INTEGRATING THE ARCTIC INTO THE BELT AND ROAD INITIATIVE: ECONOMIC INTERACTIONS BETWEEN CHINA AND RUSSIA

This article delves into the intricate web of Sino-Russian cooperation within the Arctic, spotlighting the synergistic ventures like the Yamal LNG project as emblematic of broader collaboration in energy, infrastructure development, and geopolitical strategy. It outlines China\u27s proactive stance in leveraging Arctic resources and the Northern Sea Route (NSR) to diversify its energy supply and integrate this polar pathway into its monumental "Belt and Road" initiative. Despite geographical remoteness, China\u27s burgeoning interest in Arctic affairs, primarily driven by economic, geopolitical, and environmental objectives, underscores a strategic alignment with Russia\u27s Arctic dominion. However, this partnership navigates through a spectrum of collaborative and contentious dynamics, particularly around Arctic governance, environmental stewardship, and the exploitation of hydrocarbon resources. While Russia gains investment and technological prowess, enhancing its sovereignty over Arctic navigation and resource utilization, China secures a vital energy lifeline and asserts its global maritime ambitions. Nonetheless, divergent views on Arctic governance and environmental policies pose challenges to this alliance. The article posits that despite these ideological divergences, the mutual benefits of Sino-Russian cooperation in the Arctic will likely foster a stronger, more integrated partnership, potentially reshaping Arctic geopolitics and global energy markets

DYNAMICS OF ROMANIA-CHINA BILATERAL TRADE: A COMPREHENSIVE OVERVIEW

This study explores the evolving bilateral trade between Romania and China from the 20th century to the present, highlighting significant growth and strategic economic cooperation despite global challenges. Initially bound by political alliances and mutual reconstruction efforts post-World War II, the relationship deepened with Romania\u27s shift to a market economy and China\u27s opening-up policy. Analysing trade data from 1992 to 2021, the research reveals an increase in trade volume, especially after 2000, with China maintaining a trade surplus. Key traded goods include machinery, electronics, textiles, and natural resources. Despite challenges, such as geopolitical considerations, the trade relationship offers opportunities for further growth and diversification. The study underscores the potential for enhanced cooperation in sectors like energy, agriculture, and technology, pointing to a promising future for bilateral economic ties between Romania and China

THE EMERGENCE OF DAY OF THE WEEK EFFECT IN THE INDIAN NIFTY ENERGY SECTOR: ANALYSIS AND INTERPRETATIONS

This study delves into the presence and evolution of the day-of-the-week effect within the Indian NIFTY Energy Sectoral Index.  Employing a comprehensive dataset of daily returns spanning the years 2005 to 2023, the analysis is segmented into two distinct time periods: 2005-2015 and 2016-2023.  This segmentation allows for a granular examination of potential shifts in the nature or intensity of calendar anomalies within this market segment. Findings from the initial period (2005-2015) reveal the absence of statistically significant day of-the-week effects. This aligns with certain strands of existing research that suggest calendar anomalies might be less prevalent in specific market segments or may experience periods of dormancy. However, the second time period (2016-2023) presents a compelling departure from this pattern, highlighting the dynamic landscape of financial markets.  A statistically significant (p-value 0.05) and persistent anomaly arises, with Tuesdays consistently demonstrating the highest average daily returns within the NIFTY Energy Sector. This observation challenges traditional notions of day-of-the-week effects and necessitates a nuanced exploration of its potential drivers

WORKING CAPITAL MANAGEMENT STRATEGIES OF NIGERIAN MANUFACTURING INDUSTRIES AND FIRMS VALUE

This research explores the capital management strategies employed by Nigerian manufacturing industries and their impact on firm value, as measured by Earnings per Share (EPS). Employing an ex post facto research design, the study focuses on a population of 25 industrial goods industries, selecting a sample of 9 quoted manufacturing firms. The independent variables encompass various working capital management strategies, including accounts receivable management, accounts payable management, inventory management, cash conversion cycle, cash conversion efficiency, current assets to total assets ratio, and current liabilities to total assets ratio. The dependent variable is firm value, proxied by EPS. Results reveal both short-term and long-term effects of working capital management on EPS. The long-run model demonstrates significant negative relationships between accounts receivable management (ARM) and EPS, suggesting that efficient management of accounts receivables has a significant impact on financial performance. Conversely, accounts payable management (APM) exhibits a positive but non-significant effect. Inventory management (INVM) and cash conversion cycle (CCC) are positively related to EPS, with CCC and cash conversion efficiency (CCE) having significant effects. In the short run, the error correction model (ECM) indicates a negative and significant impact of deviations in accounts receivable management and cash conversion cycle on EPS. The study recommends among others that organizations focus on enhancing short-term corrective measures, such as agile and responsive strategies in accounts receivables, to ensure immediate and efficient impacts on financial performance

GLOBALIZATION AND INSECURITY IN NORTH CENTRAL NIGERIA: AN EVALUATION OF FARMER-HERDERS CONFLICT AND NATIONAL SECURITY IN NIGERIA.

