Search results for: exchange traded products

Authors: J. M. Cruz, X. Vecıno, L. Rodrıguez-López, J. M. Dominguez, A. B. Moldes

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The cosmetic and personal care industry are the fields where biosurfactants could have more possibilities of success because in this kind of products the replacement of synthetic detergents by natural surfactants will provide an additional added value to the product, at the same time that the harmful effects produced by some synthetic surfactants could be avoided or reduced. Therefore, nowadays, consumers are disposed to pay and additional cost if they obtain more natural products. In this work we provide data about the potential of biosurfactants in the cosmetic and personal care industry. Biosurfactants from corn steep liquor, that is a fermented and condensed stream, have showed good surface-active properties, reducing substantially the surface tension of water. The bacteria that usually growth in corn steep liquor comprises Lactobacillus species, generally recognize as safe. The biosurfactant extracted from CSL consists of a lipopeptide, composed by fatty acids, which can reduce the surface tension of water in more than 30 units. It is a yellow and viscous liquid with a density of 1.053 mg/mL and pH=4. By these properties, they could be introduced in the formulation of cosmetic creams, hair conditioners or shampoos. Moreover this biosurfactant extracted from corn steep liquor, have showed a potent antimicrobial effect on different strains of Streptococcus. Some species of Streptococcus are commonly found weakly living in the human respiratory and genitourinary systems, producing several diseases in humans, including skin diseases. For instance, Streptococcus pyogenes produces many toxins and enzymes that help to stabilize skin infections; probably biosurfactants from corn steep liquor can inhibit the mechanisms of the S. pyogenes enzymes. S. pyogenes is an important cause of pharyngitis, impetigo, cellulitis and necrotizing fasciitis. In this work it was observed that 50 mg/L of biosurfactant extract obtained from corn steep liquor is able to inhibit more than 50% the growth of S. pyogenes. Thus, cosmetic and personal care products, formulated with biosurfactants from corn steep liquor, could have prebiotic properties. The natural biosurfactant presented in this work and obtained from corn milling industry streams, have showed a high potential to provide an interesting and sustainable alternative to those, antibacterial and surfactant ingredients used in cosmetic and personal care manufacture, obtained by chemical synthesis, which can cause irritation, and often only show short time effects.

Keywords: antimicrobial activity, biosurfactants, cosmetic, personal care

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Authors: Bahman Ghorashi

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The immense awareness of the global climate change has compelled traditional fossil fuel companies to develop strategies to reduce their carbon footprint and simultaneously consider the production of various sources of clean energy in order to mitigate the environmental impact of their operations. Similarly, supply chain issues, the scarcity of certain raw materials, energy costs as well as market needs, and changing consumer expectations have forced the traditional chemical industry to reexamine their time-honored modes of operation. This study examines how such transformative change might occur through the applications of agile principles as well as industry 4.0 technologies. Clearly, such a transformation is complex, costly, and requires a total commitment on the part of the top leadership and the entire management structure. Factors that need to be considered include organizational speed of change, a restructuring that would lend itself toward collaboration and the selling of solutions to customers’ problems, rather than just products, integrating ‘along’ as well as ‘across’ value chains, mastering change and uncertainty as well as a recognition of the importance of concept-to-cash time, i.e., the velocity of introducing new products to market, and the leveraging of people and information. At the same time, parallel to implementing such major shifts in the ethos, and the fabric of the organization, the change leaders should remain mindful of the companies’ DNA while incorporating the necessary DNA defying shifts. Furthermore, such strategic maneuvers should inevitably incorporate the managing of the upstream and downstream operations, harnessing future opportunities, preparing and training the workforce, implementing faster decision making and quick adaptation to change, managing accelerated response times, as well as forming autonomous and cross-functional teams. Moreover, the leaders should establish the balance between high-value solutions versus high-margin products, fully implement digitization of operations and, when appropriate, incorporate the latest relevant technologies, such as: AI, IIoT, ML, and immersive technologies. This study presents a summary of the agile principles and the relevant technologies and draws lessons from some of the best practices that are already implemented within the chemical industry in order to establish a roadmap to agility. Finally, the critical role of educational institutions in preparing the future workforce for Industry 4.0 is addressed.

Keywords: agile principles, immersive technologies, industry 4.0, workforce preparation

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Authors: Piotr Prewysz-Kwinto, Grazyna Voss

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

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

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Authors: Anthony Ayodeji Adegoke, Olayinka Ayobami Aiyegoro, Thor Axel Stenstrom

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A study to investigate the species diversities, antibiogram and antibiotic resistance genes in Staphylococcus species from raw meat and dairy products collected from an abattoir and a farm shop of a research institute in Irene, South Africa over a six-month period was conducted. Polymerase Chain Reaction was used to speciate the bacteria and to detect the presence and otherwise of resistance genes. Antibiotic susceptibility testing was performed by disk diffusion method on Mueller-Hinton agar according to the Clinical Laboratory Standards Institute standards. A total of twenty-six (26) antibiotics were used to determine the antibiotic susceptibility. S. xylosus was the predominant isolate with 30% total occurrence, followed by S. epidermis, S. aureus, S. saprophyticus and S. haemolyticus with 25%, 15%, 15%, and 10% abundance respectively. The isolates were resistant to ceftezidime, gentamycin, nalidixic acid, nortrafuration, ampicillin, penicillin, oxytetracycline, tetracycline, doxycycline, clindamycin and lincomycin. mecA genes was detected among the methicillin resistant Staphylococcus species (MRSS) but no vancomycin resistance genes (van A and van B) were detected in these isolates. The presence of MRSS and multidrug resistant Staphylococcus species in meat affirms the need to avoid consumption of partially cooked meat currently rampant in South Africa, to avoid the spread of difficult to control pathogens in epidemiological proportion.

