Search results for: world trade

Authors: Talip Turkmen

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From the moment the first beats, the first step into the world mankind finds him in a struggle to survive. Most important case to win this fight is power. Power is one of the most common concepts which we encounter in our life. Mainly power is ability to reach desired results on someone else or ability to penetrate into the behavior of others. Throughout history merging technology and changing political trade-offs caused the change of concept of power. Receiving a state of multipolar new world order in the 21st century and increasing impacts of media have narrowed the limits of military power. With increasing globalization and peaceful diplomacy this gap, left by military power, has filled by soft power which has ability to persuade and attract. As concepts of power soft power also has not compromised yet. For that reason it is important to specify, sources of soft power, soft power strategies and limits of soft power. The purpose of this study was to analyze concept of soft power and importance of soft power in foreign relations. This project focuses on power, hard power and soft power relations, sources of soft power and strategies to gain soft power. Datas in this project was acquired from other studies on soft power and foreign relations. This paper was prepared in terms of concept and research techniques. As a result of data gained in this study the one of important topics in international relations is balance between soft power.

Keywords: soft power, foreign policy, national power, hard power

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Authors: Panagiota Koliousi, Natasha Miaouli

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We compare product and labour market liberalization under the two trade union bargaining models: the Right-to-Manage (RTM) model and the Efficient Bargaining (EB) model. The vehicle is a dynamic general equilibrium (DGE) model that incorporates two types of agents (capitalists and workers), imperfectly competitive product and labour markets. The model is solved numerically employing common parameter values and data from the euro area. A key message is that product market deregulation is favourable under any labour market structure while opting for labour market deregulation one should provide special attention to the structure of the labour market such as the bargaining system of unions. If the prevailing way of bargaining is the RTM model then restructuring both markets is beneficial for all agents.

Keywords: market structure, structural reforms, trade unions, unemployment

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Authors: Michael Picard

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This proposal offers to shed light on the changing legal geography of the global waste economy. Global waste recycling has become a multi-billion-dollar industry. NASDAQ predicts the emergence of a worldwide 1,296G$ waste management market between 2017 and 2022. Underlining this evolution, a new generation of preferential waste-trade agreements has emerged in the Pacific. In the last decade, Japan has concluded a series of bilateral treaties with Asian countries, and most recently with China. An agreement between Tokyo and Beijing was formalized on 7 May 2008, which forged an economic partnership on waste transfer and mining. The agreement set up International Recycling Zones, where certified recycling plants in China process industrial waste imported from Japan. Under the joint venture, Chinese companies salvage the embedded value from Japanese industrial discards, reprocess them and send them back to Japanese manufacturers, such as Mitsubishi and Panasonic. This circular economy is designed to convert surplus garbage into surplus value. Ever since the opening of Sino-Japanese eco-parks, millions of tons of plastic and e-waste have been exported from Japan to China every year. Yet, quite unexpectedly, China has recently closed its waste market to imports, jeopardizing Japan’s billion-dollar exports to China. China notified the WTO that, by the end of 2017, it would no longer accept imports of plastics and certain metals. Given China’s share of Japanese waste exports, a complete closure of China’s market would require Japan to find new uses for its recyclable industrial trash generated domestically every year. It remains to be seen how China will effectively implement its ban on waste imports, considering the economic interests at stake. At this stage, what remains to be clarified is whether China's ban on waste imports will negatively affect the recycling trade between Japan and China. What is clear, though, is the rapid transformation in the legal geography of waste mining in East-Asia. For decades, East-Asian waste trade had been tied up in an ‘ecologically unequal exchange’ between the Japanese core and the Chinese periphery. This global unequal waste distribution could be measured by the Environmental Stringency Index, which revealed that waste regulation was 39% weaker in the Global South than in Japan. This explains why Japan could legally export its hazardous plastic and electronic discards to China. The asymmetric flow of hazardous waste between Japan and China carried the colonial heritage of international law. The legal geography of waste distribution was closely associated to the imperial construction of an ecological trade imbalance between the Japanese source and the Chinese sink. Thus, China’s recent decision to ban hazardous waste imports is a sign of a broader ecological shift. As a global economic superpower, China announced to the world it would no longer be the planet’s junkyard. The policy change will have profound consequences on the global circulation of waste, re-routing global waste towards countries south of China, such as Vietnam and Malaysia. By the time the Berlin Conference takes place in May 2018, the presentation will be able to assess more accurately the effect of the Chinese ban on the transboundary movement of waste in Asia.