This study examined globalization and insecurity in North Central Nigeria with specific reference to farmer-herders conflict and National Security in Nigeria. The researcher used primary data from a sample of 300 respondents obtained by the use of a structured questionnaire from the study areas. Inferential descriptive statistics such as linear regression analysis was used to examine the effect of the independent variables on the dependent variable of the study. The hypotheses of the study were tested using the probability value of the estimates. The result of the study shows that food insecurity in the study area has a negative effect on national security in North Central Nigeria and the effect is not statistically significant (p>0.05) and but in line with a priori expectation. Displacement of farmer on farmers has a negative on national security in North Central Nigeria and the effect is not statistically significant (p>0.05) but in line with a priori expectation. A  negative relationship exist between loss of life as occasioned by farmers-herders conflict  national security in North Central Nigeria and the effect is not statistically significant (p>0.05) but in line with a priori expectation. This means that a unit increases in loss of life will result to a corresponding decrease in national security in North Central Nigeria by margin of 20.8%. It was concluded that food security, displacement of farmers and losses of lives as occasioned by farmers-herders crisis all have a negative effect on national security in North Central Nigeria. It was recommended among others that the farmer-herders conflict could be ameliorated if government act proactively by establishment of ranches so that they will be a reduction of conflict and thus improvement in food security in the regio

LEGAL ASPECTS OF BUSINESS COMPETITION IN RELATION TO THE MECHANISM OF PREVENTING BANKING INDUSTRY TENDER CONSULTATIONS IN INDONESIA

Everyone wants a decent life for himself and those around him, and the state has the responsibility to provide for the welfare of its people, as stated in the 1945 Constitution.This study aims to examine the role of banking institutions in the welfare of society and support national development in Indonesia. In the 1945 Constitution, Article 33 has stipulated that economic development must achieve social justice for all people through a welfare approach and market mechanisms. The concept of economic democracy emphasizes the importance of the prosperity of society as a whole, and the principle of welfare is also recognized in Pancasila and social welfare laws. However, despite having a strategic role in the welfare of the people and supporting national development, the banking industry in Indonesia is often involved in law violations such as corruption. and collusion. These practices can hinder economic growth and equity at the national level. One example of a violation that often occurs is bid rigging in the banking industry, which harms the public interest and violates the principle of fair business competition. This research also highlights the importance of efforts to prevent and take action against these violating practices. These steps are important to ensure the continuity of fair business competition and to build public trust in the government and related institutions. In this context, this study presents an analysis of the efforts that have been made and recommendations for improving law enforcement and preventing corruption in the banking industry

IMPACT OF THE AGRICULTURAL CREDIT GUARANTEE SCHEME FUND ON AGRICULTURAL PRODUCTIVITY IN NIGERIA 1981-2020

This study ascertains the impact of the Agricultural Credit Guarantee Scheme Fund on Agricultural Productivity in Nigeria 1981-2020. The ex-post facto research design was adopted for the study. Secondary data obtained from the Central Bank of Nigeria Annual Statistical Bulletin was used for the study. Jarque Bera test statistics was used to check for data normality while the Augmented Dickey Fuller test (ADF) was used to check the stationarity of the data. Johansen co-integration and error correction model was used to estimate the nexus that exists between the variables of the study. Findings from the study revealed that in the longrun, volume of funding to crop sector (FCP) has a positive effect on the output of crops and the effect is statistically significant.  Volume of funding to livestock (FCP) is positively signed and in line with a priori expectation. Volume of funding to fishery (FFS) has positive effect on output of fishery within the period under study and this effect is in line with a priori expectation. Finally, volume of funding to forestry (FFT) is positively signed and in line with a priori expectation. The researcher concluded that quality credit to the agricultural sector is very important in both long and shortrun as agriculture plays a vital role in the life of people especially in developing countries such as Nigeria. It was recommended among others that more funding be dedicated by government to improve productivity while policy geared towards improving funding in the shortrun should be aggressively pursued by the government so as to achieve an equilibrium of positive effect of funding in both the long and shortrun period for the four sectors examined

