussana Antwi-Boasiako, Emmanuel De-Graft Johnson Owusu Ansah

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In this observational study, the performance of a known conventional storage system was tested and evaluated for fitness for its intended purpose. The system has a scope extended for the storage of dry cocoa beans. System sensitivity, reproducibility and uncertainties are not known in details. This study discusses the system performance in the context of existing literature on factors that influence the quality of cocoa beans during storage. Controlled conditions were defined precisely for the system to give reliable base line within specific established procedures. Minitab® 17 and R statistical software (R-3.3.1) were used for the statistical analyses. The approach to the storage system testing was to observe and compare through laboratory test methods the quality of the cocoa beans samples before and after storage. The samples were kept in Kilner jars and the temperature of the storage environment controlled and monitored over a period of 408 days. Standard test methods use in international trade of cocoa such as the cut test analysis, moisture determination with Aqua boy KAM III model and bean count determination were used for quality assessment. The data analysis assumed the entire population as a sample in order to establish a reliable baseline to the data collected. The study concluded a statistically significant mean value at 95% Confidence Interval (CI) for the performance data analysed before and after storage for all variables observed. Correlational graphs showed a strong positive correlation for all variables investigated with the exception of All Other Defect (AOD). The weak relationship between the before and after data for AOD had an explained variability of 51.8% with the unexplained variability attributable to the uncontrolled condition of hidden infestation before storage. The current study concluded with a high-performance criterion for the storage system.

Keywords: benchmarking performance data, cocoa beans, hidden infestation, storage system validation

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Authors: J. C. Iwuchukwu, K. C. Okwor

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In recent time and in the study area, yam farmers are moving into less laborious and more economical crops and very few yam farmers are growing trifoliate yam. In yam markets, little or no bitter yam is displayed or sold. The work was therefore designed to ascertain trend and causes of decline in trifoliate yam production in Enugu state. Three agricultural zones, six blocks, eighteen circles and one hundred and eight trifoliate yam farmers that were purposively selected constituted sample for the study. An interview schedule was used to collect data while percentage, mean score and standard deviation were used for data analysis. Findings of the study revealed that the respondents had no extension contact, Majority (90.7%) sourced information on trifoliate yam from neighbours/friends/relatives and produced mainly for consumption (67.6%) during rainy season (70.4%). Trifoliate yam was produced manually(71.3%) and organically (58.3%) in a mixture of other crops (87%) using indigenous/local varieties (73.1%). Mean size of land allocated to trifoliate yam production was relatively steady, mean cost of input and income were increasing while output was decreasing within the years under consideration (before 2001 to 2014). Poor/lack of finance(M=1.8) and drudgery associated with trifoliate yam product(M=1.72) were some of the causes of decline in trifoliate yam production in the area. The study recommended that more research and public enlightenment campaigns on the importance of trifoliate yam should be carried out to encourage and consolidate farmers and the masses effort in production and consumption of the crop so that it will not go extinct and then contribute to food security.

Keywords: causes, decline, trend, trifoliate yam

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Authors: Muhammad Rifqi Hafizhudin Arif, Mukhamad Zulfal Faradis, Ahmad Hidayatullah

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Indonesia is the country that uses conventional financial system adopted from European countries as a form of finance in the national banking system. Many of the derivative products of conventional banks either investment, buy and sell, saving and loan, which is not in accordance with Islamic Ethics. While the majority population in Indonesia are belief in Islam, which Islam has had financial management guide is written in the Quran, the Hadith, as well as the opinions of experts who strongly prohibits the use of interest in each transaction activities. Many different expert opinions on the application of the Islamic financial system in Indonesia. However, as the majority of the population of Indonesia, Islamic community have not been able to get the opportunities to choose the Islamic financial system that has mutual benefit between consumers and banks, particularly fairness in transactions, ethical investment, uphold the values of solidarity and brotherhood in every transaction activities, and avoid speculation. In this paper, we will discuss the reasons for the importance of providing an option for Islamic community as the majority of the population of Indonesia to use the banking system which adopted the Islamic ethical values that have been much discussed by other researchers in various countries. The existence of this research is expected to Government, academia and the general public aware of the urgency of Islamic economic system implementation in Indonesian banking as the solution and justice especially for the Islamic community to use the values which they held.

