An empirical assessment of the key drivers of sovereign bond yields in South Africa: it’s not just about fundamentals

Thesis (M.Com. (Business Finance))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Economic and Business Sciences, 2017The writer studies the short-run determinants of bond yield volatility in South Africa (SA) by analyzing the impact that global factors –representing global funding conditions – have on the changes to the rand denominated generic 10-year government bond yield (SAGB). This is followed by a one-period forward forecast of this volatility. The explanatory variables tested in this study are as follows: net bond purchases by foreign investors, Chicago Board Options Volatility Index (VIX), JP Morgan Emerging Market Bond Index (JP EMBI) spread, the US dollar to SA rand (USDZAR) exchange rate, the SA 5 year credit default swap (CDS) rate, the 12 month interest rate expectation/9x12 forward rate agreement (FRA), dollar spot price of gold and dollar spot price of oil. The study period ranges from January 2000 to December 2015. The GARCH modelling technique is used due to its ability to capture the volatility clustering effects observed in time series return data. The writer used the Gaussian distribution as the default model, however in order to control for the skewness and fat-tails in financial market return data, the Student-T and Generalised Error distributions are also tested to see if the non-normally distributed bond returns could be better captured by alternative parametric assumptions. The results show that all the explanatory variables, with the exception of the FRA, are statistically significant in explaining volatility in the local generic 10-year government bond.GR201

Bruising in slaughter cattle: its relationship with creatine kinase (CK) levels and meat quality

The objective of the study was to determine the effects of pre-slaughter conditions and anima-l related factors on bruising, creatine kinase (CK) and beef quality. Three hundred and twenty one cattle from three breeds (108 Bonsmara, 130 Beefmaster and 83 Brahman) were used in this study. The animals were grouped according to age categories as follows; Group 1(16months), Group 2 (18months) and Group 3 (24 months). Blood samples for CK determination were collected at exsanguisation using disposable vacutainer tubes. The Muscularis longisimus thoracis et lumborum (LTL) muscle was used to determine beef colour (L,* a* and b*) and ultimate pH. Significant P (<0.05) breed effects were observed on bruising score and CK levels with Bonsmara breed having the highest percentage (80 percent) of bruising score and higher CK (705.3±80.57) values. The higher CK levels were also in winter season. The effect of breed, sex and age at slaughter on meat quality (pHu, L*, a*, b*) was also observed. There were positive correlations between distance travelled and meat quality, while there was no relationship observed between CK and distance travelled. Therefore, it was concluded that animal related factors had an effect on meat quality and CK levels

Bruising in Slaughter Cattle and Its Relationship with Creatine Kinase Levels and Beef Quality as Affected by Animal Related Factors

The objective of the study was to determine the effects of animal related factors on bruising in slaughter cattle, creatine kinase (CK) and beef quality. Three hundred and twenty one cattle from three breeds (108 Bonsmara, 130 Beefmaster and 83 Brahman) were used in this study. The animals were grouped as follows: Group 1 (16 months old), Group 2 (18 months old) and Group 3 (24 months old). At exsanguinations, blood samples for CK determination were collected using disposable vacutainer tubes. Muscularis longissimus thoracis et lumborum (LTL) was collected 24 h after slaughter to determine the colour (L*, a*, and b*) and ultimate pH (pHu) of beef. Breed, sex and age had significant effects (p<0.05) on bruising score, CK levels and beef quality. Bonsmara breed had the highest (80%) bruising score percentage, CK (705.3±80.57 U/L) and pHu (6.3±0.05) values while the Bonsmara had the highest L* (24.8±0.78) a* (17.5±0.53) and b* (12.8±0.53) values. Higher CK levels were also observed in winter compared to summer, spring and autumn respectively. Therefore, animal factors (sex, breed and animal age at slaughter) contribute to the development of bruises and have an effect on the levels of CK and meat quality. It was also concluded that there is no significant relationship between meat parameters (L,* a*, and b*) and CK levels

Position Paper on Water, Energy, Food and Ecosystem (WEFE) Nexus and Sustainable development Goals (SDGs)

