Search results for: ship finance

Authors: Choonoh Lee, Seyeon Park, Dongyun Kang, Jaehyeong Choi, Soojee Kim, Younggeun Kim

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Market Kurly is the first South Korean online grocery retailer that guarantees same-day, overnight shipping. More than 1.6 million customers place an average of 4.7 million orders and add 3 to 14 products into a cart per month. The company has sold almost 30,000 kinds of various products in the past 6 months, including food items, cosmetics, kitchenware, toys for kids/pets, and even flowers. The company is operating and expanding multiple dry, cold, and frozen fulfillment centers in order to store and ship these products. Due to the scale and complexity of the fulfillment, pick-pack-ship processes are planned and operated in batches, and thus, the planning that decides the batch of the customers’ orders is a critical factor in overall productivity. This paper introduces a metaheuristic optimization method that reduces the complexity of batch processing in a fulfillment center. The method is an iterative genetic algorithm with heuristic creation and evolution strategies; it aims to group similar orders into pick-pack-ship batches to minimize the total number of distinct products. With a well-designed approach to create initial genes, the method produces streamlined plans, up to 13.5% less complex than the actual plans carried out in the company’s fulfillment centers in the previous months. Furthermore, our digital-twin simulations show that the optimized plans can reduce 3% of operation time for packing, which is the most complex and time-consuming task in the process. The optimization method implements a multithreading design on the Spring framework to support the company’s warehouse management systems in near real-time, finding a solution for 4,000 orders within 5 to 7 seconds on an AWS c5.2xlarge instance.

Keywords: fulfillment planning, genetic algorithm, online grocery retail, optimization

Procedia PDF Downloads 75

Authors: Bengi Demirci

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Out-of-pocket payments have become one of the common models adopted by health care reforms all over the world, and they have serious implications for not only the financial set-up of the health care systems in question but also for the people involved in terms of their access to the health care services provided. On the one hand, out-of-pocket payments are used in raising resources for the finance of the health care system and in decreasing non-essential health care expenses by having a deterrent role on the patients. On the other hand, out-of-pocket payment model causes regressive distribution effect by putting more burdens on the lower income groups and making them refrain from using health care services. Being a relatively incipient country having adopted the out-of-pocket payment model within the context of its Health Transformation Program which has been ongoing since the early 2000s, Turkey provides a good case for re-evaluating the pros and cons of this model in order not to sacrifice equality in access to health care for raising revenue for health care finance and vice versa. Therefore this study aims at analyzing the impact of out-of-pocket payments on the health finance system itself and on the patients’ access to healthcare services in Turkey where out-of-pocket payment model has been in use for a while. In so doing, data showing the revenue obtained from out-of-pocket payments and their share in health care finance are analyzed. In addition to this, data showing the change in the amount of expenditure made by patients on health care services after the adoption of out-of-pocket payments and the change in the use of various health care services in the meanwhile are examined. It is important for the incipient countries like Turkey to be careful in striking the right balance between the objective of cost efficiency and that of equality in accessing health care services while adopting the out-of-pocket payment model.

Keywords: health care access, health care finance, health reform, out-of-pocket payments

Procedia PDF Downloads 365

Authors: Rashid Masoud Ali Al-Mazrui, Ramadhani Mashaka Shabani

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Islamic banks and financial institutions are exposed to the same risks as conventional banking. These risks include the rate return risk, credit or market risk, liquidity risk, and operational risk among others. However, being a financial institution that operates Islamic banking and finance operations, there is additional risk associated with its operations different from conventional finance, such as displacing commercial risk. They face Shari'ah compliance risks because of their failure to follow Shari'ah principles. To have proper mitigation and risk management, banks should have proper risk management policies to mitigate risks. This paper aims to study the risk management taken by Islamic banks in comparison with conventional banks. Also, the study evaluates the provisions for risk management taken by selected Islamic banks and conventional banks. The study employs qualitative analysis using secondary data by applying a content analysis approach with a sample size of 4 Islamic banks and four conventional banks ranging from 2010 to 2020. We find that these banks all use the same technique, except for the associated risk. The extra ways are used, but only for additional risks that are available to Islamic banking and finance.

Keywords: emerging risk, risk management, Islamic banking, conventional bank

Procedia PDF Downloads 73

Authors: Rishabh Garg

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Traditionally, business parties build trust with a centralized operating mechanism, such as payment by letter of credit. However, the increase in cyber-attacks and malicious hacking has jeopardized business operations and finance practices. Emerging markets, owing to their higher banking risks and bigger presence of digital financing, are looking forward to technology-driven solutions, financial inclusion and innovative working paradigms. Blockchain has the potential to enhance transaction transparency and supply chain traceability. It has captured a vast landscape with 200 million crypto users worldwide. Fintech and blockchain products are popping up across brokerage, digital wallets, exchanges, post-trade clearance, settlement, middleware, infrastructure, and base protocols.