Keywords: Staphylococcus species, antibiotics, antibiotic resistance genes, food products, methicillin resistance, mecA gene

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Authors: Dumasari, Pujiati Utami

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The bargaining position is important for a craftsman in every transaction. A strong bargaining position to encourage craftsmen to gain feasible prices on souvenirs tourism products are sold in several market segments. Some social actions of craftsmen turned out to also determine the conditions bargaining. The main goal of this study is to assess the range of social action to strengthen the bargaining position of craftsmen in marketing various products of tourism souvenir. Location of the study is set intentionally in the Sub-District of Baturaden, Banyumas Regency and also the Sub-District of Purbalingga Wetan, Purbalingga Regency. Both of them are located in the Central Java Province, Indonesia. The research method is the descriptive case study. The results showed that the craftsmen not only carry out one or two type of social action. They do all of the social action: the first is rational based instrumental, the second is rational based on the values, the third is affective, and the fourth is traditional. However, craftsmen also develop other social actions namely: collective, productive and creative action. At respondents in Baturaden dominant type of social action that is instrumentally rational, productive and creative. Meanwhile, respondents in Purbalingga more dominant social action collective, productive and creative. Some social actions implemented simultaneously by the respondents. Because of this, they concluded that the rational action that modified by themselves is more easily for strengthening the bargaining position when facing the craftsmen traders collectors. Collective and rationality social action has the highest sensitivity value for strengthening the bargaining position of craftsmen.

Keywords: bargaining position, craftsmen, strengthen, social actions, marketing of tourism souvenir

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Authors: Elena Iacob, Marie-Louise Ionescu, Elena Ionescu, Carmen Elena Tebrencu, Oana Teodora Ciuperca

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Infrared spectroscopy (FT-IR) is an advanced technique frequently used to authenticate both raw materials and final products using their specific fingerprints and to determine plant extracts biomarkers based on their functional groups. In recent years the market for Hypericum has grown rapidly and also has grown the cases of adultery/replacement, especially for Hypericum perforatum L.specie. Presence/absence of same biomarkers provides preliminary identification of Hypericum species in safe use in the manufacture of food supplements. The main objective of the work was to characterize the main biomarkers of Hypericum perforatum L. (St. John's wort) and identify this species in herbal food supplements after specific FT-IR fingerprint. An experimental program has been designed in order to test: (1) raw material (St. John's wort); (2)intermediate raw materials (St. John's wort dry extract ); (3) the finished products: tablets based on powders, on extracts, on powder and extract, hydroalcoholic solution from herbal mixture based on St. John's wort. The analyze using FTIR infrared spectroscopy were obtained raw materials, intermediates and finished products spectra, respectively absorption bands corresponding and similar with aliphatic and aromatic structures; examination was done individually and through comparison between Hypericum perforatum L. plant species and finished product The tests were done in correlation with phytochemical markers for authenticating the specie Hypericum perforatum L.: hyperoside, rutin, quercetin, isoquercetin, luteolin, apigenin, hypericin, hyperforin, chlorogenic acid. Samples were analyzed using a Shimatzu FTIR spectrometer and the infrared spectrum of each sample was recorded in the MIR region, from 4000 to 1000 cm-1 and then the fingerprint region was selected for data analysis. The following functional groups were identified -stretching vibrations suggests existing groups in the compounds of interest (flavones–rutin, hyperoside, polyphenolcarboxilic acids - chlorogenic acid, naphtodianthrones- hypericin): oxidril groups (OH) free alcohol type: rutin, hyperoside, chlorogenic acid; C = O bond from structures with free carbonyl groups of aldehyde, ketone, carboxylic, ester: hypericin; C = O structure with the free carbonyl of the aldehyde groups, ketone, carboxylic acid, esteric/C = O free bonds present in chlorogenic acid; C = C bonds of the aromatic ring (condensed aromatic hydrocarbons, heterocyclic compounds) present in all compounds of interest; OH phenolic groups: present in all compounds of interest, C-O-C groups from glycoside structures: rutin, hyperoside, chlorogenic acid. The experimental results show that: (I)The six fingerprint region analysis indicated the presence of specific functional groups: (1) 1000 - 1130 cm-1 (C-O–C of glycoside structures); (2) 1200-1380 cm-1 (carbonyl C-O or O-H phenolic); (3) 1400-1450 cm-1 (C=C aromatic); (4) 1600- 1730 cm-1 (C=O carbonyl); (5) 2850 - 2930 cm-1 (–CH3, -CH2-, =CH-); (6) 338-3920 cm-1 (OH free alcohol type); (II)Comparative FT-IR spectral analysis indicate the authenticity of the finished products ( tablets) in terms of Hypericum perforatum L. content; (III)The infrared spectroscopy is an adequate technique for identification and authentication of the medicinal herbs , intermediate raw material and in the food supplements less in the form of solutions where the results are not conclusive.

Keywords: Authentication, FT-IR fingerprint, Herbal supplements, Hypericum perforatum L.

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Authors: Kakha Nadiardze, Nana Phirosmanashvili

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The goal of this paper is to present the problems of lack of information among farmers in food safety. Global food supply chains are becoming more and more diverse, making traceability systems much harder to implement across different food markets. In this abstract, we will present our work for analyzing the key developments in Georgian food market from regulatory controls to administrative procedures to traceability technologies. Food safety and quality assurance are most problematic issues in Georgia as food trade networks become more and more complex, food businesses are under more and more pressure to ensure that their products are safe and authentic. The theme follow-up principles from farm to table must be top-of-mind for all food manufacturers, farmers and retailers. Following the E. coli breakout last year, as well as more recent cases of food mislabeling, developments in food traceability systems is essential to food businesses if they are to present a credible brand image. Alongside this are the ever-developing technologies in food traceability networks, technologies that manufacturers and retailers need to be aware of if they are to keep up with food safety regulations and avoid recall. How to examine best practice in food management is the main question in order to protect company brand through safe and authenticated food. We are working with our farmers to work with our food safety experts and technology developers throughout the food supply chain. We provide time by time food analyses on heavy metals, pesticide residues and different pollutants. We are disseminating information among farmers how the latest food safety regulations will impact the methods to use to identify risks within their products.