The EU and the international community is realising that the Water, Energy, Food and Ecosystem components are interlinked and require a joint planning in order to meet the daunting global challenges related to Water, Energy and Food security and maintaining the ecosystem health and in this way, reach the SDGs. If not dealt with, the world will not be able to meet the demand for water, energy and food in a not too far future and, in any case, in a not sustainable way. The strain on the ecosystems resulting from unsustainable single-sector planning will lead to increasing poverty, inequality and instability. The Nexus approach is fully aligned with and supportive of the EU Consensus on Development. Key elements of the Consensus will require collaborative efforts across sectors in ways that can be supported/implemented by a Nexus approach. In this way, transparent and accountable decision-making, involving the civil society is key and common to the European Consensus on Development and the Nexus approach. The Nexus approach will support the implementation of the SDG in particular SDG 2 (Food), SDG 6 (Water) and SDG 7 (Energy), but most SDGs have elements that link to food, water and energy in one or other way, and will benefit from a Nexus approach. The SDGs are designed to be cross-cutting and be implemented together, which is also reflected in a WEFE Nexus approach. A Nexus approach offers a sustainable way of addressing the effects of Climate Change and increase resilience. The WEFE Nexus has in it the main drivers of climate change (water, energy and food security) and the main affected sectors (water and the environment). Decisions around policy, infrastructure, … developed based on the WEFE Nexus assessments will be suitable as elements of climate change mitigation and adaptation. In fact, it is difficult to imagine solutions to the climate change issue that are not built on a form of Nexus approach. The Nexus approach is being implemented around the world, as examples in the literature demonstrate. These examples together with more examples from EU and member state development cooperation will help build experience that can be consolidated and become an important contribution to a Toolkit for WEFE Nexus Implementation. From the expert discussions, it appears that because of the novelty of the approach, a Toolkit will be an important element in getting the Nexus approach widely used. This should build on experiences from practical examples of NEXUS projects or similar inter-sectorial collaboration projects; and, there are already policy, regulation and practical experience to allow institutions and countries to start applying the Nexus concept.JRC.D.2-Water and Marine Resource

The Impact of Climate Change on Water Resource Availability in a Trans-Boundary Basin in West Africa: The Case of Sassandra

In the context of climate change in West Africa characterized by a reduction of precipitation, this study was conducted to evaluate the impact of climate change on water resources from now to the end of the 21st century in the transboundary watershed of the Sassandra River shared by Guinea and Côte d’Ivoire. Historical and future climate data of Representative Concentration Pathways (RCPs) 4.5 and 8.5 were projected with the Abdus Salam International Centre for Theoretical Physics (ICTP) Regional Climate Model (RegCM4). The hydrological modeling of the river basin was carried out with the conceptual hydrological model, GR2M, a monthly time steps model that allows for the assessment of the discharge of the Sassandra River for each climate scenario according to the time periods 2021–2040 (Horizon 2030), 2041–2060 (Horizon 2050), 2061–2080 (Horizon 2050), and 2061–2080 (Horizon 2090). The results show a reduction in annual discharge when compared to the baseline (1961–1980). For RCP 4.5, the observed values go from −1.2% in 2030 to −2.3% in 2070 and rise to −2.1% in 2090. Concerning RCP 8.5, we saw a variation from −4.2 to −7.9% in Horizons 2030 and 2090, respectively. With the general decrease in rainfall in West Africa, it is appropriate to assess the impact on water resources of the largest rivers (Niger, Gambia, and Senegal) that irrigate the Sahelo–Saharian zone

Spatio-Temporal Analysis and Water Quality Indices (WQI): Case of the Ébrié Lagoon, Abidjan, Côte d’Ivoire

For decades, the &Eacute;bri&eacute; Lagoon in C&ocirc;te d&rsquo;Ivoire has been the receptacle of wastewater effluent and household waste transported by runoff water. This work assesses the spatio-temporal variability of the &Eacute;bri&eacute; lagoon water quality at the city of Abidjan. The methodological approach used in this study is summarized in three stages: the choice and standardization of the parameters for assessing water quality for uses such as aquaculture, irrigation, livestock watering, and sports and recreation; the weighting of these parameters using the Hierarchical Analysis Process (AHP) of Saaty; and finally, the aggregation of the weighted parameters or factors. Physicochemical and microbiological analysis data on the waters of the &Eacute;bri&eacute; lagoon for June and December of 2014 and 2015 were provided by the Ivorian Center for Anti-Pollution (Centre Ivoirien Anti-Pollution, CIAPOL), and the concentrations of trace elements in sediments (As, Cd, Cr, Pb, Zn) were used. The aggregation of standardized and weighted parameters allowed the calculation of the Water Quality Indices (WQI) by usage for each bays of the lagoon. The results show that in both 2014 and 2015, the waters of the &Eacute;bri&eacute; lagoon were generally of poor quality for the different uses examined in this study (aquaculture, irrigation, livestock watering, and sport and recreation) with an accentuation in 2015. However, some bays of the lagoon have waters of dubious to satisfactory quality. This study contributes an improved evaluation of the &Eacute;bri&eacute; lagoon waters