Keywords: blockchain, distributed ledger technology, decentralized applications, ethereum, smart contracts, trade finance

Procedia PDF Downloads 144

Authors: Zimu Li, Zheng Wan

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The Suez Canal plays an important role in global shipping networks and is one of the most frequently used waterways in the world. The 2021 canal obstruction by ship Ever Given in March 2021, however, completed blocked the Suez Canal for a week and caused significant disruption to world trade. Therefore, it is very important to quantitatively analyze the impact of the accident on the robustness of the global shipping network. However, the current research on maritime transportation networks is usually limited to local or small-scale networks in a certain region. Based on the complex network theory, this study establishes a global shipping complex network covering 2713 nodes and 137830 edges by using the real trajectory data of the global marine transport ship automatic identification system in 2018. At the same time, two attack modes, deliberate (Suez Canal Blocking) and random, are defined to calculate the changes in network node degree, eccentricity, clustering coefficient, network density, network isolated nodes, betweenness centrality, and closeness centrality under the two attack modes, and quantitatively analyze the actual impact of Suez Canal Blocking on the robustness of global shipping network. The results of the network robustness analysis show that Suez Canal blocking was more destructive to the shipping network than random attacks of the same scale. The network connectivity and accessibility decreased significantly, and the decline decreased with the distance between the port and the canal, showing the phenomenon of distance attenuation. This study further analyzes the impact of the blocking of the Suez Canal on Chinese ports and finds that the blocking of the Suez Canal significantly interferes withChina's shipping network and seriously affects China's normal trade activities. Finally, the impact of the global supply chain is analyzed, and it is found that blocking the canal will seriously damage the normal operation of the global supply chain.

Keywords: global shipping networks, ship AIS trajectory data, main channel, complex network, eigenvalue change

Procedia PDF Downloads 175

Authors: Nazima Ellahi, Danish Ramzan

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There is a growing trend among development economists regarding the importance of financial sector for economic development and growth activities. The development thus introduced, helps to promote welfare effects and poverty alleviation. This study is an attempt to find the nature of link between Islamic banking financing and development of output growth for Pakistan. Time series data set has been utilized for a time period ranging from 1990 to 2010. Following the Phillip Perron (PP) and Augmented Dicky Fuller (ADF) test of unit root this study applied Ordinary Least Squares (OLS) method of estimation and found encouraging results in favor of promoting the Islamic banking practices in Pakistan.

Keywords: Islamic finance, poverty alleviation, economic growth, finance, commerce

Procedia PDF Downloads 337

Authors: B. Ashraf, A. M. Malik

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The study was accomplished at the Department of Economics and Agriculture Economics, Pir Mahar Ali Shah ARID Agriculture University, Punjab, Pakistan during 2013-16 with a purpose to discover the effect of Islamic finance/banking on employment in Punjab, Pakistan. Islamic banking system is sub-component of conventional banking system in various countries of the world; however, in Pakistan, it has been established as a separate Islamic banking system. The Islamic banking operates under the doctrine of Shariah. It is claimed that the referred banking is free of interest (Riba) and addresses the philosophy and basic values of Islam in finance that reduces the factors of uncertainty, risk and others speculative activities. Two Islamic bank’s; Meezan Bank Limited (Pakistan) and Al-Baraka Bank Limited (Pakistan) from North Punjab (Bahawalnagar) and central Punjab (Lahore) west Punjab (Gujrat), Pakistan were randomly selected for the conduct of research. A total of 206 samples were collected from the define areas and banks through questionnaire. The data was analyzed by using the Statistical Package for Social Sciences (SPSS) version 21.0. Multiple linear regressions were applied to prove the hypothesis. The results revealed that the assets formation had significant positive; whereas, the technology, length of business (experience) and bossiness size had significant negative impact with employment generation in Islamic finance/banking in Punjab, Pakistan. This concludes that the employment opportunities may be created in the country by extending the finance to business/firms to start new business and increase the Public awareness by the Islamic banks through intensive publicity. However; Islamic financial institutions may be encouraged by Government as it enhances the employment in the country.

Keywords: assets formation, borrowers, employment generation, Islamic banks, Islamic finance

Procedia PDF Downloads 315

Authors: Ajibola Fatokun, Akintola Akintoye, Champika Liyanage

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The issue of renegotiation has not received public sector applause because of the outcomes recorded over years. Numerous reasons have been adduced by the stakeholders for the renegotiation of PPP road projects. In some instances, the reason can also be the factor leading to the renegotiation of PFI (DBFO) road projects. Thus, a number of factors inform the decision of the primary stakeholders to renegotiate the contract. This paper, therefore, evaluates and assesses the factors leading to the renegotiation of PFI (DBFO) road projects in the UK. Qualitative interviews involving both public and private stakeholders were extensively adopted on five PFI (DBFO) case study road projects in order to address the aim of this study. This serves to complement the findings of the literature with respect to the factors leading to the renegotiation of PPP road projects. The findings of this research reveal the respective factors leading to the renegotiations of PFI (DBFO) road projects in the UK. However, the prominent factors are a change in scope of the works necessitating works removal and an addition of assets, change in standards and obsolete specification occasioned by the long duration of the PFI road project concession among others.