Keywords: Asia, ecological unequal exchange, global waste trade, legal geography

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Authors: Mohammad Ali Hasanzadeh, Thierry Van Elslander, Eddy Van De Voorde

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About 90 percent of world merchandise trade by volume being carried by sea. Maritime transport remains as back bone behind the international trade and globalization meanwhile all seaborne goods need using at least two ports as origin and destination. Amid seaborne traded cargos, container traffic is a prosperous market with about 16% in terms of volume. Albeit containerized cargos are less in terms of tonnage but, containers carry the highest value cargos amongst all. That is why efficient handling of containers in ports is very important. Accidents are the foremost causes that lead to port inefficiency and a surge in total transport cost. Having different port safety management systems (PSMS) in place, statistics on port accidents show that numerous accidents occur in ports. Some of them claim peoples’ life; others damage goods, vessels, port equipment and/or the environment. Several accident investigation illustrate that the most common accidents take place throughout transport operation, it sometimes accounts for 68.6% of all events, therefore providing a safer workplace depends on reducing collision risk. In order to quantify risks at the port area different variables can be used as exposure measurement. One of the main motives for defining and using exposure in studies related to infrastructure is to account for the differences in intensity of use, so as to make comparisons meaningful. In various researches related to handling containers in ports and intermodal terminals, different risk exposures and also the likelihood of each event have been selected. Vehicle collision within the port area (10-7 per kilometer of vehicle distance travelled) and dropping containers from cranes, forklift trucks, or rail mounted gantries (1 x 10-5 per lift) are some examples. According to the objective of the current research, three categories of accidents selected for collision risk assessment; fall of container during ship to shore operation, dropping container during transfer operation and collision between vehicles and objects within terminal area. Later on various consequences, exposure and probability identified for each accident. Hence, reducing collision risks profoundly rely on picking the right risk exposures and probability of selected accidents, to prevent collision accidents in container terminals and in the framework of risk calculations, such risk exposures and probabilities can be useful in assessing the effectiveness of safety programs in ports.

Keywords: container terminal, collision, seaborne trade, risk exposure, risk probability

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Authors: D. Mokatsanyane, J. Jansen Van Rensburg

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This paper analyses the influence and impact of COVID-19 on major agricultural commodity prices in South Africa. According to a World Bank report, the agricultural sector in South Africa has been unable to reduce the domestic food crisis that has been occurring over the past years, hence the increased rate of poverty, which is currently at 55.5 percent as of April 2020. Despite the significance of this sector, empirical findings concluded that the agricultural sector now accounts for 1.88 percent of South Africa's gross domestic product (GDP). Suggesting that the agricultural sector's contribution to the economy has diminished. Despite the low contribution to GDP, this primary sector continues to play an essential role in the economy. Over the past years, multiple factors have contributed to the soaring commodities prices, namely, climate shocks, biofuel demand, demand and supply shocks, the exchange rate, speculation in commodity derivative markets, trade restrictions, and economic growth. The COVID-19 outbursts have currently disturbed the supply and demand of staple crops. To address the disruption, the government has exempted the agricultural sector from closure and restrictions on movement. The spread of COVID-19 has caused turmoil all around the world, but mostly in developing countries. According to Statistic South Africa, South Africa's economy decreased by seven percent in 2020. Consequently, this has arguably made the agricultural sector the most affected sector since slumped economic growth negatively impacts food security, trade, farm livelihood, and greenhouse gas emissions. South Africa is sensitive to the fruitfulness of global food chains. Restrictions in trade, reinforced sanitary control systems, and border controls have influenced food availability and prices internationally. The main objective of this study is to evaluate the behavior of agricultural commodity prices pre-and during-COVID to determine the impact of volatility drivers on these crops. Historical secondary data of spot prices for the top five major commodities, namely white maize, yellow maize, wheat, soybeans, and sunflower seeds, are analysed from 01 January 2017 to 1 September 2021. The timeframe was chosen to capture price fluctuations between pre-COVID-19 (01 January 2017 to 23 March 2020) and during-COVID-19 (24 March 2020 to 01 September 2021). The Generalised Autoregressive Conditional Heteroscedasticity (GARCH) statistical model will be used to measure the influence of price fluctuations. The results reveal that the commodity market has been experiencing volatility at different points. Extremely high volatility is represented during the first quarter of 2020. During this period, there was high uncertainty, and grain prices were very volatile. Despite the influence of COVID-19 on agricultural prices, the demand for these commodities is still existing and decent. During COVID-19, analysis indicates that prices were low and less volatile during the pandemic. The prices and returns of these commodities were low during COVID-19 because of the government's actions to respond to the virus's spread, which collapsed the market demand for food commodities.

Keywords: commodities market, commodity prices, generalised autoregressive conditional heteroscedasticity (GARCH), Price volatility, SAFEX

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Authors: Menelik Tilahun Alemu

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Customs administrations are now increasingly regarded as the key border agencies responsible for all transactions related to issues arising from the border crossings of goods and people. Raising revenue has traditionally been high on the agenda of governments, represented by the Ministry of Finance (MOF), because of the critical importance of import duties as a source of budget revenue for many developing countries. Most of these functions are undertaken in close cooperation with other national agencies. Due to the need to make structural reforms that consider the nature of business activities in the world and the needs of consumers, the institution was previously divided into the Ministry of Revenue and the Customs Commission. Accordingly, the Ministry of Revenue is primarily responsible for administering and collecting local taxes, while the Customs Commission is responsible for administering customs matters; It supports exports and collects revenue from it. The National Import and Export Trade Service System is working to make the world more transparent and standardized and adapt to the current situation by formulating various guidelines, rules and procedures to provide a clear, simple, predictable and accessible service to customers. As a result, the commission will be able to streamline the business process by enabling Paperless customer service to support the service delivery technology and eliminate the customer iteration without having to incur unnecessary costs and inconveniences.