Keywords: Islamic economic system, conventional system, Islamic value, banking

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Authors: Ajayi Adeola

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The study examined the sources of revenue in Osun State. It determined the impact of revenue consultants on the internally generated revenue of Osun State Government, all with a view to surveying the expenditure pattern of the state. In the course of carrying out the study, data were collected primarily through interview method. Four principal officers in the financial sector were interviewed. However, secondary sources of data were collected from Osun State of Nigeria audited reports and financial statements for the year ended 31st December, 1997 to 2006. The data generated were analyzed using percentages and pie-chart for illustrations. The findings of the study revealed that the sources of revenue for Osun State Government included internally generated revenue (IGR), statutory allocation, value added tax (VAT) and capital projects. It also discovered that Statutory Allocation was the dominant sources of government revenue during the period of study. It accounted for 63.69% while IGR was 19.7%, value added tax (VAT) 8.07% and capital Receipts 8.48%. The study also discovered that the recurrent expenditure overshot the capital expenditure during the period of study on ratio 7:3 respectively while the state recorded surplus budget in seven times and deficit budgets in 2003 and 2004. The study concluded that the Osun State government was over dependent on external sources to finance recurrent and capital expenditure during the period of study.

Keywords: information communication technology, ICT adoption, ICT solution, small and medium scale enterprises

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Authors: Oksana Razina, Shakeel Ahmad, Jessie Qun Ren, Olufemi Isiaq

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The modern life of businesses is categorically reliant on their established position online, where digital (and particularly website) content plays a significant role as the first point of information. Digital content, therefore, becomes essential – from making the first impression to the building and development of client relationships. Despite a number of valuable papers suggesting a strategic approach when dealing with digital data, other sources often do not view or accept the approach to digital content as a holistic or continuous process. Associations are frequently made with merely a one-off marketing campaign or similar. The challenge is to establish an agreed definition for the notion of Digital Content Strategy, which currently does not exist, as DCS is viewed from an excessive number of different angles. A strategic approach to content, nonetheless, is required, both practically and contextually. The researchers, therefore, aimed at attempting to identify the key content components comprising a digital content strategy to ensure all the aspects were covered and strategically applied – from the company’s understanding of the content value to the ability to display flexibility of content and advances in technology. This conceptual project evaluated existing literature on the topic of Digital Content Strategy (DCS) and related aspects, using the PRISMA Systematic Review Method, Document Analysis, Inclusion and Exclusion Criteria, Scoping Review, Snow-Balling Technique and Thematic Analysis. The data was collected from academic and statistical sources, government and relevant trade publications. Based on the suggestions from academics and trading sources related to the issues discussed, the researchers revealed the key actions for content creation and attempted to define the notion of DCS. The major finding of the study presented Key Content Components of Digital Content Strategy and can be considered for implementation in a business retail setting.

Keywords: digital content strategy, key content components, websites, digital marketing strategy

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Authors: S. K. Balashanmugam, Padmavati Manchikanti, S. R. Subramanian

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The question of legal liability over injury arising out of the import and the introduction of GM food emerges as a crucial issue confronting to promote GM food and its derivatives. There is a greater possibility of commercialized GM food from the exporting country to enter importing country where status of approval shall not be same. This necessitates the importance of fixing a liability mechanism to discuss the damage, if any, occurs at the level of transboundary movement or at the market. There was a widespread consensus to develop the Cartagena Protocol on Biosafety and to give for a dedicated regime on liability and redress in the form of Nagoya Kuala Lumpur Supplementary Protocol on the Liability and Redress (‘N-KL Protocol’) at the international context. The national legal frameworks based on this protocol are not adequately established in the prevailing food legislations of the developing countries. The developing economy like India is willing to import GM food and its derivatives after the successful commercialization of Bt Cotton in 2002. As a party to the N-KL Protocol, it is indispensable for India to formulate a legal framework and to discuss safety, liability, and regulatory issues surrounding GM foods in conformity to the provisions of the Protocol. The liability mechanism is also important in the case where the risk assessment and risk management is still in implementing stage. Moreover, the country is facing GM infiltration issues with its neighbors Bangladesh. As a precautionary approach, there is a need to formulate rules and procedure of legal liability to discuss any kind of damage occurs at transboundary trade. In this context, the proposed work will attempt to analyze the liability regime in the existing Food Safety and Standards Act, 2006 from the applicability and domestic compliance and to suggest legal and policy options for regulatory authorities.

