Search results for: high-quality development of export trade

Authors: Abdulrahman Fahim M. Alsulami

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The current research seeks to explore the regulation of vaccine-related IP rights in light of the areas of divergence between the Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement and investment treaties. The study is conducted in the context of the COVID-19 pandemic; therefore, it seems natural that a specific chapter is devoted to the examination of vaccine arrangements related to vaccine supplies. The chapter starts with the examination of a typical vaccine from the perspective of IP rights. It presents the distinctive features of vaccines as pharmaceutical products and investments, reviews the basics of their patent protection, reviews vaccines’ components, and discusses IPR protection of different components of vaccines. The subsection that focuses on vaccine development and licensing reviews vaccine development stages investigates differences between vaccine licensing in different countries and presents barriers to vaccine licensing. The third subsection, at the same time, introduces the existing arrangements related to COVID-19 vaccine supplies, including COVAX arrangements, international organizations’ assistance, and direct negotiations between governments and vaccine manufacturers.

Keywords: bilateral investment treaties, COVID-19 vaccine, IP rights, TRIPs agreement

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Authors: Asyraf Abdul Halim, Mohd Edil Abd Sukor, Obiyathulla Ismath Bacha

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This paper attempts to investigate the capital structure behavior of Shariah compliant firms of various levels as well those firms who are consistently Shariah non-compliant in Malaysia. The paper utilizes a unique dataset of firms of the heterogeneous level of Shariah-compliancy status over a 20 year period from the year 1997 to 2016. The paper focuses on the effects of dynamic forces behind capital structure variation such as the optimal capital structure behavior based on the trade-off, pecking order, market timing and firmly fixed effect models of capital structure. This study documents significant evidence in support of the trade-off theory with a high speed of adjustment (SOA) as well as for the time-invariant firm fixed effects across all Shariah compliance group.

Keywords: capital structure, market timing, trade-off theory, equity risk premium, Shariah-compliant firms

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Authors: V. S. S. Kumar, B. Vikram, G. C. S. Reddy

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Time and cost are the two critical objectives of construction project management and are not independent but intricately related. Trade-off between project duration and cost are extensively discussed during project scheduling because of practical relevance. Generally when the project duration is compressed, the project calls for an increase in labor and more productive equipments, which increases the cost. Thus, the construction time-cost optimization is defined as a process to identify suitable construction activities for speeding up to attain the best possible savings in both time and cost. As there is hidden tradeoff relationship between project time and cost, it might be difficult to predict whether the total cost would increase or decrease as a result of compressing the schedule. Different combinations of duration and cost for the activities associated with the project determine the best set in the time-cost optimization. Therefore, the contractors need to select the best combination of time and cost to perform each activity, all of which will ultimately determine the project duration and cost. In this paper, the fuzzy set theory is used to model the uncertainties in the project environment for time-cost trade off analysis.

Keywords: fuzzy sets, uncertainty, qualitative factors, decision making

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Authors: Ifeoma Patricia Osamor, Ayotunde Qudus Saka, Godwin Omoregbee, Hikmat Oreoluwalomo Omolaja

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Persistent fall in the value of Nigeria's currency compared to other foreign currencies, constant fluctuations in the exchange rate, and an increase in the price of goods and services necessitated the examination of the effects of exchange rate fluctuations on the economic performance of the manufacturing sector in Nigeria. An ex-post facto research design was adopted. Manufacturing gross domestic product (MGDP) was proxied for performance; Naira/Dollar exchange rate (NDE), Naira/Pounds exchange rate (NPE), Foreign exchange supply (FES) were used for exchange rate fluctuations; and inflation rate (INF) was a control variable. Data were collected from CBN Statistical Bulletin (2020) also World Development Indicators of the World Bank, while data collected were analysed using descriptive analysis, unit root, bounds cointegration test, and ARDL. Findings showed that changes in Naira/Dollar exchange rate (NDE) and Naira/Pound Sterling exchange rate negatively but significantly impact the economic performance of the manufacturing sector, while foreign exchange supply leads to an insignificant positive effect on the economic performance of the manufacturing. The study concludes that exchange rate fluctuations negatively impact the performance of the manufacturing sector in Nigeria and, therefore, recommends that government should encourage export diversification through agriculture, agro-investment, and agro-allied industries that would boost export in order to improve the value of the Naira, thereby stabilizing the exchange rate.

Keywords: exchange rate, economic performance, gross domestic product, inflation rate, foreign exchange supply

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Authors: Saeid Rabiei Majd, Motahareh Alvandi, Mehrad Rabiei

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The rapid economic and technological development of any country depends on access to cheap sources of energy. Competition for access to petroleum resources is always accompanied by numerous environmental risks. These factors have caused more attention to environmental issues and sustainable development in petroleum contracts and activities. Nowadays, a sign of developed countries is adhering to the principles and rules of international environmental law and sustainable development of commercial contracts. China has entered into play through the massive project plan, One Belt, One Road. China is becoming a new emerging power in the world. China's bilateral investment treaties have an impact on environmental rights and sustainable development through regional and international foreign direct investment. The aim of this research is to examine China's key position to promote and improve environmental principles and international law and sustainable development in the energy sector in the world through the initiative, One Belt, One Road. Based on this hypothesis, it seems that in the near future, China's investment bilateral investment treaties will become popular investment model used in global trade, especially in the field of energy and sustainable development. They will replace the European and American models. The research method is including literature review, analytical and descriptive methods.

