Energy Security Risks and Risks Mitigation: an Overview

Central to the goals of competitiveness and sustainable development is the issue of energy. Is there enough? Where will it come from? What will it costs? Is its production and use environmentally sustainable? Many of these questions are now discussed under the general topic commonly referred to as “energy security.” This paper discusses more specifically what is meant by “energy security” and provide some reasons why it has been so difficult to forge a common approach to its achievement. A key factor includes substantively different views amongst countries on the optimal role of the market mechanism, the private sector, and governments either as an owner or regulator. Although different types of insecurity are discussed the focus in this paper is on the long-term physical availability of energy supplies. Interestingly, it appears that long-term security is not just an issue for consuming nations but also for the supplying nations due to concerns that future markets might not exist which would justify massive long-term investments today. However, long-term commitments by consuming and producing nations could lower the risks faced by each. In order to achieve increased security, the consuming countries need to diversify the types of energy used and their geographical sources, yet in many ways the trends have been the opposite as the geographic concentration of energy reserves, especially oil and gas are projected to increase. The ability of countries to increase alternative sources, such as renewables or nuclear, have considerable potential in the long term but in the medium term are limited by technological, environmental and political constraints. For oil and gas which will remain for the near future the most important energy sources, the most immediate problem is not one of insufficient supplies under the ground, but the lack of either government resources for public development or of a sufficiently investment friendly environment for private sector development in those countries that have the reserves. In addition there are a number of other complementary issues that need to be addressed such as improving the transport infrastructure and enhancements for research activities and technology transfer.competitiveness, Europe, transition economies, environmental policy, energy security, sustainable development

An overview on the development of internal control in public sector entities : evidence from Kosovo

Purpose: The development and implementation of Public Internal Financial Control (PIFC) in the management processes plays an important role in providing sound financial management, transparency, efficiency and effectiveness in the public sector entities. Design/Methodology/Approach: In this paper we have analysed the annual reports on the functioning of the PIFC system in the public sector of Kosovo for the 2014 – 2017 period. The analysis has been completed even more, based on the annual reports of National Audit Office, progress reports published by the European Commission, showing the progress achieved under the EU directives as well as the data from the monitoring reports of SIGMA (Support for Improvement in Governance and Management). Findings: The findings show that the implementation of rules and procedures for internal control in budget organizations lags behind the development of the overall framework. Practical Implications: Continuous improvements in the field of Public Internal Financial Control are important steps in the process of European integration, while Kosovo has made considerable efforts to develop the control environment and implement the PIFC principles, particularly by establishing the appropriate legal, and institutional framework to support the PIFC system. Originality/Value: PIFC development is a continuous process and is part of the public administration reform, hence this paper contributes in identifying possible gaps and weaknesses in the system of internal control in Kosovo and provides recommendations for their improvement.peer-reviewe

Identification and Evaluation of Factors of Dividend Policy

Dividend policy determines the ratio between the earnings distributed to shareholders and the earnings retained in the company. Even though retained earnings are one of the most important funding sources used for financing corporate growth, the accrued dividends represent stakeholders' cash flows. Should the cash be reinvested in business operations or should it be paid out to investors in equity? The decision might seem simple, but it provokes a surprising number of controversies. Despite thorough theoretical and empirical analyses aimed to explain their omnipresence, dividends remain one of the biggest puzzles in corporate finances. This paper starts by determining the term of dividend and stating the types of dividends. This is followed by a discussion on dividend policy and optimal dividend policy and an analysis of factors that managers should have in mind when forming dividend policy. Considerable attention is given to the leading dividend theories which try to answer the question about the role of dividends in maximizing the value of a corporation, as well as to practical instructions offered to managers in an attempt to achieve this goal. Other related issues are also discussed, such as dividend reinvestment plans, stock dividends, and share repurchase. Finally, two surveys are presented. The aim of conducting the surveys was to determine the attitudes of managers on dividend policy and to identify factors which the managers viewed as decisive when establishing a concrete dividend policy

60th anniversary of Faculty of Technology, University of Tuzla

The Ceremony Academy, which was held on November 14th, 2019 in the Faculty amphitheatre, marked the jubilee of 60 years of existence and work of the Faculty of Technology, University of Tuzl

MOSTAR BETWEEN 1941 AND 1952 - WITH SPECIAL REFERENCE TO THE PERIOD OF RECONSTRUCTION AND DEVELOPMENT FROM 1945 TO 1952

This publication addresses two separate periods in the history of Mostar. In the first part, it brings information about Mostar during World War II. The second part describes a period of reconstruction and development based on primary archival documents in an effort to throw light on socio-economic trends in Mostar area shortly after war, as well as the first part of the first five-year plan of reconstruction.  Article visualizations

The Morality of Law

This thesis defends a unified theory of morality and law: the one-system view or the normative continuity between morality and law. The one-system view contends that law and morality belong to one normative domain: the moral domain or the domain of practical reason. As part of the moral domain, the law is and ought to be made, interpreted and applied within the limits of moral justification. Legal duties are moral duties because the law belongs to the moral domain; consequently, what cannot be morally justified cannot be justified legally. The possibility of having more than one morally right answer to a legal case does not contradict the moral thesis. However, it rules out the possibility of a law that cannot be morally justified. Contrary to legal positivism, which argues that anything, including wicked decrees, can attain the status of law, this thesis denies the legal standing to laws that cannot be morally justified. Acknowledging or denying the status of law to ‘wicked laws’ is the bone of contention between legal positivism and legal non-positivism. There seems to be no middle ground and no possibility of sublating these two positions into a higher synthesis. One of the virtues of legal positivism is that it has highlighted the autonomy of positive law, which is inevitable and morally necessary for the validity of the law. Our disagreement is about the status of the morality of law: is law moral? I argue that the non-positivist legal theory defended here avoids the problems and the shortcomings of legal positivism that arise from denying the morality of law. The thesis, therefore, squarely situates itself within the tradition of non-positivism. The thesis has four chapters. The first chapter presents and criticises the legal positivist understanding of the normativity of the law. The second chapter addresses the question of the morality of law through Dworkin’s analysis of the relationship between law and morality. Finally, chapters three and four discuss the questions of the legal status of wicked laws and the justification for disobeying the law

TRACKING, EVALUATION, AND GRADING STUDENT’S ACCOMPLISHMENT IN MATHEMATICS CLASESS

This work will emphasise tracking, evaluation, and grading student’s accomplishments in mathematics classes. It is not enough just to track and grade acquiring knowledge, skills and habits, but it is also necessary to evaluate development of attitude, reasoning, subjective and objective development possibilities for students to become versatile, happy and human personalities. One of the hardest tasks in mathematics classes is evaluation of students. It is very complex process, but also it is the only possibility for teacher to acquire system for evaluation, tracking and grading students. System for evaluation must be in coordination with existing school system