Journal articles on the topic 'Volume discount scheme'

Promotions are the driving force of consumption for E-commerce platforms, such as the “Double Eleven” shopping carnival in China, in which major e-commerce platforms participate, which has been setting new records for its volume over the past decade. Statistics from the People’s Bank of China (PBOC) show that online payment services exceeded ¥1.4 trillion in the shopping frenzy in 2019 (PBOC, 2019). The same is true in other parts of the world. For example, “Prime Day” in the United States is equivalently attractive for American shoppers. In addition to policy support and market dividends, discounting is an important stimulus for shopping campaigns to achieve such brilliant results. In order to make the discounts more attractive to consumers, merchants continue to push the boundaries of the traditional discounts, adding “direct discount”, “quantity discount”, “bundle discount”, “coupon discount”, and other diversified means of discounts. In recent years, the discount method of stacking multiple discounts together is becoming increasingly popular, and merchants often choose more than one discount at the same time, forming a multiple discount scheme. This paper studies how exactly multiple discounts affect consumers’ purchasing decisions. In particular, this paper explores the impact of multiple discount schemes on consumers’ purchase intentions through ordinary least-squared (OLS) linear regression and difference-in-difference (DID) techniques. The conclusion reached shows that the most effective discount strategies are quantity discounts and coupon discounts, giving an insight to online platform merchants on a potential way of boosting sales.

Many standard brands sell products under the volume discount scheme (VDS) as more and more consumers are fond of purchasing products under this scheme. Despite volume discount being commonly practiced, there is a dearth of research, both conceptual and empirical, focusing on purchase characteristics factors and consumer internal evaluation concerning the purchase of products under VDS. To attempt to fill this void, this article develops a conceptual model on VDS with the intention of delineating the influence of the purchase characteristics factors on the consumer intention to purchase products under VDS and provides an explanation of their effects through consumer internal evaluation. Finally, the authors discuss the managerial implications of their research and offer guidelines for future empirical research.

Many standard brands sell products under the volume discount scheme (VDS) as more and more consumers are fond of purchasing products under this scheme. Despite volume discount being commonly practiced, there is a dearth of research, both conceptual and empirical, focusing on purchase characteristics factors and consumer internal evaluation concerning the purchase of products under VDS. To attempt to fill this void, this article develops a conceptual model on VDS with the intention of delineating the influence of the purchase characteristics factors on the consumer intention to purchase products under VDS and provides an explanation of their effects through consumer internal evaluation. Finally, the authors discuss the managerial implications of their research and offer guidelines for future empirical research.

The selection of proper supply sources plays a vital role to maintain companies’ competitiveness. In this study a multiple criteria fuzzy sourcing problem with multiple items in discount environment is considered as a multiple objective mixed integer linear programming problem. Fuzzy parameters are demand level and/or aspiration levels of objectives. Three objective functions are minimization of the total production and ordering costs, the total number of rejected units, and the total number of late delivered units, respectively. The model is developed for the all-units discount scheme. For the incremental discount and volume discount environment, modification requirements of the model are mentioned. The previously proposed interactive fuzzy approach combined with three fuzzy mathematical models is employed to obtain most satisfactory solution which is also a nondominated one. This study provides a realistic mathematical model and promising solution strategy to multiple item-single period sourcing problem in discount environment. Consideration of fuzziness makes the obtained nondominated solution implementable for the real cases.

Purpose The purpose of this paper is to investigate the effects of consumers’ perceptions towards volume discount (VD) benefits on their intention to purchase grocery products under this scheme using deal proneness as a moderator. Design/methodology/approach Data were gathered through a survey of 583 Malaysian consumers, and were analysed using the partial least squares technique. Findings The results showed that perceived savings, self-expression value, and convenience positively affected consumers’ intention to purchase grocery products under VDs. Deal proneness negatively moderated the relationship between perceived quality, innovation, and consumers’ intention to purchase under VDs. Practical implications The findings of the study will help retailers to understand the effects of consumers’ perceptions of VD benefits on their intention to purchase products under VDs, thereby allowing retailers to promote products under VDs more effectively. Originality/value Although the VD is a common type of sales promotion, this topic is rarely explored. This study thus contributes to the advancement of knowledge by determining the effects of the potential benefits of VDs on consumers’ intention to purchase.

Managed aquifer recharge (MAR) constitutes a potential and promising solution to deal with several water management issues: water shortage, water level depletion, groundwater pollution, and saline water intrusion. Among others, the proper siting and cost evaluation of such a solution constitutes sources of uncertainty for the implementation of MAR schemes. In this study, we proposed a methodology for the assessment of the levelised cost of recharged water through an infiltration basin, including investment and operating costs. The method was implemented in a GIS-tool in order to build maps of levelised costs at the aquifer scale. The sensitivity analysis allows for the identification of the main natural characteristics (water quality and availability, etc.), technical (system life duration, recharge volume objective, etc.), and economic parameters (energy price, discount rate, etc.) that dominate the final cost estimate. The method was applied to a specific case study on an alluvial aquifer in Southern France. This new information on the economic feasibility of MAR scheme should be incorporated with more classical GIS-MCDA (relying on soil characteristics, aquifer storage capacity, land use, etc.) in order to properly site the system. Further information on financial and economic feedback from MAR implementation and research on the fate of recharged water are needed for a better benefits evaluation of this solution.

Background: The demand for implementing a new listing scheme to expedite patient access to novel oncology drugs has increased in South Korea. This study was conducted to compare the prices of anticancer drugs between eight countries and to explore the feasibility of a ‘pre-listing and post-evaluation’ scheme to expedite patient access to oncology drugs. Methods: This study included 34 anticancer drugs, which were reimbursed between 1 January 2007 and 31 December 2017. The unit price and sales volume of the study drugs were collected from eight countries and IQVIA data, respectively. The prices were adjusted to estimate the ex-factory prices using the discount/rebate rate suggested by the Health Insurance Review Agency (HIRA). The four price indices of Laspeyres, Paasche, Fisher, and the unweighted index were calculated using the price in each country, the average price, and lowest price among the study countries. Each currency was converted using the currency exchange rate and purchasing power parity (PPP). The budget impact of implementing the proposed pre-listing and post-evaluation scheme on payers was calculated. Results: Based on the currency exchange rate, anticancer drug prices were higher in other countries (index range: 1.05–2.78) compared to Korea. The prices in Korea were similar to countries with the lowest prices. When the PPP was applied, prices were higher in the US, Germany, Italy, and Japan than in Korea (range: 1.10–2.13); however, the prices were lower in the UK, France, and Switzerland than in Korea (range: 0.72–0.99). The financial burden of implementing the pre-listing and post-evaluation scheme was calculated at 0.83% of the total anticancer drug sales value in Korea from 2013–2017. Conclusions: The prices of anticancer drugs in Korea were similar to the lowest prices among the seven other study countries. A pre-listing and post-evaluation scheme should be considered to improve patient access to novel anticancer drugs by reducing the reimbursement review time and uncertainties.

The current article discusses a different situation in the market, when there is a rush demand for a new product followed by a sharp drop in demand. The trading company uses the following scheme for the wholesale order of goods. The ordered product is divided into two parts, and the first batch of goods arrives immediately, it is sold over a certain period of time (0, Z,]. The second batch of goods is delivered at the time 7’, but at the time interval [0, 7]. This batch is sold at a discount and is completely sold out. Time T' corresponds to the end of the sale of the entire product. The time points 7), T' are selected by the trading firm from the condition of maximizing income. The need to consider such a wholesale order scheme is related to the fact that, firstly, the warehouses of the trading firms have limited capacity and cannot accommodate all the ordered goods, and secondly, a manufacturer may not offer the entire ordered batch of goods, since not all goods can be produced at the initial (zero) point of time immediately after receiving the order. At the time 71, the trading company completely sells the first batch of goods and receives financial resources, part of which is paid to the manufacturer. At the moment of time Т', Ме сотр/ефе sale of all purchased goods is completed. The choice of time points 7; and T' allow to determine the volume of the first batch of ordered goods and the total volume of product ordered from the manufacturer. In the article, a mathematical model is proposed that makes it possible to choose the optimal ordering strategy for a trading company in the conditions of excessive growth of demand for the new product in time 71,72 at some unknown point in time and т. Е [73,74], and the subsequent sharp drop in demand in the period of time [73, 74] due to the saturation of the market with a new product. Four possible variants of optimization problems are considered. A method of exact penalty function is suggested, which allows one to find their solutions.