Keywords: principles of sustainable development, oil and gas law, Chinas BITs, One Belt One Road, environmental rights

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Authors: Vasundhara H. Krishnani, Ajay Saini, Dibesh Karmacharya, Salit Kark

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Illegal Wildlife Trade is one of the most pressing global conservation challenges. Unregulated wildlife trade can threaten biodiversity, contribute to habitat loss, limit sustainable development efforts, and expedite species declines and extinctions. In low-income and middle-income countries, such as Nepal and other countries in Asia and Africa, many of the people engaged in the early stages of illegal wildlife trade, which includes the hunting and transportation of wildlife, belong to Indigenous tribes and local communities.These countries primarily rely on punitive measures to prevent and suppress Illegal Wildlife Trade. For example, in Nepal, people involved in wildlife crimes can often be sentenced to incarceration and a hefty fine and serve up to 15 years in prison. Despite these harsh punitive measures, illegal wildlife trade remains a significant conservation challenge in many countries. The aim of this study was to examine factors affecting the participation of Indigenous communities in Illegal Wildlife Trade while recording the experiences of members of the Indigenous Chepang community, some of whom were imprisoned for their alleged involvement in rhino poaching. Chepangs, belonging to traditionally a hunter-gatherer community, are often considered an isolated and marginalized Indigenous community, some of whom live around the Chitwan National Park in Nepal. Established in 1973, Chitwan National Park is situated in the Chitwan Valley of Nepal and was one of the first regions that was declared as a protected area in Nepal, aiming to protect the one-horned rhinoceros as a flagship species. Conducted over a period of three years, this study used semi-structured interviews and focus group discussions to collect data from Illegal Wildlife Trade offenders, family members of offenders, community Elders, NGO personnel, community forest representatives, Chepang community representatives, and Government school teachers from the region surrounding Chitwan National Park. The study also examined the social, cultural, health, and financial impacts that the imprisonment of offenders had on the families of the community members, especially women and children. The results suggest that involvement of the members of the Chepang community living around Chitwan National Park in the poaching of the one-horned rhinoceros (Rhinoceros unicornis) can be attributed to a range of factors, some of which include: lack of livelihood opportunities, lack of awareness regarding wildlife rules and regulations and poverty.This work emphasises the need for raising awareness and building programs to enhance alternative livelihood training and empower indigenous and marginalised communities that provide sustainable alternatives. Furthermore, the issue needs to be addressed as a community solution which includes all community members. We suggest this multi-pronged approach can benefit wildlife conservation by reducing illegal poaching and wildlife trade, as well as community conservation in regions with similar challenges. By actively involving and empowering local communities, the communities become key stakeholders in the conservation process. This involvement contributes to protecting wildlife and natural ecosystems while simultaneously providing sustainable livelihood options for local communities.

Keywords: alternative livelihoods, chepang community, illegal wildlife trade, low-and middle-income countries, nepal, one-horned rhinoceros

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Authors: Pui I. Chao, Shanju Lin

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Purpose: Children with developmental language disorder (DLD) have persistent language difficulties and often face great challenges when demands are high. The aim of this study was to investigate whether verb frequency would trade-off with syntactic complexity when they talk. Method: Forty-five children with DLD, 45 chronological age matches with TD (AGE), and 45 MLU-matches with TD (MLU) who were Mandarin speakers were selected from the previous study. Language samples were collected under three contexts: conversation about children’s family and school, story retelling, and free play. MLU, verb density, utterance length difference, verb density difference, and average verb frequency were calculated and further analyzed by ANOVAs. Results: Children with DLD and their MLU matches produced shorter utterances and used fewer verbs in expressions than the AGE matches. Compared to their AGE matches, the DLD group used more verbs and verbs with lower frequency in shorter utterances but used fewer verbs and verbs with higher frequency in longer utterances. Conclusion: Mandarin-speaking children with DLD showed difficulties in verb usage and were more vulnerable to trade-offs than their age-matched peers in utterances with high demand. As a result, task demand should be taken into account as speech-language pathologists assess whether children with DLD have adequate abilities in verb usage.

Keywords: developmental language disorder, syntactic complexity, trade-offs, verb frequency

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Authors: Adeleke Omolade

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The study investigated the impacts of capital goods' import and human capital on the economic growth of the Sub Sahahra Africa (SSA). 30 countries were used in the Panel- ARDL analysis where economic growth is the dependent variables and capital goods' import, human capital, primary export, investment exchange rate, among others were used as the independent variables. The result from the panel analysis indicates that capital goods' import will significantly and positively influence economic growth but human capital fails to have significant positive impact on economic growth of the SSA. Earlier the trend analysis and the correlation results have shown that there is a weak association between capital goods' import and human capital in the SSA. The results offer an expository analysis that reveals that the quality of the human capital is very germane to the effective utilization of capital goods' import for the purpose of growth in a primary goods' export dominated region like the SSA.

