Russia-China economic imbalance will deepen

2021 ◽  
Keyword(s):  
Political Support ◽  
Third Party ◽  
Private Companies ◽  
Content Type ◽  
Economic Relations ◽  
Northern Sea Route ◽  
Political Cooperation ◽  
Structure Of Trade ◽  
High Level ◽  
European Markets

Significance Despite high-level commitments, economic links do not correspond to the commitments to political cooperation expressed by Moscow and Beijing. The structure of trade and other economic relations is asymmetric and the failure of several promises and projects demonstrates that political support for bilateral commercial ventures is limited. Impacts Cooperation with China will benefit dominant Russian players: state-owned enterprises and monopolies and well-connected private companies. Russia's role will grow in infrastructure projects linking China with European markets as Beijing makes more use of the Northern Sea Route. Competition in third-party markets for exports of arms and nuclear technology may negatively influence Russian-Chinese political ties.

Identifying the determinants of Malaysian corporate Sukuk rating

2018 ◽  
Vol 11 (3) ◽  
pp. 432-448 ◽  
Author(s):  
Nur Amirah Borhan ◽  
Noryati Ahmad
Keyword(s):  
Information Asymmetry ◽  
Multinomial Logistic Regression ◽  
Small Sample Size ◽  
Small Sample ◽  
Third Party ◽  
Significant Variable ◽  
Content Type ◽  
Rating Agencies ◽  
High Level ◽  
Rating Category

Purpose This study aims to identify the determinants of Malaysian corporate Sukuk rating and attempts to find out which determinant has the most significant impact. Design/methodology/approach The framework tries to establish a relationship between firm’s size, profitability, Sukuk guarantee status and types of Sukuk with Sukuk rating from the perspective of Agency Theory and Information Asymmetry Theory. The data consist of 43 Sukuk issuances from 2006 to 2015. Multinomial Logistic Regression Model is then used to find out the significant determinants of Sukuk rating. Findings The study found that only three variables significantly impact Sukuk rating. The results show that a guaranteed Sukuk Ijarah or a guaranteed Sukuk Musyarakah that is issued by a highly profitable firm has a higher likelihood of getting rating AAA or rating AA as compared to getting rating A. A type of Sukuk, particularly Sukuk Murabahah, is the most significant variable influencing Sukuk rating. However, firm size is not a significant determinant of Sukuk rating in the context of this study. Research limitations implications The first limitation of the study is the relatively small sample size. Second, the study only tested four independent variables. Practical implications Several implications are derived from the results of the study. First, new firms that are planning to issue Sukuk should consistently maintain a high level of profit and consider issuing debt-based Sukuk to ensure that the issued Sukuk have higher rating. To increase the likelihood of getting higher rating, they should also consider providing a third-party guarantor. As for existing Sukuk issuers that are in lower rating category, they should increase their profitability to be upgraded to higher rating category. Second, risk-adverse investors should invest in highly profitable, guaranteed and debt-based Sukuk, as these Sukuk are likely to be in higher rating category and provide guarantee in terms of capital payments during liquidation or bankruptcy. Third, to reduce information asymmetry, policymakers should make it compulsory for all Sukuk issuers to have their Sukuk rated annually and make it mandatory for all rating agencies in Malaysia to publish their Sukuk rating methodologies. Originality/value This paper helps to expand the limited existing literature about the determinants of Sukuk rating, particularly for the Malaysian corporate Sukuk.

