858 research outputs found

    Comparative Analysis of Forecasting Performance : Crude Palm Oil Futures (CPO) Prices vs Expert Opinions

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    The main economic functions of the futures market are to provide price discovery and risk management facilities. It is well known that the futures market can function well only when the futures prices provide accurate price forecast to subsequent cash prices. The greater the degree of price forecast accuracy, the greater the effectiveness of the futures market in terms of performing its economic functions. If the market is not efficient, effective transmission of information from one market to another will be impaired, thus the value of the futures market in price discovery and hedging. The creation of the crude palm oil (CPO) futures market in Malaysia was to fulfil the need for an efficient pricing and hedging mechanism for Malaysia's palm oil. Therefore, the extent to which CPO futures market has served as an efficient center of price discovery and risk management, has been the focus of considerable research. In general, debate has centered around the extent of which futures market provide price leadership to cash market and the ability of futures market to predict subsequent spot debate has centered around the extent of which futures market provide price leadership to cash market and the ability of futures market to predict subsequent spot price in accurate way. Empirical evidence has shown that CPO futures prices performed relatively better compared to other forecasting models. However, no comparison is made in forecast accuracy of CPO futures with expert opinion. This approach is unique in the sense that it examines the relative efficiency of ex ante forecasts rather then ex post. The objectives of this study are: firstly, to evaluate the forecast accuracy of the CPO futures market relative to expert prediction. Secondly, to test the relationship between the futures, forward and cash prices, to examine whether these price series have the same properties and relationship in the long-run. AGS and the Johansen's cointegrations techniques were used to analyze the forecast accuracy and log-run relationship over, 1st, tld, 3rd and 4th month spreads offutures and forward prices. The analyzed sample data consists of the daily end-of-month trading prices of the futures, cash, and forward prices for the period from January 1 989 to December 1 999. The findings of this study suggested that the forward forecast accuracy price was superior to the futures. It implies that the forward prices which represent expert prediction of cash price, contain more information for price discovery than CPO futures prices in the one month and two months horizons. This finding indicated that the CPO of futures market is relatively less efficient. Hence, the use of futures prices for short-term price forecasting may be more biased than relying on expert forecasts

    Economic and financial valuation of the marble industry in Egypt

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    This study is mainly to evaluate economically and financially the whole marble industry in Egypt. An industrial analysis on the marble industry is done which includes: summary on the international market of marble, sector and enterprises\u27 structure, nature of competition, pricing, and differentiated marble and granite products in the local market. Also, a cluster analysis on the marble cluster is done that comprise: the marble cluster map, the marble cluster diamond, the five forces that shape industry competition, and competitive analysis. A financial valuation is conducted on the marble supply chain divided to the extraction and processing using an investment appraisal approach. The financial valuation includes: revenue cost analysis, estimation of capital investments, cash flow analysis, net present value, CAPM model, and profitability ratios. Afterwards, an economic valuation is done for the marble extraction and processing that incorporates economic cost and benefit analysis, economic investment requirements, industrial positive and negative externalities, natural resource depletion and sustainability using Hotelling\u27s rent, net economic present value, and economic contributions. Based on the results, the main recommendations are: imposition of a Pigouvian tax of 36% on the marble quarries, removal of export duty on marble raw materials, and linking between marble extraction and processing rather than focusing on exporting extraction

    Characterization of a Glycoside hydrolase family 50 member PaGH50A from Pseudomonas aeruginosa and exploring the enzyme’s potential in modulating biofilm formation