Keywords: food safety, GMO, LMO, E. coli, quality

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Authors: Tansel Comoglu

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Orally fast disintegrating tablets (FDTs or ODTs) have become popular during the last decade, and manufacturing of ODTs is getting a rapidly growing area in the pharmaceutical industry. The concept of ODTs has emerged from the desire to provide patients with more conventional means of taking their medication. Drugs, that have satisfactory absorption from the oral mucosa or aimed for immediate therapeutic activity can be formulated in ODTs. After placing the ODT into the mouth, these tablets dissolve or disintegrate in the mouth usullay less than a minute, in the absence of additional water. Even though the ODT technology has taken an important path, as proved by a large group of commercial products on the drug market, there are so many problems to be solved in ODT formulations such as; formulation of hydrophobic drugs is stil a challenge, especially when the amount of drug is high. As these tablets dissolve or disintegrate in the mouth without the need of additional water, taste masking of active ingredients becomes essential in these systems because the drug is entirely released in the mouth. In ODT technology, coping with the taste of drugs is still a challenge. Resins or sweeteners or other techniques are also used in the formulation to aid taste-masking of the API. Another important factor to consider is whether they can be manufactured using conventional equipment and processes, as this will have a positive influence on manufacturing costs. Some products, however, may require a more costly, special unitdose packaging if the dosage form is fragile. In this overview, benefits, various formulation technologies, clinical studies and some future research trends of ODTs will be discussed.

Keywords: orally fast disintegrating tablets, benefits, formulation technologies, future research trends

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Authors: Gerald Abdesaken, Thomas O. Miller

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This paper analyzes the performance of gold as a safe-haven investment. Assuming high market volatility as an impetus to seek a safe haven in gold, the return of gold relative to the stock market, as measured by the S&P 500, is tracked. Using the Chicago Board Options Exchange (CBOE) volatility index (VIX) as a measure of stock market volatility, various criteria are established for when an investor would seek a safe haven to avoid high levels of risk. The results show that in a vast majority of cases, the S&P 500 outperforms gold during these periods of high volatility and suggests investors who seek safe haven are underperforming the market.

Keywords: gold, portfolio management, safe haven, VIX

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Authors: Attila Kiss, Erzsébet Némedi, Zoltán Naár

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As natural prebiotic (non-digestible) carbohydrates stimulate the growth of colon microflora and contribute to maintain the health of the host, analytical studies aiming at revealing the chemical behavior of these beneficial food components came to the forefront of interest. Food processing (especially baking) may lead to a significant conversion of the parent compounds, hence it is of utmost importance to characterize the transformation patterns and the plausible decomposition products formed by thermal degradation. The relevance of this work is confirmed by the wide-spread use of these carbohydrates (fructo-oligosaccharides, cyclodextrins, raffinose and resistant starch) in the food industry. More and more functional foodstuffs are being developed based on prebiotics as bioactive components. 12 different types of oligosaccharides have been investigated in order to reveal their thermal degradation characteristics. Different carbohydrate derivatives (D-fructose and D-glucose oligomers and polymers) have been exposed to elevated temperatures (150 °C 170 °C, 190 °C, 210 °C, and 220 °C) for 10 min. An advanced HPLC method was developed and used to identify the decomposition products of carbohydrates formed as a consequence of thermal treatment. Gradient elution was applied with binary solvent elution (acetonitrile, water) through amine based carbohydrate column. Evaporative light scattering (ELS) proved to be suitable for the reliable detection of the UV/VIS inactive carbohydrate degradation products. These experimental conditions and applied advanced techniques made it possible to survey all the formed intermediers. Change in oligomer distribution was established in cases of all studied prebiotics throughout the thermal treatments. The obtained results indicate increased extent of chain degradation of the carbohydrate moiety at elevated temperatures. Prevalence of oligomers with shorter chain length and even the formation of monomer sugars (D-glucose and D-fructose) might be observed at higher temperatures. Unique oligomer distributions, which have not been described previously are revealed in the case of each studied, specific carbohydrate, which might result in various prebiotic activities. Resistant starches exhibited high stability when being thermal treated. The degradation process has been modeled by a plausible reaction mechanism, in which proton catalyzed degradation and chain cleavage take place.

Keywords: prebiotics, thermal degradation, fructo-oligosaccharide, HPLC, ELS detection

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Authors: Inemesit Akpan Umoren, Aniekan James Akpan

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Media practitioners and information managers have often erroneously operated on the premise that media messages are received as disseminated to the extent that audiences of whatever background assimilate the content uniformly. This does not subsist since media audiences are often segmented in terms of educational level, social category, place of residence, gender, among others. While those who are highly educated, live in urban areas and are of highest standing are more likely to have direct access to the media, those in the rural areas and of low education and standing, may not have direct or easy access. These, therefore, informed the study to establish the consumption patterns of mass media products by residents of rural communities in south-south, Nigeria. The study, which was anchored on the multi-step flow and social categories theories, adopted a survey research design and a sample of 383 using Mayer’s 1979 guide drawn from nine rural communities in the south-south, Nigeria states of Akwa Ibom, Rivers and Edo. Findings among others showed that while a negligible percentage is highly exposed to media messages of all types, a greater member depend on opinion leaders, social groups, drinking joints, among other such for filtered content. It was concluded that since rural or community media organizations are very vital in ensuring media content get to all audience without necessarily being passing through intermediaries. Among the recommendations was that information managers and media organizations should always have in mind the ruralites while packaging their contents even in the mainstream media.