Using mathematical and statistical methods, the authors made an attempt to estimate the losses in the domestic economy under the impact of the imposed sanctions. As a measurement tool is proposed a global vector autoregression model. In this model, the dynamics of GDP is considered as the main performance characteristic, and the rate of change in foreign trade turnover with key partners is used as the key prerequisites for the forecast. The use of this model building scheme is explained by the fact that the economic sanctions imposed on Russia have a negative impact on domestic macroeconomic indicators, and this happens through a variety of channels, key ones being the restriction of external demand and supply, leading to a decrease in trade turnover with the main trading partners, and change in oil revenues. This approach takes into account the relationship between the economies of different countries and their dependence on global markets. To obtain quantitative estimates, conditional forecasts are used as part of scenario analysis.According to the authors’ approach the losses from economic sanctions are measured by the decrease in the volume of Russia's foreign trade with key foreign trade partners, as well as by the discount for Russian oil compared to its global price. In addition to the forecast estimates, the validity of the approach is proofed with the forecast for the crisis period of 2014–2015 as an example. Based on the analysis of the current situation in foreign trade, Russian GDP in 2022 in the baseline scenario may fall by 5.4%, but with some reorientation of trade a decrease may be around 3.7%.

Abstract : Toll road infrastructure development is a key strategy in improving connectivity and economic growth in Indonesia. The Trans Sumatra Toll Road Phase II, including the Betung – Tempino – Jambi section, is a national strategic project that uses the Availability Payment (AP) scheme. This scheme guarantees the toll road operator’s income based on predetermined service standards, regardless of traffic volume. This study aims to evaluate the financial feasibility of the Bayung Lencir – Tempino – Simpang Ness Toll Road project by comparing conventional and Availability Payment financing schemes. The analysis was conducted using financial indicators such as Net Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (PI), Payback Period, and Discounted Payback Period. The results show that without the Availability Payment scheme, the project is not financially viable as it has a negative NPV and a lower IRR than the Weighted Average Cost of Capital (WACC). However, with the implementation of the Availability Payment scheme, the financial indicators show positive results, indicating that the project becomes feasible. These findings provide implications for the government in determining sustainable infrastructure project funding policies as well as for investors in assessing the feasibility of toll road project investments in Indonesia.

The goal of this study is to identify a strategy for boosting microenterprise access to financing in Tutulo Village, Botumoito District, Boalemo Regency. The study employs descriptive qualitative approaches, including observation, indepth interviews, documentation, and SWOT analysis. The findings indicate that Micro Enterprises' strategies to increase access to business capital after assessing their strengths, weaknesses, opportunities, and threats are as follows: measuring consumer satisfaction with products and services, expanding business networks, and increasing pricing potential. Inexpensive, consumer-facing skill development. Promoting business products to individuals from beyond the region and increasing innovation by exploring micro-enterprises potential, maximizing promotional efforts, attracting personnel who understand how to use EMKM principles, and providing human resource management training. Consumer interest in business products is increasing. Business product innovation, volume discounts for bulk purchases, and regular checks on business items. Increased product innovation for local product variants, expansion of business items to meet consumer needs, and intensified promotional activity.

Abstract Indonesia strives for toll road connectivity to push the high logistics costs and lead to economic growth. However, the expansion of toll road construction on a large-scale has cost much money. So, an innovative funding scheme must be developed to attract the private to invest in those projects. Hybrid Annuity Model is a new public-private partnership developed by the Government of India in 2016 to reduce concessionaires’ risk on toll road project funding. This study aimed to examine the compatibility of the Hybrid Annuity Model implementation on Indonesia toll road. The analysis was carried out through financial feasibility and sensitivity analysis on Serang – Panimbang toll road as the object study. Moreover, a survey was conducted to know the stakeholders’ perception of this funding scheme implemented in Indonesia. The results showed that Hybrid Annuity Model could give financial feasibility on Serang – Panimbang toll road under any changes of traffic volumes, toll fares, discount rates, investment costs, investment return period, and the investment proportion between the Government and the concessionaires. From stakeholders’ perspective, Hybrid Annuity Model could be implemented on Indonesia toll roads, especially those which were not financially feasible and located in rural areas. Furthermore, it needed some improvements and supporting regulations to be more suitable applied on Indonesia toll road.

The article highlights the topical issue of the development of container multimodal transport, which is a priority in the development of transport services; their use will increase the volume of cargo delivered to the destination by the most efficient modes of transport (their combination). Container transportation of goods significantly reduces the cost of delivery of goods from producers to consumers. Container transportation has become the most economical without transshipment technology and, above all, in the intercontinental multimodal land-sea service. The work aims to study the practical aspects and substantiate practical recommendations for the logistics of multimodal container transportation of goods in global supply chains. Conduct a comparative analysis of implementing multimodal container traffic in different containers, namely 20 and 40 feet. The analysis and calculations of the data of container transportation processes for the conditions of two international transport corridors, TRACECA and the trans-Caspian international transport route, are carried out. The cost of transportation by sea, although their number is small relative to the total share of routes, significantly affects the total cost of transportation. In order to stimulate freight traffic on these routes, member states have set discounts of up to 10% of the cost of the ferry fare. Studies suggest that the use of multimodal container traffic is currently economically feasible. The conducted research of practical aspects and substantiation of practical recommendations on logistics of multimodal container transportation of goods in global supply chains suggests that container transportation is a way of delivery today using multimodal options for delivery of goods. An in-depth comparative analysis of implementing multimodal container traffic in different containers, namely 20 and 40 feet, allows us to conclude that using the Trans-Caspian International Transport Route (TMTM) with a 20-foot container is more economically attractive and can be recommended. Keywords: container transportation, supply chains, logistics, international transport corridors, multimodal transportation.

The European Union has set itself ambitious emission-reduction targets—becoming carbon neutral by 2050. The member states’ energy systems are increasingly switching to renewable and decentralized configurations, in line with the EU guidelines. This is accompanied by the support for “prosumers”—entities that both consume and generate renewable energy. In parallel, a number of prosumer support schemes are emerging as a result of the search for optimal development paths. At the same time, the COVID-19 pandemic has significantly affected the power market, causing huge anomalies mainly in demand and billing. The objective of the study was to assess the impact of the proposed changes in the prosumer schemes on the level of benefits prosumers obtained, including the performance of sensitivity analyses reflected in different levels and stability of electricity consumption resulting from extreme situations caused by the COVID-19 pandemic. Numerical computer simulations for five predefined prosumer support schemes were carried out in the R-project environment. The basic conclusion is that the prosumer benefits most from participating in the applicable discount mechanism, in which the unused energy is fed into a network storage, from which the prosumer can take 70% or 80% of the stored volume. The research also allows us to conclude that in Poland the COVID-19 pandemic has had a very significant impact on the level and profile of energy demand due to the introduction of restrictions on selected areas and economic sectors. The reduced demand is particularly visible in services (−58%), tourism and sport (−39%), and education (−19%). The analysis is an important contribution to the search for an optimal model of prosumer market development in Europe.