Keywords: commercialization, food safety, FSSAI, genetically modified foods, India, liability

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Authors: Abdul Aziz Abdullah, Anuar Alias, Khor Hooi Ting, Guan Ngah Mei

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One of the major sectors which contribute significant growth to socio-economic development is the construction and development industry. This industry is most badly hurt during the 1997 and 2008 economic crisis thus causing many government and private projects to be deferred and abandoned. The purpose of this study is to examine the causes and effects of housing project abandonment in Malaysia. This objective is achieved through rigorous review of literatures and documents related to housing and abandoned housing project. The finding revealed there are several causes of housing project abandonment. The significant causes are: economic recession, inadequacy of finance, poor marketing and sales strategies, technical problems faced during construction, problems caused by compensations demanded by squatters for resettlement, insolvency of contractor, cost overrun and currency fluctuation amongst others. However the alarming effect of housing project is: house buyers of abandoned project have the monthly payment although the house is delivered to house buy. In other case house buyers have to entangle in many legal action with the financial institution. This finding provides the various ministries in the Government some insights on real causes and effects of abandoned project. Perhaps this finding can enhance the current solution the Ministry of Housing Local Government on addressing the prevailing issue of reviving existing abandoned project in the country.

Keywords: abandoned project, abandonment, housing project, ministry of housing and local government, causes and effect

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Authors: Titanilla Komenda

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Human-machine-collaboration defines a direct interaction between humans and machines to fulfil specific tasks. Those so-called collaborative machines are used without fencing and interact with humans in predefined workspaces. Even though, human-machine-collaboration enables a flexible adaption to variable degrees of freedom, industrial applications are rarely found. The reasons for this are not technical progress but rather limitations in planning processes ensuring safety for operators. Until now, humans and machines were mainly considered separately in the planning process, focusing on ergonomics and system performance respectively. Within human-machine-collaboration, those aspects must not be seen in isolation from each other but rather need to be analysed in interaction. Furthermore, a simulation model is needed that can validate the system performance and ensure the safety for the operator at any given time. Following on from this, a holistic simulation model is presented, enabling a simulative representation of collaborative tasks – including both, humans and machines. The presented model does not only include a geometry and a motion model of interacting humans and machines but also a numerical behaviour model of humans as well as a Boole’s probabilistic sensor model. With this, error scenarios can be simulated by validating system behaviour in unplanned situations. As these models can be defined on the basis of Failure Mode and Effects Analysis as well as probabilities of errors, the implementation in a collaborative model is discussed and evaluated regarding limitations and simulation times. The functionality of the model is shown on industrial applications by comparing simulation results with video data. The analysis shows the impact of considering human factors in the planning process in contrast to only meeting system performance. In this sense, an optimisation function is presented that meets the trade-off between human and machine factors and aids in a successful and safe realisation of collaborative scenarios.

Keywords: human-machine-system, human-robot-collaboration, safety, simulation

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Authors: Gabriel Woldu, Maria Sassi

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Coffee performs a pivotal role in Ethiopia's GDP, revenue, employment, domestic demand, and export earnings. Ethiopia's coffee production and exports show high variability in the amount of production and export earnings. Despite being the continent's fifth-largest coffee producer, Ethiopia has not developed its ability to shine as a major exporter in the globe's green coffee exports. Ethiopian coffee exports were not stable and had high volume and earnings fluctuations. The main aim of this study was to analyze the dynamics of the export of coffee variation to different importing nations using a first-order Markov Chain model. 14 years of time-series data has been used to examine the direction and structural change in the export of coffee. A compound annual growth rate (CAGR) was used to determine the annual growth rate in the coffee export quantity, value, and per-unit price over the study period. The major export markets for Ethiopian coffee were Germany, Japan, and the USA, which were more stable, while countries such as France, Italy, Belgium, and Saudi Arabia were less stable and had low retention rates for Ethiopian coffee. The study, therefore, recommends that Ethiopia should again revitalize its market to France, Italy, Belgium, and Saudi Arabia, as these countries are the major coffee-consuming countries in the world to boost its export stake to the global coffee markets in the future. In order to further enhance export stability, the Ethiopian Government and other stakeholders in the coffee sector should have to work on reducing the volatility of coffee output and exports in order to improve production and quality efficiency, so that stabilize markets as well as to make the product attractive and price competitive in the importing countries.