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    Pseudomonas aeruginosa is an opportunistic human pathogen that causes acute and chronic lung infections in individuals with compromised immune systems. The bacterium is wide spread in the environment and especially persistent in clinical settings due to its ability to produce complex biofilms which contributes to its virulence. An important constituent of some P. aeruginosa biofilm variants is an exopolysaccharide called PsI. This exopolysaccharide consists of glucose, mannose and rhamnose moieties coupled by α/β-1,3-glycosidic linkages and is regularly branched with mannose attached by α-1,2 linkage. The main objective of this thesis was to provide a biochemical characterization of a putatively secreted family 50 glycoside hydrolase found in P. aeruginosa PA14. The enzyme which was named PaGH50A had previously been shown to have endo-1,3-β-glucanase activity and it was therefore of great interest to investigate its possible activity towards Psl. The secondary aim was to investigate the effect of PaGH50A on biofilms of P. aeruginosa strains PAO1 and its mutants PAO1 ∆WspF, PAO1 ∆WspF ∆Psl and PAO1 ∆WspF ∆Pel, all biofilm overproducers. The gene encoding PaGH50A, called PA14_50830 was cloned into a pNIC-CH vector, containing a hexa-histidine tag for convenient purification, that was subsequently transformed into E.coli strain BL21 for protein expression. Expression of enzymatically active protein was successful, and the protein yield obtained after incubation in a shaker incubator was 0.663 mg pure protein/ L and 0.945 mg pure protein/L after cultivation in a Lex-48 bioreactor. Enzyme activity assays showed that PaGH50A could hydrolyze curdlan, lichenan and most interestingly the psl exopolysaccharide which had not been shown before. Analysis of degradation products by MALDI-TOF MS showed that PaGH50A generated long chain oligomers. PaGH50A was shown to influence the biofilm development of P. aeruginosa PAO1 wild type and mutant variants and the effect depended on the when the enzyme was added during the biofilm formation process. The reasons and the mechanism for this phenomenon are unknown, however it can be hypothesized that the presence of PaGH50A leads to up or down regulations of genes involved in biofilm formation. This study represents a step forward in the understanding of PaGH50A, however the biological role of PaGH50A in P. aeruginosa biofilms remains unknown. Therefore, further proteomics analysis and employing mutant variants of PaGH50A must be done in order to further the knowledge of PaGH50A and the biofilm formation process.Pseudomonas aeruginosa er et opportunistisk humant patogen som forårsaker akutte og kroniske lungeinfeksjoner hos personer med nedsatt immunsystem. Bakterien er vidt spredt i miljøet og er spesielt persistent i kliniske omgivelser på grunn av dens evne til å danne komplekse biofilmer som bidrar til dens virulens. En viktig bestanddel av noen P. aeruginosa biofilmvarianter er et eksopolysakkarid kalt Psl. Dette eksopolysakkaridet består av glukose-, mannose- og rhamnose koblet via α/β-1,3- glykosidbindinger og er regelmessig forgrenet med mannose koblet via α-1,2-kobling. Hovedmålet med denne oppgaven var å gi en biokjemisk karakterisering av et utskilt familie 50 glykosidhydrolase funnet i P. aeruginosa PA14. Enzymet som ble kalt PaGH50A har tidligere blitt vist seg å ha endo-1,3-β-glukanase aktivitet og det var derfor av stor interesse å undersøke dets mulige aktivitet mot Psl. Det sekundære målet var å undersøke effekten av PaGH50A på biofilmer produsert av P. aeruginosa-stammer PAO1 og mutanter PAO1 ∆WspF, PAO1 ∆WspF ∆Psl og PAO1 ∆WspF ∆Pel, alle biofilmoverprodusenter. Genet som koder for PaGH50A, kalt PA14_50830, ble klonet inn i en pNIC-CH-vektor, som ble transformert inn i E.coli-stammen BL21 for proteinekspresjon. Ekspresjon av enzymatisk aktivt protein var vellykket, og proteinutbyttet etter inkubering i en shakerinkubator var 0,663 mg rent protein/L og 0,945 mg rent protein/L etter dyrking i en Lex-48 bioreaktor. Enzymaktivitetsanalyser viste at PaGH50A kunne hydrolysere kurdlan, lichenan og mest interessant psl-eksopolysakkaridet som ikke er vist tidligere. Analyse av nedbrytningsprodukter av MALDI-TOF MS viste at PaGH50A genererte langkjedede oligomerer. PaGH50A ble vist å påvirke biofilmutviklingen av P. aeruginosa PAO1 villtype- og mutantvarianter, og effekten var avhengig av når enzymet ble tilsatt under biofilmdannelsesprosessen. Årsakene og mekanismen for dette fenomenet er ukjent, men det kan antas at tilstedeværelsen av PaGH50A fører til opp- eller nedreguleringer av gener involvert i biofilmdannelse. Denne studien representerer et skritt fremover i forståelsen av PaGH50A, men den biologiske rollen til PaGH50A i P. aeruginosa biofilmer er fortsatt ukjent. Derfor må ytterligere proteomikkanalyse og bruk av mutant varianter av PaGH50A gjøres for å fremme videre forståelse av PaGH50A og biofilmdannelsesprosessen.submittedVersionM60-BIOTE