The authors describe the formulation of the market’s discrete-continuous static model for software development based on a transport problem with non-fixed time additions. In contrast to the existing transport problem with fixed cost surcharges, it is proposed to formulate a minimax setting in time with times that may contain a part that proportionate to the volumes of appointments. Thus, the authors come up with the idea of a hybrid formulation of transport problem with fixed cost surcharges and classical transport problem in time. Such problems arise when the total volume of vehicles which have to be used repeatedly on each route is limited, plus the fixed addition that arises taking into account the delay in making logistics decisions. It is shown that the set a discrete-continuous problem can be approximated from above by the classical transport problem in time, which can also be obtained according to the scheme used in the work by Balinski. The authors also describe an exact algorithm of the branch-and-bound method, based on the geometric interpretation of the problem, which decomposes into subproblems on non-empty faces of the polyhedral set of feasible solutions, which areconvex programming problems that can be numerically solved by the subgradient method described in work by Polyak. The calculation of the lower estimates of the criterion proposed in the work is reduced to the same problems. It is shown that the function of the best values of the criterion on the edges is not sub- or supermodular, as a function of a subset of pairs of indices corresponding to the positive values of the transportation volumes, which makes it impossible to use supermodular programming methods. In connection with the latter, the authors also describe the optimal polynomial version of the branch-and-bound method, obtained by analogy with the solution of the multidimensional assignment problem, and a numerical example of its use. The authors describe interpretation of transport problem with non-fixed additions as a generalized assignment problem with non-fixed price discounts, taking into account the difference between the wholesale and retail prices. The authors come up with the ideaof the application for building digital platforms in the software development market for loading tasks for performers.

Global plastics waste is an issue of ever-increasing urgency. Marine plastic pollution is a particularly challenging issue, as plastics take decades to break down, and so do micro- and nanoparticles that affect marine ecosystems and the food web. The plastics pollution problem is magnified in developing countries where rising production and consumption coexist with underdeveloped waste treatment systems and large volumes of imported plastic waste. Plastic waste management has become a critical environmental and public health challenge in many developing countries and cities, including Ughelli in Delta State, Nigeria. This study presents a comprehensive cost-benefit analysis of four key plastic waste mitigation strategies namely, a household waste segregation program, a plastic waste collection and recycling system, public awareness campaigns, and a deposit-refund scheme for plastic bottles and containers for implementation in Ughelli. Using a 0.5-year project timeframe and a 10% discount rate, the net present value (NPV) and cost-benefit ratios were calculated for each strategy. The results indicate that the plastic waste collection and recycling system had the highest NPV of ₦112,500,000 and a cost-benefit ratio of 1.50, suggesting it is the most financially viable option. The household waste segregation program had an NPV of ₦80,000,000 and a cost-benefit ratio of 1.35, also demonstrating strong economic feasibility. The public awareness campaigns and deposit-refund scheme had lower but still positive NPV values of ₦52,500,000 and ₦25,000,000 respectively, with cost-benefit ratios of 1.28 and 1.08. These findings provide valuable insights to policymakers and waste management authorities in Ughelli on prioritizing investments in sustainable plastic waste mitigation based on financial and economic considerations. It recommends greater external financial and technical support for waste treatment, stakeholder consensus and awareness-building, regulatory policies that reduce the price and convenience differentials between plastics and substitute materials, and a push towards enforcement of environmental regulations.

Given the growing interest in the capture and utilization of CO2 in recent years, several technologies have emerged that seek to generate CO2 in-situ at a low cost. There are promising developments, which allow capturing CO2 with sufficient purity to be used for EOR. Oxycombustion has high potential in the region as this technology benefits from gas production with a high CO2 content, which significantly reduces the cost of capture. Additionally, carbon dioxide separation techniques such as air capture, fuel cells, amines, and membranes are considered. Argentina has several fields, which produce gas with high CO2 content benefiting Oxycombustion economics. 
 The paradigm change not only occurs in technology but also in the implementation schemes. The vast majority of the development of CO2 EOR are carried out in the USA with very low CO2 costs and high availability. When considering the costs of CO2 per ton (metric ton) that could be obtained in Argentina, and financial variables such as high discount rates, it is clear that the injection model has to be optimized for these conditions. In order to optimize profitability, it is crucial to improve the payout time and the usage of CO2. In one hand, smaller slugs lead to better CO2 utilization rates (oil produced/CO2 injected) while larger slugs lead to faster oil production response. We observed that due to the high discount rates in the area, faster production response has a higher economic impact that sweep efficiency or breakthrough times. It seems to be better to sacrifice overall recovery factor in order to extract oil as soon as possible. Optimal injection schemes where found for different scenarios. Additionally, starting the project early is a key parameter for both technical and economic success. 
 
 Another key technical difference is that the available CO2 volume for injection is constant due to the nature of these capture techniques. Unlike purchasing CO2 from a pipeline, where gas can be purchased as needed, Oxycombustion (or other capture methods) produces a continuous stream limiting injection flexibility. All produced CO2 must be injected as it is being produced and, until production gas reaches a CO2 content high enough to assure MMP, CO2 injection stream cannot exceed the maximum CO2 capture capacity.
 CO2 EOR has significant advantages over Chemical EOR due to its significant recovery factors and early response. Additionally, this technology applies to reservoirs of low permeability and / or high temperature where the polymer can have problems of injectivity or degradation.

IntroductionThe Department of Health in Ireland published a review of expenditure on state subsidized medicines in August 2021. Detailed analysis indicated exponential growth of expenditure on cancer drugs administered in the community. However, expenditure by drug group across all state subsidized schemes, including hospitals, was not explored.MethodsUsing national reimbursement claims data, total medicines expenditure on community drug schemes (CDS) was analyzed annually for the years 2018 to 2022. The total drug expenditure stratified by anatomical therapeutic class (ATC) code was calculated. Expenditure on cancer drugs (ATC code L) between 2018 and 2022, including hospital data, was further explored. Cancer drugs with the highest expenditure were identified, and trends in their expenditure were analyzed. Dates of European regulatory approval, completion of health-technology assessments by the National Centre for Pharmacoeconomics in Ireland, and reimbursement by the Health Service Executive for the identified cancer drugs were collected.ResultsThe total expenditure on drugs on CDS rose from EUR1.74 billion (EUR1.61 billion excluding value-added tax [VAT]) in 2018 to EUR2.2 billion (EUR2.03 billion excluding VAT) in 2022. Expenditure on antineoplastic and immunomodulatory agents (ATC code L) rose from 34 percent in 2018 to 38 percent in 2022. The cancer drugs with the highest cumulative expenditure on hospital schemes were pembrolizumab (EUR98.41 million excluding VAT), nivolumab (EUR75.15 million), daratumumab (EUR54.05 million), and trastuzumab (EUR41.48 million). All the aforementioned drugs demonstrated year-on-year increases in annual expenditure apart from nivolumab. Expenditure on pembrolizumab increased by 48 percent in 2022, compared with 2021.ConclusionsExpenditure on state subsidized medicines is increasing annually, although confidential discounts may reduce budget impact. Increasing expenditure may be attributed to the expansion of existing indications and increasing patient volume. Expenditure on monoclonal antibodies is substantially larger than expenditure on other drugs. Pembrolizumab was reimbursed for six additional indications in 2021, contributing to the sharp increase in expenditure between 2021 and 2022.