Keywords: business, consumers, adapt, transparent

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Authors: Muhammed Shahriar Haque

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As an offshoot of journalistic discourse, the documentary should be objective in nature without harbouring any preconceived notion to foster ulterior motifs. When it comes to a social issue like rape in South Asian countries, as media in recent times is inundated with this violent act in India, Pakistan, Myanmar, Bangladesh, how does one document it in terms of objectivity and subjectivity? The objective of this study is twofold: to document the history of documentaries, and to critically analyze South Asian rape/flesh trade-documentaries. The overall goal is to trace the (re/de)construction of objectivity-subjectivity in documentaries. This paper adopts a qualitative approach to documentarist discourse through the lens of critical discourse analysis (CDA). Data was gathered for 10 documentaries on the theme of rape and/or flesh trade from eight South Asian countries, predominantly the South Asian Association of Regional Cooperation (SAARC) region. The documentaries were primarily categorised by using three frameworks based on six modes, six subgenres, and four basic approaches of documentary. Subsequently, the findings were critiqued from CDA perspective. The outcome suggests that there a two schools of thoughts regarding documentaries. According to journalistic ethics, news and/or documentaries should be objective in orientation and focus on informing the audience and/common people. The empirical findings tend to challenge ethical parameters of objectivity. At times, it seems that journalistic discourse is discursively (re)constructed to give an augmented simulation of objectivity. Based on the findings it may be recommended that if documentaries steer away from empirical facts and indulge in poetic naivety, their credibility could be questioned. A research of this nature is significant as it raises questions with regard to ethical and moral conscience of documentary filmmakers. Furthermore, it looks at whether they uphold journalistic integrity or succumb to their bias, and thereby depict subjective views, which could be tainted with political and/or propagandist ulterior motifs.

Keywords: discursive (re/de)construction, documentaries, journalistic integrity, rape/flesh trade

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Authors: Totok Suhardijanto, Ninie Susanti Tedjowasono

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This paper discusses the relationship between the distribution of Ancient Malay inscriptions and Spice Trade Route, especially in the relation with material cultures that accompany them, to understand how Malay could spread out around the archipelago beyond its original native-speakers’ region. The archipelago was known as the Spice Islands from the very beginning of the first century due to mace, cloves, and nutmeg that were originally exclusively found there. According to the Indian record, since the 2nd century, there has been a contact established between Indian and Indonesian people. A Chinese document from 3rd Century has mentioned Wangka (now widely known as Bangka) an island near Sumatra where some Chinese expeditions had visited. All of these records supported the existence of a maritime trade system and route between the archipelago and other countries during the first millennium. This paper will discuss first the Ancient Malay inscription spread around the archipelago from the perspectives of language variation and writing system style. Analyzing language variations of inscriptions certainly is not as easy as studying current spoken language variations in modern sociolinguistics. A huge amount of data is available for such kind of studies. On the contrary, in language variation research with inscription texts as an object, data is insufficient. Other resources will be needed to support the linguistic analysis. For this reason, this research made use of epigraphical evidence in the surrounding areas of the inscriptions to explain the variation of language and writing style. The research next expands the analysis to figure out the relationship between language variation and inscriptions distribution to the Spice Trade Route that spreads from the Molucca Sea to Mediterranian Sea. Data in this research consists of six different inscriptions: Kedukan Bukit, Koto Kapur, Dapunta Salendra, Sang Hyang Wintang, Ligor, and Laguna from the 7th-9th Century and found in Sumatra, Jawa, and the Philippines. In addition, as a comparative resource, this research also used Hikayat Tanjung Tanah, the first-founded Ancient Malay manuscript. In language analysis, we conduct a sociolinguistic method to explore the language variation and writing style of the inscriptions. For dealing with archaeological data, we conducted a hermeneutic method to analyze the possible meaning and social uses of the data. Language variations and writing system style in this research can be classified into two main groups. The language, epigraphical, and archaeological evidence explain that Ancient Malay had been widely used in the Eastern area of Spice Trade Route because it played an important role in the region as a lingua franca between people from different ethnic groups with different languages.

Keywords: Ancient Malay, Spice trade route, language variation, writing system variation

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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: Hongmei Gu, Shaobo Liang, Richard Bergman

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With current worldwide trend in designs to have net-zero emission buildings to mitigate climate change, widespread use of mass timber products, such as Cross Laminated Timber (CLT), or Nail Laminated Timber (NLT) or Dowel Laminated Timber (DLT) in buildings have been proposed as one approach in reducing Greenhouse Gas (GHG) emissions. Consequentially, mass timber building designs are being adopted more and more by architectures in North America, especially for mid- to high-rise buildings where concrete and steel buildings are currently prevalent, but traditional light-frame wood buildings are not. Wood buildings and their associated wood products have tended to have lower environmental impacts than competing energy-intensive materials. It is common practice to conduct life cycle assessments (LCAs) and life cycle cost analyses on buildings with traditional structural materials like concrete and steel in the building design process. Mass timber buildings with lower environmental impacts, especially GHG emissions, can contribute to the Net Zero-emission goal for the world-building sector. However, the economic impacts from CLT mass timber buildings still vary from the life-cycle cost perspective and environmental trade-offs associated with GHG emissions. This paper quantified the Total Life Cycle Cost and cradle-to-grave GHG emissions of a pre-designed CLT mass timber building and compared it to a functionally-equivalent concrete building. The Total life cycle Eco-cost-efficiency is defined in this study and calculated to discuss the trade-offs for the net-zero emission buildings in a holistic view for both environmental and economic impacts. Mass timber used in buildings for the United States is targeted to the materials from the nation’s sustainable managed forest in order to benefit both national and global environments and economies.

