The optimal currency invoicing for oil: the case of the countries of the Gulf Cooperation Council

Stability in exchange rates has been the objective of several international monetary agreements since the early twentieth century. Thus the par value of currencies was determined in terms of a specified amount of gold, under the gold standard, whilst, the Bretton Woods agreement and the Smithsonian agreement defined the value of each currency in terms of the dollar, where the dollar was defined in terms of gold. Nevertheless, all these various systems have failed to eliminate the arguments between the proponents and the opponents of flexible and fixed exchange rate regimes. Although the major industrial countries have adopted a relatively flexible exchange rate regime, most developing countries have held their currencies pegged to the currency of a major industrial country, or a basket of currencies, with the aim of meeting a particular macroeconomic criterion. The choice of pegs tends to be influenced by trade shares, however, adopted according to the objective function the domestic authorities aim to fulfil. The literature has defined several macroeconomic objectives of a peg but found no particular peg to be universally adopted by all developing countries. An examination of the contract invoicing literature shows that, international trade involves incurring of risk by firms, exporters and importers. This risk is partly determined by the choice of currency denomination of contracts, which firms are expected to seek means of minimizing. With respect to currencies used to invoice contracts, there is overwhelming evidence to suggest that it is the currency of the exporter which tends to be used to denominate trade contracts. However, on an ad hoc basis, certain commodities and raw materials were found to be invoiced in vehicle currencies, such as the dollar. Moreover, the choice of currency invoicing is found to be influenced by many factors. In particular, inflation differentials were essential. Low inflation currencies are generally preferred by trading partners. A major issue of concern discussed in the literature is the potential effect of exchange rate fluctuations on the volume of international trade. The evidence on this has gone both ways. Some have argued that these fluctuations are of less concern because firms can use the forward market as means of reducing their impact. The analytical framework presented in the present thesis deals with an important issue for the member states of the Gulf Cooperation Council (GCC). These economies depend on oil revenues as the main source of income. Consequently, both government and private spending rely heavily on the oil sector. However, analyzing this invoicing policy without considering the behavior of the exchange rates between the currencies of these countries and those of their major trading partners, would be misleading. Thus, the present model adopts an integrative approach aimed at choosing a currency or a basket of currencies for invoicing oil, and determining how the choices of the same arrangements or alternative arrangements adopted for pegging the domestic currencies can affect the welfare function adopted for the choice of currency(s) for invoicing oil. This welfare function, as it is argued in the thesis, is based on stabilizing the real, rather than the nominal, value of oil revenues. The historical perspective has demonstrated close correlations between inflation rates, money growth rates and oil revenues in the GCC economies. Moreover, the dependence of these economies on oil revenues as the major source of income, has been argued to be the decisive factor that has resulted in their currencies being pegged to the dollar. The results from the estimation, however, do not support a peg to the dollar, nor invoicing oil in dollars. Nonetheless, other single currencies have failed to fulfill the optimality condition, thus favoring pegging to a trade-weighted basket of currencies, and an invoicing scheme for oil which is based on a basket of currencies. Trade shares prove to be important, since deviations from purchasing power parity are passed via them. Despite the different levels of stability resulting from alternative combinations of peg and invoice choices, statistical evidence concludes that there are no significant differences amongst the resulting variances of the real value of oil revenues in terms of the domestic currencies of the GCC member states. Accordingly, it may be argued that if the sole objective of the authorities in these countries is to stabilize the real value of oil revenues, any choice of the alternatives considered in the present thesis would yield the same result in terms of stability

Making the Economic Agreement Between Gulf Countries Valuable: The Way Forward for the Harmonization of their Corporate Financial Reporting

Economic agents tend to maximize their welfare given a set of information, and for investors, accounting data constitute an essential element of the set. Moreover, if this set is homogeneous, comparisons can easily be established, thus inflecting positively on allocation of resources. Although there is an economic agreement endorsed by the member states of the Gulf Cooperation Council, obstacles remain to be overcome, so as to fulfill the objectives of the agreement. It is argued in the present paper that, harmonization of accounting would, enhance the pace toward increasing trade and investment between these states. The present state of applying nondomestic accounting practices, is seen as a force which has the potentials of encouraging the Gulf states to develop their customized accounting practices. However, some forces may work in the opposite direction

Clinical evaluation of patients suffering from osteoarthritis along with prevalence, pharmacological and non-pharmacological treatment