Keywords: renegotiation, factors, Private Finance Initiative (PFI), design-build-finance-operate (DBFO) road projects

Procedia PDF Downloads 337

Authors: Daniele Contini, Antonio Donateo, Andrea Gambaro, Athanasios Argiriou, Dimitrios Melas, Daniela Cesari, Anastasia Poupkou, Athanasios Karagiannidis, Apostolos Tsakis, Eva Merico, Rita Cesari, Adelaide Dinoi

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Emissions of atmospheric pollutants from ships and harbour activities are a growing concern at International level given their potential impacts on air quality and climate. These close-to-land emissions have potential impact on local communities in terms of air quality and health. Recent studies show that the impact of maritime traffic to atmospheric particulate matter concentrations in several coastal urban areas is comparable with the impact of road traffic of a medium size town. However, several different approaches have been used for these estimates making difficult a direct comparison of results. In this work an integrated approach based on emission inventories and dedicated measurement campaigns has been applied to give a comparable estimate of the impact of maritime traffic to PM2.5 and particle number concentrations in three major harbours of the Adriatic/Ionian Seas. The influences of local meteorology and of the logistic layout of the harbours are discussed.

Keywords: ship emissions, PM2.5, particle number concentrations, impact of shipping to atmospheric aerosol

Procedia PDF Downloads 747

Authors: Yeliz Karaca, Carlo Cattani

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This study focuses on the local Holder exponent as a measure of the function regularity for time series related to finance data. In this study, the attributes of the finance dataset belonging to 13 countries (India, China, Japan, Sweden, France, Germany, Italy, Australia, Mexico, United Kingdom, Argentina, Brazil, USA) located in 5 different continents (Asia, Europe, Australia, North America and South America) have been examined.These countries are the ones mostly affected by the attributes with regard to financial development, covering a period from 2012 to 2017. Our study is concerned with the most important attributes that have impact on the development of finance for the countries identified. Our method is comprised of the following stages: (a) among the multi fractal methods and Brownian motion Holder regularity functions (polynomial, exponential), significant and self-similar attributes have been identified (b) The significant and self-similar attributes have been applied to the Artificial Neuronal Network (ANN) algorithms (Feed Forward Back Propagation (FFBP) and Cascade Forward Back Propagation (CFBP)) (c) the outcomes of classification accuracy have been compared concerning the attributes that have impact on the attributes which affect the countries’ financial development. This study has enabled to reveal, through the application of ANN algorithms, how the most significant attributes are identified within the relevant dataset via the Holder functions (polynomial and exponential function).

Keywords: artificial neural networks, finance data, Holder regularity, multifractals

Procedia PDF Downloads 241

Authors: Asser S. Abdelwahab, Nabil H. Abbasy, Ragi A. Hamdy

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Marine shipping has now become one of the major worldwide contributors to pollution and greenhouse gas emissions. Hybrid ships technology based on multiple energy sources has taken a great scope of research to get rid of ship emissions and cut down fuel expenses. Insufficiency between power generated and the demand load to withstand the transient behavior on ships during severe climate conditions will lead to a blackout. Thus, an efficient energy management system (EMS) is a mandatory scope for achieving higher system efficiency while enhancing the lifetime of the onboard storage systems is another salient EMS scope. Considering energy storage system conditions, both the battery state of charge (SOC) and temperature represent important parameters to prevent any malfunction of the storage system that eventually degrades the whole system. In this paper, a two battery packs ratio fuzzy logic control model is proposed. The overall aim is to control the charging/discharging current while including both the battery SOC and temperature in the energy management system. The full designs of the proposed controllers are described and simulated using Matlab. The results prove the successfulness of the proposed controller in stabilizing the system voltage during both loading and unloading while keeping the energy storage system in a healthy condition.