E-government and transformation of service delivery in developing countries

2016 ◽  
Vol 10 (3) ◽  
pp. 368-390 ◽  
Author(s):  
Noore Alam Siddiquee
Keyword(s):  
Developing Countries ◽  
Service Delivery ◽  
Lessons Learned ◽  
Political Support ◽  
Primary Data ◽  
Content Type ◽  
Secondary Sources ◽  
Intimate Knowledge ◽  
Secondary Information ◽  
High Level

Purpose Since 2009, e-government has been high on governmental agenda in Bangladesh. Seen as a vehicle for improving governance and service delivery, it is also presented as a key to fighting poverty and achieving the millennium development goals. Thus, the goals of e-government remain broad and ambitious. Can a developing country such as Bangladesh realize its e-government vision? The purpose of this paper is to explore this and other related questions seeking to draw lessons that the Bangladesh experience may offer. Design/methodology/approach The paper draws primarily on secondary information, complemented by primary data gathered from various sources. In addition to an extensive review of secondary sources, necessary information was derived from websites of relevant government departments/agencies and through interviews and conversations with selected government officials having intimate knowledge on e-government projects at the field and local levels. Findings The paper demonstrates the ways in which various e-initiatives have transformed traditional administrative systems and practices, notwithstanding the nation’s limited overall e-development. It also shows how e-innovations have helped tackle some complex challenges, thereby adding to convenience and benefits to service users. A major conclusion of the paper is that although e-government is yet to make a breakthrough in governance and service delivery, it has set the wheels of change in motion. Practical implications E-government must be seen as a long term project, it must attract high-level political support and it requires fruitful collaboration between the public, private and non-governmental actors. Originality/value This paper adds to the limited knowledge in the field. Lessons learned from the Bangladesh experience have much relevance to other developing countries with similar socioeconomic circumstances. The policymakers and practitioners are expected to benefit from the insights of the paper.

Russian LNG challenges westward pipeline gas sales

2021 ◽  
Keyword(s):  
Production Capacity ◽  
Scaling Up ◽  
Regional Level ◽  
Suez Canal ◽  
Global Trade ◽  
Content Type ◽  
Northern Sea Route ◽  
The Government ◽  
European Markets

Significance The government plans additional federal- and regional-level support for key projects, but expects industry players to be active in scaling up LNG production capacity and searching for new export opportunities. Impacts Greater liberalisation of LNG exports is likely despite Gazprom's attempts to exclude them from European markets. Shell's reluctance to back the expansion of Sakhalin-2 will Novatek's LNG production lead over Gazprom. The Northern Sea Route can handle only a small fraction of global trade despite Russian claims it is an alternative to the Suez Canal.

Can the two Asian giants reach a political settlement?

2016 ◽  
Vol 5 (1) ◽  
pp. 94-108 ◽  
Author(s):  
Ashok Kapur
Keyword(s):  
Positive Direction ◽  
Content Type ◽  
Economic Relations ◽  
China And India ◽  
Different Types ◽  
History Of ◽  
Policy Analysts ◽  
Peace Settlement ◽  
High Level ◽  
Political Settlement

Purpose – The purpose of this paper is to outline the history of the Sino-Indian conflict and to evaluate recent changes as reflected in the high level meetings between President Xi Jinping and Prime Minister Narendra Modi. It explores the evolving relationship in terms of three types of bargaining: elusive, tacit and convergent. Design/methodology/approach – By adopting a historical approach one gets a better sense of the evolving pattern of relations between China and India and the circumstances in which the evolution is occurring. Findings – China-India relations are similar to a journey where the progress is measured in terms of small steps rather than a final peace settlement. Relations have changed slowly towards a positive direction in economic relations, and there is a pattern of stability in border talks but the issue is complicated by the linkages between the Tibet question and border issues. Research limitations/implications – This topic requires considerable research because it is important for the future of Asian international relations and it is under-researched. Perhaps there could be an edited volume which brings together researchers from different backgrounds and expertise. The suggested work must be empirical but with a theoretical framework related to different types of bargaining cultures and experiences in Asia. Originality/value – As China and India evolve in their diplomatic practices and thinking, as Asian powers are readjusting their policies in the light of new circumstances, there are insights for policy analysts and practitioners in China and India among other Asian countries.

scholarly journals Efficiency of credit unions in Brazil: an analysis of the evolution in financial intermediation and banking service

