European Strategic Autonomy: The Test Case of Iran

The ideal of the European Union (EU) as a global peace and security actor is increasingly clashing with the reality of a multipolar world defined by militarised conflict, and a loosening of the formerly close trans-Atlantic relationship with the United States. European policy-makers have identified strategic autonomy as a possible remedy in the face of a growing number of internal and external security threats. This paper adds to the conceptualisation of strategic autonomy by contextualising its current usage and political genealogy. Empirically, European strategic autonomy is examined concerning the efforts to preserve the Iranian nuclear deal after the Trump administration had ceased US participation in May 2018. In particular, the paper assesses the European response to counter the re-imposed unilateral United States (US) sanctions against European individuals and entities by updating the so-called blocking regulation, and setting up a special purpose vehicle (spv) for facilitating trade with Iran. The results show that the European struggle toward achieving strategic autonomy has largely failed, but that it holds valuable lessons to approximate this ideal in the future.

Opportunities and Challenges of Retail Sovereign Sukuk Issuance: Lessons from Twelve Years’ Experience

Retail sukuk is a sharia product offered to Indonesian citizens as a safe and profitable investment instrument. This study identified the strengths, weaknesses, opportunities, and threats that the government may face in offering retail sovereign sukuk. It aimed to provide the government the appropriate strategies based on the historical data of listed retail sukuk and its peripherals during 2009-2020. This paper used a qualitative research approach. The data collection techniques used were literature review and in-depth interview. Internal and external factors were identified. SWOT matrix was made prior to analysis. The results show that the coupon rate offered by retail sovereign sukuk is mostly higher than BI rate. Market expansion is needed. The government shall optimize all distribution partners. Newly innovated products should be developed. Certain criteria should be formulated to determine coupon rate. This research suggests that an independent Special Purpose Vehicle should be reconstructed as a separate entity.JEL Classification: E62, G23, G28, H63How to Cite:Muchtar, M. (2021). Opportunities and Challenges of Retail Sovereign Sukuk Issuance: Lessons from Twelve Years’ Experience. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 259-274. https://doi.org/10.15408/sjie.v10i2.20093.

Development of a geometric slip flat model when turning a vehicle with two steering axles

Introduction (problem statement and relevance). One of the main stages in the design ofspecial purpose vehicles is the calculation of the steering control. At that, engineers are guided by anumber of regulatory documents that lack one of the most important requirements, which is to minimize tire lateral deviation. The author notes the lack of scientific research in the field of geometric slip, which is caused by the non-compliance between the actual angles of wheels rotation and the calculated values for pure rolling and is an inherent property of any traditional steering linkage.The purpose of the study was to develop a mathematical model of the steering drive of a special-purpose vehicle with two steering axles to assess the geometric and power slip.Methodology and research methods. There is a known method for calculating the steering drive using trigonometric expressions, in particular the cosine theorem. The author proposed to use the coordinateiterative method developed by him and based on the equation of the sphere, with the steering wheel rotation angle in the kinematic calculation of the steering drive as a differentiation step. The choice of the steering drive parameters according to the conditions of symmetry and minimization of slip was carried out by the method of multivariable optimization.Results. In the course of the research, it was found that the choice of the characteristic of geometric noncompliance was a multi-parameter task, and changing one parameter led to the necessity of adjusting the others. If it was not possible to achieve zero geometric slip for all steered wheels, the task of optimizing the steering drive parameters wasreduced to minimizing geometric or total slip. The value of the slip essentially depended on the selected differentiation step. When choosing the characteristic of geometric slip, it was necessary to observe the condition of the steering linkage symmetry when turning left and right. When the wheels were turned from the neutral position to the periphery, the power and geometric slip compensated each other, which led to the decrease of the total slip and tire wear.The scientific novelty of the work lies in the development of a geometric slip model for a vehicle with two steerable axles, including a spatial model of the steering drive which allows to evaluate the influence of the geometric slip on the turn kinematics, as well as the mutual influence of geometric and power slip in order to select the steering drive optimal parameters of the multi-axle vehicle from the viewpoint of minimizing tire wear during curvilinear motion.Practical significance. The research results must be taken into account in the development of steering drive and turning control systems for multi-axle special-purpose vehicles, including them in the educational process as well.