Keywords: consumption, media, media product, pattern

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Authors: Vanessa Romanovicz, Beatriz A. Berns, Stephen D. Carpenter, Deyse Carpenter

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This article deals with the carbon nanotubes (CNT) synthesized from a novel precursor, sugar cane and Anodic Aluminum Oxide (AAO). The objective was to produce CNTs to be used as catalyst supports for Proton Exchange Membranes. The influence of temperature, inert gas flow rate and concentration of the precursor is presented. The CNTs prepared were characterized using TEM, XRD, Raman Spectroscopy, and the surface area determined by BET. The results show that it is possible to form CNT from sugar cane by pyrolysis and the CNTs are the type multi-walled carbon nanotubes. The MWCNTs are short and closed at the two ends with very small surface area of SBET = 3.691m,/g.

Keywords: carbon nanotubes, sugar cane, fuel cell, catalyst support

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Authors: B. S. Bajwa, Parminder Singh, Prabhjot Singh, Surinder Singh, B. K. Sahoo, B. K. Sapra

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A follow up study was taken up in a mineralized zone situated in Hamirpur district, Himachal Pradesh, India to investigate high values of radon concentration reported in past studies as well to update the old radon data based on bare SSNTD technique. In the present investigation, indoor radon, thoron and their decay products concentrations have been measured using the newly developed Radon-Thoron discriminating diffusion chamber with single entry face, direct radon and thoron progeny sensors (DRPS/DTPS) respectively. The measurements have been carried out in seventy five dwellings of fourteen different villages. Houses were selected taking into consideration of the past data as well as the type of houses such as mud, concrete, brick etc. It was observed that high values of earlier reported radon concentrations were mainly because of thoron interference in the Solid State Nuclear Track Detector (LR-115 type II) exposed in bare mode. Now, the average concentration values and the estimated annual inhalation dose in these villages have been found to be within the reference level as recommended by the ICRP. The annual average indoor radon and thoron concentrations observed in these dwellings have been found to vary from 44±12-157±73 Bq m-3 and 44±11-240±125 Bq m-3 respectively. The equilibrium equivalent concentrations of radon and thoron decay products have been observed to be in the range of 10-63 Bq m-3 and 1-5 Bq m-3 respectively.

Keywords: radon, thoron, progeny concentration, dosimeter

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Authors: Shaban Guma, Naim Bajcinca

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We propose an event-triggered algorithm for the solution of a distributed optimization problem by means of the projected subgradient method. Thereby, we invoke an OFDMA resource allocation scheme by applying an event-triggered sensitivity analysis at the access point. The optimal resource assignment of the subcarriers to the involved wireless nodes is carried out by considering the sensitivity analysis of the overall objective function as defined by the control of vehicle clusters with respect to the information exchange between the nodes.

Keywords: consensus, cross-layer, distributed, event-triggered, multi-vehicle, protocol, resource, OFDMA, wireless

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Authors: Pennuel P. Togonave, Bartholomew S. Apis, Emma Kiup, Gure Tumae, Johannes Pakatul, Michael Webb

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Interplanting food crops in coffee gardens has increased in recent years. The purpose of this study was to quantify the nutrient management implications of growing food crops within the coffee garden and to investigate the sustainability of this practice through field surveys in two accessible sites (Asaro and Bena) and two remote sites (Marawaka and Baira), in Eastern Highlands Province of Papua New Guinea. Coffee gardens were selected at each site and surveys were conducted to assess the status of intercropping in each of the smallholder coffee gardens. Food crops in the coffee gardens were sampled for nutrient analysis Survey results indicate intercropping as a common practice in coffee gardens and entailed mixed cropping of food crops in an irregular pattern and spacing. More than 40% of the farmers used 40-60% of their total coffee garden area for intercropping. In remote sites, more than 50% of the coffee garden areas closest to the house were intercropped with food crops compared to 40% of inaccessible sites. In both remote and accessible sites, the most common intercropped food crops were 90% banana (Musa spp) varieties and 50% sugarcane (Saccharum spp). Nutrient analysis of the by-products and residuals of some common intercrops shows the potential to replenish the coffee plant's deficient nutrients like Potassium, Magnesium, Phosphorus, Boron and Zinc. Intercropping of coffee gardens is increasing due to land pressure, marketing opportunities, food security and labor supply

Keywords: by-products, coffee, crops, intercropping, nutrients, soil

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Authors: Laura Rueda-Gensini, Jader Rodríguez, Juan C. Cruz, Carolina Munoz-Camargo

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There is an emerging interest in botanicals and plant extracts for medicinal practices due to their widely reported health benefits. A large variety of phytochemicals found in plants have been correlated with antioxidant, immunomodulatory, and analgesic properties, which makes plant-derived products promising candidates for modulating the progression and treatment of numerous diseases. Non-centrifugal cane sugar (NCS), in particular, has been known for its high antioxidant and nutritional value, but composition-wise variability due to changing environmental and processing conditions have considerably limited its use in the nutraceutical and biomedical fields. This work is therefore aimed at assessing the effect of thermal exposure during NCS production over its bioactive composition and, in turn, its therapeutic value. Accordingly, two modified dehydration methods are proposed that employ: (i) vacuum-aided evaporation, which reduces the necessary temperatures to dehydrate the sample, and (ii) window refractance evaporation, which reduces thermal exposure time. The biochemical composition of NCS produced under these two methods was compared to traditionally-produced NCS by estimating their total polyphenolic and protein content with Folin-Ciocalteu and Bradford assays, as well as identifying the major phenolic compounds in each sample via HPLC-coupled mass spectrometry. Their antioxidant activities were also compared as measured by their scavenging potential of ABTS and DPPH radicals. Results show that the two modified production methods enhance polyphenolic and protein yield in resulting NCS samples when compared to traditional production methods. In particular, reducing employed temperatures with vacuum-aided evaporation demonstrated to be superior at preserving polyphenolic compounds, as evidenced both in the total and individual polyphenol concentrations. However, antioxidant activities were not significantly different between these. Although additional studies should be performed to determine if the observed compositional differences affect other therapeutic activities (e.g., anti-inflammatory, analgesic, and immunoprotective), these results suggest that reducing thermal exposure holds great promise for the production of natural products with enhanced nutritional value.