Abstract : In 2020, PT Hutama Karya (Persero), a state-owned enterprise mandated by the government to build the Trans Sumatra Toll Road, appointed a private consultant to conduct a feasibility study and for the proposed construction of the Betung – Tempino – Jambi Toll Road. However, due to the low traffic volume in the Jambi Province, the toll road was deemed financially not feasible to be developed. Given the substantial costs required for the development of the Betung – Tempino – Jambi Toll Road, this toll road segment was divided into several sections. Betung – Tempino – Jambi Toll Road is a segment of the primary route of the Trans Sumatra Toll Road, Phase 2, which spans 171 kilometers across the provinces of South Sumatra and Jambi. Bayung Lencir – Tempino – Simpang Ness Toll Road, which stretches 52 kilometers, is a part of the Betung – Tempino – Jambi Toll Road prioritized for construction and operation. According to Presidential Regulation of the Republic of Indonesia Number 131 of 2022, a funding scheme known as Service-Based Periodic Payments/Pembayaran Berkala Berbasis Layanan (PBBL) shall be provided to PT Hutama Karya (Persero) to enhance the financial feasibility and to ensure the funding, technical planning, construction execution, operation, and maintenance of the toll road. This study will analyze and evaluate the financial feasibility of the Bayung Lencir – Tempino – Simpang Ness Toll Road before and after the implementation of PBBL provided to PT Hutama Karya (Persero) during the estimated duration of toll road concession for 50 years. The duration of the PBBL granted by the Government of Indonesia to PT Hutama Karya (Persero) is 15 years, with an annual payment of 880 billion Rupiah. Based on the financial feasibility analysis without PBBL, the results indicate a negative NPV, an IRR lower than the Weighted Average Cost of Capital (WACC), a Discounted Payback Period exceeding the toll road concession period, and a Profitability Index below 1, indicating that the project is not yet financially viable. On the other hand, the financial feasibility analysis after PBBL implementation shows a positive NPV, an IRR greater than WACC, a Discounted Payback Period within the toll road concession period, and a Profitability Index above 1, indicating that the project is financially feasible. Therefore, PT Hutama Karya (Persero) shall develop the Bayung Lencir – Tempino – Simpang Ness Toll Road with PBBL scheme that contributed by the Government.

В статье представлена модель оценки экономической эффективности транспортировки нефти в Азию по Северному морскому пути наливными судами арктических ледовых классов и конвенциональными судами по Южному морскому пути. Цель исследования — разработка подхода к оценке долгосрочной экономической эффективности круглогодичной транспортировки нефти по Северному морскому пути. Метод исследования — экономический анализ, в рамках которого проведен расчет удельных дисконтированных затрат на транспортировку и выполнена оценка объема вывоза нефти как косвенного эквивалента дохода нефтедобывающей компании. Новизна работы заключается в сравнительном анализе экономической эффективности транспортировки нефти судами арктических ледовых классов и оценке влияния перевалки нефти на снижение затрат. Сравнительный анализ результатов расчета подтвердил эффективность судов ледового класса Arc7 при круглогодичной навигации по высокоширотной трассе Северного морского пути, а также перспективность крупнотоннажных судов ледового класса Arc9 в режиме самостоятельного плавания по приполюсной транзитной линии. В открытых источниках отсутствуют данные для прямого подтверждения расчетных значений удельных дисконтированных затрат, однако они получены на основе реалистичных входных данных с учетом текущих рыночных факторов. Транспортировка нефти с перевалкой способствует более эффективному использованию судов высоких ледовых классов, обеспечивая снижение удельных дисконтированных затрат в среднем на 10–20 % для судов ледовых классов Arc6–Arc9 в оптимистическом и базовом сценариях ледовых условий и на 15–20 % для судов ледовых классов Arc8–Arc9 в пессимистическом сценарии. Результаты исследования могут служить основой для разработки стратегий пополнения арктического флота и формирования экономически обоснованных схем транспортировки нефти. This paper presents a model for assessing the economic efficiency of oil transportation to Asia by arctic ice-class tankers via the Northern Sea Route and by conventional tankers via the Southern Sea Route. The aim of the study is to develop an approach for evaluating the long-term economic efficiency of year-round oil transportation via the Northern Sea Route. The research method is economic analysis, involving the calculation of specific discounted transportation costs and the evaluation of oil export volumes as an indirect equivalent of the revenue of oil-producing companies. The novelty of the study consists in the comparative analysis of the economic efficiency of oil transportation by tankers of arctic ice classes and the assessment of the impact of transshipment on cost reduction. The comparative analysis of calculation results confirmed the efficiency of Arc7 ice-class tankers for year-round navigation along the high-latitude route of the Northern Sea Route, as well as the potential of large-tonnage Arc9 ice-class tankers for independent navigation along the transpolar transit line. There are no publicly available data to directly verify the calculated specific discounted costs; however, these values were obtained based on realistic input data, taking into account current market factors. Oil transportation with transshipment enables more efficient utilization of high ice-class vessels, reducing specific discounted costs by an average of 10–20% for Arc6–Arc9 ice-class vessels under optimistic and baseline ice condition scenarios, and by 15–20% for Arc8–Arc9 ice-class vessels under the pessimistic scenario. The results of the study can serve as a basis for developing strategies for replenishing the arctic fleet and forming economically viable oil transportation schemes.

Publication fees as a revenue source for open access publishing hold a prominent place on the agendas of researchers, policy makers, and academic publishers. This study contributes to the evolving empirical basis for funding these charges and examines how much German universities and research organisations spent on open access publication fees. Using self-reported cost data from the Open APC initiative, the analysis focused on the amount that was being spent on publication fees, and compared these expenditure with data from related Austrian (FWF) and UK (Wellcome Trust, Jisc) initiatives, in terms of both size and the proportion of articles being published in fully and hybrid open access journals. We also investigated how thoroughly self-reported articles were indexed in Crossref, a DOI minting agency for scholarly literature, and analysed how the institutional spending was distributed across publishers and journal titles. According to self-reported data from 30 German universities and research organisations between 2005 and 2015, expenditures on open access publication fees increased over the years in Germany and amounted to € 9,627,537 for 7,417 open access journal articles. The average payment was € 1,298, and the median was € 1,231. A total of 94% of the total article volume included in the study was supported in accordance with the price cap of € 2,000, a limit imposed by the Deutsche Forschungsgemeinschaft (DFG) as part of its funding activities for open access funding at German universities. Expenditures varied considerably at the institutional level. There were also differences in how much the institutions spent per journal and publisher. These differences reflect, at least in part, the varying pricing schemes in place including discounted publication fees. With an indexing coverage of 99%, Crossref thoroughly indexed the open access journals articles included in the study. A comparison with the related openly available cost data from Austria and the UK revealed that German universities and research organisations primarily funded articles in fully open access journals. By contrast, articles in hybrid journal accounted for the largest share of spending according to the Austrian and UK data. Fees paid for hybrid journals were on average more expensive than those paid for fully open access journals.