Keywords: energy storage system, power shipboard, hybrid ship, thermal runaway

Procedia PDF Downloads 193

Authors: James Kinsella

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There is currently very little understanding of how the interaction between in- vestors, consumers, the firms (agents) affect a) the transmission of information, and b) the creation and transfer of value and wealth between these two groups. Employing scholarly ideas from multiple research areas (behavioural finance, emotional finance, econo-biology, and game theory) we develop a conceptual the- oretic model (the ‘bow-tie’ model) as a framework for considering this interaction. Our bow-tie model views information transfer, value and wealth creation, and transfer through the lens of “investor-consumer connection facilitated through the communicative medium of the ‘firm’ (agents)”. We confront our bow-tie model with theoretical and practical examples. Next, we utilise consumer and business confidence data alongside index data, to conduct quantitative analy- sis, to support our bow-tie concept, and to introduce the concept of “investor- consumer connection”. We highlight the importance of information persuasiveness, knowledge, and emotional categorization of characteristics in facilitating a communicative relationship between investors, consumers, and the firm (agents), forming academic and practical applications of the conceptual bow-tie model, alongside applications to wider instances, such as those seen within the Covid-19 pandemic.

Keywords: behavioral finance, emotional finance, economy-biology, social mood

Procedia PDF Downloads 120

Authors: V. Ložar, N. Hadžić, T. Opetuk, R. Keser

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The development of digital twins strongly depends on efficient algorithms and their capability to mirror real-life processes. Nowadays, such efforts are required to establish factories of the future faced with new demands of custom-made production. The ship hull processes face these challenges too. Therefore, it is important to implement design and evaluation approaches based on production system engineering. In this study, the recently developed finite state method is employed to describe the stell hull process as a platform for the implementation of digital twinning technology. The application is justified by comparing the finite state method with the analytical approach. This method is employed to rebuild a model of a real shipyard ship hull process using a combination of serial and splitting lines. The key performance indicators such as the production rate, work in process, probability of starvation, and blockade are calculated and compared to the corresponding results obtained through a simulation approach using the software tool Enterprise dynamics. This study confirms that the finite state method is a suitable tool for digital twinning applications. The conclusion highlights the advantages and disadvantages of methods employed in this context.

Keywords: digital twin, finite state method, production system engineering, shipyard

Procedia PDF Downloads 93

Authors: Camille Paldi

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The tense dichotomy between Shari’ah compliance and the economic goals of an Islamic Bank produces a proliferation of reverse engineered products, which are barely in compliance with Islamic law. The result is basically a hybrid conventional banking system with conventional products in Islamic disguise using Arabic and Islamic terminology. Many Islamic financial professionals and academics advocate for the use of conventional products and devices despite their non-Shari’ah compliance based on commercial necessity and the need to compete. However, this dangerous trend will lead to the demise of the Islamic finance industry. Rather than thoughtlessly following conventional products and practice, Islamic finance professionals should delve into the Shari’ah to find the answers to the current Islamic banking conundrum and lead the industry on the right path of developing Shari’ah based products and using Shari’ah devices to hedge risk.

Keywords: Islamic banking, Shari'ah, finance, investment

Procedia PDF Downloads 341

Authors: Cihat Aşan

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Istanbul Strait is a crucial and narrow waterway, not only having a role in linking two continents but also has a crossover mission for the petroleum, which is the biggest energy resource, between its supply and demand sources. Besides its substantial features, sensitivities like around 18 million populations in surroundings, military facilities, ports, oil lay down areas etc. also brings the high risk to use of Istanbul Strait. Based on the statistics of Turkish Ministry of Transportation, Maritime and Communication, although the number of vessel passage in Istanbul Strait is declining, tonnage of hazardous and flammable cargo like oil and chemical transportation is increasing and subsequently the risk of oil pollution, loss of life and property is also rising. Based on the mentioned above; it is crucial to be prepared for the initial and subsequent response to eventual ship sourced oil spill which may cause to block the Strait for an unbearable duration. In this study; preconditioned Istanbul Strait sensitive areas studies has been taken into account and possible oil spill scenario is loaded to PISCES 2 (Potential Incident Simulation Control and Evaluation System) decision support system for the determined specific sea area. Consequences of the simulation like oil expanding process, required number and types of assets to response, had in hand and evaluated.

Keywords: Istanbul strait, oil spill, PISCES simulator, initial response

Procedia PDF Downloads 339

Authors: Muhadam Labolo, Afdal R. Anwar, Sucia Miranti Sipisang

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Electronic Local Finance Management Information System (ELFMIS) is integrated application that was used as a tool for local governments to improve the effectiveness of the implementation of the various areas of financial management regulations. Appropriate With Exceptions Opinion (WDP) of Indonesia Audit Agency (BPK) for local governments Mempawah is a financial management problem that must be improved to avoid mistakes in decision-making. The use of Electronic Local Finance Management Information System (ELFMIS) by Mempawah authority has not yet performed maximally. These problems became the basis for research in measuring the effectiveness LFMIS in Mempawah regency. This research uses an indicator variable for measuring information systems effectiveness proposed by Bodnar. This research made use descriptive with inductive approach. Data collection techniques were mixed from qualitative and quantitative techniques, used questionnaires, interviews and documentation. The obstacles in Local Finance Board (LFB) for the application of ELFMIS such as connection, the quality and quantity of human resources, realization of financial resources, absence of maintenance and another facilities of ELFMIS and verification for financial information.