Keywords: coffee, CAGR, Markov chain, direction of trade, Ethiopia

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Authors: Amin Nazifi, Amir Raki, Doga Istanbulluoglu

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The incorporation of technological advancements into financial services, commonly referred to as Fintech, is primarily aimed at promoting services that are accessible, convenient, and inclusive, thereby benefiting both consumers and businesses. Fintech services employ a variety of technologies, including Artificial Intelligence (AI), blockchain, and big data, to enhance the efficiency and productivity of traditional services. Cryptocurrency, a component of Fintech, is projected to be a trillion-dollar industry, with over 320 million consumers globally investing in various forms of cryptocurrencies. However, these potentially transformative services can also lead to adverse outcomes. For instance, recent Fintech innovations have been increasingly linked to misconduct and disservice, resulting in serious implications for consumer well-being. This could be attributed to the ease of access to Fintech, which enables adults to trade cryptocurrencies, shares, and stocks via mobile applications. However, there is little known about the darker aspects of technological advancements, such as Fintech. Hence, this study aims to generate scholarly insights into the design of robust and resilient Fintech services that can add value to businesses and enhance consumer well-being. Using a mixed-method approach, the study will investigate the personal and contextual factors influencing consumers’ adoption and usage of technology innovations and their impacts on consumer well-being. First, semi-structured interviews will be conducted with a sample of Fintech users until theoretical saturation is achieved. Subsequently, based on the findings of the first study, a quantitative study will be conducted to develop and empirically test the impacts of these factors on consumers’ well-being using an online survey with a sample of 300 participants experienced in using Fintech services. This study will contribute to the growing Transformative Service Research (TSR) literature by addressing the latest priorities in service research and shedding light on the impact of fintech services on consumer well-being.

Keywords: consumer well-being, financial literacy, Fintech, service innovation

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Authors: Ghulamhossein Nezami

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Civilizations based in Iran, especially in the south, have always realized the all-around importance of the Persian Sea and for various reasons, have paid full attention to it. The first of these was the pre-Aryan government, Ilam in the coastal province of Sharihum and the city of Lian (now the port of Bushehr) in terms of trade, defense and religion. With the establishment of the Achaemenids on the entire plateau of Iran to the center of Persia, they created several communication routes from Parseh to the shores of the Persian Gulf, which ended in the present Bushehr province. This coastal area was extended by a road in the coastal plain to the more southern parts of the ports of Ausinze - according to Ptolemy the port of Siraf before the Sassanids - and Epstane and Hormozia in the present-day Strait of Hormuz. Meanwhile, the ancient city of Temukknana, whose new historical documents testify to its extraordinary importance in the Achaemenid period, especially Darius I of the Achaemenids, from a strategic position with the coastal areas, the coasts and on the other hand with the gamers, the political center. - Achaemenid administration, had. New archeological evidence, research, and excavations show that both the famous Achaemenid kings and courtiers paid special attention to Tamukknana. The discovery of a tomb and three Achaemenid palaces from before the reign of Cyrus to Xerxes in this region showed the importance of the strategic, security-defense and commercial position of this region, extraordinary for the Achaemenids. Therefore, the city of Temukkana in the Dashtestan region of present-day Bushehr province became an important Achaemenid center on the Persian Gulf coast and became the political-economic center of gravity of the Achaemenids and the regulator of communication networks on the Persian Gulf coast. This event showed that the Achaemenids attached importance to their economic goals and oversight of their vast territory by the Persian Gulf. Methods: Book resources and field study.

Keywords: Achaemenids, Bushehr, Persian Gulf, Tamukkana

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Authors: Joelle Hawa, Michael Gilding

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The role of interest as a driver of action has been an on-going debate in the sociological sciences. This paper shows evidence as to how economic actors frame their environment in terms of interests and goals to take action. It introduces the concept of 'dynamic actor compass', a cognitive tool that is socially contingent and allows economic actors to navigate their environment, evaluate the level of alignment of interests and goals with other players, and decide whether or not they are willing to rely on, collaborate or partner with others in the field. The paper builds on Kaplan’s model of framing contests and integrates Max Weber’s interests, and ideas construct as well as Beckert’s concept of fictional expectations. The author illustrates this conceptual framework in the case of MedTech entrepreneurs’ capital raising activities in Australia. The study adopts a grounded theory methodology, running in-depth interviews with 24 MedTech entrepreneurs in order to examine their decision-making processes and actions to finance their innovation trajectory. The findings show that participants take into account material and ideal interests and goals that they impose adapt or negotiate with other actors in their environment. These interactions affect the way MedTech entrepreneurs perceive other funders in the field, influencing their capital raising strategies.