2020 ◽  
Vol 55 (3) ◽  
pp. 289-308
Author(s):  
Manuela Gonçalves Barros ◽  
Marcelo Botelho da Costa Moraes ◽  
Alexandre Pereira Salgado Junior ◽  
Marco Antonio Alves de Souza Junior
Keyword(s):  
Financial Intermediation ◽  
Credit Unions ◽  
Banking Services ◽  
Content Type ◽  
Economic Relations ◽  
Banking Service ◽  
Low Efficiency ◽  
High Level ◽  
The Cost ◽  
Over Time

Purpose The purpose of this paper is to evaluate the efficiency in financial intermediation and the cost efficiency in banking service of credit unions in Brazil, based on essentially accounting variables, and to analyze the temporal evolution of the efficiency of these cooperatives. Design/methodology/approach With a sample of 315 cooperatives over the period from 2007 to 2014, this research uses a two-stage process: application of regression models with panel data to verify which variables are related to the defined outputs, with the reduction of 31 variables to 8 variables in both models; and application of the data envelopment analysis method to obtain an analysis of credit unions’ efficiency. Findings The results demonstrate a high level of efficiency in financial intermediation, with low variation over time, associated with a low efficiency in the banking service, in which few cooperatives have remained efficient over time. In addition, the cooperatives with highest efficiency in financial intermediation were also the most efficient in providing services. Research limitations/implications This research has some limitations about the capacity of the proxies used to capture the real effect of the variables and assumptions of economic relations resulting in restrictions to generalize the results. Practical implications Cooperatives are usually analyzed under just one dimension. By separating the analysis into financial intermediation and banking services, cooperatives that are more efficient in each dimension can be identified, in addition to analyzing the evolution over time. The authors found that efficiency tends to be lower in banking services, and few cooperatives remain at the highest level of efficiency over time in both models. Social implications Credit unions provide an important service in the banking and credit market. Therefore, understanding its operation and the characteristics that influence its efficiency allows a better management of the cooperatives themselves and a greater understanding of this important segment of the financial market.

Resource-capability of halal logistics services, its extent and impact on performance

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
K. Noorliza
Keyword(s):  
Customer Service ◽  
Dynamic Environment ◽  
Service Innovation ◽  
Third Party ◽  
Cost Advantage ◽  
Content Type ◽  
Low Resource ◽  
High Resource ◽  
Logistics Services ◽  
High Level

Purpose The purpose of this paper is to examine the extent of emergent resource-capability, its configurations and its impacts on customer service innovation and cost advantages in the context of the halal dynamic environment. Design/methodology/approach The study performed a cluster analysis on a sample of 123 Malaysian halal-based third-party logistics (3PL) providers. Findings The findings reveal that the emergent resource-capability comprising physical, technology, knowledge, relational and organizational is advanced uniformly into low, medium and high level. The high resource-capability is significantly different with the medium and low resource-capability, while the medium resource-capability is significantly different with the low resource-capability. The extent of emergent resource-capability has a significantly positive effect on customer service innovation and cost advantage. Especially, high and medium resource-capabilities have enhanced greater customer service innovation and cost advantage significantly, indicating the higher the extent of resource-capability, the greater the enhancement of performance. Practical implications 3PL providers or logistician professionals should understand the extent of emergent resource-capability to empower the competitiveness of service innovation and cost in the dynamic environment. Originality/value The study expands the knowledge with regard to resource-capability complexities which clarify the uniform extent of five emergent resource-capability naturally and provides empirical evidence on the emergent resource-capability of halal logistics services that can empower a successful halal logistics services and competitiveness.

scholarly journals Mutations in fbiD (Rv2983) as a Novel Determinant of Resistance to Pretomanid and Delamanid in Mycobacterium tuberculosis