In today's Mall shopping system, the users usually visit the mall for shopping di erent products and spend their valuable time in searching the products and the products in their price range. After selecting the product the users have to wait in a long queue for billing which is another time consuming part of shopping, and moving the cart from one place to another place is another hectic task. In this system the user's time and searching for products in the entire mall increases. So, we are working on this system to avoid these drawbacks. The drawbacks in the existing system are, rstly the time required for bill payment is more as the users have to wait in a long queue. Secondly, the users have to move the cart through the entire mall and carry a load of products at their home. One more drawback is regarding the barcode in which less data is stored. In view of the mobile phone has become popular consumer products, a simple optimization method was given to design shopping guide systems run on smartphones, with the help of QR code generation and recognition technology, wherein, we can store more data using the QR code. The proposed programs can show accurate and real time shopping destination, thus help shopping mall to mine customer data more accurately and scienti cally. In our system we are going to use QR code for every product using QR code generator, a user goes for shopping and wants to purchase a product, he will scan the QR code of the product using QR code scanner, from his Android device and he will get list of all the similar products in that range and any o ers and discounts related to that product, this is done using searching and sorting algorithms. Once the user scans and adds the product to the cart the data gets fed to the server and the bill gets generated after adding all the products to the cart. The bill is sent to the user on his device and the products are delivered home and also bill payment is done online. Nowadays it is di cult to deal with the text based password. As text can be easily detected, or if it is known then its risky to deal with such things when we have con dential systems with us. We can overcome this problem with the help of a graphical password with cued click points. This graphical password will be really helpful to secure the con dential systems. Cued click points are the concept in which Persuasive Cued Click points graphical password scheme which includes usability as well as security evaluations. There are a lot of e ects that are most well known about passwords such as that user cannot memorize complicated passwords which are simple to identify. Mr. Vikas Nandgaonkar | Nikita Dongre | Priyanka Giri | Diksha Hinge | Ankita Kashid "QR Code Based Secure Billing System for Shops using Cued Click Points" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-4 , June 2019, URL: https://www.ijtsrd.com/papers/ijtsrd23946.pdf

In Georgia, A pension fund includes pension contributions made by employers, employees, the government, as well as any investment returns, gains or losses accrued on pension assets. The amount of accumulated funds depends on the amount of individual contributions, the profit of the fund and the number of participants. The pension system is a source of long-term financial resources, which contributes to the development of the capital market, the latter having a positive effect on the country's economy. Implementation a private pension system in our country is the most optimal decision, which will improve the long-term pension provision of pensioners. Countries in a situation similar to Georgia do not have to invent any radical innovations in the mentioned field, because European countries have a rich and diverse experience in the development of the social sphere. Sharing their experience is enough to develop your own model and successfully implement it in practice. Due to the great importance of pension funds, their accounting and reporting were included in the international accounting standards from the beginning. The first standard to regulate pension accounting with international practice - Statement of Standard Accounting Practice (SSAP) 24 - was created in Great Britain, which was launched in 1988 and remained for 12 years. The present value of the expected future payments under the pension program can be calculated and presented based on the current salary level, or on the basis of the projected salary level of the plan participants covering their entire period of service until retirement. In many countries, actuarial valuations are carried out at least every three years. If the actuarial valuations are not ready by the reporting date, the actuarial valuations of the nearest period are used as the base of the calculations and the valuation date is indicated. The management of pension funds are responsible for preparing and submitting financial statements of these funds. The government of the pension agency in Georgia are: the director, the supervisory board, the investment board and the senior investment officer. The director's responsibility is to ensure the continued operation and management of the agency. Pension Agency of Georgia presented the interim financial statements of the accumulative pension scheme as of June 30, 2022 and 2021, which include: financial statement; Statement of changes in net assets and explanatory notes to financial statements. The presented financial statements are prepared in full compliance with International Financial Reporting Standards ("IFRS"): IAS 26 - Accounting and Reporting for Pension Programs. The approved budget of the pension fund for 2022 amounts to 8,115 million GEL, which is financed by the annual service fee of pension assets, within the scope of the powers granted by the law. 65% of the budget is intended for agency management and administrative activities, and 35% for investment activities. This indicates that the management and administrative costs of the agency are presented in a large volume. It is necessary to increase investment assets at the expense of reducing them, which will contribute to the increase in profitability. Thus, it is essential that pension fund accounting reflects the long-term nature of pension liabilities and assets. They need to be reflected in order to assess the pension provision of the participants. Pension liabilities evolve over time, accounting standards use a mixed model approach, and therefore it is necessary to choose a model in which pension assets and pension liabilities are accounted for consistently. For accounting recognition, the plan value of the assets must be reduced to reflect the long-term pension liability. If pension assets are accounted for on the basis of discounted cash flows, this implies that the long-term nature of the investment planned to meet the pension obligation is accounted for in the same systematic manner as pension liabilities.

Economic growth is driven by rising card payments. According to the study performed by Zandi et al. (2013), cards help stimulate growth for economies. Cards provide customers with convenient and secure access to their funds. Greater usage of electronic payments added $983B in global economic growth from 2008 to 2012. Whereas, electronic payment contributed 0.8 percent increase in gross domestic product in emerging countries and 0.3 percent increase in GDP in developed markets. The economy is unburdened from papers and contribution is added to GDP. As credit card consumption increases, it decreases the amount of cash circulated and ensures that economic activities are registered, and all monetary contributions are recorded in the economic system. As tax revenues increase, the growing economy also brings together new business opportunities and prevents unemployment. Last November 2021, the Credit Card Association of the Philippines (CCAP), celebrated over four decades of its existence. CCAP provides Filipinos with better access to credit cards (The Philippine Star, 2021). As this complements the goal of Bangko Sentral ng Philippines (BSP), transforming the country from a cash-heavy to a cash-lite economy. The BSP aims to convert 50 percent of financial transactions in the country to digital form and raise the number of Filipino adults with bank accounts to 70 percent of the population by 2023, under its Digital Payments Transformation Roadmap. BSP Media and Research – Speeches (2020) has rolled out initiatives toward providing consumers with an efficient, safe, and inclusive payment ecosystem, with the COVID-19 pandemic serving as the catalyst. From percent last 2013, the volume of financial transactions done electronically leaped to 20 percent in 2020. According to Surtida (2021) issuers will continue to partner with the financial consumers and remain committed and aligned with the thrust of regulations, to realize a better digitized and financially inclusive Philippine economy. Moreover, mentioned on their 41st organization virtual anniversary celebration that, issuers are keen to introduce further improvements in process and customer experience related to card issuance, including making transactions more secure. Further, Republic Act No. 1080 also known as Philippine Credit Card Industry Regulation Law (Credit Card Law) governs all credit card issuers, acquirers, and all credit card transactions and aims to align with global best practices and promote an efficient payment system (Villaraza, et.al 2021). All options, perks, and other promotional offers concerning the use of credit cards in the Philippines are governed by this law and also leaned upon by further discussions in this study. This law’s Section 19 protects credit card holders and users from harassment or unfair collection practices as defined by BSP rules and regulations. The Bangko Sentral’s figures show that the entire amount of credit card debt held by the Philippine banking system is Php 157.394 billion, of which Php 15.141 are classified as non-performing These statistics are highly concerning, and numerous websites online offer advice on how to cut back on or pay off credit card debt. To recognize the genuine value and measure of a credit card, it is necessary to comprehend credit cards and how they operate (Domingo, 2023). Cash is no longer king, consumers have embraced digital payments as a result of the pandemic (Islam, 2021). The pandemic opens consumers to an easier and more convenient way of handling cash. The world has changed dramatically and so as the consumers. Moreover, as stated by HSBC PH (2021), banks are unable to assess how well cardholders can manage debt if they don’t have a credit history. Building up a good track record of paying off debt is possible through the help of a credit card. Staying within their limit and making at least the minimum payment each month. Applying for a mortgage on larger loans will prove it the cardholder is responsible for handling debts. Credit card holders may be harmed if they will not follow the credit card agreements. The credit card offers reward points or miles that credit card holders can redeem for travel, gift cards, and many more. While having an easier and more comfortable way of buying, they also avail those benefits that credit card company offers. Rebates or cash back are among the popular offers of credit cards to its holders. They offer minimal charge fees and interest while having rewards rate. Rewards points earned can be used in restaurants, groceries, and even in gasoline stations. Most cash back credit cards also offer great cash back welcome bonuses to new cardholders. Spending money regularly in certain retailers, the option of using a credit card is also an advantage for enhanced rewards, discounts, and perks. It is safer to use a credit card in paying than cash and debit cards. Carrying a huge amount of cash when purchasing somehow makes your life at stake and prone to fraud and losses. There are cases where money is missing from their debit card instantly. When a credit card is used fraudulently, notifying the credit card company of the fraudulent transactions, while the matter is under investigation, credit card holders are not forced to pay the transactions while the credit card company is still resolving the transaction. The Department of Education’s personnel play a vital role in delivering and ensuring that each learner will receive the adequate learning they must have. From district superintendent, area supervisor, accounting, bookkeeping, teachers, and many more. All have the same goal of promoting every Filipino with complete basic education. These personnel also devote the salaries they received to their daily finances and needs. The increasing cost of living and inflation brings alarm to everyone. As Click (2021) mentioned that APDS Task Force Resolution No. 6, s. 2021 has clarified the rationale and full implementation of the 15-30 salary release scheme in the Department of Education. The new salary scheme for the DepEd Personnel will be received every 15th and 30th of the month. It was approved and implemented last January 2022 to all DepEd personnel nationwide upon the recommendation of the DepEd central office. To supply their necessities while waiting for their upcoming salaries, personnel opt to apply for credit cards, where the payment method is friendly. They use this as an alternative mode of payment in groceries, department stores, and other establishments which allow them to use the credit line given to them. In the province of Camarines Norte, particularly in the municipality of Daet, establishments and companies accept the use of credit cards. The most common credit card providers are Banco De Oro (BDO), SM Mall, SM Savers, LCC Department Store, Bank of the Philippine Islands (BPI), and Citi Bank. They have almost the same perks and promotional offers which entice credit card holders to use their cards. Comparing the current situation of the abovementioned DepEd teachers, it was reported that Filipino-public school teachers owe a total of Php 319 billion in debt to private and public lending financial lending institutions (Web Report, 2019). This debt behavior is attributed to a lack of financial literacy among teachers, according to the Secretary of Education, Leonor M. Briones. Dep Ed Camarines Norte is under the supervision of the DepEd Secretary of the Philippines, headed by School Division Superintendent, Crestito M. Morcilla Therefore, based on the mentioned debt above, DepEd personnel’s debt is included and part of that. As one of the DepEd personnel, the researcher believes that conducting this study is necessary and critical. This study will help the researcher know more about spending behavior and share it with the young minds of students and other DepEd personnel, who are not yet a holder of any credit cards. The goal of this research is to measure the spending behavior of the DepEd personnel on the use of credit cards. In addition, the researcher wants to know if the profile of the respondents has something to do with their spending Behaviour, and eventually generate an output to serve as a possible intervention to assist them in enhancing their spending Behaviour.