Keywords: expectations, financing innovation, frames, goals, interest-oriented action, managerial cognition

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Authors: Rajat Kapoor

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Indian Real Estate sector is the second largest employer after agriculture and is slated to grow at 30 percent over the next decade. Indian cities have shown tumultuous growth since last two decades. With the growing need of infrastructure, it has become inevitable for real estate sector to adopt more organized and transparent system of investment. SPVs such as REITs ensure transparency facilitating accessibility to invest in real estate for those who find it difficult to purchase real estate as an investment option with a realistic income expectation from their investment. RIETs or real estate investment trusts is an instrument of pooling funds similar to that of mutual funds. In a simpler term REIT is an Investment Vehicle in the form a trust which holds & manages large commercial rent¬ earning properties on behalf of investors and distributes most of its profit as dividends. REIT enables individual investors to invest their money in commercial real estate assets in a diversified portfolio and on the other hand provides fiscal liquidity to developers as easy exit option and channel funds for new projects. However, the success REIT is very much dependent on the taxation structure making such models attractive and adaptive enough for both developers and investors to opt for such investment option. This paper is intended to capture an overview of REITs with context to Indian real estate scenario.

Keywords: Indian real estate, real estate infrastructure trusts, urban finance, infrastructure investment trusts

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Authors: Dilliram Paudyal

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The history of taxation in Nepal dates back to antiquity. However, the modern tax system gained its momentum after the establishment of democracy in 1951, which initially focused only land tax and tariff on foreign trade. In the due time, several taxes were introduced, such as direct taxes, indirect taxes, and non-taxes. However, the tax structure in Nepal is heavily dominated by indirect taxes that contribute more than 60 % of the total revenue. The government has been mobilizing revenues through a series of tax reforms during the Tenth Five-year Plan (2002 – 2007) and successive Three-year Interim Development Plans by introducing several tax measures. However, these reforms are regressive in nature, which does not lead the overall economy towards short-run stability as well as in the long run development. Based on the literature review and discussion among government officials and few taxpayers individually and groups, this paper aims to major issues and challenges that hinder the tax reform effective in Nepal. Additionally, this paper identifies potential way and process of tax reform in Nepal. The results of the study indicate that transparency in a major problem in Nepalese tax system in Nepal, where serious structural constraints with administrative and procedural complexities envisaged in the Income Tax Act and taxpayers are often unaware of the specific size of tax which is to comply them. Some other issues include high tax rate, limited tax base, leakages in tax collection, rigid and complex Income Tax Act, inefficient and corrupt tax administration, limited potentialities of direct taxes and negative responsiveness of land tax with higher administrative costs. In the context, modality of tax structure and mobilize additional resources is to be rectified on a greater quantum by establishing an effective, dynamic and highly power driven Autonomous Revenue Board.

Keywords: corrupt, development, inefficient, taxation

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Authors: Dimpy Shah

Abstract:

The global economy has substantially changed in last three decades. Now almost all markets are transparent and visible for global customers. The corporates are now no more reliant on local markets for trade. The information technology revolution has changed business dynamics and marketing practices of corporate. The markets are divided into two different formats: traditional and virtual. In very short span of time, many e-commerce portals have captured global market. This strategy is well supported by global delivery system of multinational logistic companies. Now the markets are dealing with global supply chain networks, which are more demand driven and customer oriented. The corporate have realized importance of supply chain integration and marketing in this competitive environment. The Indian markets are also significantly affected with all these changes. In terms of population, India is in second place after China. In terms of demography, almost half of the population is of youth. It has been observed that the Indian youth are more inclined towards e-commerce and prefer to buy goods from web portal. Initially, this trend was observed in Indian service sector, textile and electronic goods and now further extended in other product categories. The FMCG companies have also recognized this change and started integration of their supply chain with e-commerce platform. This paper attempts to understand contemporary marketing practices of corporate in e-commerce business in Indian food and beverages segment and also tries to identify innovative marketing practices for proper execution of their strategies. The findings are mainly focused on supply chain re-integration and brand building strategies with proper utilization of social media.