Keywords: GHG, economic impact, eco-cost-efficiency, total life-cycle costs

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Authors: Mohamed Wahba

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Objective: To build a comparative arm for product (X) in specific gene mutated advanced gastrointestinal cancer using real world evidence to fulfill HTA requirements in drug evaluation. Methods: Data for product (X) were collected from phase II clinical trial while real world data for (Y) and (Z) were collected from US database. Real-world (RW) cohorts were matched to clinical trial base line characteristics using weighting by odds method. Outcomes included progression-free survival (PFS) and overall survival (OS) rates. Study location and participants: Internationally (product X, n=80) and from USA (Product Y and Z, n=73) Results: Two comparisons were made: trial cohort 1 (X) versus real-world cohort 1 (Z), trial cohort 2 (X) versus real-world cohort 2 (Y). For first line, the median OS was 9.7 months (95% CI 8.6- 11.5) and the median PFS was 5.2 months (95% CI 4.7- not reached) for real-world cohort 1. For second line, the median OS was 10.6 months (95% CI 4.7- 27.3) for real-world cohort 2 and the median PFS was 5.0 months (95% CI 2.1- 29.3). For OS analysis, results were statistically significant but not for PFS analysis. Conclusion: This study provided the clinical comparative outcomes needed for HTA evaluation.

Keywords: real world evidence, pharmacoeconomics, HTA agencies, oncology

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Authors: Mark McKeown

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Press articles opining on how China has become the West’s biggest threat have become so common as to feel like old news. Since the United States shifted diplomatic recognition from Taiwan to the People’s Republic of China in 1979 the relationship between the world’s two largest economies has been at best a brittle one. This coiled tension has grown as trade between the two countries snaked ever upwards. As a byproduct of globalization Apple have focused much of their production and assembly in China. This has left the U.S. Big Tech company with several challenges. This paper focusses on the tightrope Apple now has to traverse. The majority of the data and analysis within this paper is sourced from my current ongoing PhD research on the influence of Big Tech lobbying on U.S. foreign policy. One of the main conclusions from this analysis is Apple has to adopt a carefully nuanced strategy of appeasement to avoid friction, with both the governments of China and the United States.

Keywords: apple, China, Taiwan, war

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Authors: Doaa H. I. Mahmoud, El-Said M. Elsharkawy, Saad Z. Soliman, Soher E. Mustfa

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The opening of new promising foreign markets is one of the objectives of Egypt’s foreign trade policies, especially for agricultural exports. This study aims at the examination of the commodity structure of the Egyptian agricultural imports and exports with the COMESA countries. In addition, estimation of the surplus/deficit of the Egyptian commodities and agricultural balance with these countries is made. Time series data covering the period 2004-2016 is used. Estimation of the growth function along with the derivation of the annual growth rates of the study’s variables is made. Some of the results of the study period display the following: (1) The average total Egyptian exports to the COMESA (Common Market for Eastern and Southern Africa) countries is estimated at 1,491 million dollars, with an annual growth rate of 14.4% (214.7 million dollars). (2) The average annual Egyptian agricultural exports to these economies is estimated at 555 million dollars, with an annual growth rate of 19.4% (107.7 million dollars). (3) The average annual value of agricultural imports from the COMESA countries is set at 289 Million Dollars, with an annual growth rate of 14.4% (41.6 million dollars). (4) The study shows that there is a continuous surplus in the agricultural balance with these economies, whilst having a deficit in the raw-materials agricultural balance, as well as the balance of input requirements with these countries.

Keywords: COMESA, Egypt, growth rates, trade balance

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Authors: Gizem Kodak, Birsen Koldemir