Keywords: non-centrifugal cane sugar, polyphenolic compounds, thermal processing, antioxidant activity

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Authors: Dmitriy V. Chulkov

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Escalation of commitment is defined as continuation of a project after receiving negative information about it. While literature in management and psychology identified various factors contributing to escalation behavior, this phenomenon has received little analysis in economics, potentially due to the apparent irrationality of escalation. In this study, we present an economic model of escalation with asymmetric information in a principal-agent setup where the agents are responsible for a project selection decision and discover the outcome of the project before the principal. Our theoretical model complements the existing literature on several accounts. First, we link the incentive to escalate commitment to a project with the turnover decision by the manager. When a manager learns the outcome of the project and stops it that reveals that a mistake was made. There is an incentive to continue failing projects and avoid admitting the mistake. This incentive is enhanced when the agent may voluntarily resign from the firm before the outcome of the failing project is revealed, and thus not bear the full extent of reputation damage due to project failure. As long as some successful managers leave the firm for extraneous reasons, outside firms find it difficult to link failing projects with certainty to managers that left a firm. Second, we demonstrate that non-CEO managers have reputation concerns separate from those of the CEO, and thus may escalate commitment to projects they oversee, when such escalation can attenuate damage to reputation from impending project failure. Such incentive for escalation will be present for non-CEO managers if the CEO delegates responsibility for a project to a non-CEO executive. If reputation matters for promotion to the CEO, the incentive for a rising executive to escalate in order to protect reputation is distinct from that of a CEO. Third, our theoretical model is supported by empirical analysis of changes in the firm’s operations measured by the presence of discontinued operations at the time of turnover among the top four members of the top management team. Discontinued operations are indicative of termination of failing projects at a firm. The empirical results demonstrate that in a large dataset of over three thousand publicly traded U.S. firms for a period from 1993 to 2014 turnover by top executives significantly increases the likelihood that the firm discontinues operations. Furthermore, the type of turnover matters as this effect is strongest when at least one non-CEO member of the top management team leaves the firm and when the CEO departure is due to a voluntary resignation and not to a retirement or illness. Empirical results are consistent with the predictions of the theoretical model and suggest that escalation of commitment is primarily observed in decisions by non-CEO members of the top management team.

Keywords: discontinued operations, escalation of commitment, executive turnover, top management teams

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Authors: Chijioke Okafor, Malik Maaza, Touhami Mokrani

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Proton exchange membrane, PEM was developed and tested for potential application in fuel cell. Nafion was electrospun to nanofiber network with the aid of poly(ethylene oxide), PEO, as a carrier polymer. The matrix polymer was crosslinked with Norland Optical Adhesive 63 under UV after compacting and annealing. The welded nanofiber mat was characterized for morphology, proton conductivity, and methanol permeability, then tested in a single cell test station. The results of the fabricated nanofiber membrane showed a proton conductivity of 0.1 S/cm at 25 oC and higher fiber volume fraction; methanol permeability of 3.6x10^-6 cm2/s and power density of 96.1 and 81.2 mW/cm2 for 5M and 1M methanol concentration respectively.

Keywords: fuel cell, nafion, nanofiber, permeability

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Authors: Carolina Nunes, Sónia Ribeiro, Hélio Faustinho, Hélia Sales, Rita Pontes, João Nunes

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Pine resin activity in Portugal was one of the most important and major non-wood forestry, representing a strategic natural resource for Portuguese Bioeconomy and an important social activity for rural regions. Pine forests representing a stock of atmospheric carbon, contributing to greenhouse effect mitigation and social and environmental important services returns. They are important sources of numerous useful products, including not only wood and cellulose but also nonwood products used by the chemical, food, and pharmaceutical industries, as well as for biorefineries. Portuguese pine forest area decreases from 1 million hectares to 400 mil hectares in the last 20 years. Portugal, in 80´s decade, was one of the world´s TOP 3 producers, with a middle annual production of 140 mil tones.year-1. With the pressure of the social desertification, forest fires, phytosanitary problems (e.g. nematode of the pine wood) and the decrease of economic value and competitivity of the Portuguese forest, the actual middle annual production is less than 10 mil tones.year-1 (lesser 92%). This significant decrease representing an annual economic loss of approximately 130-140 million Euros. year⁻¹ for forest primary sector in Portugal. The Biopinus project design new forestry approach and strategic biotechnologies knowledge to increase the economic value of Pine resin in Portugal, with an impact on the growth of the economic value of Pine resin from 1,1 to 1,5 Euros/kg.

Keywords: pine resin, bioeconomy, economic value, biotecnology

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Authors: Reza Beheshti

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This paper examines remedies for defective manufactured goods in commercial circular economic transactions. The linear ‘take-make-dispose’ model fits well with the conventional remedial framework in which damages are considered the primary remedy. Damages under English Sales Law encourages buyers to look for a substitute seller with broadly similar goods to the ones agreed on in the original contract, enter into contract with this new seller and hence terminate the original contract. By doing so, the buyer ends the contractual relationship. This seems contrary to the core principles of the circular economy: keeping products, components, and materials in longer use, which can partly be achieved by product refurbishment. This process involves returning a product to good working condition by replacing or repairing major components that are faulty or close to failure and making ‘cosmetic’ changes to update the appearance of a product. This remedy has not been widely accepted or applied in commercial cases, which in turn flags up the secondary nature of performance-related remedies. This paper critically analyses the laws concerning the seller’s duty to cure in English law and the extent to which they correspond with core principles of the circular economy. In addition, this paper takes into account the potential of circular economic transactions being characterised as something other than sales. In such situations, the likely outcome will be a license to use products, which may limit the choice of remedy further. Consequently, this paper suggests an outline remedial framework specifically for commercial circular economic transactions in manufactured goods.