Background: Osteoarthritis is a disorder of joints that most often influences the knee, spine, hip, and small hands joints. It is one of the common types of arthritis. It can lead to reduced mobility in elder patients. Primary objective: The aim of the project is to evaluate the current etiology, pathogenesis, investigations, and management of osteoarthritis. Methods/Design: The history of patients suffering from osteoarthritis was collected on a designed questionnaire which includes age, gender, job status, duration of disease, weight, pain, and current medical history. Setting: Data was taken from different people in the community Participants: Data from 50 patients were taken. Intervention: This work will discuss the challenges of developing good quality outcome measures for use in large-scale multicenter clinical trials for new osteoarthritis treatments, especially disease-modifying osteoarthritis drugs. Primary Outcome Measures: The data evaluation showed that this disease is most common in women than men having a weight greater than 50kg. Results: Most persons suffering from this disease were unemployed and had limited physical activities, and the maximum had complaints of knee pain and shoulder pain. A few patients complained of neck, elbow, feet, and backbone pain. Most were suffering from other concomitant diseases along with osteoarthritis, and a few were diagnosed with osteoarthritis only. Conclusion: This study clearly showed the prime factors involved in osteoarthritis which may help the community to avoid those factors to increase the quality of life

Antifungal Activity of Moringa peregrina Plant Extracts Against Candida kruzei

Commercial antibacterial drugs commonly used to treat diseases have led to the current drug resistance in humans. Early human civilizations used Moringa peregrina extracts against a variety of illnesses and infections caused by food. M. Peregrina grows well in a variety of harsh conditions, including high temperatures, limited water supply, and nutrient-deficient soils. There is something remarkable about this plant's resilience and ability to survive in challenging environments. To conserve water and withstand extreme drought conditions, it has evolved unique adaptations. M. peregrina's deciduous leaves allow it to shed its leaves during dry periods to reduce water loss through transpiration. As a result of this adaptation, it is able to endure prolonged periods of water scarcity. A serious infection can be caused by Candida kruzei, an opportunistic fungal pathogen that is especially dangerous to immuno-compromised individuals, and the increasing drug-resistance of several Candida strains have necessitated the search for alternative to standard anti-fungal agents to which resistance has grown. The objective of this study was to investigate the antifungal effect of M. peregrina ethanolic extract derived from its leaves, seeds, and roots against C. kruzei. The phytochemical screening of M. peregrina extracts were performed using qualitative determination whilst the antifungal activity of methanol and water extracts of leaves, seeds, and roots was performed using the agar diffusion method. The results of the phytochemical analysis demonstrated the presence of phenolic compounds, steroids, flavonoids, tannins, and saponins. The studied extracts displayed various degrees of antifungal activities against C. kruzei. The extract of the leaves was active against C. kruzei with recorded minimal inhibitory concentration (MIC) of 10mg/ml. There is a need for further research to isolate and identify the antimicrobial agent in different parts of M. peregrina. A deeper investigation should be conducted into the antibacterial agent dosages of these plant parts, which may then be used by the pharmaceutical industry.&nbsp

Attitudes of Sultan Qaboos University students towards the dimensions of citizenship in light of some academic and civic variables

This study seeks to identify the attitudes of students of Sultan Qaboos University towards the dimensions of citizenship and the extent to which it is affected by a set of variables. The study adopted descriptive approach and applying attitudes scale consisting of (50) statements to (200) students. The results revealed that the level of students ’attitudes towards the dimensions of citizenship was moderate in general, high in identity and belonging; moderate in openness and pluralism; and freedom and political participation. The results showed an effect of the gender variable on the two dimensions: belonging and freedom and political participation in favor of males; and variable of the school year in the dimensions of identity and freedom and political participation in favor of second-year students. However, results showed no effect for the variables of the type of college, membership in a civil association, and the rate of follow-up of local and international news

Integrated Flood Risk Management Approach Using Mesh Grid Stability and Hydrodynamic Model