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The Turkish Straits are at the crossroads of Europe and Asia continents and are unique waterways connecting the Black Sea countries to the rest of the world. Because of the geostrategic value of the location, passage of trade and war ships through the Turkish Straits has become a vital attraction and importance for the great powers and the riparian states throughout the history. This study contains a temporal analysis of the legal measures implemented in the Turkish Straits System. In this context, the historical alternation of the Turkish Straits has been examined, taking into account the relevant national and international regulations. In other words, relevant national and international regulations have been examined in this study according to historical time schedules. Parallel to the main concept mentioned above, the first chapter focuses on international regulations. These arrangements are organized according to date order and in three subheadings: Sèvres Treaty (1920), Lausanne Treaty (1923) and Montreux Convention (1936). Another topic, the national regulations, has been examined under five subheadings. These; (1982), Port Regulations of Canakkale (1982), Marine Traffic Regulations of the Turkish Straits and Marmara Region (1994) and Maritime Traffic Regulations for the Turkish Straits (1998). In doing so, the aim was to identify the differences in legal arrangements throughout the time regarding the navigation through the Turkish Straits. The current situation of the Turkish Straits has been presented in detail in the last part of the work, taking Montreux Convention into consideration. In this context, the articles of the Convention which regulate the passage of trade vessels have been examined from two perspectives; Peace time and war time. As for the measures that can be implemented in time of war, three options put forward depending on Turkey's stance: ‘Turkey not being belligerent’, ‘Turkey being belligerent’ and ‘situation in which Turkey considers herself threatened with imminent danger of war’.

Keywords: temporal analysis, maritime law, Turkish straits, maritime accidents

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Authors: Abdullah Almulhim

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

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

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Authors: Sevilay Konya, Sadife Güngör, Zeynep Karaçor

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Turkish economy is occurred depending on different factors from time to time and the banking crises of different magnitudes. Foremost among the factors which hinder the development of countries and societies- crises in the country's economy. Countries' economic growth rates affect inflation, unemployment and external trade. In this study, effect of November 2000, February 2001 and 2008 banking crisis on Turkey's economy and banking crisis will be examined and announced as conceptual. In this context, this study is investigates Turkey's GDP, inflation, unemployment and foreign trade figures. Turkey's economy affected have been identified from 2000 November 2001 February and 2008 banking crisis.

Keywords: banking crises, Turkey’s economy, economic effects, Turkey

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Authors: Murtala Mohammed Alamai, Abdullahi Marshal Idris, Adama Idris

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Today, marketing does not only involve selecting target markets, but it also involves communicating with the customers through various means to put across your selling point. Modern marketing involves driving new product development based on customer needs by getting feedback from them. Utilizing the latest technology for better communication with the customers is the latest advancement in Marketing in the 21st century. The survey approach was used where a sample of tourist destinations across the six geographical zones of the country at random was done to ascertain the use of information communication systems in promoting their products and or services, the findings revealed that only a few utilize these modern advanced means in marketing and promoting their products and a need to develop effective and up to date online services for marketing was proffered as solutions to the findings observed.

Keywords: information, communication, travel, trade, promotion

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Authors: Kumar Satyam Das, Murali Raghunathan

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This note discusses the feasibility of field development of a challenging shallow offshore field in South East Asia and how its learnings can be applied to marginal field development across the world especially developing marginal fields in this low oil price world. The field was found to be economically challenging even during high oil prices and the project was put on hold. Shell started development study with the aim to significantly reduce cost through competitively scoping and revive stranded projects. The proposed strategy to achieve this involved Improve Per platform recovery and Reduction in CAPEX. Methodology: Based on various Benchmarking Tool such as Woodmac for similar projects in the region and economic affordability, a challenging target of 50% reduction in unit development cost (UDC) was set for the project. Technical scope was defined to the minimum as to be a wellhead platform with minimum functionality to ensure production. The evaluation of key project decisions like Well location and number, well design, Artificial lift methods and wellhead platform type under different development concept was carried out through integrated multi-discipline approach. Key elements influencing per platform recovery were Wellhead Platform (WHP) location, Well count, well reach and well productivity. Major Findings: Reservoir being shallow posed challenges in well design (dog-leg severity, casing size and the achievable step-out), choice of artificial lift and sand-control method. Integrated approach amongst relevant disciplines with challenging mind-set enabled to achieve optimized set of development decisions. This led to significant improvement in per platform recovery. It was concluded that platform recovery largely depended on the reach of the well. Choice of slim well design enabled designing of high inclination and better productivity wells. However, there is trade-off between high inclination Gas Lift (GL) wells and low inclination wells in terms of long term value, operational complexity, well reach, recovery and uptime. Well design element like casing size, well completion, artificial lift and sand control were added successively over the minimum technical scope design leading to a value and risk staircase. Logical combinations of options (slim well, GL) were competitively screened to achieve 25% reduction in well cost. Facility cost reduction was achieved through sourcing standardized Low Cost Facilities platform in combination with portfolio execution to maximizing execution efficiency; this approach is expected to reduce facilities cost by ~23% with respect to the development costs. Further cost reductions were achieved by maximizing use of existing facilities nearby; changing reliance on existing water injection wells and utilizing existing water injector (W.I.) platform for new injectors. Conclusion: The study provides a spectrum of technically feasible options. It also made clear that different drivers lead to different development concepts and the cost value trade off staircase made this very visible. Scoping of the project through competitive way has proven to be valuable for decision makers by creating a transparent view of value and associated risks/uncertainty/trade-offs for difficult choices: elements of the projects can be competitive, whilst other parts will struggle, even though contributing to significant volumes. Reduction in UDC through proper scoping of present projects and its benchmarking paves as a learning for the development of marginal fields across the world, especially in this low oil price scenario. This way of developing a field has on average a reduction of 40% of cost for the Shell projects.