Keywords: circular economy, contract law, remedies, English Sales Law

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Authors: K. Larysz, E. Grochowska-Niedworok, M. Kardas, K. Brukalo, B. Calyniuk, R. Polaniak

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Eating behaviours and habits are one of the main factors affecting health. Abnormal nutritional status is a growing problem related to nutritional errors. The number of adolescents presenting excess body weight is also rising. The body's demand for all nutrients increases in the period of intensive development, i.e., during puberty. A varied, well-balanced diet and elimination of unhealthy habits are two of the key factors that contribute to the proper development of a young body. The aim of the study was to assess the nutritional status and selected eating behaviours/habits in adolescents attending middle school. An original questionnaire including 24 questions was conducted. A total of 401 correctly completed questionnaires were qualified for the assessment. Body mass index (BMI) was calculated. Furthermore, the frequency of breakfast consumption, the number of meals per day, types of snacks and sweetened beverages, as well as the frequency of consuming fruit and vegetables, dairy products and fast-foods were assessed. The obtained results were analysed statistically. The study showed that malnutrition was more of a problem than overweight or obesity among middle school students. More than 71% of middle school students have breakfast, whereas almost 30% of adolescents skip this meal. Up to 57.6% of respondents most often consume sweets at school. A total of 37% of adolescents consume sweetened beverages daily or almost every day. Most of the respondents consume an optimal number of meals daily. Only 24.7% of respondents consume fruit and vegetables more than once daily. The majority of respondents (49.40%) declared that they consumed fast food several times a month. Satisfactory frequency of consuming dairy products was reported by 32.7% of middle school students. Conclusions of our study: 1. Malnutrition is more of a problem than overweight or obesity among middle school students. They consume excessive amounts of sweets, sweetened beverages, and fast foods. 2. The consumption of fruit and vegetables was too low in the study group. The intake of dairy products was also low in some cases. 3. A statistically significant correlation was found between the frequency of fast food consumption and the intake of sweetened beverages. A low correlation was found between nutritional status and the number of meals per day. The number of meals consumed by these individuals decreased with increasing nutritional status.

Keywords: adolescent, malnutrition, nutrition, nutritional status, obesity

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Authors: Xiao-Dong Wang, Wei-Mon Yan

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The flow field design in the bipolar plates affects the performance of the proton exchange membrane (PEM) fuel cell. This work adopted a combined optimization procedure, including a simplified conjugate-gradient method and a completely three-dimensional, two-phase, non-isothermal fuel cell model, to look for optimal flow field design for a single serpentine fuel cell of size 9×9 mm with five channels. For the direct solution, the two-fluid method was adopted to incorporate the heat effects using energy equations for entire cells. The model assumes that the system is steady; the inlet reactants are ideal gases; the flow is laminar; and the porous layers such as the diffusion layer, catalyst layer and PEM are isotropic. The model includes continuity, momentum and species equations for gaseous species, liquid water transport equations in the channels, gas diffusion layers, and catalyst layers, water transport equation in the membrane, electron and proton transport equations. The Bulter-Volumer equation was used to describe electrochemical reactions in the catalyst layers. The cell output power density Pcell is maximized subjected to an optimal set of channel heights, H1-H5, and channel widths, W2-W5. The basic case with all channel heights and widths set at 1 mm yields a Pcell=7260 Wm-2. The optimal design displays a tapered characteristic for channels 1, 3 and 4, and a diverging characteristic in height for channels 2 and 5, producing a Pcell=8894 Wm-2, about 22.5% increment. The reduced channel heights of channels 2-4 significantly increase the sub-rib convection and widths for effectively removing liquid water and oxygen transport in gas diffusion layer. The final diverging channel minimizes the leakage of fuel to outlet via sub-rib convection from channel 4 to channel 5. Near-optimal design without huge loss in cell performance but is easily manufactured is tested. The use of a straight, final channel of 0.1 mm height has led to 7.37% power loss, while the design with all channel widths to be 1 mm with optimal channel heights obtained above yields only 1.68% loss of current density. The presence of a final, diverging channel has greater impact on cell performance than the fine adjustment of channel width at the simulation conditions set herein studied.

Keywords: optimization, flow field design, simplified conjugate-gradient method, serpentine flow field, sub-rib convection

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Authors: Hamed Ahari, Behrouz Akbari Adreghani, Vadood Razavilar, Amirali Anvar, Sima Moradi, Hourieh Shalchi

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Considering the ever increasing population and industrialization of the developmental trend of humankind's life, we are no longer able to detect the toxins produced in food products using the traditional techniques. This is due to the fact that the isolation time for food products is not cost-effective and even in most of the cases, the precision in the practical techniques like the bacterial cultivation and other techniques suffer from operator errors or the errors of the mixtures used. Hence with the advent of nanotechnology, the design of selective and smart sensors is one of the greatest industrial revelations of the quality control of food products that in few minutes time, and with a very high precision can identify the volume and toxicity of the bacteria. Methods and Materials: In this technique, based on the bacterial antibody connection to nanoparticle, a sensor was used. In this part of the research, as the basis for absorption for the recognition of bacterial toxin, medium sized silica nanoparticles of 10 nanometer in form of solid powder were utilized with Notrino brand. Then the suspension produced from agent-linked nanosilica which was connected to bacterial antibody was positioned near the samples of distilled water, which were contaminated with Staphylococcus aureus bacterial toxin with the density of 10-3, so that in case any toxin exists in the sample, a connection between toxin antigen and antibody would be formed. Finally, the light absorption related to the connection of antigen to the particle attached antibody was measured using spectrophotometry. The gene of 23S rRNA that is conserved in all Staphylococcus spp., also used as control. The accuracy of the test was monitored by using serial dilution (l0-6) of overnight cell culture of Staphylococcus spp., bacteria (OD600: 0.02 = 107 cell). It showed that the sensitivity of PCR is 10 bacteria per ml of cells within few hours. Result: The results indicate that the sensor detects up to 10-4 density. Additionally, the sensitivity of the sensors was examined after 60 days, the sensor by the 56 days had confirmatory results and started to decrease after those time periods. Conclusions: Comparing practical nano biosensory to conventional methods like that culture and biotechnology methods(such as polymerase chain reaction) is accuracy, sensitiveness and being unique. In the other way, they reduce the time from the hours to the 30 minutes.

