Argentina's YPF avoids default but not further pain

Significance In January YPF announced a plan to restructure its USD6.2bn foreign debt which, if successful, would represent the largest deal of its kind by an Argentine company. Reportedly the company improved its offer four times before reaching agreement on the 2021 bond. Impacts The recent replacement of YPF’s president will renew concerns over possible political interference in the company. Vaca Muerta’s future may be further complicated by global trends towards renewables. Pressure to keep domestic fuel prices in check will further damage YPF’s fragile finances.

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tamara Besednjak Valič ◽  
Janez Kolar ◽  
Urša Lamut

Purpose This paper aims to explore the dynamic relationships between high-performance computing centres (HPC centres) and small-to-medium-sized enterprises (SMEs) working in the automotive sector. Design/methodology/approach An empirical study was conducted in 14 European countries with a total of 92 participants, representatives of HPC centres and SMEs. Data were collected through focus groups. Findings Findings show there is a distinct manner of shaping collaboration and cooperation networks between both spheres. In shaping the relationships, cognitive frames play a role through specific values involved share. Institutions also play an important role. Research limitations/implications Research into relationships between HPC centres and SMEs conducted was qualitative; therefore, limitations arise on data not being able to be generalized. The cultural aspect is to be taken into account when conducting further studies. Practical implications Findings of this study can be used by policymakers, especially those interested in regional innovation. The results can be of use when tailoring innovation policies, especially when it comes to enhancing the regional and extra-regional cooperation between HPC centres and SMEs. Originality/value To the best of authors’ knowledge, this paper is one of the first research contributions to analyse the relationships between HPC centres and SMEs from the automotive sector in selected European countries.


Keyword(s):  

Headline HUNGARY: Cap on fuel prices should ease inflation


Author(s):  
Oswald Mhlanga

Purpose This paper aims to identify drivers of efficiency and their influence on airline performances in South Africa. Unfortunately, the methods currently used to measure airline efficiency fail to address the heterogeneity problem, which blurs inefficiency. Design/methodology/approach To remedy the heterogeneity problem, this paper adopts the meta-frontier framework to identify drivers of efficiency. The interesting feature of the model is that it ensures that heterogeneous airlines are compared based on one homogeneous technology. The model is tested using a panel data sample of nine South African airlines, which operated from 2015 to 2018. Findings The paper demonstrates that structural drivers, namely, “aircraft size”, and “airline ownership” and one executional driver, namely, “the cost structure” significantly influence (p < 0.05) airline efficiency thereby corroborating evidence from some prior studies. Research limitations/implications First, because of the small size of the industry, fewer airlines and a lack of detailed data, the study could not consider other important factors such as optimal routing and network structure. Second, a more rigorous analysis over a period of time would yield better understanding about the growth of the industry in South Africa and recognise the variation in the influence of drivers of efficiency on airline performances over time. Practical implications The results have potential policy implications. First, as the market in South Africa is too small to operate with a smaller aircraft probably, for airlines that operate with smaller aircraft to operate efficiently they should first identify niche markets where they can have a route monopoly. Second, while all state-owned airlines are perfect statehood symbols that define and represent countries, most state carriers in South Africa are highly inefficient. The researcher recommends policymakers to privatise state airlines or seek equity partners. Many nationalised airlines have turned losses to profits in the run-up to privatisation. British Airways, once a large burden on the British taxpayer, is now one of the world’s most efficient airlines. After the privatisation of Air France and Iberia, all two turned from loss-making concerns into profitable airlines. It, therefore, makes no sense for the South African government to expect state carriers to pursue a commercial mandate with such political interference. The very notion of efficiency itself is at risk. Originality/value This paper is a first attempt to identify drivers of operational efficiency using a bootstrapped meta-frontier approach in the airline industry in South Africa. By applying the meta-frontier approach the paper ensures that all heterogeneous airlines are assessed based on their distance from a common and identical frontier.