Keywords: capital goods import, economic growth, human capital, Sub-Sahara Africa

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Authors: Jasmine H. Gagnon

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The present study examined how grandiose narcissists make adaptive trade-offs between mating investment, parenting investment, and somatic investment relative to individuals without narcissistic personalities. A sample of 509 males and females between the ages of 24 and 35 years old (49.31% female) completed a personality inventory assessing Honesty-Humility, Emotionality, Extraversion, Agreeableness, Conscientiousness, and Openness to Experience. In a Latent Profile Analysis (LPA), personality inventory scores were used to classify participants into latent groups. The model of best fit identified one grandiose narcissist group and three groups with non-narcissistic personalities. Covariate analyses revealed that individuals with narcissistic traits made significantly more significant somatic investments in comparison to two of the three non-narcissistic latent groups. No other significant differences between the narcissistic and non-pathological groups were found. Thus, grandiose narcissists trade off parenting and mating investments to make more significant somatic investments. That is, they expend a larger portion of their energetic resources on maintaining their physical health and careers and similar quantities of energetic resources on maintaining relationships with their offspring and potential romantic partners as individuals without narcissistic personalities.

Keywords: narcissism, grandiose narcissism, HEXACO, trade-offs, mating, parenting, somatic, dark triad

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Authors: Thinh Huu Nguyen, Shahab Sharfaei, Jindřich Soukup

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In the pursuit of reducing production costs, offshoring has been a major trend throughout global value chains for many decades. However, with the rise of advanced technologies, new opportunities to automate their production are changing the motivation of multinational firms to go offshore. Instead, many firms are working to relocate their offshored activities from developing economies back to their home countries. This phenomenon, known as reshoring, has recently garnered much attention as it becomes clear that automation in advanced countries might have major implications not only on their own economies but also through international trade on the economy of low-income countries, including their labor market outcomes and their comparative advantages. Thus, while using robots to substitute human labor may lower the relative costs of producing at home, it has the potential to decrease employment and demand for exports from developing economies through reshoring. In this paper, we investigate the recent literature to provide a further understanding of the relationships between robotization and the reshoring of production. Moreover, we analyze the impact of robot adoption on international trade in both developed and emerging markets. Finally, we identify the research gaps and provide avenues for future research in international economics. This study is a part of the project funded by the Internal Grant Agency (IGA) of the Faculty of Business Administration, Prague University of Economics and Business.

Keywords: automation, robotization, reshoring, international trade

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Authors: Tran Van Long

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Beyond trade facilitation, transparency in the WTO legal context is, implicitly and explicitly, aimed at addressing problems in domestic administrative law. Through the lens of global governance, this paper attempts to shed more light on the power of transparency norms enshrined in multilateral trading agreements under the aegis of the WTO. In this global ruled-base system, transparency has become sufficiently powerful to be a multifunctional instrument for promoting rule of law, good governance, and democracy.

Keywords: WTO, transparency, good governance, rule of law, global administrative law.

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Authors: Kalbende Krunal Ramesh

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The Carbon Capture and Storage Technology (CCS) provides a veritable platform to bridge the gap between the seemingly irreconcilable twin global challenges of ensuring a secure, reliable and diversified energy supply and mitigating climate change by reducing atmospheric emissions of carbon dioxide. Making its proper regulatory policy and making it flexible for the government and private company by law to regulate, also exploring the opportunity in this sector is the main aim of this paper. India's total annual emissions was 1725 Mt CO2 in 2011, which comprises of 6% of total global emission. It is very important to control the greenhouse gas emission for the environment protection. This paper discusses the various regulatory policy and technology adopted by some of the countries for successful using CCS technology. The brief geology of sedimentary basins in India is studied, ranging from the category I to category IV and deep water and potential for mature technology in CCS is reviewed. Areas not suitable for CO2 storage using presently mature technologies were over viewed. CSS and Clean development mechanism was developed for India, considering the various aspects from research and development, project appraisal, approval and validation, implementation, monitoring and verification, carbon credit issued, cap and trade system and its storage potential. The opportunities in oil and gas operations, power sector, transport sector is discussed briefly.

Keywords: carbon credit issued, cap and trade system, carbon capture and storage technology, greenhouse gas