Keywords: effectiveness, E-LFMIS, finance, local government, system

Procedia PDF Downloads 215

Authors: Denila Jinny Arulraj, Thillai Rajan Annamalai

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This paper aims to study the relationship between funding sources and firm performance of Indian private limited SMEs using cross-sectional data obtained from a nation-wide census. A unique feature of the study is that it analyses firms that use only one form of external funding. Employing Propensity Score Matching, we find that obtaining any form of external finance has a negative influence on equivalents of profit margin and return on assets and a negative influence on asset turnover of small firms. But, the impact of institutional sources of funding on small enterprises is found to be lesser than that of non-institutional sources of funding. External/institutional sources of funding have a less negative impact on the profit margin for medium enterprises and have no significant influence on other measures of performance. The contribution of this research is the discovery of institutional sources wielding a lesser influence on performance measures considered. It is also found that institutional sources can benefit small enterprises more than medium enterprises.

Keywords: external finance, institutional finance, non-institutional finance, performance, India, SME

Procedia PDF Downloads 266

Authors: Shabeer Khan

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The main objective of Islamic Finance is to promote social justice thorough financial inclusion and redistribution of economic resources between rich and poor. The approach of Islamic finance is more comprehensive in nature and covers both formal and informal sectors of the economy, first, through reducing the gap between both sectors, and second by using specific Islamic values to reallocate the wealth between formal and informal sectors. Applying Generalized Method of Movements (GMM) to the annual data spanning from 1995-2015 for 141 countries, this study explores the determinants of informal business sector in Organization of Islamic Cooperation (OIC) countries and then compares with Non-OIC countries. Economic freedom and institutions variables as well as economic growth and money supply are found to reduce informal business sector in both OIC and Non-OIC nations while government expenditure are found to increase informal business sector in both group of nations. Informal Business sector remain the same in both types of countries but still the majority Muslim population in OIC economies create main difference between both groups of nations and justify the potential role of Islamic Finance in informal business sector in OIC nations. The study suggests that institutions quality should be improved and entrepreneurs’ friendly business environment must be provided. This study refines the main features of informal business sector and discuss their implications on policy designing and implementation, particularly in the context of Islamic finance fight against poverty, inequality and improving living standards of informal sector participants in OIC countries.

Keywords: Islamic finance, informal Business Sector, Generalized Method of Movements (GMM) and OIC

Procedia PDF Downloads 145

Authors: Ibrahim S. Seddiek, Nader R. Ammar

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One of the most important equipment that affects the performance of passenger ships is the air conditioning system, which in turn consumes considerable electric loads. In this paper, the waste heat energies of exhaust gases and jacket cooling water of marine diesel engines for these ships are analyzed to be used as heat sources for absorption refrigeration unit (ARU). Economic and environmental analysis of the absorption refrigeration cycle operated with the two heat sources that use lithium bromide as absorbent is carried out. In addition, environmental and economic analysis for the absorption cycle is performed. As a case study, high-speed passenger vessel operating in the Red Sea area has been investigated. The results show that a considerable specific economic benefit could be achieved in case of applying absorption air condition that operates by water cooling system over that operates by main engine exhaust gases. Environmentally, applying ARU machine during cruise will reduce total ship’s fuel consumption by about 104 ton per year. This will result in reducing NOₓ, SOₓ, and CO₂ emissions with cost-effectiveness of 6.99 $/kg, 18.44 $/kg, and 0.117 $/kg, respectively.

Keywords: ship emissions, IMO, lithium bromide-water ARU, analysis, thermodynamic, economic and environmental analysis

Procedia PDF Downloads 274

Authors: M. Otrusinova, E. Pastuszkova

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The article is addressing the currently ongoing reform processes of transforming the public finance accounting based on cash flow principle to accrual principle. The presented analysis concerns the issues associated with the introduction of the state accounting from the perspective of municipal employees in compiling the opinions of financial experts in conditions of the Czech Republic. The aim of this paper is to present outcomes of analysis focused on currently discussed topics which are related to introducing the accrual principle into accounting of selected entities, especially municipalities and municipality-funded institutions. The output of the paper consists of comparing the application of the accrual principle in the financial reporting of municipalities in the Czech Republic and Slovakia. In conclusion and based on the survey, respondents from Slovak municipalities that have already adopted the accrual accounting principle show better opinion than Czech municipalities.