    Determinants of Export Performance in the Wake of the Global Financial Crisis: Evidence from South Asia

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    The idea that trade is important for economic growth dates back to the nineteenth century when classical economists like Adam Smith, Ricardo, John Stuart Mill etc. advocated the favourable effects of international trade on output. Since then a rich body of both theoretical and empirical literature has evolved with regards to exports and trade policy. Within this overall literature, two competing approaches that can be broadly identified are Import Substitution industrialisation (IS) and Export-Led (EL) growth. According to the EL growth hypothesis, exports can promote economic growth through three main channels that are as follows: (i) trade enables firms (at the micro level) and countries (at the macro level) to gain through specialisation and economies of scale. The most efficient producers witness increasing market shares, that in turn lead to aggregate productivity gains through a reallocation of resources [Taylor (1981) and Melitz (2003)], (ii) Exports are an important source of foreign exchange. These resources are important not just for the purchase of vital inputs such as capital and machinery but are extremely valuable where balance of payments constraints are widespread [Faridi (2012)]. (iii) Trade is an important source of knowledge and technological transfers. New growth theory has shown that trade with technologically innovative countries allows access to the technological know-how of trading partners, and also has the potential of encouraging innovative activity by increasing the returns to innovate as traders have access to a larger market relative to non-trading firms

    The impact of improved irrigation systems on water scarcity and sustainable development

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    Water plays a crucial role in the economic development of countries worldwide. Egypt is a developing country facing serious challenges for achieving sustainable development because of water scarcity problems especially, within the agricultural sector. Water scarcity is limiting the agricultural development, threatening sustainability of land and water resources and increasing water management problems. Therefore, water scarcity is imposing constraints on the country’s economic growth, food security and economic development of the country. To meet the increasing demand on food and water, the government has been adopting strategies for improving water use and water management especially in the agricultural sector. This study evaluated the impact of water scarcity on economic growth and sustainable development in Egypt by empirically analyzing the economic productivity, sustainability and management of land and water resources. The study identified and analyzed the impact of water scarcity within the agricultural sector, where the majority of water resources are allocated. The study found that during the winter season the economic productivity of land and water resources is within average. However, the land productivity is not achieving sufficient growth therefore, could be imposing threats on food security. Based on evaluating water quality indicators the study found that the irrigation water does not meet the sustainability measurements and could affect the long run productivity and sustainability of land and water resources. Based on evaluating water stress and undertaking location comparative analysis the study found that there is inequity between the different locations due to inefficient use and management of water resources. However, during the winter season and due to the reuse of drainage water the plants do not suffer from water stress. Furthermore, this study evaluated the impact of the irrigation improvement projects on water scarcity and sustainable development based on testing the economic productivity, sustainability and management of land and water resources. Based on the results obtained in this research the study concluded that the irrigation improvement projects still did not achieve its main goals of increasing agricultural production, improving the long run sustainability of irrigation and improve water use and management in the agricultural sector

    Reactive localisation of an odour source by a learning mobile robot

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    The goal of this work was to enable a mobile robot to navigate autonomously towards a stationary odour source with the help of a sense of smell. Two electronic noses, each containing a set of gas sensors, mounted on top of a Koala mobile robot were used for detection of the odour. The sensing strategy used for data collection was investigated in order to reduce the influence of air turbulences on the sample handling process. Then a multi-layer artificial neural network was used to learn both the direction to the source and the required turning speed of the robot. An experimental validation was carried out to evaluate the performance of the complete system

    COVID-19 Pandemic: Impact on Countries with Weak Health Systems

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    Effect of nitrogen on seed yield and content and quality of oil of winter grown sunflower (Helianthus annuus L.)

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    ABSTRACT     Field trials were carried out at Wad Medani and Sennar locations during season 2008 / 09 to investigate the effects of nitrogen levels on growth, seed yield, oil content and quality of two sunflower cultivars. The treatments consisted of three nitrogen levels (86.7, 108 and 129 kg N/ha, applied as urea) and two cultivars (Damazin and Hysun33). Nitrogen at the higher rate (129 kg N/ha) gave higher seed yield. The oil content ranged from 36.3 to 42.9 %. Nitrogen, cultivar and location had no significant effects on oil content. Oleic and linoleic acids were the most dominant fatty acids in the oil. It is recommended to apply 129 kg N/ha to winter grown sunflower to obtain high seed yield
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