2020 ◽  
Vol 65 (1) ◽  
pp. e01948-20
Author(s):  
Dalin Rifat ◽  
Si-Yang Li ◽  
Thomas Ioerger ◽  
Keshav Shah ◽  
Jean-Philippe Lanoix ◽  
...  
Keyword(s):  
Mycobacterium Tuberculosis ◽  
Clinical Evidence ◽  
Clinical Samples ◽  
Loss Of Function ◽  
Wild Type ◽  
Content Type ◽  
Solid Media ◽  
High Level ◽  
Level Resistance

ABSTRACTThe nitroimidazole prodrugs delamanid and pretomanid comprise one of only two new antimicrobial classes approved to treat tuberculosis (TB) in 50 years. Prior in vitro studies suggest a relatively low barrier to nitroimidazole resistance in Mycobacterium tuberculosis, but clinical evidence is limited to date. We selected pretomanid-resistant M. tuberculosis mutants in two mouse models of TB using a range of pretomanid doses. The frequency of spontaneous resistance was approximately 10−5 CFU. Whole-genome sequencing of 161 resistant isolates from 47 mice revealed 99 unique mutations, of which 91% occurred in 1 of 5 genes previously associated with nitroimidazole activation and resistance, namely, fbiC (56%), fbiA (15%), ddn (12%), fgd (4%), and fbiB (4%). Nearly all mutations were unique to a single mouse and not previously identified. The remaining 9% of resistant mutants harbored mutations in Rv2983 (fbiD), a gene not previously associated with nitroimidazole resistance but recently shown to be a guanylyltransferase necessary for cofactor F420 synthesis. Most mutants exhibited high-level resistance to pretomanid and delamanid, although Rv2983 and fbiB mutants exhibited high-level pretomanid resistance but relatively small changes in delamanid susceptibility. Complementing an Rv2983 mutant with wild-type Rv2983 restored susceptibility to pretomanid and delamanid. By quantifying intracellular F420 and its precursor Fo in overexpressing and loss-of-function mutants, we provide further evidence that Rv2983 is necessary for F420 biosynthesis. Finally, Rv2983 mutants and other F420H2-deficient mutants displayed hypersusceptibility to some antibiotics and to concentrations of malachite green found in solid media used to isolate and propagate mycobacteria from clinical samples.

Profitability of the Northern Sea Route for liquid bulk shipping under post 2020 sulphur regulations

2020 ◽  
Vol 31 (2) ◽  
pp. 313-332
Author(s):  
Tuomo Keltto ◽  
Su-Han Woo
Keyword(s):  
Spot Market ◽  
The Arctic ◽  
Future Research ◽  
Estimation Model ◽  
Content Type ◽  
Freight Rates ◽  
Northern Sea Route ◽  
Financial Perspective ◽  
The Baltic ◽  
Regulation Compliance

PurposeThe purpose of this study is to evaluate the profitability of the Northern Sea Route (NSR) as a shipping lane from the financial perspective of shipping companies under post 2020 sulphur regulations.Design/methodology/approachThis study develops profit estimation model, and the profitability of the NSR is assessed for a Handymax Medium Range (MR) tanker vessel using scenarios in combination with spot market earning levels, the regulation compliance method and destination ports. The required freight rates are calculated to justify the decision of shipowners to transit a tanker from the Baltic spot market to the NSR navigation.FindingsResults suggest that the required freight rates from the Arctic trade to justify the transit to the NSR are higher than the actual agreed rates in the past, which implies low viability of the NSR as a regular shipping lane. It was also found that the required freight rates are affected by the spot market earning levels, compliance method and duration of the voyage.Research limitations/implicationsThis study takes a new approach on assessing the NSR viability by comprehensively assessing the annual profitability and including the spot market trade as an opportunity cost for the NSR shipping. Despite various scenarios used in this study, a sensitivity analysis would be useful for future research.Practical implicationsThis study suggests how much freight rates a shipping company would need to charge if it were to offer tanker shipping services to four major Asian ports while simultaneously operating at the Baltic Sea during the remainder of the year.Originality/valueThis study adopts a market-oriented approach by incorporating both earnings and costs (including opportunity costs) in the profitability model rather than merely analyzing the total cost of shipping via the NSR. This study also analyzes impact of IMO 2020 Sulphur regulation on the NSR profitability.