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Authors: Yuanxiaoyue Yang

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Emissions trading, or ‘cap-and-trade', has been long promoted by economists as a more cost-effective pollution control approach than traditional performance standard approaches. While there is a large body of empirical evidence for the overall effectiveness of emissions trading, relatively little attention has been paid to other unintended consequences brought by emissions trading. One important consequence is that cap-and-trade could introduce the risk of creating high-level emission concentrations in areas where emitting facilities purchase a large number of emission allowances, which may cause an unequal distribution of environmental benefits. This study will contribute to the current environmental policy literature by linking trading activity with environmental injustice concerns and empirically analyzing the causal relationship between trading activity and emissions reduction under a cap-and-trade program for the first time. To investigate the potential environmental injustice concern in cap-and-trade, this paper uses a differences-in-differences (DID) with instrumental variable method to identify the causal effect of allowance trading behaviors on emission reduction levels under the clean air interstate rule (CAIR), a cap-and-trade program targeting on the power sector in the eastern US. The major data source is the facility-year level emissions and allowance transaction data collected from US EPA air market databases. While polluting facilities from CAIR are the treatment group under our DID identification, we use non-CAIR facilities from the Acid Rain Program - another NOx control program without a trading scheme – as the control group. To isolate the causal effects of trading behaviors on emissions reduction, we also use eligibility for CAIR participation as the instrumental variable. The DID results indicate that the CAIR program was able to reduce NOx emissions from affected facilities by about 10% more than facilities who did not participate in the CAIR program. Therefore, CAIR achieves excellent overall performance in emissions reduction. The IV regression results also indicate that compared with non-CAIR facilities, purchasing emission permits still decreases a CAIR participating facility’s emissions level significantly. This result implies that even buyers under the cap-and-trade program have achieved a great amount of emissions reduction. Therefore, we conclude little evidence of environmental injustice from the CAIR program.

Keywords: air pollution, cap-and-trade, emissions trading, environmental justice

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Authors: Jamila Garba Audu, Peter Adamu

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This study investigates the role of forensic accounting in the fight against corruption in Nigeria for better utilization of public funds and economic growth and development of the Country. We adopted a trend analysis to show the performance of the Nigerian economy as well as the quality of institutions which government economic and political activities in the country. It is an established fact that Nigeria has performed badly since the 1960s to date in terms of institutional quality and economic development despite large amount of money obtained from the export of crude oil. It was revealed also that the fight against corruption has not been very successful in recent times because experts in the field of forensic accounting have not been utilized. With the successes recorded in dealing with fraud and embezzlement using forensic accounting, it has become imperative for the EFCC to use forensic accountants in the fight against corruption in the country. Also, there is the need to introduce very seriously, the teaching of forensic accounting in Nigerian Universities to train experts.

Keywords: corruption, economic performance, forensic accounting, Nigeria

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Authors: Thorsten Auer, Sumaya Islam, Sabrina Plaß, Colin Wooldridge

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Whether individuals are more likely to forgo some ethical values if it is for a “great” social mission remains questionable. Research interest in the mechanism of moral disengagement has risen sharply in the organizational context over the last decades. Moral disengagement provides an explanatory approach to why individuals decide against their moral intent and describes the tendency to make unethical decisions due to a lack of self-regulation given various actions and their consequences. In our study, we examine the differences between individual decision-making given a commercial and social entrepreneurial context. Thereby, we investigate whether individuals in a social entrepreneurial context, characterized by pro-social goals and purpose beyond profit maximization, tend to make more or less “unethical” decisions in trade-off situations than those given a profit-focused commercial, entrepreneurial context. While a general priming effect may explain the tendency for individuals to make less unethical decisions given a social context, it remains unclear how individuals decide given a trade-off in that specific context. The trade-off in our study is characterized by the option to decide (un-) ethically to enhance the business purpose (in the social context, a social purpose, in the commercial context, a profit-maximization purpose). To investigate which characteristics of the context –and specifically of a trade-off – lead individuals to disregard and override their ethical values for a “greater good”, we design a conjoint analysis. This approach allows us to vary the attributes and scenarios and to test which attributes of a trade-off increase the probability of making an unethical choice. We add survey data to examine the individual propensity to morally disengage as an influencing factor to prefer certain attributes. Currently, we are in the final process of designing the conjoint analysis and plan to conduct the study by December 2022. We contribute to a better understanding of the role of moral disengagement in individual decision-making in a (social) entrepreneurial trade-off.

Keywords: moral disengagement, social entrepreneurship, unethical decision, conjoint analysis

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Authors: Rodrigo Zepeda

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Transaction cost analysis (TCA) is a way of analyzing the relative performance of different intermediaries and different trading strategies for trades undertaken in financial instruments. It is a way for an investor to determine the overall quality of execution of a particular trade, and there are many different approaches to undertaking TCA. Under the updated Markets in Financial Instruments Directive (2014/65/EU) (MiFID II), investment firms are required when executing orders, to take all sufficient steps to obtain the best possible result for their clients. This requirement for 'Best Execution' must take into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order. The new regulatory compliance framework under MiFID II will now also apply across a very broad range of financial instruments. This article will provide a comprehensive technical analysis of how TCA and Best Execution will significantly change under MiFID II. It will also explain why harmonization of post-trade reporting requirements under MiFID II could potentially support the development of peer group analysis, which in turn could provide a new and highly advanced framework for TCA that could more effectively support Best Execution requirements under MiFID II. The study is significant because there are no studies that have dealt with TCA and Best Execution under MiFID II in the literature.

