China to Strengthen Banking Supervision

China will strengthen supervision on the banking systen,said China＇s Vice Prenier Huang Ju on January 16.     

Tapping ocean energy sourcesin an efficient and safe fashion---Interview with Yu Jianxing, chairman of Chinese Ocean Engineering Society and vice president of Tianjin University

＂Currently China as with increasingly ration and is short of energy, saturated explo- and gas resource over recent years, 80% of incremental oil and gas comes from ocean and the deep-water oil and gas exploration and exploitation situation is getting urgent,＂ said Yu Jianxing,     

The internationalization of energy supply structures

The World Energy Conference will be held in Munich in mid-September. It will have to deal with diverse and complex problems of energy policy, for the seventies have presented tremendous challenges in the energy field. The control over oil—with 46% of the world supply still by far the most important source of energy—has been reorganized and two oil crises have exposed the flow of supplies to severe disruption and political hazards. As far as can be foreseen, the supply is unlikely to keep abreast of the world-wide rise of energy consumption. To replace the oil gradually will therefore be the major task in the energy field in the coming decades. What will be the supply position between now and the year 2000? And which structural changes will have to be effected?     

基于相空间重构技术的国际原油价格时序特征

由于国际原油市场的复杂性,结构性预测方法很难实现准确的国际原油价格预测。因此,通过原油价格的时间序列,分析原油市场随时间变化的历史行为和规律,建立时间序列预测模型成为原油价格预测的又一重要研究方向。在建立原油价格时间序列预测模型之前,必须掌握原油价格时间序列的特征,才能选择合适的原油价格时间序列预测方法。     

非洲石油经济发展的自主性及其主流影响分析

在中东地区持续动荡的背景下,非洲石油因其独特的优势而使其重要性日益凸显。随着非洲本土石油公司的崛起,非洲石油经济的自主发展势头强劲。石油经济对非洲产油国经济社会发展的积极影响渐成主流。     

氯油尾气中氯乙烷的回收新工艺研究

针对目前国内氯油生产过程中氯乙烷回收工艺存在的主要问题,通过采用溶剂低温吸收法,改进吸收工艺,将氯乙烷收率提高到84%以上,远远高于国内同行业的收率水平,经济效益和环保效益显著,具有很好的推广应用前景.     

西石油巨额订单花落谁家

巴西抛出“大馅饼”谁能从中分杯羹 2009年1月23日．巴西国家石油公司披露了该公司未来5年的商业计划。根据该计划．2009年～2013年巴西国家石油公司将累计投资1744亿美元,年均投资约为350亿美元,其中1046亿美元用于上游勘探开发．434亿美元用于炼油等下游业务．118亿美元用于天然气开发和发电。与之前计划相比。此次商业计划的投资额增加了55％,其中约有80％的新增投资用于勘探开发。     

亚洲主要油脂市场需求状况

本文以中国、印度、巴基斯坦为例分析了亚洲国家今后的油脂消费趋势和菜籽油、棕榈油等油脂的市场需求状况,为各国油脂生产企业提供了利好消息。     

The “Oil Crisis” — a crisis for LDCs

It is the group of LDCs whose reserves of indigenous energy are so small that they desperately need sizeable imports of oil, but which do not have sufficient other resources to earn the necessary foreign currency for their oil imports, that is suffering most under the economic changes which came over the world economy as a sequel to the oil crisis. Its future destiny is now literally a difficult balancing on “a knife’s edge”.     

Recent Evidence on the Oil Price Shocks on Gulf Cooperation Council Stock Markets

The recent plunge in the price of oil affected many countries, especially major oil producers and exporters, such as the Gulf Cooperation Council (GCC), which accounts for half of the global oil reserves. This paper examines the impact of oil price changes on GCC stock markets, including Bahrain, Kuwait, Oman, Qatar, Kingdom of Saudi Arabia, and United Arab Emirates over a 10-year period, 2005–2015. We examine the direction of influence and influence absorption through Granger causality and impulse response function. The results are important for portfolio management at the international level, and provide insights for government and regulatory authorities in times of oil price change. Additionally, the evidence suggests the need for more economic diversification at the country level in the GCC region to mitigate high volatility in the event of oil shocks.     