scholarly journals Understanding employee turnover in humanitarian organizations

2016 ◽  
Vol 48 (4) ◽  
pp. 208-214 ◽  
Author(s):  
Rameshwar Dubey ◽  
Angappa Gunasekaran ◽  
Nezih Altay ◽  
Stephen J Childe ◽  
Thanos Papadopoulos
Keyword(s):  
Employee Turnover ◽  
Factor Loading ◽  
Personal Factors ◽  
Related Factors ◽  
Content Type ◽  
Factors Affecting ◽  
Work Related ◽  
Humanitarian Organizations ◽  
Using Data ◽  
High Level

Purpose – At a time when the number and seriousness of disasters seems to be increasing, humanitarian organizations find that besides their challenging work they are faced with problems caused by a high level of turnover of staff. The paper aims to discuss these issues. Design/methodology/approach – Based on the 24 variables leading to employee turnover identified by Cotton and Tuttle (1986) the authors analyse the work-related, external and personal factors affecting employee turnover in humanitarian organizations, using a survey of members of the Indian National Institute of Disaster Management. Findings – Results indicated that the three factors are present. Of the external factors, only employment perception had a factor loading over 0.7; of the work-related factors, all were significant; of the personal factors, biographical information, marital status, number of dependants, aptitude and ability and intelligence had the highest loadings. It was also shown that behavioural intentions and net expectation were not significant. Originality/value – Only a few studies reported on employee turnover and its reasons are not well understood in the context of humanitarian organizations. To address this need, the aim of this paper is to explore the personal reasons impacting employee turnover in humanitarian organizations. In the study the authors have adopted 24 variables used in Cotton and Tuttle (1986) and classified into constructs to explain turnover, and further tested the model using data gathered from humanitarian organizations.

scholarly journals Allogeneic chimerism with low-dose irradiation, antigen presensitization, and costimulator blockade in H-2 mismatched mice

Blood ◽  
2001 ◽  
Vol 97 (2) ◽  
pp. 557-564 ◽  
Author(s):  
Peter J. Quesenberry ◽  
Suju Zhong ◽  
Han Wang ◽  
Marc Stewart
Keyword(s):  
Low Dose ◽  
Great Majority ◽  
Cd40 Ligand ◽  
Third Party ◽  
Whole Body ◽  
Spleen Cells ◽  
Graft Versus Host ◽  
Dose Irradiation ◽  
Unique Model ◽  
High Level

Abstract We have previously shown that the keys to high-level nontoxic chimerism in syngeneic models are stem cell toxic, nonmyelotoxic host treatment as provided by 100-cGy whole-body irradiation and relatively high levels of marrow stem cells. This approach was unsuccessful in H-2 mismatched B6.SJL to BALB/c marrow transplants, but with tolerization, stable multilineage chimerism was obtained. Ten million B6.SJL spleen cells were infused intravenously into BALB/c hosts on day −10 and (MR-1) anti-CD40 ligand monoclonal antibody (mAb) injected intraperitoneally at varying levels on days −10, −7, −3, 0, and +3 and the BALB/c mice irradiated (100 cGy) and infused with 40 million B6.SJL/H-2 mismatched marrow cells on day 0. Stable multilineage chimerism at levels between 30% to 40% was achieved in the great majority of mice at 1.6 mg anti-CD40 ligand mAb per injection out to 64 weeks after transplantation, without graft-versus-host disease. The transplanted mice were also tolerant of donor B6.SJL, but not third-party CBA/J skin grafts at 8 to 9 and 39 to 43 weeks after marrow transplantation. These data provide a unique model for obtaining stable partial chimerism in H-2 mismatched mice, which can be applied to various clinical diseases of man such as sickle cell anemia, thalassemia, and autoimmune disorders.

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