Keywords: transaction cost analysis, execution quality, best execution, MiFID II, financial instruments

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Authors: Maziyar Nouraee

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Electronic markets in recent decades contribute remarkably in business transactions. Many organizations consider traditional ways of trade non-economical and therefore they do trade only through electronic markets. There are different categorizations of electronic markets functions. In one classification, functions of electronic markets are categorized into classes as information, transactions, and value added. In the present paper, effects of the three classes on the two major elements of the supply chain management are measured. The two elements are decrease in the product unit cost and reduction in response time to the customer. The results of the current research show that among nine minor elements related to the three classes of electronic markets functions, six factors and three factors influence on reduction of the product unit cost and reduction of response time to the customer, respectively.

Keywords: electronic commerce, electronic market, B2B trade, supply chain management

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Authors: Apra Sinha

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The inverted U-shaped Environmental Kuznets curve (EKC) demonstrates(pollution-income relationship)that initially the pollution and environmental degradation surpass the level of income per capita; however this trend reverses since at the higher income levels, economic growth initiates environmental upgrading. However, what effect does increased environmental degradation has on growth is the missing feedback link which has not been addressed in the EKC hypothesis. This paper examines the missing feedback link in EKC hypothesis in Indian context by examining the casual association between fossil fuel consumption, carbon dioxide emissions and economic growth for India. Fossil fuel consumption here has been taken as a proxy of driver of economic growth. The casual association between the aforementioned variables has been analyzed using five interventions namely 1) urban development for which urbanization has been taken proxy 2) industrial development for which industrial value added has been taken proxy 3) trade liberalization for which sum of exports and imports as a share of GDP has been taken as proxy 4)financial development for which a)domestic credit to private sector and b)net foreign assets has been taken as proxies. The choice of interventions for this study has been done keeping in view the economic liberalization perspective of India. The main aim of the paper is to investigate the missing feedback link for Environmental Kuznets Curve Hypothesis before and after incorporating the intervening variables. The period of study is from 1971 to 2011 as it covers pre and post liberalization era in India. All the data has been taken from World Bank country level indicators. The Johansen and Juselius cointegration testing methodology and Error Correction based Granger causality have been applied on all the variables. The results clearly show that out of five interventions, only in two interventions the missing feedback link is being addressed. This paper can put forward significant policy implications for environment protection and sustainable development.

Keywords: environmental Kuznets curve hypothesis, fossil fuel consumption, industrialization, trade liberalization, urbanization

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Authors: Assefa Mitike Janko, Gosa Alemu

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The review of supply and marketing of floriculture in Ethiopia was conducted to analyses the production potential and to know the marketing share of the country. The data was collected from secondary and primary. Ethiopia has been operating in the floriculture industry for over 20 years. As is the case in many developing countries, the major export items of Ethiopia are dominated by few agricultural products that earn very small amounts in the international market. Moreover, most of the exports are destined to only few countries. Given the highly capital intensive nature of production and processing, rose farming is not a smallholder activity. It is also important to note the extremely tightly controlled time dimension of the logistics process, given the product attributes desired and the fragility and perishability of the roses. Another characteristic of the Ethiopian floriculture sector is the lack of domestically produced inputs that flower producers can access. The export volume and value of cut-flowers accounts for a small proportion of the total exports of Ethiopia. In recent years the sector is showing improvements in terms of the quality and quantity of exports to the international market.

Keywords: roses, production, value chain, floriculture, supply

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Authors: Agi Sunday, Agih Ukuru Agih

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In Nigeria, the food processing sector is dominated by small and medium enterprises, as well as multinational food companies. Quality standards are usually related to improving the safety of food products suitable for consumption in accordance to specifications by food regulatory bodies. These standards are essential elements for local and international businesses which contribute to economic progress through industrial development and trade. This review takes a critical look on the Nigerian food industry development in terms of quality standards that are necessary to be given consideration in the production of food and also ways of improving food production in Nigeria through the use of Total Quality Management (TQM) technique and the use of computerized systems to produce high quality and high value products while at the same time reducing production time and cost.

Keywords: food industry, quality assurance, Nigeria, TQM, computerized systems

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Authors: Q. Ahmed, Y. Ren, R. Emery, J. Newman, M. Agarwal

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Celery (Apium graveolens var. dulce) is grown in Australia for domestic consumption and export markets. Quarantine treatment enables export of celery to the world that enforces quarantine against springtails. In the field, celery bunches become host to the Australian native springtail (Hypogastrura vernalis) (Collembola: Hypogastruridae). Springtails live inside the celery bunch and do not cause damage to the product. Springtails are, however, considered a quarantine pest and have had a significant impact on celery exports. In this experiment, cold treatments were conducted on fresh celery to investigate their effect on springtail mortality. Four low-temperature treatments were used (3, 5, 10, and 15 ºC) over four treatment periods (3, 5, 7, and 14 days). Springtail mortality was not affected by the 3, 5, 10 and 15 ºC treatments for the treatment periods of 3, 5, 7, and 14 days. Low-temperature damage was observed most noticeably on celery in the 3 and 5 ºC treatments.