Keywords: accrual principle, accounting, accounting reform, Czech Republic, municipalities, public finance

Procedia PDF Downloads 252

Authors: Ozgun Oktar, Sevilay Can, Cengiz V. Ekici

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The oil spill is a form of pollution caused by releasing of a liquid petroleum hydrocarbon into the marine environment. Considering the growth of ship traffic, increasing of off-shore oil drilling and seaside refineries affect the risk of oil spill upward. The oil spill is easy to spread to large areas when occurs especially on the sea surface. Remote sensing technology offers the easiest way to control/monitor the area of the oil spill in a large region. It’s usually easy to detect pollution when occurs by the ship accidents, however monitoring non-accidental pollution could be possible by remote sensing. It is also needed to observe specific regions daily and continuously by satellite solutions. Remote sensing satellites mostly and effectively used for monitoring oil pollution are RADARSAT, ENVISAT and MODIS. Spectral coverage and transition period of these satellites are not proper to monitor Marmara Sea and Istanbul Strait continuously. In this study, RASAT and GOKTURK-2 are suggested to use for monitoring Marmara Sea and Istanbul Strait. RASAT, with spectral resolution 420 – 730 nm, is the first Turkish-built satellite. GOKTURK-2’s resolution can reach up to 2,5 meters. This study aims to analyze the images from both satellites and produce maps to show the regions which have potentially affected by spills from shipping traffic.

Keywords: Marmara Sea, monitoring, oil spill, satellite remote sensing

Procedia PDF Downloads 412

Authors: Aliyu Aminu Baba

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Ethnic entrepreneurship is defined as a set of connections and regular patterns of interaction among people sharing common national background or migration experience. The disadvantage faced by ethnic minority on paid labour induced them to become self-employed. Also, enclaves motivates trading, creativity, innovation are all to provide specific service or products to certain people. These ethnic minorities are African –Caribbean, Indians, Pakistanis, Banghaladashi and Chinese. For policy development ethnic diversity was among the problem of developing policy in United Kingdom. The study finds that there is a danger in treating all ethnic minority businesses as homogeneous rather than heterogeneous. The diversity is due to religious beliefs, culture and race. This indicates that there is a wide range have shortfall in addressing the peculiarities of ethnic minority businesses in policy formulation. Also, there are differences between ethnic minorities in accessing finance. It is recommended that diversity and peculiarities between ethnic minorities should be considered in policy formulation.

Keywords: ethnic entrepreneurship, finance, policy implication, diversity

Procedia PDF Downloads 363

Authors: Ibtissam Mharzi Alaoui, Camélia Sehaqui

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The success of a bank depends upon its effective risk management. With the growing complexity and diversity of financial products and services, as well as the accelerating pace of globalization over the past decade, risk management is becoming increasingly difficult. thus, all measurement and monitoring functions must be much more vigorous, relevant and adequate. The Shariah non-compliance risk is specific aspect of Islamic finance which ipso facto, deserves particular attention. It affects the validity of all Islamic financial contracts and it turns out to be likely to result in considerable losses on the overall Islamic financial institutions (IFIs). The purpose of this paper is to review the theoretical literature on Shariah non-compliance risk in order to give a clearer understanding of its sources, causes and consequences. Our intention through this work is to bring added value to the Islamic finance industry all over the world. The findings provide a useful reference work for the Islamic banks in structuring (or restructuring) of their own system of shariah risk management and internal control.

Keywords: Shariah non-compliance, risk management, financial products, Islamic finance.

Procedia PDF Downloads 73

Authors: A. Mihoc, K. Cater

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On the bridge of a ship the officers are looking for visual aids to guide navigation in order to reconcile the outside world with the position communicated by the digital navigation system. Aids to navigation include: Lighthouses, lightships, sector lights, beacons, buoys, and others. They are designed to help navigators calculate their position, establish their course or avoid dangers. In poor visibility and dense traffic areas, it can be very difficult to identify these critical aids to guide navigation. The paper presents the usage of Augmented Reality (AR) as a means to present digital information about these aids to support navigation. To date, nautical navigation related mobile AR applications have been limited to the leisure industry. If proved viable, this prototype can facilitate the creation of other similar applications that could help commercial officers with navigation. While adopting a user centered design approach, the team has developed the prototype based on insights from initial research carried on board of several ships. The prototype, built on Nexus 9 tablet and Wikitude, features a head-up display of the navigational aids (lights) in the area, presented in AR and a bird’s eye view mode presented on a simplified map. The application employs the aids to navigation data managed by Hydrographic Offices and the tablet’s sensors: GPS, gyroscope, accelerometer, compass and camera. Sea trials on board of a Navy and a commercial ship revealed the end-users’ interest in using the application and further possibility of other data to be presented in AR. The application calculates the GPS position of the ship, the bearing and distance to the navigational aids; all within a high level of accuracy. However, during testing several issues were highlighted which need to be resolved as the prototype is developed further. The prototype stretched the capabilities of Wikitude, loading over 500 objects during tests in a major port. This overloaded the display and required over 45 seconds to load the data. Therefore, extra filters for the navigational aids are being considered in order to declutter the screen. At night, the camera is not powerful enough to distinguish all the lights in the area. Also, magnetic interference with the bridge of the ship generated a continuous compass error of the AR display that varied between 5 and 12 degrees. The deviation of the compass was consistent over the whole testing durations so the team is now looking at the possibility of allowing users to manually calibrate the compass. It is expected that for the usage of AR in professional maritime contexts, further development of existing AR tools and hardware is needed. Designers will also need to implement a user-centered design approach in order to create better interfaces and display technologies for enhanced solutions to aid navigation.