Keywords: benchmarking, full field development, CAPEX, feasibility

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Authors: Urvi Shah, Anmol Jain

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The talks of a New Global Order have been doing rounds since the advent of 21st century. Similar change in global scenario was witnessed when the Bretton Woods System came up post the World War II. The changing world order has been analyzed by using the Purchasing Power Parity (PPP) and Nominal Gross Domestic Product (GDP) estimates. The PPP and Nominal GDP methods show the purchasing power and financial background of the countries respectively, which helps in knowing both real and nominal financial strength of the country. Today, the rising powers of BRICS are posing new challenges to the world order shaped by the West. BRICS, i.e. Brazil, Russia, India, China and South Africa, countries have at various instances represented the interests of developing countries at world forums. The pooled population of these nations accounts for 41.6% of the total world population which gives a very resilient idea of the workforce or human resources which is mobilized by them. They have a combined GDP (PPP) of around 30.57% of the total world GDP (PPP). The paper tries to analyze the prospects and impact of the New Development Bank (NDB) formerly known as the BRICS Bank, on world economy, which has the potential to act as a rival to West dominated IMF and World Bank. The paper studies the paradigm shift in the global order, impact of the NDB on third world nations and the developed nations. The study concluded that the relative positions of BRICS countries in the world economy are changing, irrespective of the measurement methodology being US$ or the PPP model.

Keywords: BRICS, New Development Bank, Nominal GDP, purchasing power parity

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Authors: Devin Atkin, Orly Yadid-Pecht

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The continual demands for increasing resolution and dynamic range in CMOS image sensors have resulted in exponential increases in the amount of data that needs to be read out of an image sensor, and existing readouts cannot keep up with this demand. Interesting approaches such as sparse and burst readouts have been proposed and show promise, but at considerable trade-offs in other specifications. To this end, we have begun designing and evaluating various new readout topologies centered around an attempt to parallelize the sensor readout. In this paper, we have designed, simulated, and started testing a new light-controlled oscillator topology with dual column and row readouts. We expect the parallel readout structure to offer greater speed and alleviate the trade-off typical in this topology, where slow pixels present a major framerate bottleneck.

Keywords: CMOS image sensors, high-speed capture, wide dynamic range, light controlled oscillator

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Authors: Laila Algalal, Chen Xi

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The US dollar has long served as the world's primary reserve currency. However, this dominance faces growing challenges from internal US economic pressures and the rise of alternative currencies. Internally, issues like high debt, inflation, reduced competitiveness, and economic instability due to inequality in economic policies threaten the dollar's position. Externally, more countries are establishing alternative currencies, payment systems, and regional financial institutions to reduce dollar dependence. These drivers have contributed to a decline in the dollar's share of global foreign exchange reserves from 71% in 2001 to an estimated 58% in 2022. While this 13-percentage point drop took two decades, recent initiatives suggest de-dollarization could accelerate in the coming few decades. Efforts to establish non-dollar trade deals and alternative financial systems show more substantial progress compared to initiatives in the early 2000s. As the nature of the world system is anarchic, states make either individual or group efforts to guarantee their economic security and achieve their interests. Based on neoclassical realism, this paper analyzes both internal and external US economic factors driving current and future de-dollarization and the implications on the international monetary system, in addition to examining the motivation for such moves.

Keywords: de-dollarization, US dollar, monetary system, economic security, economic policies.

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Authors: Robin V. Cupido

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Online dispute resolution has been identified in many countries as a viable alternative for resolving conflicts which have arisen in the so-called digital age. This system of dispute resolution is developing alongside the Internet, and as new types of transactions are made possible by our increased connectivity, new ways of resolving disputes must be explored. Developed nations, such as the United States of America and the European Union, have been involved in creating these online dispute resolution mechanisms from the outset, and currently have sophisticated systems in place to deal with conflicts arising in a number of different fields, such as e-commerce, domain name disputes, labour disputes and conflicts arising from family law. Specifically, in the field of e-commerce, the Internet’s borderless nature has served as a way to promote cross-border trade, and has created a global marketplace. Participation in this marketplace boosts a country’s economy, as new markets are now available, and consumers can transact from anywhere in the world. It would be especially advantageous for developing nations to be a part of this global marketplace, as it could stimulate much-needed investment in these nations, and encourage international co-operation and trade. However, for these types of transactions to proliferate, an effective system for resolving the inevitable disputes arising from such an increase in e-commerce is needed. Online dispute resolution scholarship and practice is flourishing in developed nations, and it is clear that the gap is widening between developed and developing nations in this regard. The potential for implementing online dispute resolution in developing countries has been discussed, but there are a number of obstacles that have thus far prevented its continued development. This paper aims to evaluate the various political, infrastructural and socio-economic challenges faced in developing nations, and to question how these have impacted the acceptance and development of online dispute resolution, scholarship and training of online dispute resolution practitioners and, ultimately, developing nations’ readiness to participate in cross-border e-commerce.