The impact of monetary policy on oil price persistence: An application of the smooth regime-switching model

This paper employs the smooth transition autoregressive model to evaluate the persistence of oil price changes, and chooses monetary policy variables as transition variables of the model to assess their roles in the persistence effects. The empirical results show that oil price changes displayed asymmetric adjustments within different regimes and were more sensitive to the movement of interest rates than inflation rate. In addition, high inflation rate would give rise to low oil price persistence, and expansionary monetary policy would bring about higher oil price persistence. Moreover, when the short- and long-term interest rates were over their threshold values, the persistence effects of oil price changes were opposite. In the present relatively low US interest rates, adopting either an inflation-targeting policy or/and a debt-financing policy to stimulate economic growth, the timing is appropriate and the effect will be positive and expected because of low persistence of oil price changes.     

地沟油风波

<正>地沟油毒性百倍于砒霜,每年多达约300万吨的地沟油流向国人餐桌,我们每吃10顿饭就可能有1顿碰上地沟油……"我的早餐你的午餐,总有一餐遭遇地沟油……"并非故意要倒胃口,但是亲爱的朋友,当你揣着几根油条,坐上清晨第一列     

The impact of oil price movements on bank non-performing loans: Global evidence from oil-exporting countries

It is generally believed that economic and financial performance in oil-rich countries are interlinked to oil price movements. On this assumption, we consider whether oil prices shocks have any impact on bank non-performing loans (NPLs), and if so, whether the effect is homogenous across banks. This paper addresses these questions by applying a dynamic GMM model on data from 2310 commercial banks in 30 oil-exporting countries over the period 2000–2014. Three main results emerge. First, changes in oil prices do have a significant impact on bank NPLs: A rise (fall) in oil prices is associated with a decrease (increase) in NPLs. Second, oil prices shocks have asymmetric effects on bank problem loans, with negative oil price movements generally have a greater impact than positive oil price movements. Third, the unfavourable impact of adverse oil prices shocks on the quality of bank loans tends to be more pronounced in large banks. Overall, these robust results favour the adaptation of appropriate macroprudential policies and diversification of the economy, in order to mitigate the adverse impact of oil prices shocks.     

The quality of cooking oil used in informal food processing in Malawi: a preliminary study

A survey was conducted in Lilongwe city urban markets in Malawi, to assess the quality of cooking oil used for frying potato chips. Purposive sampling was performed to come up with respondents who were using vegetable oils. A stratified random sampling was used to select the 32 informal food processors who were interviewed using a structured questionnaire. Oil samples were collected from the most commonly used brand of oil. Fifteen respondents were selected and these were divided into three categories of five: those who were not reusing the oil, those who were reusing the oil and those who were preparing potato chips and chicken in the same oil, for chemical analysis. The preliminary results showed that while the majority (59.4%) of the informal food processors discarded the oil after 1 day, 3.1% discarded it after 4 days and another 12.5% after 3 days. A larger proportion of the respondents (40.6%) used the leftover oils at home, 37.5% kept it in oil bottles, 3.1% kept it in plastic papers for reuse the following day. Also, most respondents (57%) indicated dark colour as the sign of oil deterioration, 29% discarded the oil after noticing foam formation while 8.2% and 6.1% said they discarded the oil after noticing a bad smell and food absorbing the oils respectively. A physical observation of the various oils showed that for most of the respondents (34%), the oils were dark brown in colour, in 22%, the oils were slightly dark brown and 16%, the oils were brown. Foam formation was noticed in 13% of the respondents. It was also noted that 91% of the respondents had not been trained or briefed of food quality and safety issues. A chemical analysis of the oils showed high values of free fatty acids (range, 0.84–1.4112 compared with 0.42 in the fresh oil) and peroxide values (range 14.7–16.6 compared with 9.0 in the fresh oil). It may be concluded that the oils being used by the informal food processors in Malawi are of poor quality and so the foods cooked in them may be a health hazard to the consumers and the processors themselves. Although this work in ongoing, it may be recommended at the outset that the health department of the city assemblies should inspect these oils for the good health of the consumers.     

轻质燃料油脱硫技术研究进展

燃料油中的含硫化合物在燃烧过程中会造成空气污染,形成酸雨.因此,为了改善油品的性能和满足越来越严格的环境保护规格,目前各国都在加紧研究生产清洁燃料的技术对策.作者介绍了清洁燃料的脱硫方法,包括传统的加氢脱硫和非加氢脱硫,如氧化脱硫、吸附脱硫、生物催化脱硫、光催化氧化脱硫、超声波脱硫、络合萃取脱硫、水蒸汽催化等脱硫工艺及其研究进展.     