Toll road infrastructure development is a key strategy in improving connectivity and economic growth in Indonesia. The Trans Sumatra Toll Road Phase II, including the Betung – Tempino – Jambi section, is a national strategic project that uses the Availability Payment (AP) scheme. This scheme guarantees the toll road operator’s income based on predetermined service standards, regardless of traffic volume. This study aims to evaluate the financial feasibility of the Bayung Lencir – Tempino – Simpang Ness Toll Road project by comparing conventional and Availability Payment financing schemes. The analysis was conducted using financial indicators such as Net Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (PI), Payback Period, and Discounted Payback Period. The results show that without the Availability Payment scheme, the project is not financially viable as it has a negative NPV and a lower IRR than the Weighted Average Cost of Capital (WACC). However, with the implementation of the Availability Payment scheme, the financial indicators show positive results, indicating that the project becomes feasible. These findings provide implications for the government in determining sustainable infrastructure project funding policies as well as for investors in assessing the feasibility of toll road project investments in Indonesia.

We survey recent methodological contributions in asset pricing using factor models and machine learning. We organize these results based on their primary objectives: estimating expected returns, factors, risk exposures, risk premia, and the stochastic discount factor as well as model comparison and alpha testing. We also discuss a variety of asymptotic schemes for inference. Our survey is a guide for financial economists interested in harnessing modern tools with rigor, robustness, and power to make new asset pricing discoveries, and it highlights directions for future research and methodological advances. Expected final online publication date for the Annual Review of Financial Economics, Volume 13 is November 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