СИСТЕМА КОРПОРАТИВНОГО УПРАВЛІННЯ РОЗВИТКОМ ІНФРАСТРУКТУРНО-СЕРВІСНИХ ПІДПРИЄМСТВ

The paper offers practical recommendations for improving the mechanisms of public-private partnership in the form of a concession. Within the scope of this study, a concession is viewed as a relationship framework in which to attain socially significant goals, the government or a municipal unit transfers to the concessionaire (natural or legal entity) the right to perform on a contractual basis some of its functions to possess, use, and under specific conditions, to dispose of public or municipal property. These relationships are valid during the concession agreement period. Guarantees to private investors in the area of PPP and infrastructure concessions have been adapted according to the current Ukrainian legislation. The concessionaire’s business guarantees include: prospects for ownership rights acquisition for property outside highway lanes; a possibility of resolving disputes in the International Arbitration Court, a possibility to launch a project company for specific project realization (a special purpose vehicle, SPV. It is argued that providing guarantees for concessionaire investment returns is paramount. The above guarantees should cover a restraint on concessionaire’s property and assets forced alienation; the principle of non-interference in the concessionaire’s business; guarantees of reimbursement by the grantor of all investments made by the concessionaire (in case of contract termination due to the grantor’s fault); envisaged norm according to which the fare is fixed at an investment-based rate that ensures compensation of the concessionaire’s expenses. The implementation of concession relationships pattern in the transport infrastructure of Ukraine has contributed to outlining the key prospects for its development and enhancement, in particular through compliance with the following principles: application of legislation in force at the time of concluding a concession agreement; imposing a legislative ban on changes related to running concession business; guarantees of concessionaire’s loss coverage caused by government authorities’ decisions that breach the concessionaires’ rights.

IPD-inspired framework for measuring stakeholder integration in public-private partnerships

Purpose In a public-private partnership (PPP), the private sector is represented by a company termed the special purpose vehicle (SPV), which combines different stakeholders including designers, contractors and service providers under one umbrella. Correct SPV team selection is critical to ensure PPP success as the SPV must act as an integrated entity. In fact, unless the SPV takes an active role in developing trust and promoting integration principles, segmentation of interests, highly adversarial atmospheres, loss of value and economic inefficiency will prevail. Absence of awareness of such principles among stakeholders and the scarcity of literature investigating SPV stakeholder integration create great risks that jeopardize project success. Accordingly, to mitigate the aforementioned risks and provide stakeholders with both the knowledge and the tools to instigate and maintain integration, this paper aims to develop and test a framework to measure SPV stakeholder integration, inspired by the correlation between integrated project delivery (IPD) and SPV operations. Design/methodology/approach Following a design science research approach, a structured review is conducted to develop the SPV integration metrics and framework. The framework is then validated through face validation by a panel of industry and academic experts to assess its applicability in measuring SPV integration. Finally, the framework is tested on a well-recognized international PPP project to measure the SPV integration level, and the outcomes are discussed and analyzed. Findings The framework was able to assess the integration level of the studied SPV highlighting several areas of low-integration settings and providing guidance for achieving better integration. Originality/value This research is the first that develops a model to investigate the SPV’s integration level, from a holistic IPD perspective, to enable successful relationship management and enhance collaboration success. This study inspires practical recommendations for PPP practitioners to reduce the risks of segregated SPVs and their contribution to PPP failure.

Breaking the Resource Curse: The Role of Natural Resource Funds

Studies have shown that the paradox of “the more resource-rich the poorer” otherwise known as “resource curse” has been prevalent in many countries endowed with natural resources. To mitigate this trend, a revenue management strategy called Natural Resource Funds (NRFs) - a government owned special-purpose vehicle to ensure effective management of the country’s natural wealth was embraced in some nations. This paper critically reviewed the roles of NRFs in breaking the resource curse. The Systematic Quantitative Assessment Technique (SQAT) was adopted in identifying and reviewing sixty-seven (67) peer reviewed journal articles that had researched on NRFs in the last decade. The findings were that NRFs have played an effective role in some advanced countries (Chile and China), while they have failed, especially in Africa, Middle East and Latin America due to poor institutional framework and governance. A globally set code of resource governance was recommended to strengthen the role of NRFs and enhance their effectiveness. Resource revenue maximization other than revenue utilization would be a good area for future research.