AGENCY BANKING, MOBILE MONEY OPERATION AND BANK PERFORMANCE IN BENUE STATE, NIGERIA

This study will examine agency banking, mobile money operation and bank performance in Benue State. Three proxies of agency banking namely; point of sale, mobile telephone banking and automated teller machine card usage were examined to see their effects on the performance of deposit money banks in the study area. The study adopted survey design and used structured questionnaire for data collection. The population and sample of the study consist 1,350 management staff and registered mobile money agents in the study area. A purposive sampling was used to select the elements to be used for the study. The instrument of data collection was subjected to content and construct validity while the reliability of the instrument was tested using Cronbach’s Alpha statistics. Descriptive statistics was used analyze descriptive data while multiple regression analysis was used to estimate the effect of the independent variables on the dependent variable of the study. The major finding from the study indicates that point of sales and mobile telephone banking have positive and significant effects on bank performance in the study area. It was recommended among others that deposit money banks need to improve in their operations to ensure a deeper penetration into the rural area. The study has contributed significantly to the ongoing debate of the role of agency banking on financial inclusion and bank performance in the study area

FINANCIAL LIBRALISATION AND ECONOMIC GROWTH NEXUS: AN EMPIRICAL EVIDENCE OF NIGERIA [1970 – 2020]

The theorists of financial liberalization believed that the removal of government control in the operation of the financial system will lead to the development of the system which thus translates to the economic growth of a given economy. However, over the past three decades that the policy was implemented in Nigeria, the financial sector still cannot mobilize the required funds for public and private investment; hence the economy still remained grossly undeveloped. In view of this therefore, this study was designed to examine the effectiveness of financial liberalization in economic growth of Nigeria from 1970 to 2020. The required data for the study were sourced from various sources including Central Bank of Nigeria Statistical Bulletin and Annual Reports, and the World Bank Development Indicators among others. To eliminate the problem of spurious regression in the study, the technique of Phillips-Perron unit root test was employed. In addition, the long-run equilibrium relationship in the exogenous series was tested with the ARDL Bounds Test. More so, the Diagnostics tests of Jarque-Bera, Breusch-Godfrey Serial Correlation LM and Breusch-Pagan-Godfrey were also employed to test normal distribution, autocorrelation and Heteroskedasticity in the data, while Wilcoxon Test Statistic investigated the change in the pre and post deregulation periods. The findings revealed that official exchange rate and one period lag of real interest rate are positively and significantly related to the economic growth, while real interest rate without lag has negative and significant relationship on the economic growth of Nigeria. It was further revealed that credit to private sector and inflation rate have negative coefficients. Lastly, the study showed a significant change in gross domestic product per capita and official exchange rate in the pre- and post-liberalization peiods. We therefore recommend that a holistic reform that will strengthen the entire Nigerian financial system should be carried out immediately, in addition to creating enabling macroeconomic environment that will make private investment to thrive

WHEN BUMN SUBSIDIARIES BECOMES THE "ALTER EGO" OF THE STATE: ANALYSIS OF THE SUPREME COURT CIRCULAR LETTER NUMBER 10 OF 2020 (SEMA 10/2020) REGARDING THE CORRELATION BETWEEN "BUMN SUBSIDIARIES LOSS” AND “STATE LOSS”

There is a clear distinction between the legal character of the State and that of the Company. While the state’s purpose is to serve the public, a company is ultimately formed for the purpose of gaining Profit. The theories of legal entities and Corporate Law argue that the formation of a legal entity, especially a Limited Liability Company (PT) is intended to separate assets and liabilities between a Legal Entity (Company) and its Shareholders. If the shareholders (State) do not intend to segregate both assets and liabilities, the state does not need to establish a Company from the beginning. Since the issuance of Law 17/2003 on State Finances, the legal extent pertaining to state assets has become increasingly blurred, because Law 17/2003 states that "State assets that have been segregated remain within the scope of state finances". This regulation complicates the legal status of BUMN[1] assets. Furthermore, the wealth status of BUMN Subsidiaries (AP BUMN)[2] experiences the same issue. Hence, one question arises: are Segregated Assets (Paid up Capital Injection by BUMN) still considered assets of the state or are they fully owned by the Company? The Supreme Court (Mahkamah Agung/MA), as of 18 December 2020, issued SEMA[3] 10/2020. Therein, point 4 of the Summary of the Criminal Chamber outlines that "Losses arising from BUMN/BUMD subsidiaries whose capital is not sourced from the APBN/APBD or through capital injection by the BUMN/BUMD and does not receive/utilize state facilities, will not constitute a part of the State’s financial loss”. This adds to the uncertainty because, from a legal perspective, the Shareholder of an AP BUMN is the BUMN itself (and not the State), thus creating a legal correlation that extends to considering AP BUMN Loss as State Loss, and creates a legal uncertainty.   [1] BUMN (Badan Usaha Milik Negara) is State Owned Enterprises (SOE) [2] AP BUMN (Anak Perusahaan BUMN) is the SOE Subsidiary Company [3] SEMA (Surat Edaran Mahkamah Agung) is a Circular Letter (Administrative Policy) from Supreme Court to all courts in Indonesia