Keywords: exotoxin, nanobiosensor, recognition, Staphylococcus aureus

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Authors: Vaida Jurgile

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Intercultural learning is one of the approaches taken to understand the cultural diversity of the modern world and to accept changes in cultural identity and otherness and the expression of tolerance. During intercultural learning, students develop their abilities to interact and communicate with their group members. These abilities help to understand social and cultural differences, to form one’s identity, and to give meaning to intercultural learning. Intercultural education recognizes that a true understanding of differences and similarities of another culture is necessary in order to lay the foundations for working together with others, which contributes to the promotion of intercultural dialogue, appreciation of diversity, and cultural exchange. Therefore, it is important to examine the concept of intercultural learning, revealed through students’ learning experiences and understanding of how this learning takes place and what significance this phenomenon has in higher education. At a scientific level, intercultural learning should be explored in order to uncover the influence of cultural identity, i.e., intercultural learning should be seen in a local context. This experience would provide an opportunity to learn from various everyday intercultural learning situations. Intercultural learning can be not only a form of learning but also a tool for building understanding between people of different cultures. The research object of the study is the process of intercultural learning. The aim of the dissertation is to develop a grounded theory of the process of learning in an intercultural study environment, revealing students’ learning experiences. The research strategy chosen in this study is a constructivist grounded theory (GT). GT is an inductive method that seeks to form a theory by applying the systematic collection, synthesis, analysis, and conceptualization of data. The targeted data collection was based on the analysis of data provided by previous research participants, which revealed the need for further research participants. During the research, only students with at least half a year of study experience, i.e., who have completed at least one semester of intercultural studies, were purposefully selected for the research. To select students, snowballing sampling was used. 18 interviews were conducted with students representing 3 different fields of sciences (social sciences, humanities, and technology sciences). In the process of intercultural learning, language expresses and embodies cultural reality and a person’s cultural identity. It is through language that individual experiences are expressed, and the world in which Others exist is perceived. The increased emphasis is placed on the fact that language conveys certain “signs’ of communication and perception with cultural value, enabling the students to identify the Self and the Other. Language becomes an important tool in the process of intercultural communication because it is only through language that learners can communicate, exchange information, and understand each other. Thus, in the process of intercultural learning, language either promotes interpersonal relationships with foreign students or leads to mutual rejection.

Keywords: intercultural learning, grounded theory, students, other

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Authors: Mouna Mesbahi, M. Loutfi Benkhedir

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In CZTS films solar cell, the preferable reaction between Cu and sulfur vapor was likely to be induced by out diffusion of the bottom Cu component to the surface; this would lead to inhomogeneous distribution of the Cu component to form the Cu2SnS3 secondary phase and formation of many voids and crevices in the resulting CZTS film; which is also the cause of the decline in performance. In this work we study the electronic and optical properties of Cu2SnS3. For this purpose we used the Wien2k code based on the theory of density functional theory (DFT) with the modified Becke-Johnson exchange potential mBJ and the Hubbard potential individually or combined. We have found an energy gap 0.92 eV. The results are in good agreement with experimental results.

Keywords: Cu2SnS3, DFT, electronic and optical properties, mBJ+U, WIEN2K

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Authors: Seon Yeong Byeon, Hwa Sung Shin

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Nanofibrous sheets are of interest in the beauty industries due to the properties of moisturizing, adhesion to skin and delivery of nutrient materials. The benefit and function of the cosmetic products should not be considered without safety thus a non-toxic manufacturing process is ideal when fabricating the products. In this study, we have developed cosmetic patches consisting of alginate and Spirulina extract, a marine resource which has antibacterial and antioxidant effects, without addition of harmful cross-linkers. The patches obtained their structural stabilities by layer-upon-layer electrospinning of an alginate layer on a formerly spread polycaprolactone (PCL) layer instead of crosslinking method. The morphological characteristics, release of Spirulina extract, water absorption, skin adhesiveness and cytotoxicity of the double-layered patches were assessed. The image of scanning electron microscopy (SEM) showed that the addition of Spirulina extract has made the fiber diameter of alginate layers thinner. Impregnation of Spirulina extract increased their hydrophilicity, moisture absorption ability and skin adhesive ability. In addition, wetting the pre-dried patches resulted in releasing the Spirulina extract within 30 min. The patches were detected to have no cytotoxicity in the human keratinocyte cell-based MTT assay, but rather showed increased cell viability. All the results indicate the bioactive and hydro-adhesive double-layered patches have an excellent applicability to bioproducts for personal skin care in the trend of ‘A mask pack a day’.

Keywords: alginate, cosmetic patch, electrospun nanofiber, polycaprolactone, Spirulina extract

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Authors: Bright Kwakye-Awuah, Elizabeth Von-Kiti, Isaac Nkrumah, Baah Sefa-Ntiri, Craig D. Williams

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Bauxite and kaolin from Ghana Bauxite Company mine site were used to synthesize zeolites. Bauxite served as the alumina source and kaolin the silica source. Synthesis variations include variation of aging time at constant crystallization time and variation of crystallization times at constant aging time. Characterization techniques such as X-ray diffraction (XRD), scanning electron microscopy (SEM), energy dispersive x-ray analysis (EDX) and Fourier transform infrared spectroscopy (FTIR) were employed in the characterization of the raw samples as well as the synthesized samples. The results obtained showed that the transformations that occurred and the phase of the resulting products were coordinated by the aging time, crystallization time, alkaline concentration and Si/Al ratio of the system. Zeolites A, X, Y, analcime, Sodalite, and ZK-14 were some of the phases achieved. Zeolite LTA was achieved with short crystallization times of 3, 5, 18 and 24 hours and a maximum aging of 24 hours. Zeolite LSX was synthesized with 24 hr aging followed with 24 hr hydrothermal treatment whilst zeolite Y crystallized after 48 hr of aging and 24 hr crystallization. Prolonged crystallization time produced a mixed phased product. Prolonged aging times, on the other hand, did not yield any zeolite as the sample was amorphous. Increasing the alkaline content of the reaction mixture above 5M introduced sodalite phase in the final product. The properties of the final products were comparable to zeolites synthesized from pure chemical reagents.