Evaluation of heating efficiency and thermal comfort in special purpose vehicle cabins

The paper presents the integrated application of two methods during testing HVAC system efficiency in the cabins of HUMMER ?1151A1 and OAR 1RL-128D off-road vehicles. Spatial measurements of change in air temperature per time have been performed at three vertical levels (head, knees and feet) of the driver and passengers, which totals to 15 measuring points per vehicle. The main goal of testing was to evaluate accurately the efficiency of heating and cooling in relation to time interval required to attain a designed temperature of comfort in the vehicle cabin, on condition that the difference in ambient temperature levels does not exceed 10?C. With a view to more efficient evaluation of thermal comfort in vehicle cabins, the testing was performed also of Predicted Mean Vote (PMV) and Predicted Percentage of Dissatisfied (PPD) indices. Standard thermal comfort surveys ask subjects about their thermal sensation on a seven-point scale from cold (-3) to hot (+3). This research is carried out according to the methods based on ISO 7730, ASHRAE 55 and SORS 8419 standards.

ASPEK SYARIAH PADA INSTRUMEN SUKUK: ANALISIS PENERAPAN SUKUK WAKAF DI INDONESIA

Sukuk is a letter of acknowledgment of cooperation which has a more diverse scope than just an acknowledgment of debt. The sukuk transaction is not a debt contract, but rather participation. Sukuk issuance is issued with an underlying asset. Sukuk issuance must first obtain a statement of compliance with sharia principles to convince investors that the sukuk has been structured according to sharia. The parties involved in the issuance of the sukuk are Obligors, Special Purpose Vehicle (SPV), Investors. The income received by investors can be in the form of profit sharing, fees and certain margins. When due, the principal of the loan will also be returned to the holder. Issuers act as fund managers and investors act as owners of capital. The profit obtained by investors is a proportional share of the profits from the management of funds by investors. The issuance of sukuk linked waqf involves several parties, at least consisting of the Indonesian Waqf Board (BWI), state-owned companies, SPV, and investors. Waqf sukuk in Indonesia can be issued by private companies or state-owned companies. The sukuk mechanism is carried out by leasing the waqf assets to the sukuk issuer. The sukuk issuer will then issue the sukuk to investors. After the money from investors comes in, the sukuk issuer will contact the contractor to build assets on the waqf land. Then the asset is leased to a third party. The rent is paid to the sukuk issuer, then paid to the nazir. At the end of the period the waqf asset becomes the property of the nazir, returns to the nazir. Land and buildings, administered by the nazir. Keywords: Islamic Bond, Sukuk Linked Wakaf, Sukuk Ijarah, Sukuk Mudharabah. Abstrak Sukuk merupakan surat pengakuan kerjsama yang memiliki ruang lingkup yang lebih beragam dibandingkan hanya sekedar surat pengakuan hutang. Transaksi sukuk bukan akad utang piutang melainkan penyertaan. Penerbitan sukuk diterbitkan dengan suatu underlying asset. Penerbitan sukuk harus terlebih dahulu mendapatkan pernyataan kesesuaian prinsip syariah untuk meyakinkan investor bahwa sukuk telah distruktur sesuai syariah. Pihak-pihak yang terlibat dalam penerbitan sukuk adalah Obligor, Special Purpose Vehicle (SPV), Investor. Penghasilan yang diterima investor bisa berupa bagi hasil, fee, dan margin tertentu. Ketika jatuh tempo, pokok pinjaman juga akan dikembalikan kepada pemegangnya. Emiten bertindak selaku pengelola dana dan investor bertindak selaku pemilik modal. Keuntungan yang diperoleh investor merupakan bagian proporsional keuntungan dari pengelolaan dana oleh investor. Penerbitan sukuk linked wakaf melibatkan beberapa pihak, setidaknya terdiri dari Badan Wakaf Indonesia (BWI), Perusahaan BUMN, SPV, dan investor. Sukuk wakaf di Indonesia dapat diterbitkan oleh perusahaan swasta ataupun BUMN. Mekanisme sukuk ini dilakukan dengan menyewakan aset wakaf kepada penerbit sukuk. Penerbit sukuk kemudian akan menerbitkan sukuk kepada investor. Setelah uang dari investor masuk, penerbit sukuk akan menghubungi kontraktor untuk dibangun aset di atas tanah wakaf. Kemudian aset tersebut disewakan ke pihak ketiga. Uang sewa dibayar ke penerbit sukuk, kemudian dibayar juga ke nazir. Pada akhir periode aset wakaf tadi menjadi milik nazir, kembali ke nazir. Tanah dan bangunan, dikelola oleh nazir. Kata kunci: Obligasi Syariah, Sukuk Linked Wakaf, Sukuk Ijarah, Sukuk Mudharabah