Keywords: developing countries, feasibility, online dispute resolution, progress

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Authors: Jae Hyun Park, Sangmi Chai, Minkyun Kim

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As users spend more time on the Internet, the probability of their personal information being exposed has been growing. This research has a main purpose of investigating factors and examining relationships when Internet users recognize their value of private information with a perspective of an economic asset. The study is targeted on Internet users, and the value of their private information will be converted into economic figures. Moreover, how economic value changes in relation with individual attributes, dealer’s traits, circumstantial properties will be studied. In this research, the changes in factors on private information value responding to different situations will be analyzed in an economic perspective. Additionally, this study examines the associations between users’ perceived risk and value of their personal information. By using the cost-benefit analysis framework, the hypothesis that the user’s sense in private information value can be influenced by individual attributes and situational properties will be tested. Therefore, this research will attempt to provide answers for three research objectives. First, this research will identify factors that affect value recognition of users’ personal information. Second, it provides evidences that there are differences on information system users’ economic value of information responding to personal, trade opponent, and situational attributes. Third, it investigates the impact of those attributes on individuals’ perceived risk. Based on the assumption that personal, trade opponent and situation attributes make an impact on the users’ value recognition on private information, this research will present the understandings on the different impacts of those attributes in recognizing the value of information with the economic perspective and prove the associative relationships between perceived risk and decision on the value of users’ personal information. In order to validate our research model, this research used the regression methodology. Our research results support that information breach experience and information security systems is associated with users’ perceived risk. Information control and uncertainty are also related to users’ perceived risk. Therefore, users’ perceived risk is considered as a significant factor on evaluating the value of personal information. It can be differentiated by trade opponent and situational attributes. This research presents new perspective on evaluating the value of users’ personal information in the context of perceived risk, personal, trade opponent and situational attributes. It fills the gap in the literature by providing how users’ perceived risk are associated with personal, trade opponent and situation attitudes in conducting business transactions with providing personal information. It adds to previous literature that the relationship exists between perceived risk and the value of users’ private information in the economic perspective. It also provides meaningful insights to the managers that in order to minimize the cost of information breach, managers need to recognize the value of individuals’ personal information and decide the proper amount of investments on protecting users’ online information privacy.

Keywords: private information, value, users, perceived risk, online information privacy, attributes

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Authors: Innocent Felix Idoko

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The development of indigenous entrepreneurship is critical to the achievement of sustainable development in the internationalized economy. Sustainable development implies a continuous stimulus of growth and improvement of an economy in a fairly stable manner. The paradigms of a globalization are numerous to mention. However, to a great extent, these are trade-offs and dilemmas for indigenous entrepreneurship, particularly in the developing economies with infant industries that are essentially crucial to development. This paper analyses the pros and cons of globalization as relates to the complementary role of both foreign and indigenous entrepreneurs, the conflict of values between globalization and protectionism for local entrepreneurship. Using analytical and descriptive approach, the views of academicians, research fellows, literature reviews and both the theories of the mercantilists and those of free trade mainstream economists, and the G20, the paper concludes that there is a legitimate need for protectionism for domestic entrepreneurship in the developing economies as doing otherwise amount to stifling them.

Keywords: developing countries, entrepreneurship, globalization, infant-industries, protectionism, sustainable development

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Authors: Mohamad Farhad Bakhtiyariyan

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One of the manner to earning profit and having a high income, is investing in an acceptable market. Every the thinker brain knows, investing in the business world today, maybe, have a manifold profit or lead to failure. So, before entering in the investment market, we must have a comprehensive and sufficient awareness, know markets, acquainted with the main industrial activities, know the rules and regulation and consider the conditions of society. Qatar, as a one of the richest countries in the world, can be a good destination for investment. The inflation rate, taxes, easiness of the importing, company registration, ease of exporting process, profitable and appropriate markets, simple and applicable rules, all of this has made Qatar, one of the best and gainful investment countries. Above all, Qatar 2022 world cup event, has led of investment in this country efficiently and profitable method. In this paper, first, we have introduced the Qatar and its location, also looked at the countries international markets during the world cup and we have described the impact of the world cup on business, and then the laws and regulations of the Qatar in the field of investment, company registration, ownership by foreigners, obtaining residency by investors, export and import process in second part its examined, and in third part, major investment markets, principal industrial activities in Qatar, markets affected by the world cup and the main needs of this country in various fields during the world cup, have been investigated.

Keywords: investment, Qatar, markets, world cup

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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: Raghav Srivastava, Namrata Ramachandran

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Strong sustainability has been, by consensus, imagined as comprising economic and extra-economic variables and cannot be viewed merely in terms of a trade-off between the economic needs of today and the potential left for tomorrow. Specifically, the cultural as well the ecological impacts of development projects on the affected communities should be evaluated, in addition to the economic. In developing and densely populated economies such as India, energy intensive development is seen as a sine qua non – a necessary trade off with ecological conservation. Although social impact assessment has been included as an inalienable part of the Environmental Impact Assessment required to be conducted under Indian law, it seems that the same is unable to meet the ends it seeks to achieve. The dissociation between those bearing the costs of development, and those reaping its benefits, lies at the heart of this failure. This paper attempts to study the various cost–benefit relationships for these minority stakeholders using the proposed Nyamjang Chhu hydroelectric power plant in Tawang District of Arunachal Pradesh (in North-east India) as the chief object of study, and discusses whether the current model of sustainable development is truly sustainable, given the level of social dissociation and disintegration that occurs between affected communities and their environment. The economic allure of hydroelectric projects in the hilly regions of India very rarely results in a proper assessment of their ecological and social externalities. Examining the various issues that have been agitated in the course of litigation over the Nyamjang Chhu hydroelectric project, the authors argue that there is a pressing need to re-evaluate the current Indian model of sustainable development going forward.