Keywords: FMCG (Fast Moving Consumer Goods), ISCM (Integrated supply chain management), RFID (Radio Frequency Identification), traditional and virtual formats

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Authors: Samaneh Pouyanfar, Michael Oliff

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The industry of home appliances may beone of theindustries which has the highest competition, and actually what can guarantee the survival of this industry is discovering the superior services. A trend to provide quality products and services plays an important role in this industry because discovering the services is counted as a vital affair for Manufacturing Organizations’ survival and profitability. Given the importance of the topic, this paper attempts to investigate the relative priority of the factors influencing the customer satisfaction in gaining the competitive advantage in Pars-Khazar Company. In sum, 96 executives of Pars-Khazar Company where investigated in a census. For this purpose, after reviewing the research literature and performing deep interviews between pundits and experts active in the industry, the research questionnaire was made based on variables affecting customer satisfaction and components determining business competitive advantage. Determining the content validity took place by judgement of the experts. The reliability of each structure was measured based on Cronbach’s alpha coefficient. Since the value of Cronbach's alpha was higher than 0.7 for each structure, internal consistency of statements was high and the reliability of the questionnaire was acceptable. The data analysis was also done with Kulmgrf-asmyrnf test and Friedman test using SPSS software. The results showed that in dimension of factors affecting customer satisfaction, the History of trade name (brand), Familiarity with the product brand, Brand reputation and Safety have the highest value of priority respectively, and the variable of firm growth has the highest value of priority among the components determining the performance of competitive advantage.

Keywords: customer satisfaction, competitive advantage, brand history, safety, growth

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Authors: Ping Ren, Mao Wen, Kan Zhang, Weitao Zheng

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The improvement of comprehensive properties including hardness, toughness, wear, and corrosion resistance in the transition metal carbides/nitrides TMCN films, especially avoiding the trade-off between hardness and toughness, is strongly required to adapt to various applications. Although incorporating ductile metal DM phase into the TMCN via thermally-induced phase separation has been emerged as an effective approach to toughen TMCN-based films, the DM is just limited to some soft ductile metal (i.e. Cu, Ag, Au immiscibility with the TMCN. Moreover, hardness is highly sensitive to soft DM content and can be significantly worsened. Hence, a novel preparation method should be attempted to broaden the DM selection and assemble much more ordered nanocomposite structure for improving the comprehensive properties. Here, we provide a new strategy, by activating solid-state dewetting during layered deposition, to accomplish the self-assembly of ordered TaC@Ta core-shell-like nanocomposite film consisting of TaC nanocrystalline encapsulated with thin pseudocrystal Ta tissue. That results in the superhard (~45.1 GPa) dominated by Orowan strengthening mechanism and high toughness attributed to indenter-induced phase transformation from the pseudocrystal to body-centered cubic Ta, together with the drastically enhanced wear and corrosion resistance. Furthermore, very thin pseudocrystal Ta encapsulated layer (~1.5 nm) in the TaC@Ta core-shell-like structure helps for promoting the formation of lubricious TaOₓ Magnéli phase during sliding, thereby further dropping the coefficient of friction. Apparently, solid-state dewetting may provide a new route to construct ordered TMC(N)@TM core-shell-like nanocomposite capable of combining superhard, high toughness, low friction, superior wear with corrosion resistance.

Keywords: corrosion, nanocomposite film, solid-state dewetting, tribology

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Authors: Mohd Tariq, Shyamal K. Nandi, Indra D. Bhatt