2017 ◽  
Vol 2 (3) ◽  
pp. 224-246 ◽  
Author(s):  
Jeroen Pruyn

Purpose The purpose of this paper is to investigate whether the headlined eco-bulkers ordered in 2012 and 2013 are posing a threat to the less-efficient ships ordered at the end of the boom in 2008 and 2009. Design/methodology/approach This paper will first investigate the drivers for the interest in such low-emission, low-speed bulker as well as the more general history of bulker designs. This is followed by a study on the vessels delivered between 2005 and 2014, based on eight parameters representing fuel efficiency, speed and hydromechanics properties. Within these results, evidence is sought for a significant change in the qualities of the vessels delivered after the last boom. Findings The data showed that at least till present, no significant changes could be discovered between 2014 and the earlier years. This indicates that either because of the long delivery times at the end of the boom, such vessels are still to be delivered, or that they were not ordered in an amount large enough to change the trend. For the future, this fact and the changes in vessel design resulting from the introduction of the energy efficiency design index (EEDI) in 2017 and the large fluctuations in the fuel prices will be interesting to keep monitoring the developments in the eight studied parameters. Originality/value This paper extends (in time) and improves (number of variables studied) a number of earlier studies on average qualities of the world fleet. It studies both the composition and the changes in average properties of the ships produced each year. It allowed the author to discover and explain the trends that would not have been evident when studying ships as single units or as the result of a business opportunity optimisation. Most important of which is the fact that, on average, ships produced are optimised for the current economic conditions and are not taken into consideration for future trends and scenarios.


2014 ◽  
Vol 58 (4) ◽  
pp. 2454-2458 ◽  
Author(s):  
Esther Viedma ◽  
Vanesa Estepa ◽  
Carlos Juan ◽  
Jane Castillo-Vera ◽  
Beatriz Rojo-Bezares ◽  
...  

ABSTRACTTwenty-seven well-characterized metallo-β-lactamase (MBL)-producingPseudomonasstrains from two distantly located hospitals were analyzed. The results revealed specific features defining the multilevel epidemiology of strains from each hospital in terms of species, clonality, predominance of high-risk clones, composition/diversity of integrons, and linkages of Tn402-related structures. Therefore, despite the global trends driving the epidemiology of MBL-producingPseudomonasspp., the presence of local features has to be considered in order to understand this threat and implement proper control strategies.


2020 ◽  
Vol 58 (5) ◽  
pp. 571-584
Author(s):  
Thomas Peter Gumpel ◽  
Judah Koller ◽  
Naomi Weintraub ◽  
Shirli Werner ◽  
Vered Wiesenthal

PurposeThis article presents a conceptual synthesis of the international literature on inclusive education while expanding upon, and incorporating, the articles in this special issue. The authors present their 3P model (philosophy, policy and praxis) and relate each paper in this special issue to different aspects of their model.Design/methodology/approachThis article serves as an epilogue to this special issue of the Journal of Educational Administration as well as a discussion of historical and conceptual distinctions between mainstreaming and inclusion while examining global trends in understanding the move toward inclusive education.FindingsThe authors examined the detrimental effects of ableism and a medical model of disability and their effects on the educational system. They conducted an analysis based on examining the philosophy, policy and practice of the inclusive movement, specifically by examining conceptual models and inclusive decisions, conceptual frameworks for describing inclusive policy and a focus of the application to educational administration. The authors examined the global movement from segregation/exclusion to integration and then to inclusionary praxis.Research limitations/implicationsThe authors maintain that the inclusion literature lacks a sound positivistic empirical base, and so they present throughout the article possible avenues for such research as well as future directions for comparative research.Practical implicationsUnderstanding the philosophical underpinnings of the inclusive movement is central to developing viable inclusive educational settings. The authors distinguish between inclusive schools and local educational authorities where stakeholders have moved toward an inclusionary system (the minority) versus locales who are reluctant to move systems to actual change.Originality/valueThis article takes a wider view of inclusionary practices, from one focusing on children with disabilities to one focusing on historical and traditional exclusionary practices. By widening the scope of the inclusion discussion, to one of exclusion, the authors present a viably wider lens to educational administration.


2019 ◽  
Vol 11 (6) ◽  
pp. 1557-1578 ◽  
Author(s):  
Jessen Floren ◽  
Tareq Rasul ◽  
Azmat Gani

Purpose The purpose of this study is to systematically review the existing literature on Islamic marketing and its major impacts on consumer behaviours. In addition, this study seeks to shed light on global trends and dynamics beyond Islamic marketing and how Islam, as one of the most prominent religions worldwide, affects the consumption and purchasing choices of Muslim consumers. Design/methodology/approach A systematic literature review of published peer-reviewed articles on Islamic marketing was conducted. A comprehensive search strategy was applied on different databases, including Google Scholar, JSTOR, ScienceDirect, MUSE and Directory of Open Access Journals, and the retrieved articles were then selected from 14 leading journals published between 2010 and 2018. Findings Islam as a religion has been found to impact the ethical beliefs and behaviours of Muslim consumers from different countries, as well as consumers’ choice of services and some taboo products on the basis of Islamic Shariah law. The results show that Islamic marketing has a significant impact on the characteristics of Muslim consumers and therefore affects their key choices about certain products and services. Research limitations/implications The studies included in this review are extensively based on peer-reviewed articles published in high-ranked marketing journals (A* and A in the Australian Business Deans Council list), which may be perceived as a limitation in the present study. Another limitation is that this study only took into account peer-reviewed articles written in English. Practical implications The important relationship between Islam and the heterogeneous Muslim consumer will have a considerable practical implication for companies that explore the marketing supply capacity in the Islamic world. The authors hereby expect the current review to significantly impact the identification of methodologies for the main trends in the academic analysis of Islamic marketing and Islamic consumer behaviour. Originality/value This review provides a strong contribution to Islamic marketing literature by recommending the need to integrate the Islamic practices related to consumer consumption of goods and services in studies focused on consumer behaviour analysis.