<strong>Have you ever heard of Marlboro?</strong>&nbsp;How about Juul? Better yet, have you ever smoked either? Don&rsquo;t worry, I wont judge-- I&rsquo;m the first to admit a drunk cig hits like no other. What&rsquo;s incredible about cigs and juuls is they&rsquo;re both made by the same company, Altria ($MO).&nbsp; <strong>Even more amazing</strong>&nbsp;is the fact that Altria has the best long-term stock performance of any company in US history --better than oil and tech combined. Why? My theory is that while commodities &amp; internet fads come &amp; go, addiction stays.&nbsp;<strong>Forever</strong>. <strong>One dollar invested&nbsp;</strong>in Altria in 1968 would be worth nearly $6,000 (including dividends). That&#39;s an annual return of 20.6% per year for nearly half a century. No other company comes close to matching its long-term results.&nbsp; <strong>That same dollar</strong>&nbsp;invested in the S&amp;P 500 over the same period would be worth $170, a return that&rsquo;s 97% less.&nbsp; <strong>The first thing</strong>&nbsp;that caught my eye was the high dividend yield, cigarettes are normally a pretty stable and straightforward business, so I thought it was pretty wild that the market would get so pessimistic on it. Turns out, the market has mostly soured on Altria due to numerous factors. Here they are in (roughly) chronological order: The uptake of Vaping/e-cigs by the public has accelerated the declines in the traditional cigarette business where Altria is dominant Altria then made a decision to invest in JUUL, the dominant vape company. Altria paid $12.5bn for the stake, valuing JUUL at more than $38bn. As part of the JUUL deal, Altria agreed to exit its own e-cigarette brand (MarkTen), which had ~10% market share compared to JUUL&rsquo;s 30% share JUUL came under fire for the emergence of 2,807 vaping related injuries and deaths. Certain cities begin to ban Vaping, and the FDA required that vape companies submit retroactive FDA approvals for vape products The FTC sued Altria to unwind their position in JUUL, stating that it was anticompetitive (citing their respective market shares and Altria&rsquo;s exit of MarkTen) Based on that, I can certainly see why the market has sold the stock, shares are down from $77 in 2017 to around ~$49 today, a 37% decline.&nbsp; &nbsp; What I&rsquo;ll do in this analysis is break down the business segments, look at the diversification investments that were made, talk about capital allocation, and then figure out the valuation. Business Segments 88% of Altria&rsquo;s revenue comes from Smokeable products, mostly Marlboro, which is the largest selling cigarette brand in the US for the past 45 years with 105bn units shipped in 2020 9% comes from chewing tobacco, including premium brands Copenhagen and Skoal and value brands Red Seal and Husky. &nbsp;830m total units shipped in 2020 3% comes from Wine, namely Ste. Michelle with 8.3m cases sold in 2019 Smokeable products (Cigarettes and Cigar) Altria cigarette brands include: Marlboro Basic Benson &amp; Hedges Cambridge Chesterfield Commander Dave&rsquo;s&nbsp; English Ovals&nbsp; L&amp;M&nbsp; Lark&nbsp; Merit&nbsp; Parliament&nbsp; Players&nbsp; Saratoga Virginia Slims Combined, Altria cigarettes command 50% of US market share, with Marlboro alone accounting for 43%. Are cigarettes a good business? If you are purely looking at volumes sold, you&rsquo;d probably say &ldquo;No&rdquo;. US cigarette consumption has dropped more than 50% since 1981. That looks like a business in secular decline. I don&rsquo;t think anyone would say the following chart shows a healthy business. Source: American Lung Association Not only that, Cigarette consumption is highly regulated in America. It is taxed massively, making the product fairly expensive. Cigarette companies have extreme amounts of regulations in place to prevent any sort of advertising, and as a matter of fact they have to spend some of their profits to fund &ldquo;anti-smoking&rdquo; campaigns, primarily targeted at the youth to prevent them from ever becoming addicted in the first place. Despite all of this, Altria has&nbsp;<strong>returned more than</strong>&nbsp;<strong>+71,000% from 1981 to 2017</strong>. In fact, Altria has the best long-term stock performance of&nbsp;<strong>any stock in US history</strong>&nbsp;according to Jeremy Siegel, author of &ldquo;Stocks for the Long Run&rdquo;. If you take nothing else away from this post, consider again that arguably the best stock performance in history has been generated by a company where the core business has been in structural decline for&nbsp;<em>more than 50 years</em>.&nbsp; What accounts for this performance? <strong>Pricing power</strong> <strong>Capital allocation.&nbsp;</strong> Let&rsquo;s focus on Pricing Power: In my opinion, pricing power is the number 1 characteristic of a truly good business. Lots of investors talk about &ldquo;competitive advantages&rdquo;, but if you can raise prices and not see meaningful declines in your customer retention and sales, that is the best possible advantage to have, as it&rsquo;s pure profit that accrues directly on the bottom line.&nbsp; Since 2013, Altria cigarette volumes have declined 21%, and yet revenues are up 1% over that same time period. On the 4Q20 conference call, management noted that Altria Smokeables volume grew 3% year-on-year in Q4 2020. They also announced their 4th list price increase in the last 12 months, cumulatively totaling $0.46/pack. For reference, 2019 price increases totaled $0.25 and 2018 was at $0.19, so this is a massive increase. MO also announced a Manufacturer Supported Off-Invoice (MSOI) rebate in select states, which means that MO is proactively making moves to protect its brands (especially market share leader Marlboro) from downtrading. Management has mentioned multiple times that it is using consumer data to generate more targeted marketing and discounting schemes, and I think the fact that they were able to announce an annual price increase that is 2-3x above trend while simultaneously targeting discounts to select consumers shows an increasing level of sophistication in targeting that should get even more refined over time. To dive deeper into Altria, you can also check out this list of best stock research website. Combined with price increases, this meant Smokeables revenues and adjusted EBIT were both 9% higher year-on-year in Q4. For full-year 2020, Smokeables volume was down 0.4% (again helped by inventory), revenues was up 6.5% and adjusted EBIT was up 10.2%:&nbsp; Altria Smokeables P&amp;L (Q4 &amp; FY 2020) NB. OCI = &quot;Operating Company Income&quot;, and is equivalent to EBIT. Source: Altria results release (Q4 2020). Altria&#39;s own full-year volume decline in 2020 was 2%, which marked a significant improvement from the accelerating decline during 2016-19: Altria Cigarette Volume Growth Y/Y (Adjusted) (Since 2013) Source:&nbsp;Altria company filings. The key idea here is they are raising prices in a&nbsp;<strong>direct relationship to volume losses</strong>, so when volumes decline 8% for example, Altria can, in aggregate, typically push through an 8% pricing increase. This accounts for the big uptick in gross margin while keeping revenues flat.&nbsp; But will there be a point where cigarettes become so expensive that you can no longer raise prices? The first thing to mention is that tobacco prices vary widely depending on which state you live in due to local taxation rules. Here is a chart from&nbsp;fairreporters.net. I don&rsquo;t know how reputable that particular source is, but some quick spot checks indicate that these prices are relatively accurate and actually skew a bit higher than other average prices reported on the internet. It&rsquo;s important to note this isn&rsquo;t the price of Marlboro&rsquo;s necessarily, but just cigarettes overall.&nbsp; So assuming that these prices approximate Marlboro&rsquo;s, how much of a pricing increase could the average user withstand before it would hurt their budget? The chart below looks at the price by state and compares it to Median Household Income for that state. There are a few interesting takeaways from this. <strong>The first&nbsp;</strong>is, that if we assume that a typical consumer uses 5 cigarettes a day, every single day, that would equate to 91 packs consumed per year. At that rate, cigarette expenditures would total about $635 on average per year, and that equates to 1.3% of estimated net median income per household. That is not a very big expenditure, and I&rsquo;d suspect therefore that most people don&rsquo;t blink an eye when a pack of cigarettes increases a few percentage points per year. Even a heavy smoker, who smokes 1 pack per day (20 cigarettes), would spend roughly $2500 per year, or 5% of their net income, assuming they made a median income. If you are smoking that much, you are probably so heavily addicted that you also won&rsquo;t flinch much if your carton of cigarettes is 5% more expensive every year.&nbsp; <strong>The second&nbsp;</strong>thing to notice here is that median incomes have been growing at a 3% CAGR for the last 5 years. That further negates the impact to overall household budgets, because if the price per pack goes up 5% this year and your paycheck goes up 3%, that means you only truly saw a 2% real increase to your cigarette expenditures. That is pretty insignificant in the scale of things. Again this is just a high-level analysis, but the point is that the consumer base can likely absorb some decent pricing increases without it breaking the bank for them. When you consider that Marlboro is considered a &ldquo;premium&rdquo; cigarette, it probably equates to more stickiness with the customer base who is even less likely to care about price increases because they feel they are smoking a superior product.&nbsp; That&rsquo;s not to say Altria is immune to recessions. In fact on the Q1 conference call early in 2020, they noted that older customers were &ldquo;downgrading&rdquo; to discount brand cigarettes, and this was a real near-term threat when the economy first took a hit from Covid-19.&nbsp; CEO William Gifford: &ldquo;<em><strong>Based on our adult smoking demographics, smokers over the age of 50 have a greater propensity to purchase discount cigarettes than younger adult smokers. In the first quarter, gross shipment volumes to retail moderated for the premium and branded discount segments,declining by 1.5% and 3.8%, respectively. However, we observed a significant increase in deep discount volumes as its growth rate nearly doubled from the prior quarter to 14.4%. We believe this rapid rise in deep discount volumes is partially due to the influx of older adult smokers returning to the cigarette category and contributed to Marlboro&rsquo;s first quarter retail share performance</strong></em>.&rdquo; So Altria is certainly seeing a shift to discounted cigarettes as a result of the recession, but Altria actually sells discount cigarettes itself. Altria&rsquo;s discount brands account for ~8% of total Altria cigarette volumes and have 4.2% market share. So if a temporary shift away from Marlboro&rsquo;s occurs, Altria will recoup some of that through its discount brands.&nbsp; In fact, in the last recession Altria created Marlboro Special Blend specifically as a way to capture customers who were downgrading to discount cigarettes but still wanted to smoke Marlboros. So while a recession is not a positive short term, I care more about the long-term, and with a 45% market share Marlboro and the 2020 recession more or less being over, the health of Marlboro looks good long term. In addition to selling discount brands, Altria has spent the last decade investing in analytics that let them fine tune pricing down to the ZIP code level. Wine&nbsp; The wine segment, although minor at 3% of Altria&rsquo;s sales, is a bit interesting. Ste. Michelle is Washington State&rsquo;s oldest winery. It&rsquo;s seen pretty steady growth since it was established back in the 1960&rsquo;s, and from when Altria bought it in 2008 all the way up to 2017 it has posted pretty consistent mid-single digit sales growth at ~20% operating margins. However, sales have recently hit a skid, with volumes down -9% in 2017, and -3.5% in 2018. During that time Altria brought in a new executive named Jim Mortensen who had previous experience at Miller Brewing. Mortensen has replaced some of the senior management, announced plans to pare back product offerings, and rolled out an aggressive marketing campaign.&nbsp; &nbsp; Overall, it&rsquo;s not worth spending much time on this category other than to say I think Altria will likely either turn this business around or sell it for a nominal price at some point in the future, depending on how well the turnaround goes. Most of the data for this article is researched using AlphaResearch - Edgar Company Search. They apply AI and machine learning to help users like you and me search efficiently across SEC filings such as 10 k, 10q, form 8k, 13f filings, sec form 4,&nbsp;

