Recycling petrodollars

In recent years, oil-exporting countries have experienced windfall gains with the rise in the price of oil. A look at how oil exporters "recycle" their revenues reveals that roughly half of the petrodollar windfall has gone to purchase foreign goods, especially from Europe and China, while the remainder has been invested in foreign assets. Although it is difficult to determine where the funds are first invested, the evidence suggests that the bulk are ending up, directly or indirectly, in the United States.Petroleum industry and trade ; Investments, Foreign

New idea in time recording and its advantages in cost accounting

The past decade has witnessed important advances in many lines but possibly none has shown more rapid evolution than the science of Cost Accounting. Proprietors and managers have long wanted exact knowledge of the cost of their output and realized the advantage of such information, but even to-day a large majority will admit that they do not know their costs. Many self-styled expert cost accountants have played on this condition of affairs, reaped a harvest for themselves and their employers, and left their clients in a worse state of confusion, than they were before, on the subject of cost, therefore, in order to appreciate a decided advance in the method of locating direct labor, a knowledge of why the cost accountant wants this information so accurately and what he can do with it, is desirable. Cost is divided into the three classes, material, labor and expense. Thanks to the storekeeper system, with card indexes and loose leaf books, the problem of taking care of the cost of material is well advanced and easily understood. Material is tangible and stays put while labor cost is of a more elusive nature

The Information Content of the 1999 Announcement of Funds from Operations (FFO) Changes for Real Estate Investment Trusts

This study examines the market response to the 1999 announcement of a change in accounting for Funds from Operations (FFO) for Real Estate Investment Trusts (REITs). This change provides an increase in transparency in the accounting statements of REITs regarding the calculation of FFO. An analysis of this announcement finds that shareholder wealth increases but the significance of that increase is questionable. Additionally, an analysis of the adverse selection component of the bid-ask spread finds weak evidence to support the conjecture that the amount of information asymmetry in REIT prices declines after the announcement of the FFO accounting change.

Successful Incident Management on a Major Reconstruction Project

Reconstruction of high traffic roads presents considerable challenges to minimizing delays due to traffic incidents. The Pacific Motorway Project was a fast-track reconstruction of 43 km of one of the most heavily trafficked inter-urban routes in Australia, carrying up to 90,000 vehicles per day between Brisbane and the Gold Coast in South East Queensland. Reconstruction by the State Department of Main Roads involved upgrading from four to eight lanes, under traffic and along an existing corridor. Keeping traffic flowing route was a priority, and key objectives during the construction and operation phases (with sections progressively opened to traffic) were to ensure smooth traffic flow, minimizing impact on road users; to ensure the Motorway operated safely; and, to limit project cost, balancing design and construction with the operation of the existing roadway, to reduce costs, traffic delays and safety risks to acceptable levels. While these objectives are at times in tension, they were able to be satisfactorily achieved through a range of incident management initiatives, including setting clear objectives and performance standards, building good working partnerships, application of appropriate cost-effective technology and well thought out communication strategies. Successful incident management during the project meant that delays were minimized and response times to traffic incidents substantially reduced. This paper focuses on institutional issues and outlines the experience in keeping traffic flowing during a major road reconstruction project, in particular the incident management techniques implemented and the results and lessons learned in managing the impact on traffic

Beads, boats and switches: making things happen with molecular photoswitches

In this paper we present recent results obtained with a stimulus-responsive materials based on the photo-switchable behaviour exhibited by spiro-cyclic derivatives. Our results suggest that these highly novel materials offer unique capabilities hitherto inaccessible using conventional materials. In particular, we will focus on photocontrolled guest binding and release, inherent signalling of status, photo-actuation and solvent driven motion of small structures as examples of the fascinating behaviour of these exceptional materials

The origin of deep ocean microseisms in the North Atlantic Ocean

Oceanic microseisms are small oscillations of the ground, in the frequency range of 0.05–0.3 Hz, associated with the occurrence of energetic ocean waves of half the corresponding frequency. In 1950, Longuet-Higgins suggested in a landmark theoretical paper that (i) microseisms originate from surface pressure oscillations caused by the interaction between oppositely travelling components with the same frequency in the ocean wave spectrum, (ii) these pressure oscillations generate seismic Stoneley waves on the ocean bottom, and (iii) when the ocean depth is comparable with the acoustic wavelength in water, compressibility must be considered. The efficiency of microseism generation thus depends on both the wave frequency and the depth of water. While the theory provided an estimate of the magnitude of the corresponding microseisms in a compressible ocean, its predictions of microseism amplitude heretofore have never been tested quantitatively. In this paper, we show a strong agreement between observed microseism and calculated amplitudes obtained by applying Longuet-Higgins' theory to hindcast ocean wave spectra from the North Atlantic Ocean. The calculated vertical displacements are compared with seismic data collected at stations in North America, Greenland, Iceland and Europe. This modelling identifies a particularly energetic source area stretching from the Labrador Sea to south of Iceland, where wind patterns are especially conducive to generating oppositely travelling waves of same period, and the ocean depth is favourable for efficient microseism generation through the ‘organ pipe’ resonance of the compression waves, as predicted by the theory. This correspondence between observations and the model predictions demonstrates that deep ocean nonlinear wave–wave interactions are sufficiently energetic to account for much of the observed seismic amplitudes in North America, Greenland and Iceland

Summer Cocktail Forage Research in the Panhandle of Nebraska

Four annual forage mixtures containing brown mid- rib sorghum sudangrass or German foxtail millet, cowpeas or soybeans, and forage collards were compared to the sorghum sudangrass or millet as monocultures in the Nebraska High Plains on dryland acres to determine the tonnage, crude protein, and digestibility available for beef cattle. Th e forage mixtures and the millet resulted in greater crude protein than the sorghum sudangrass. Total digestible nutrients of the mixers were similar. Sorghum sudangrass resulted in the most tonnage. These forage options could have been hayed or windrow grazed in the fall and would have likely resulted in 1.5– 2.0 lb/d gain for 500 lb calves. Grazing these forages in the summer would have likely resulted in better quality but would require rotational grazing management. Agronomic impacts of these mixtures on the subsequent crop were not measured. Foxtail millet was the most economical crop to produce

Randomised controlled trial of fish oil supplement to treat cancer cachexia

Patients with advanced cancer often suffer from cachexia, a debilitating and complex extreme weight loss syndrome which is also associated with shorter survival times. A pragmatic randomised controlled trial was conducted to determine whether an oral nutritional supplement containing the omega-3 fatty acid eicosapentaenoic acid (EPA) was able to improve quality of life and survival times of patients with advanced solid tumour cancer in a mixed tumour cancer type population