Keywords: compass error, GPS, maritime navigation, mobile augmented reality

Procedia PDF Downloads 323

Authors: A. Casale, J. Alessi, C. N. Bianchi, G. Bozzini, M. Brunoldi, V. Cappanera, P. Corvisiero, G. Fanciulli, D. Grosso, N. Magnoli, A. Mandich, C. Melchiorre, C. Morri, P. Povero, N. Stasi, M. Taiuti, G. Viano, M. Wurtz

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This work describes a real-time algorithm for detecting, tracking and classifying single motorboats, developed using the acoustic data recorded by a hydrophone array within the framework of EU LIFE + project ARION (LIFE09NAT/IT/000190). The project aims to improve the conservation status of bottlenose dolphins through a real-time simultaneous monitoring of their population and surface ship traffic. A Passive Acoustic Monitoring (PAM) system is installed on two autonomous permanent marine buoys, located close to the boundaries of the Marine Protected Area (MPA) of Portofino (Ligurian Sea- Italy). Detecting surface ships is also a necessity in many other sensible areas, such as wind farms, oil platforms, and harbours. A PAM system could be an effective alternative to the usual monitoring systems, as radar or active sonar, for localizing unauthorized ship presence or illegal activities, with the advantage of not revealing its presence. Each ARION buoy consists of a particular type of structure, named meda elastica (elastic beacon) composed of a main pole, about 30-meter length, emerging for 7 meters, anchored to a mooring of 30 tons at 90 m depth by an anti-twist steel wire. Each buoy is equipped with a floating element and a hydrophone tetrahedron array, whose raw data are send via a Wi-Fi bridge to a ground station where real-time analysis is performed. Bottlenose dolphin detection algorithm and ship monitoring algorithm are operating in parallel and in real time. Three modules were developed and commissioned for ship monitoring. The first is the detection algorithm, based on Time Difference Of Arrival (TDOA) measurements, i.e., the evaluation of angular direction of the target respect to each buoy and the triangulation for obtaining the target position. The second is the tracking algorithm, based on a Kalman filter, i.e., the estimate of the real course and speed of the target through a predictor filter. At last, the classification algorithm is based on the DEMON method, i.e., the extraction of the acoustic signature of single vessels. The following results were obtained; the detection algorithm succeeded in evaluating the bearing angle with respect to each buoy and the position of the target, with an uncertainty of 2 degrees and a maximum range of 2.5 km. The tracking algorithm succeeded in reconstructing the real vessel courses and estimating the speed with an accuracy of 20% respect to the Automatic Identification System (AIS) signals. The classification algorithm succeeded in isolating the acoustic signature of single vessels, demonstrating its temporal stability and the consistency of both buoys results. As reference, the results were compared with the Hilbert transform of single channel signals. The algorithm for tracking multiple targets is ready to be developed, thanks to the modularity of the single ship algorithm: the classification module will enumerate and identify all targets present in the study area; for each of them, the detection module and the tracking module will be applied to monitor their course.

Keywords: acoustic-noise, bottlenose-dolphin, hydrophone, motorboat

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Authors: Jhansi Rani Boda, G. Sunitha

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Worldwide, the financial markets are influenced by several factors such as the changes in economic and political processes that occur in the country and the globe, information diffusion and approachability and so on. Yet, the foremost important factor is the investor’s reaction and perception. For an individual investor, decision-making process can be perceived as a continuous process that has significant impact of their psychology while making investment decisions. Behavioral finance relies on research of human and social recognition and emotional tolerance studies to identify and understand the investment decisions. This article aims to report the research of individual investor’s financial behavior in a historical perspective. This article uncovers the investor’s psychology in investment decision making focusing on the investor’s rationality with an explanation of psychological and emotional factors that affect investing. The results of the study are revealed by means of Graphical visualization.