Keywords: springtails, fresh celery, cold treatment, quarantine treatment

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Authors: Linus O. Asuquo

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Mining in Nigeria and development effort of metallurgical technologies at National Metallurgical Development Centre Jos has been addressed in this paper. The paper has looked at the history of mining in Nigeria, the impact of mining on social and industrial development, and the contribution of the mining sector to Nigeria’s Gross Domestic Product (GDP). The paper clearly stated that Nigeria’s mining sector only contributes 0.5% to the nation’s GDP unlike Botswana that the mining sector contributes 38% to the nation’s GDP. Nigeria Bureau of Statistics has it on record that Nigeria has about 44 solid minerals awaiting to be exploited. Clearly highlighted by this paper is the abundant potentials that exist in the mining sector for investment. The paper made an exposition on the extensive efforts made at National Metallurgical Development Center (NMDC) to develop metallurgical technologies in various areas of the metals sector; like mineral processing, foundry development, nonferrous metals extraction, materials testing, lime calcination, ANO (Trade name for powder lubricant) wire drawing lubricant, refractories and many others. The paper went ahead to draw a conclusion that there is a need to develop the mining sector in Nigeria and to give a sustainable support to the efforts currently made at NMDC to develop metallurgical technologies which are capable of transforming the metals sector in Nigeria, which will lead to industrialization. Finally the paper made some recommendations which traverse the topic for the best expectation.

Keywords: mining, minerals, technologies, value addition

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Authors: Venkata Madhusudana Rao Kapavarapu

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The Intermediate Slug Catcher (ISC) facility was built to process nominally 234 MSCFD of export gas from the booster station on a day-to-day basis and to receive liquid slugs up to 1600 m³ (10,000 BBLS) in volume when the incoming 24” gas pipelines are pigged following upsets or production of non-dew-pointed gas from gathering centers. The maximum slug sizes expected are 812 m³ (5100 BBLS) in winter and 542 m³ (3400 BBLS) in summer after operating for a month or more at 100 MMSCFD of wet gas, being 60 MMSCFD of treated gas from the booster station, combined with 40 MMSCFD of untreated gas from gathering center. The water content is approximately 60% but may be higher if the line is not pigged for an extended period, owing to the relative volatility of the condensate compared to water. In addition to its primary function as a slug catcher, the ISC facility will receive pigged liquids from the upstream and downstream segments of the 14” condensate pipeline, returned liquids from the AGRP, pigged through the 8” pipeline, and blown-down fluids from the 14” condensate pipeline prior to maintenance. These fluids will be received in the condensate flash vessel or the condensate separator, depending on the specific operation, for the separation of water and condensate and settlement of solids scraped from the pipelines. Condensate meeting the colour and 200 ppm water specifications will be dispatched to the AGRP through the 14” pipeline, while off-spec material will be returned to BS-171 via the existing 10” condensate pipeline. When they are not in operation, the existing 24” export gas pipeline and the 10” condensate pipeline will be maintained under export gas pressure, ready for operation. The gas manifold area contains the interconnecting piping and valves needed to align the slug catcher with either of the 24” export gas pipelines from the booster station and to direct the gas to the downstream segment of either of these pipelines. The manifold enables the slug catcher to be bypassed if it needs to be maintained or if through-pigging of the gas pipelines is to be performed. All gas, whether bypassing the slug catcher or returning to the gas pipelines from it, passes through black powder filters to reduce the level of particulates in the stream. These items are connected to the closed drain vessel to drain the liquid collected. Condensate from the booster station is transported to AGRP through 14” condensate pipeline. The existing 10” condensate pipeline will be used as a standby and for utility functions such as returning condensate from AGRP to the ISC or booster station or for transporting off-spec fluids from the ISC back to booster station. The manifold contains block valves that allow the two condensate export lines to be segmented at the ISC, thus facilitating bi-directional flow independently in the upstream and downstream segments, which ensures complete pipeline integrity and facility integrity. Pipeline failures will be attended to with the latest technologies by remote techno plug techniques, and repair activities will be carried out as needed. Pipeline integrity will be evaluated with ili pigging to estimate the pipeline conditions.

Keywords: integrity, oil & gas, innovation, new technology

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Authors: Anna M. Pretorius

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The emerging markets category for portfolio investment was introduced in 1986 in an attempt to promote capital market development in less developed countries. Investors traditionally diversified their portfolios by investing in different developed markets. However, high growth opportunities forced investors to consider emerging markets as well. Examples include the rapid growth of the “Asian Tigers” during the 1980s, growth in Latin America during the 1990s and the increased interest in emerging markets during the global financial crisis. As such, portfolio flows to emerging markets have increased substantially. In 2002 7% of all equity allocations from advanced economies went to emerging markets; this increased to 20% in 2012. The stronger links between advanced and emerging markets led to increased synchronization of asset price movements. This increased level of stock market integration for emerging markets is confirmed by various empirical studies. Against the background of increased interest in emerging market assets and the increasing level of integration of emerging markets, this paper focuses on the determinants of stock market integration of emerging market countries. Various studies have linked the level of financial market integration with specific economic variables. These variables include: economic growth, local inflation, trade openness, local investment, budget surplus/ deficit, market capitalization, domestic bank credit, domestic institutional and legal environment and world interest rates. The aim of this study is to empirically investigate to what extent trade-related determinants have an impact on stock market integration. The panel data sample include data of 16 emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Hungary, India, Malaysia, Pakistan, Peru, Philippines, Poland, Russian Federation, South Africa, Thailand and Turkey for the period 1998-2011. The integration variable for each emerging stock market is calculated as the explanatory power of a multi-factor model. These factors are extracted from a large panel of global stock market returns. Trade related explanatory variables include: exports as percentage of GDP, imports as percentage of GDP and total trade as percentage of GDP. Other macroeconomic indicators – such as market capitalisation, the size of the budget deficit and the effectiveness of the regulation of the securities exchange – are included in the regressions as control variables. An initial analysis on a sample of developed stock markets could not identify any significant determinants of stock market integration. Thus the macroeconomic variables identified in the literature are much more significant in explaining stock market integration of emerging markets than stock market integration of developed markets. The three trade variables are all statistically significant at a 5% level. The market capitalisation variable is also significant while the regulation variable is only marginally significant. The global financial crisis has highlighted the urgency to better understand the link between the financial and real sectors of the economy. This paper comes to the important finding that, apart from the level of market capitalisation (as financial indicator), trade (representative of the real economy) is a significant determinant of stock market integration of countries not yet classified as developed economies.