Keywords: bauxite, kaolin, aging, crystallization, zeolites

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Authors: Etty Soesilowati

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This research was intended to: (1) designing production systems that produce high quality salt and (2) diversification of salt products. This research used qualitative and quantitative approaches which Garam Mas Ltd. as the research site. The data were analyzed interactively and subjected to laboratory tests. The analyses showed that salt production system using HDPE geomembranes produced whiter and cleaner salts than those produced by conventional methods without HDPE geomembranes. High quality consumption salt contained 97% NaCl and a maximum of 0.05% water, in the form of white minute crystals and usually used for table salt of food and snack seasoning, souses and cheese and vegetable oil industries. Medium grade salt contained 94.7%-97% NaCl and 3%-7% water and usually used for kitchen salt, soy sauce, tofu industries and cattle feeding. Low quality salt contained 90%-94.7% NaCl and 5%-10% water, with dull white color and usually used for fish preservation and agriculture. The quality and quantity of salts production were influenced by temperatures, weather, water concentrations used during production processes and the discipline of salt farmers itself. The use of water temperature less than 23 °Be during the production processes produced low quality salts. Optimizing cultivation of the production process from raw material to end product (consumption salt) should be attempted to produce quality salt that fulfills the Indonesian National Standard. Therefore, the integrated policies among stakeholders are really needed to build strong institutional base at salt farmer level. This might be achieved through the establishment of specific region for salt production.

Keywords: cultivation system, diversification, salt products, high quality salt

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Authors: Somnath Mukhuti, Prem Kumar Ghosh

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Background and significance of the study Indian stock market has undergone sudden changes after the current China crisis in terms of turnover, market capitalization, share prices, etc. The average returns on equity investment in both markets have more than three and half times after global financial crisis owing to the development of industrial activity, corporate sectors development, enhancement in global consumption, change of global financial association and fewer imports from developed countries. But the economic policies of both the economies are far different, that is to say, where Indian economy maintaining a conservative policy, Chinese economy maintaining an aggressive policy. Besides this, Chinese economy recently lowering its currency for increasing mysterious growth but Indian does not. But on August 24, 2015 Indian stock market and world stock markets were fall down due to the reason of Chinese stock market. Keeping in view of the above, this study seeks to examine the influence of Chinese stock on Indian stock market. Methodology This research work is based on daily time series data obtained from yahoo finance database between 2009 (April 1) to 2015 (September 28). This study is based on two important stock markets, that is, Indian stock market (Bombay Stock Exchange) and Chinese stock market (Shanghai Stock Exchange). In the course of analysis, the daily raw data were converted into natural logarithm for minimizing the problem of heteroskedasticity. While tackling the issue, correlation statistics, ADF and PP unit root test, bivariate cointegration test and causality test were used. Major findings Correlation statistics show that both stock markets are associated positively. Both ADF and PP unit root test results demonstrate that the time series data were not normal and were not stationary at level however stationary at 1st difference. The bivariate cointegration test results indicate that the Indian stock market was associated with Chinese stock market in the long-run. The Granger causality test illustrates there was a unidirectional causality between Indian stock market and Chinese stock market. Concluding statement The empirical results recommend that India’s stock market was not very much dependent on Chinese stock market because of Indian economic conservative policies. Nevertheless, Indian stock market might be sturdy if Indian economic policies are changed slightly and if increases the portfolio investment with Chinese economy. Indian economy might be a third largest economy in 2030 if India increases its portfolio investment and trade relations with both Chinese economy and US economy.

Keywords: Indian stock market, China stock market, bivariate cointegration, causality test

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Authors: Muhammad Saleem Akhtar, Mushtaq Hussain Lashari, Ejaz Ahmad, Tanveer Ahmad, Laeeq Akbar Lodhi, Ijaz Ahmad, Masood Akhtar

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The objective of this study was to determine the effect of bull exposure continuously or intermittently or its excretory products after calving on postpartum interval to estrus, in Nili-Ravi buffalo. Forty-eight buffaloes of Nili-Ravi breed were allocated one of the four treatments in a totally randomized plan using a 4 x 1 factorial design. The four treatment groups were BEC (Bull Exposed Continuously), BEI (Bull Exposed Intermittently), EPB (Excretory Products of Bull) and BNE (Bull Not Exposed). BEC; buffaloes (n = 12) were exposed continuously to the physical presence of a bull whereas in BEI; buffaloes (n = 12) were exposed intermittently to the physical presence of bull. EPB; buffaloes (n = 12) were exposed to discharge waste (urine and feces) of bull and BNE buffaloes (n = 12) were not exposed to a bull or discharge waste of bulls. Buffaloes were exposed on day 15 after parturition. Day 15 postpartum represented d 0 for each treatment. The postpartum interval from calving to first behavioural estrus was 66.88 days in BEC, 75.12 days in BEI, 77.28 days in EPB and 76.5 days in BNE treatments. Postpartum interval to first behavioural estrus was shorter in BEC than BEI, EPB, and BNE treatments. There was no significant difference in postpartum interval to estrus between BEI, EPB and BNE treatments. In present study, the percentage of buffaloes showing estrus during experimental period was 75.0%, 66.66%, 66.66% and 58.33% in BEC, BEI, EPB and BNE treatments, respectively. The mean serum progesterone concentration did not differ significantly between BEC and other (BEI, EPB, and BNE) treatments. It was concluded that presence of bull has positive effect in reducing calving interval in Nili Ravi buffalo.

Keywords: calving interval, biostimulation, buffalo, bull exposure

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