Keywords: behavioral finance, psychology, investor’s behavior, psychological and emotional factors

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Authors: Yao Wu

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In the context of financial globalization, China has put forward the policy goal of high-quality development, and the digital economy, with its advantage of information resources, is driving China's export trade to achieve high-quality development. Due to the long-standing financing constraints of small and medium-sized export enterprises, how to expand the export scale of small and medium-sized enterprises has become a major threshold for the development of China's export trade. This paper firstly adopts the hierarchical analysis method to establish the evaluation system of high-quality development of China's export trade; secondly, the panel data of 30 provinces in China from 2011 to 2018 are selected for empirical analysis to establish the impact model of digital inclusive finance on the high-quality development of China's export trade; based on the analysis of heterogeneous enterprise trade model, a mediating effect model is established to verify the mediating role of credit constraint in the development of high-quality export trade in China. Based on the above analysis, this paper concludes that inclusive digital finance, with its unique digital and inclusive nature, alleviates the credit constraint problem among SMEs, enhances the binary marginal effect of SMEs' exports, optimizes their export scale and structure, and promotes the high-quality development of regional and even national export trade. Finally, based on the findings of this paper, we propose insights and suggestions for inclusive digital finance to promote the high-quality development of export trade.

Keywords: digital inclusive finance, high-quality development of export trade, fixed effects, binary marginal effects

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Authors: Anita Lazurko, Laszlo Pinter, Jeremy Richardson

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Uncertain climate projections, multiple possible development futures, and a financing gap create challenges for water infrastructure decision making. In contrast to conventional predict-plan-act methods, an emerging decision paradigm that enables social-ecological resilience supports decisions that are appropriate for uncertainty and leverage social, ecological, and economic multifunctionality. Concurrently, water infrastructure project finance plays a powerful role in sustainable infrastructure development but remains disconnected from discourse in socio-ecological resilience. At the time of research, a project to transfer water from Lesotho to Botswana through South Africa in the Orange-Senqu River Basin was at the pre-feasibility stage. This case was analysed through documents and interviews to investigate how uncertainty and multifunctionality are conceptualised and considered in decisions for the resilience of water infrastructure and to explore bridging concepts that might allow project finance to better enable socio-ecological resilience. Interviewees conceptualised uncertainty as risk, ambiguity and ignorance, and multifunctionality as politically-motivated shared benefits. Numerous efforts to adopt emerging decision methods that consider these terms were in use but required compromises to accommodate the persistent, conventional decision paradigm, though a range of future opportunities was identified. Bridging these findings to finance revealed opportunities to consider a more comprehensive scope of risk, to leverage risk mitigation measures, to diffuse risks and benefits over space, time and to diverse actor groups, and to clarify roles to achieve multiple objectives for resilience. In addition to insights into how multiple decision paradigms interact in real-world decision contexts, the research highlights untapped potential at the juncture between socio-ecological resilience and project finance.

Keywords: socio-ecological resilience, finance, multifunctionality, uncertainty

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Authors: R. W. A. V. A. Wijenayake, P. M. R. N. Fernando, S. Nilesh, M. D. G. M. S. Diddeniya, M. Weligodapola, P. Shamila

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The study is designed to examine the impact of a lifelong learning mindset on the career success of accounting and finance professionals in the western province of Sri Lanka. The learning mindset impacts the career success of accounting and finance professionals. The main objective of this study is to identify how the lifelong-learning mindset impacts on the career success of accounting and finance professionals. The lifelong learning mindset is the desire to learn new things and curiosity, resilience, and strategic thinking are the selected constructs to measure the lifelong learning mindset. Career success refers to certain objectives and emotional measures of improvement in one’s work life. The related variables of career success are measured through the number of promotions that have been granted in his/her work life. Positivism is the research paradigm, and the deductive approach is involved as this study relies on testing an existing theory. To conduct the study, the accounting and finance professionals in the western province in Sri Lanka were selected because most reputed international and local companies and specifically, headquarters of most of the companies are in western province. The responses cannot be collected from the whole population. Therefore, this study used a simple random sampling method, and the sample size was 120. Therefore, to identify the impact, 5-point Likert scale is used to perform this quantitative data. Required data gathered through an online questionnaire and the final outputs of the study will offer certain important recommendations to several parties such as universities, undergraduates, companies, and the policymakers to improve, help mentally and financially and motivate the students and the employees to continue their studies without ceasing after completion of their degree.

Keywords: career success, curiosity, lifelong learning mindset, resilience, strategic thinking

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Authors: Melvin Mothoa

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Small Micro and Medium Enterprises are very significant for the development of their market economies. They are the main creators of the new working places, and they present a vital core of the market economy in countries across the globe. Access to finance is identified as crucial for small, micro, and medium-sized enterprises for their growth and innovation. This paper is conceived to propose a perception-based SMME framework to aid in access to financial support. Furthermore, the study will address issues that impede SMMEs in South Africa from obtaining finance from financial institutions. The framework will be tested against data collected from 200 Small Micro & Medium Enterprises in the Gauteng province of South Africa. The study adopts a quantitative method, and the delivery of self-administered questionnaires to SMMEs will be the primary data collection tool. Structural equation modeling will be used to further analyse the data collected.

Keywords: finance, small business, growth, development

Procedia PDF Downloads 103