Keywords: emerging markets, financial market integration, panel data, trade

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Authors: M. Barsa

Abstract:

This paper argues that current jurisprudence under the Dormant Commerce Clause of the United States Constitution and the WTO should be altered to allow states to more freely foster clean energy production. In particular, free trade regimes typically prevent states from discriminating against 'like' products, and whether these products are considered 'like' is typically measured by how they appear to the consumer. This makes it challenging for states to discriminate in favor of clean energy, such as low-carbon fuels. However, this paper points out that certain courts in the US—and decisions of the WTO—have already begun taking into account how a product is manufactured in order to determine whether a state may discriminate against it. There are also compelling reasons for states to discriminate against energy sources with high carbon footprints in order to allow those states to protect themselves against climate change. In other words, fuel sources with high and low carbon footprints are not, in fact, 'like' products, and courts should more freely recognize this in order to foster clean energy production.

Keywords: clean energy, climate change, discrimination, free trade

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Authors: Mahadehe Hassan

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In most countries manufacturing, trading and distribution of gasoline and diesel fuels belongs to the most important sectors of national economy. For Bangladesh, a robust, well-functioning, secure and smartly managed national fuel distribution chain is an essential precondition for achieving Government top priorities in development and modernization of transportation infrastructure, protection of national environment and population health as well as, very importantly, securing due tax revenue for the State Budget. Bangladesh is a developing country with complex fuel supply network, high fuel taxes incidence and – till now - limited possibilities in application of modern, automated technologies for Government national fuel market control. Such environment allows dishonest physical and legal persons and organized criminals to build and profit from illegal fuel distribution schemes and fuel illicit trade. As a result, the market transparency and the country attractiveness for foreign investments, law-abiding economic operators, national consumers, State Budget and the Government ability to finance development projects, and the country at large suffer significantly. Research shows that over 50% of retail petrol stations in major agglomerations of Bangladesh sell adulterated fuels and/or cheat customers on the real volume of the fuel pumped into their vehicles. Other forms of detected fuel illicit trade practices include misdeclaration of fuel quantitative and qualitative parameters during internal transit and selling of non-declared and smuggled fuels. The aim of the study is to recommend the implementation of a National Fuel Distribution Integrity Program (FDIP) in Bangladesh to address and resolve fuel adulteration and illicit trade problems. The program should be customized according to the specific needs of the country and implemented in partnership with providers of advanced technologies. FDIP should enable and further enhance capacity of respective Bangladesh Government authorities in identification and elimination of all forms of fuel illicit trade swiftly and resolutely. FDIP high-technology, IT and automation systems and secure infrastructures should be aimed at the following areas (1) fuel adulteration, misdeclaration and non-declaration; (2) fuel quality and; (3) fuel volume manipulation at retail level. Furthermore, overall concept of FDIP delivery and its interaction with the reporting and management systems used by the Government shall be aligned with and support objectives of the Vision 2041 and Smart Bangladesh Government programs.

Keywords: fuel adulteration, octane, kerosene, diesel, petrol, pollution, carbon emissions

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Authors: Pedro Mario Gonzalez Jimenez

Abstract:

The novelties introduced by the last Notice on agreements of minor importance tighten the application of the ‘De minimis’ safe harbour in the European Union. However, the undetermined legal concept of effect on trade between the Member States becomes importance at the same time. Therefore, the current analysis that the jurist should carry out in the European Union to determine if an agreement appreciably restrict competition under Article 101 of the Treaty on the Functioning of the European Union is double. Hence, it is necessary to know how to balance the significance in competition and the significance in effect on trade between the Member States. It is a crucial issue due to the negative delimitation of restriction of competition affects the positive one. The methodology of this research is rather simple. Beginning with a historical approach to the ‘De Minimis Rule’, their main problems and uncertainties will be found. So, after the analysis of normative documents and the jurisprudence of the Court of Justice of the European Union some proposals of ‘Lege ferenda’ will be offered. These proposals try to overcome the contradictions and questions that currently exist in the European Union as a consequence of the current legal regime of agreements of minor importance. The main findings of this research are the followings: Firstly, the effect on trade is another way to analyze the importance of an agreement different from the ‘De minimis rule’. In point of fact, this concept is singularly adapted to go through agreements that have as object the prevention, restriction or distortion of competition, as it is observed in the most famous European Union case-law. Thanks to the effect on trade, as long as the proper requirements are met there is no a restriction of competition under article 101 of the Treaty on the Functioning of the European Union, even if the agreement had an anti-competitive object. These requirements are an aggregate market share lower than 5% on any of the relevant markets affected by the agreement and turnover lower than 40 million of Euros. Secondly, as the Notice itself says ‘it is also intended to give guidance to the courts and competition authorities of the Member States in their application of Article 101 of the Treaty, but it has no binding force for them’. This reality makes possible the existence of different statements among the different Member States and a confusing perception of what a restriction of competition is. Ultimately, damage on trade between the Member States could be observed for this reason. The main conclusion is that the significant effect on trade between Member States is irrelevant in agreements that restrict competition because of their effects but crucial in agreements that restrict competition because of their object. Thus, the Member States should propose the incorporation of a similar concept in their legal orders in order to apply the content of the Notice. Otherwise, the significance of the restrictive agreement on competition would not be properly assessed.

Keywords: De minimis rule, effect on trade, minor importance agreements, safe harbour

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Authors: M. Hadi Bordbar, Matthew England, Alex Sen Gupta, Agus Santoso, Andrea Taschetto, Thomas Martin, Wonsun Park, Mojib Latif

Abstract:

Climate models generally simulate long-term reductions in the Pacific Walker Circulation with increasing atmospheric greenhouse gases. However, over two recent decades (1992-2011) there was a strong intensification of the Pacific Trade Winds that is linked with a slowdown in global surface warming. Using large ensembles of multiple climate models forced by increasing atmospheric greenhouse gas concentrations and starting from different ocean and/or atmospheric initial conditions, we reveal very diverse 20-year trends in the tropical Pacific climate associated with a considerable uncertainty in the globally averaged surface air temperature (SAT) in each model ensemble. This result suggests low confidence in our ability to accurately predict SAT trends over 20-year timescale only from external forcing. We show, however, that the uncertainty can be reduced when the initial oceanic state is adequately known and well represented in the model. Our analyses suggest that internal variability in the Pacific trade winds can mask the anthropogenic signal over a 20-year time frame, and drive transitions between periods of accelerated global warming and temporary slowdown periods.

Keywords: trade winds, walker circulation, hiatus in the global surface warming, internal climate variability

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Authors: Baffoe Kingsley

Abstract:

The consequence of the migration of young people from rural farming communities in the global south to the global north is a well-known phenomenon. While climate change and its accompanying socio-economic structures continue to be the driver, what is not really known is how left behinds are compelled to convert lands meant for the production of traditional staples such as cereals, vegetables, and tubers to the production of export-driven cashew plantations due to youth migration. The consequence of such migration on the development of Ghana and its food security is multidimensional. Using an ethnographic research design, the study revealed that the majority of farmers in the area are now aged, and farm labor has become scarce, which has impeded the cultivation of traditional staples for the population. It has also been established that in the absence of farm labor, most farmers have reduced farm sizes for the production of staples and increased the production of cashews. The practice has, in tend, resulted in a scarcity of land for the cultivation of staples. The study recommends further inquiry into how the effects of migration and cashew production as diversification in agriculture influence national development in Ghana.

Keywords: staple food crops, cashew plantations, climate change, migration

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Authors: Naad-E-Ali Sulehria

Abstract:

Pakistan and china have stepped in a new phase of strengthening fraternity as the dream of economic corridor once discerned by both countries is going to take a pragmatic shape. Pak-China economic corridor an under construction program is termed to be an emerging dynamic of 21st century that anticipates a nexus between Asian continent and Indian Ocean by extending its functions to adjoining East, South, Central and Western Asian regions. The $45.6 billion worth heavily invested megaprojects by China are meant to revive energy sector and building economic infrastructure in Pakistan. Evidently, these projects are a part of ‘southern extension’ of Silk Road economic belt which is going to draw out prominent incentives for both countries particularly bolstering China to acquire influential dominance over the regional trade and beyond. In pursuit to adhere, by these progressive plans both countries have began working on their respective assignments. This article discusses the economical development programs under China’s peripheral diplomacy regarding its region-specific-approach to accumulate trade of Persian Gulf and access the landlocked Central Asian states through Pakistan in a sublimate context to break US encirclement of Asia. Pakistan’s utmost preference to utilize its strategic channel as a trade hub to become an emerging economy and surpass its arch-rival India for strategic concerns is contemplated accordingly. The needs and feasibility of the economic gateway and the dividends it can provide in the contemporary scenario are examined carefully and analysis is drawn upon the future prospects of the Pakistan-China Economic corridor once completed.

Keywords: pak-china economic corridor (PCEC), central asian republic states (CARs), new silk road economic belt, gawadar

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