Keywords: hydroelectric power, socio-cultural dissociation, sustainable development, trade offs

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Authors: Lipsa Dash, Gyanendra Sahu

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Intelligence is the cornerstone of humans, and now they have created a counterpart of themselves artificially. Our understanding of the word intelligence is a very perspective based and mostly superior understanding of what we read, write, perceive and understand the adversities around better. A wide range of industrial sectors have also started involving the technology to perceive, reason and act. Similarly, intellectual property is the product of human intelligence and creativity. The World Intellectual Property Organisation is currently working on technology trends across the globe, and AI tops the list in the digital frontier that will have a profound impact on the world, transforming the way we live and work. Coming to Intellectual Property, patents and creations of the AI’s itself have constantly been in question. This paper explores whether AI’s can fit in the flexibilities of Trade Related Intellectual Property Studies and gaps in the existing IP laws or rthere is a need of amendment to include them in the ambit. The researcher also explores the right of AI’s who create things out of their intelligence and whether they could qualify to be legal persons making the other laws applicable on them. Differentiation between AI creations and human creations are explored in the paper, and the need of amendments to determine authorship, ownership, inventorship, protection, and identification of beneficiary for remuneration or even for determining liability. The humans and humanoids are all indulged in matters related to Privacy, and that attracts another constitutional legal issue to be addressed. The authors will be focusing on the legal conundrums of AI, transhumanism, and the Internet of things.

Keywords: artificial intelligence, humanoids, healthcare, privacy, legal conundrums, transhumanism

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Authors: Geetanjali Sharma

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There are always provincial variations which deserve more detailed treatment. Before the arrival of modern era, geography and cultural homogeneity were determining factors of human habitat and migration. Boundaries as if we see them, did not exist earlier. The connectivity of the world was also different as of now. The reinforcement of the old silk route will improve economic cooperation and connectivity between Asian, European and African countries, but obviously, it is designed to improve China’s geopolitical and geostrategic position in the world. The paper is based on the secondary sources of data. Analytical and historical approach has been used to clarify the ties between the old silk routes and new One-Belt-One-Road initiative China. The paper begins with an explanation of the historical background of the old Silk Route, its origin and development, trailed by an analysis of latest declarations by the Chinese leaders to revive it. It also discusses the impacts of this initiative on India’s economy and cultural exchange between associated regions. Lastly, the paper sums up the findings and suggestions for keeping a balance between the security and economic relationship between the countries. It concludes that the silk route is an effort in commencing a ‘grand strategy’ for global trade and cooperation with hidden objectives of China to increase the investment of China in other continents as well. The revival of silk route may prove to be a very helpful in reinforcing cooperation and raising it to a new level of economic establishments. However, China has yet to promote the much-needed political and strategic trust.

Keywords: OBOR (One-Belt-One-Road), geopolitics, economic relation, security concerns

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Authors: Dike Ibegbulem

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This paper interrogates the chances of Nigeria achieving its target of making the list of the first 70 countries in World Bank’s Ease of Doing Business (EoDB) rankings by the year 2023. That is, in light of existing conflicts in policies relating to the door-to-door carriage of goods and multimodal transport operations (MTOs) in the country. Drawing on the famed Legal Origins theory plus data from World Bank; and using Singapore as a touchstone, the paper unveils how amongst the top-ranked Commonwealth jurisdictions, positive correlations have been recorded over the past years between certainty in their policies on MTOs on the one hand; and their Enforcing Contracts (EC) and Doing Business (DB) indices on the other. The paper postulates that to increase Nigeria’s chances of achieving her DB2023 objective, legislative and curial policies on MTOs and door-to-door carriage of goods have to be realigned in line with prevailing policies in highly-ranked Commonwealth jurisdictions of the Global North. Her appellate courts, in particular, will need some unshackling from English pedigrees which still delimit admiralty jurisdiction to port-to-port shipping, to the exclusion of door-to-door carriage of goods beyond navigable waters. The paper identifies continental and domestic instruments, plus judicial precedents, which provide bases for expanding admiralty jurisdiction to adjudication of claims derived from door-to-door or multimodal transport contracts and other allied maritime-plus contracts. It prescribes synergy between legislative and curial policies on MTOs and door-to-door carriage of goods as species of admiralty – an emerging trend in top-ranked Commonwealth jurisdictions of the Global North.

Keywords: admiralty jurisdiction, legal origins, world bank, ease of doing business, enforcing contracts, multimodal transport operation, door-to-door, carriage of goods by sea, combined transport shipping

Procedia PDF Downloads 51