Today, inhabitants residing in floodplains face a serious and perpetual threat of flooding. Flooding causes fatalities and considerable property damage in metropolitan areas. Therefore, robust structural measures need to be adopted to eliminate flood catastrophe. Structural measures in the floodplain are the most promising solutions. However, there are cost-associated factors for proposing a flood retention plan. Navsari city (98.36 km2, area extent) of Gujarat was used as a case study to investigate the impact of mesh grid structures (100 m, 90 m, and 50 m) along with structural measures for the preparation of a flood retention plan. The HEC-RAS 2D hydrodynamic model was performed for the Purna River. The output of the model was characterized by four different scenarios: (i) Without weir and levees (WOWL), (ii) With weir (WW), (iii) With levees (WL), and (iv) With weir and levees (WWL). The statistical parameters (R2, RMSE, NSE, inundation time, and inundation area) were determined to evaluate model accuracy. The outcome of the model revealed that a 50 m size mesh grid exhibited more accurate results, yielding high NSE and R2 values (0.982 and 0.9855), a low RMSE value (0.450 m), and a smaller inundation area (114.61 km2). The results further revealed that the WW scenario was the most effective flood retention measure as it delayed the flood water for up to 16 h, and managed the flood with the WOWL case. Moreover, the mean error (WW scenario) estimated from profiles 1 and 2 ranged from (−0.7 to 0.62) and from (−0.1 to 0.02 m), respectively, which were evaluated as very low when compared with other scenarios. The novel scenario-based flood retention plan emphasizing the stability of mesh grid structures using the hydrodynamic model can be applied to any other region around the globe to recommend efficacious structural flood measures for flood decision making systems

The association of Human Leukocyte Antigens Complex with Type 1 Diabetes in Omanis

Background: Identifying the human leukocyte antigens (HLA) high risk alleles, genotypes and haplotypes in different populations is beneficial for understanding their roles in type 1 diabetes (T1D) pathogenesis and intervention practices. Objective: The aim of this study was to identify T1D associated HLA gene alleles in the Omani population. Methods: Our case-control study included 73 diabetic seropositive children (mean age 9.08±3.27 years) and 110 healthy controls. HLA–A, -B, -C, -DRB1, and -DQB1 genes were genotyped using sequence specific primer polymerase chain reaction (SSP-PCR). Results: Two HLA class I alleles (B*08, B*58) and three class II alleles (DQB1*02, DRB1*03 and DRB1*04) were associated with T1D susceptibility, while one class I (B*51) and three class II (DQB1*05, DQB1*06, and DRB1*16) alleles were associated with T1D protection. HLA- DRB1*03 and DQB1*02 alleles showed the strongest risk association among all alleles. Six DRB1 residues (E9, S11, S13, Y30, V70 and K71) were significantly associated with T1D susceptibility. Heterozygous genotypes, HLA-DRB1*03/*04 and DQB1*02/*03 were significantly associated with T1D susceptibility (P=4.29E-07, OR=63.2 and P=0.02, OR=3.6, respectively). Furthermore, we detected a significant combined action of DRB1*03-DQB1*02 haplotype in T1D risk (P=1.76E-05, OR=15), and DRB1*16-DQB1*05 haplotype in protection (P=3.12E-2, OR=0.48). Conclusion: Known HLA class II gene alleles are associated with T1D in Omani children. Keywords: Type 1 diabetes; human leukocytes antigens; zygosity; alleles; residues; haplotypes, case-control study; Oma

Prevalence of Celiac Disease in Omani Children with Type 1 Diabetes Mellitus: A Cross Sectional Study

Objective: Published studies on the prevalence of celiac disease in type 1 diabetes mellitus from the Arab World are scant. We aim to report the prevalence of celiac disease in Omani children with type 1 diabetes mellitus.Methods: Children with type 1 diabetes mellitus were prospectively screened for celiac disease, at Sultan Qaboos University Hospital, Muscat, Oman over a period of one year (June 2011 - May 2012). Serum anti tissue transglutaminase IgA, endomysial IgA antibodies and total IgA were measured for screening of celiac disease. Children with positive anti-tissue transglutaminase and/or endomysial IgA antibodies underwent endoscopy.Results: A total of 103 children with type 1 diabetes mellitus were initially included. Ten patients were lost to follow up. Ninety-three patients aged 2-17 years underwent screening for celiac disease. Sixteen patients had positive anti-tissue transglutaminase (17%). Fourteen patients underwent endoscopy with duodenal biopsies, while two were lost to follow-up. Five patients with positive anti-tissue transglutaminase had intestinal biopsy proven celiac disease. The prevalence of celiac disease is 5.5% in our cohort of children and adolescents with type 1 diabetes mellitus.Conclusions: The prevalence of celiac disease in Omani children and adolescents with type 1 diabetes mellitus is similar to the World’s reported prevalence, but is less than that reported for Middle Eastern Arab children. To our knowledge, this is the first reported study on the prevalence of celiac disease in Omani children with type 1 diabetes mellitus