2019 ◽  
Vol 18 (4) ◽  
pp. 847-864
Author(s):  
John Aliu ◽  
Clinton Ohis Aigbavboa

Purpose Universities have become training centres or “academic hubs” where skilled labour for societal and global consumptions are continuously produced. More so, the quality of teaching (pedagogy) provided by universities is essential in enhancing the skills, expertise and competencies of students who are required to meet the needs of the construction industry after graduation. Hence, the purpose of this study is to assess employers’ level of satisfaction with the employability skills of built-environment graduates in Nigeria. Design/methodology/approach A quantitative approach was adopted for this study with close-ended questionnaires administered to respondents drawn from professionals in the Nigerian construction industry. Out of 150 questionnaires disseminated, 131 were completed and 126 were usable, signifying an 87% response rate. Data from this research were analysed using descriptive and exploratory factor analysis. Findings Employers are seemingly satisfied with the sound academic record of built-environment graduates. They also affirmed their contentment with graduates’ willingness to learn and the way they achieve tasks with positive results. However, they expressed their dissatisfaction with the graduates’ prior work experience, communication skills and technical competencies in handling industry tasks effectively. Research limitations/implications Data was collected from construction professions across two cities – Abuja and Lagos. Because of the limited budget allocated for this study, other regions were not considered. Because of time and financial implications, it was extremely impossible to visit all 36 states. It is, therefore, impossible to generalise the results of this research to the larger population. In generalising the results on a larger scale, the study would have to factor in a more diverse sample to ensure it is more representative. A more diverse sample may mitigate any possible bias that may arise from a self-administered questionnaire. Practical implications From the survey results obtained from the respondents, it was observed that general knowledge about local and global trends, management skills, teamwork skills, work experience, communication skills, critical thinking skills, numeracy skills and civic responsibility are among the major non-academic skills lacking among built-environment graduates. This places significant pressures on universities in Nigeria to revisit and revamp its curricula in developing these skills among students who require them to thrive in the construction industry. Originality/value Although the subject of employability has been adequately discussed across various fields (accountancy, psychology, management, business, marketing, etc.), there exist limited research studies in the built-environment context, a gap, which this study aims to fill. This study also provides several approaches through which employability skills can be developed.


2019 ◽  
Vol 5 (2) ◽  
pp. 185-192
Author(s):  
Piotr Zmyslony ◽  
Karolina Anna Wędrowicz

Purpose The purpose of this paper is to discuss the rise and the future of urban leisure format (ULF), i.e. local seasonal short-lived and repeatable small-scale place-time-based staging urban leisure experiences which become the focus of recreation and tourism development in many cities. It aims to analyse the structure of the ULF by identifying its main features and also to propose the future developments of the concept. Design/methodology/approach The study is based on the experience economy principles. It develops the models for structured experiences/experienscape by adding the analogy with television programme formats to propose the general logic of constructing, organising and packetizing urban leisure experiences that are multiplied effectively to other urban time-spaces. Findings The ULF’s future potential lies in its ability to adopt local components, i.e. people and urban resources, to global trends using a structured experiences/experience logic which makes the ULF formattable, i.e. with the capacity to get informally standardised, then repeated and adapted to other cities’ contexts. Research limitations/implications The paper provides a conceptual framework for formatting the leisure events and places under the framework of the structured experience, will be carefully adapted to the micro-local level, i.e. community activities sphere. The ULF is a theoretical concept and needs empirical research to verify its validity. Practical implications The ULF provides urban managers with a framework for replicating, multiplying and adapting urban leisure events and sites within the structured experiences (SE) designing framework. Originality/value The study contributes to the scientific discussion on the experience economy by introducing the ULF concept which can be adapted to various urban conditions.


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