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Paris polyphylla Smith (Family- Liliaceae; English name-Love apple: Local name- Satuwa) is an important folk medicinal herb of the Indian subcontinent, being a source of number of bioactive compounds for drug formulation. The rhizomes are widely used as antihelmintic, antispasmodic, digestive stomachic, expectorant and vermifuge, antimicrobial, anti-inflammatory, heart and vascular malady, anti-fertility and sedative. Keeping in view of this, the species is being constantly removed from nature for trade and various pharmaceuticals purpose, as a result, the availability of the species in its natural habitat is decreasing. In this context, it would be pertinent to conserve this species and reintroduce them in its natural habitat. Predictive distribution modelling of this species was performed in Western Himalayan Region. One such recent method is Ecological Niche Modelling, also popularly known as Species distribution modelling, which uses computer algorithms to generate predictive maps of species distributions in a geographic space by correlating the point distributional data with a set of environmental raster data. In case of P. polyphylla, and to understand its potential distribution zones and setting up of artificial introductions, or selecting conservation sites, and conservation and management of their native habitat. Among the different districts of Uttarakhand (28°05ˈ-31°25ˈ N and 77°45ˈ-81°45ˈ E) Uttarkashi, Rudraprayag, Chamoli, Pauri Garhwal and some parts of Bageshwar, 'Maximum Entropy' (Maxent) has predicted wider potential distribution of P. polyphylla Smith. Distribution of P. polyphylla is mainly governed by Precipitation of Driest Quarter and Mean Diurnal Range i.e., 27.08% and 18.99% respectively which indicates that humidity (27%) and average temperature (19°C) might be suitable for better growth of Paris polyphylla.

Keywords: biodiversity conservation, Indian Himalayan region, Paris polyphylla, predictive distribution modelling

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Authors: Suhib A. Abu-Seini, Kyung-Doo Kim

Abstract:

A heat loss model for ATLAS facility was introduced using SPACE code predefined correlations and various dialing factors. As all previous simulations were carried out using a heat loss free input; the facility was considered to be completely insulated and the core power was reduced by the experimentally measured values of heat loss to compensate to the account for the loss of heat, this study will consider heat loss throughout the simulation. The new heat loss model will be affecting SPACE code simulation as heat being leaked out of the system throughout a transient will alter many parameters corresponding to temperature and temperature difference. For that, a Station Blackout followed by a multiple Steam Generator Tube Rupture accident will be simulated using both the insulated system approach and the newly introduced heat loss input of the steady state. Major parameters such as system temperatures, pressure values, and flow rates to be put into comparison and various analysis will be suggested upon it as the experimental values will not be the reference to validate the expected outcome. This study will not only show the significance of heat loss consideration in the processes of prevention and mitigation of various incidents, design basis and beyond accidents as it will give a detailed behavior of ATLAS facility during both processes of steady state and major transient, but will also present a verification of how credible the data acquired of ATLAS are; since heat loss values for steady state were already mismatched between SPACE simulation results and ATLAS data acquiring system. Acknowledgement- This work was supported by the Korean institute of Energy Technology Evaluation and Planning (KETEP) and the Ministry of Trade, Industry & Energy (MOTIE) of the Republic of Korea.

Keywords: ATLAS, heat loss, simulation, SPACE, station blackout, steam generator tube rupture, verification

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Authors: Anuj Srivastava, Kuldeep Kumar

Abstract:

This paper proposes a numerical study of volute tongue design, which affects the centrifugal compressor operating range and pressure recovery. Increased efficiency has been the traditional importance of compressor design. However, the increased operating range has become important in an age of ever-increasing productivity and energy costs in the turbomachinery industry. Efficiency and overall operating range are the two most important parameters studied to evaluate the aerodynamic performance of centrifugal compressor. Volute is one of the components that have significant effect on these two parameters. Choice of volute tongue geometry has major role in compressor performance, also affects performance map. The author evaluates the trade-off on using pull-back tongue geometry on centrifugal compressor performance. In present paper, three different tongue positions and shapes are discussed. These designs are compared in terms of pressure recovery coefficient, pressure loss coefficient, and stable operating range. The detailed flow structures for various volute geometries and pull back angle near tongue are studied extensively to explore the fluid behavior. The viscous Navier-Stokes equations are used to simulate the flow inside the volute. The numerical calculations are compared with thermodynamic 1-D calculations. Author concludes that the increment in compression ratio accompanies with more uniform pressure distribution in the modified tongue shape and location, a uniform static pressure around the circumferential which build a more uniform flow in the impeller and diffuser. Also, the blockage at the tongue of the volute was causing circumferentially nonuniformed pressure along the volute. This nonuniformity may lead impeller and diffuser to operate unstably. However, it is not the volute that directly controls the stall.

Keywords: centrifugal compressor volute, tongue geometry, pull-back, compressor performance, flow instability

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