焦化蜡油络合脱氮-蜡催组合工艺研究

针对焦化蜡油碱氮质量分数高的特点,采用专利脱氮剂,在剂油比为1：100条件下,焦化蜡油碱氮脱除率达到77．8％。小型催化裂化对比评价试验结果表明,采用焦化蜡油络合脱氮-蜡催组合工艺,轻油收率提高3．68％,总液体收率提高4．76％。     

Targeting strategy for technological acquisition in the Sub-Saharan oil exporting states of Africa: The Nigerian experience

During the last two decades, economic development has been slow in most of the countries of Sub-Saharan Africa (World Bank, 1981). In the middle of the 1970s when the world economy experienced inflation and recession, no where did the crises hit with greater impact than in Sub-Saharan Africa. This region shows slow overall economic growth, sluggish agricultural performance, rapid rates of population increase, and a balance of payment crises. Between 1960 and 1979, per capita income in 19 countries grew by less than 1% per annum. During the last decade 15 countries recorded a negative rate of income growth per capita (World Bank, 1981).The economic state of the oil exporting countries (Angola, Congo and Nigeria) in Sub-Saharan Africa is not any different. The average annual growth rate of GNP per capita from 1960–1979 shows Angola at –2.1%, Congo at 0.9% and Nigeria at 3.7%.Using Nigeria as a case study, this paper postulates that since over 80% of the total revenue yield in foreign exchange comes from crude petroleum export alone, it has become urgent to ensure; (a) that the techniques in oil technology are acquired by Nigerians so as to conserve the foreign exchange cost arising from foreign personnel drawings, such as salaries and perquisites; (b) that Nigerians become immersed in the techniques of oil technology in order to make maximum use of the by-products of crude oil in a conscious exploitation of the industry's potential directed towards the economic development of Nigeria.Bedford A. Fubara is Senior Lecturer of Business Policy and Head of the Department of Business Administration at the Rivers State University of Science and Technology, Port Harcourt, Nigeria.He had the Columbia University Fellowship 1970/72 and the UNESCO Research Award 1981/82.He is the author of several articles on business concerning Nigeria and the developing countries.Paper presented at the Strategic Management Conference at the Wharton School, The University of Pennsylvania, Philadelphia, U.S.A. October, 1984.This research is financed by the University of Science and Technology, Port Harcourt, Nigeria, under Project SRPC/1983/014.     

The macroeconomics outcome of oil shocks in the small Eurozone economies

In this work, we provide an analysis over the period 1999–2015 of the effects of oil shocks on prices and GDP in a group of small Euro-area economies. The group includes Austria, Belgium, Finland, Greece, Ireland, Italy, Netherlands, Portugal and Spain. In order to characterise the macroeconomic outcomes of movements in oil prices, we adopt the structural vector autoregression (VAR) methodology. We find that under the European Monetary Union (EMU), oil price shocks have been important drivers of business cycle fluctuations in almost all these countries. Moreover, an increase in oil prices produces significant recessionary effects in all the countries included in the investigation. Thus, although there are different sizes in the responses of output in the investigated countries, our main conclusion is that despite the structural changes experienced by the European economies in the last decades, oil prices still matter for these countries. In the light of these results, we also stress some important challenges for the conduct of monetary policy in the Euro area.     

The impact of parallel market exchange rate volatility and oil exports on real GDP in Syria: Evidence from the ARDL approach

This paper investigates the impact of parallel market exchange rate volatility and trade on real GDP and real GDP growth in the Syrian economy over the period of 1990Q1–2010Q4. To this end, we first construct a parallel market exchange rate volatility indicator. Second, we estimate an autoregressive distributed lag (ARDL) model where we include our indicator of volatility among the main determinants of real GDP. Our findings imply that real GDP can be explained by three main variables: parallel market exchange rate, money supply, and oil exports. The long-run equilibrium reveals that parallel market exchange rate volatility has a negative impact on real GDP compared to the positive impact of money supply and oil exports. In contrast, the short-run impact of parallel market exchange rate volatility on real GDP growth is positive and very small counter to the long-run impact. Furthermore, the coefficient of the error correction term of the estimated ARDL model indicates that real GDP deviation from the equilibrium level will be corrected by about 10% after each quarter.     

The Global Finance Banquet Will Be Served

Oil and finance, the most two vivid and changeable expressions in the world, attracted more and more concerning and tingled people＇s nerves from time to time.