The technological scheme of processing of nickel and copper ores from the Urals deposits is substantiated, including calcination of oxidized nickel ore with limestone, partial oxidative roasting of sulfide copper ore, blending of calcines with coke, and melting of charge to obtain copper-nickel matte. The implementation of the scheme will increase the complexity of possible uses of raw materials and ensure a high environmental protection level. A feasibility study was carried out for the organization of industrial enterprise, which entailed the joint processing of oxidized nickel ores and sulfide copper ores with a capacity of 700,000 tons per year of a mixture of initial ores, including 400,000 tonnes of nickel ore and 300,000 tonnes of copper ore (dry weight). Finished products are: copper-nickel matte, containing not less than, wt.%: 3.3 Cu, 4.7 Ni, 0.6 Co, 1.5 g/t Au, 2.6 g/t Ag; granular slag containing, wt.%: 0.01–0.02 Ni, 0.01–0.02 Cu, 0.01–0.06 Co, 13–16 Fe, 44–50 SiO2, 13–14 MgO, 4–5 Al 2O3, 9–11 CaO; and technical grade sulfuric acid (mass fraction of monohydrate not less than 92.5 %). The planned enterprise is expected to produce the following annual volumes of finished products (not less than): 94,900 tonnes of matte; 512,300 tonnes of granular slag; and 235,500 tonnes of technical grade sulfuric acid. The estimated period of project implementation is 13 years. The total amount of investment costs is 1407 million roubles, current costs for the annual production program are 3820 million roubles. The financial results of the investment project are characterized by the following indicators: net profit is 5,735.5 million roubles, net discounted income is 1546.6 million roubles, the profitability index of discounted investments is 2.1, the internal rate of return is 36.4 %, and the discounted payback period is 5.5 years. The results indicate the viability and economic efficiency of the project.&#x0D; Keywords: ore, processing, sulfides, oxides, copper, nickel, cobalt, smelting, extraction, products, economy, indicators, efficiency

Does fake news in financial markets attract more investor attention and have a significant impact on stock prices? The authors use the SEC crackdown of stock promotion schemes in April 2017 to examine investor attention and the stock price reaction to fake news articles. Using data from Seeking Alpha, the authors find that fake news stories generate significantly more attention than a control sample of legitimate articles. The authors find no evidence that article commenters can detect fake news, and they find that Seeking Alpha editors have only modest ability to detect fake news. However, the authors implement several well-known machine learning algorithms based on linguistic characteristics and show that machine learning algorithms can successfully identify fake news. In addition, the stock market appears to price fake news correctly. While abnormal trading volume increases around the release of fake news, the increase is less than that observed for legitimate news. The stock price reaction to fake news is discounted when compared with legitimate news articles.

In 2020, PT Hutama Karya (Persero), a state-owned enterprise mandated by the government to build the Trans Sumatra Toll Road, appointed a private consultant to conduct a feasibility study and for the proposed construction of the Betung – Tempino – Jambi Toll Road. However, due to the low traffic volume in the Jambi Province, the toll road was deemed financially not feasible to be developed. Given the substantial costs required for the development of the Betung – Tempino – Jambi Toll Road, this toll road segment was divided into several sections. Betung – Tempino – Jambi Toll Road is a segment of the primary route of the Trans Sumatra Toll Road, Phase 2, which spans 171 kilometers across the provinces of South Sumatra and Jambi. Bayung Lencir – Tempino – Simpang Ness Toll Road, which stretches 52 kilometers, is a part of the Betung – Tempino – Jambi Toll Road prioritized for construction and operation. According to Presidential Regulation of the Republic of Indonesia Number 131 of 2022, a funding scheme known as Service-Based Periodic Payments/Pembayaran Berkala Berbasis Layanan (PBBL) shall be provided to PT Hutama Karya (Persero) to enhance the financial feasibility and to ensure the funding, technical planning, construction execution, operation, and maintenance of the toll road. This study will analyze and evaluate the financial feasibility of the Bayung Lencir – Tempino – Simpang Ness Toll Road before and after the implementation of PBBL provided to PT Hutama Karya (Persero) during the estimated duration of toll road concession for 50 years. The duration of the PBBL granted by the Government of Indonesia to PT Hutama Karya (Persero) is 15 years, with an annual payment of 880 billion Rupiah. Based on the financial feasibility analysis without PBBL, the results indicate a negative NPV, an IRR lower than the Weighted Average Cost of Capital (WACC), a Discounted Payback Period exceeding the toll road concession period, and a Profitability Index below 1, indicating that the project is not yet financially viable. On the other hand, the financial feasibility analysis after PBBL implementation shows a positive NPV, an IRR greater than WACC, a Discounted Payback Period within the toll road concession period, and a Profitability Index above 1, indicating that the project is financially feasible. Therefore, PT Hutama Karya (Persero) shall develop the Bayung Lencir – Tempino – Simpang Ness Toll Road with PBBL scheme that contributed by the Government.

Scholarly databases are now being increasingly used for search and retrieval of research articles in different subject areas. Several previous studies have shown that different databases vary in their coverage of publication sources, and therefore, one may expect that for a given query, they may retrieve different results. However, how do these databases compare in terms of relevance of the retrieved results is relatively unexplored. This study, therefore, attempts to bridge this research gap by carrying out a systematic study of retrieval relevance of the three scholarly databases – Web of Science, Scopus and Dimensions. Five selected queries are used for this purpose. The retrieved results from the three databases for the given queries are first analysed in terms of volume of retrieved records, language of retrieved records, etc. Thereafter, a user-based annotation scheme is used to assess and compare the relevance of retrieved results. The standard measure of normalised discounted cumulative gain (NDCG) and Spearman rank correlation coefficient (SRCC) is computed for the purpose. Results indicate that although the number of retrieved results for the same query differs significantly in the three databases, the databases differ only marginally in retrieval relevance, with Web of Science having a slight edge over other two.

A gray market emerges when some distributors divert products to unauthorized distributors/retailers to make sneaky profits from the manufacturers’ differential channel incentives, such as quantity discounts. Traditionally, manufacturers rely heavily on internal audits to periodically investigate the flows of products and funds so as to deter the gray market; however, this is too costly given the large number of distributors and their huge volumes of orders. Owing to the advances in data analytics techniques, the ordering quantities of a distributor over time, which form multivariate time series, can help reveal suspicious product diversion behaviors and narrow the audit scope drastically. To that end, in this paper, we build on the recent advancement of representation learning for time series and adopt a sequence autoencoder to automatically characterize the overall demand patterns. To cope with the underlying entangled factors and interfering information in the multivariate time series of ordering quantities, we develop a disentangled learning scheme to construct more effective sequence representations. An interdistributor correlation regularization is also proposed to ensure more reliable representations. Finally, given the highly scarce anomaly labels for the detection task, an unsupervised deep generative model based on the learned representations of the distributors is developed to estimate the densities of distributions, which enables the anomaly scores generated through end-to-end learning. Extensive experiments on a real-world distribution channel data set and a larger simulated data set empirically validate our model’s superior and robust performances compared with several state-of-the-art baselines. Additionally, our illustrative economic analysis demonstrates that the manufacturers can launch more targeted and cost-effective audits toward the suspected distributors recommended by our model so as to deter the gray market. History: Accepted by Ram Ramesh, Area Editor for Data Science &amp; Machine Learning. Funding: This work was supported by the National Natural Science Foundation of China [Grants 72031001, 72301017, 72371011, and 72242101]. Supplemental Material: The software that supports the findings of this study is available within the paper and its Supplemental Information ( https://pubsonline.informs.org/doi/suppl/10.1287/ijoc.2022.0155 ) as well as from the IJOC GitHub software repository ( https://github.com/INFORMSJoC/2022.0155 ). The complete IJOC Software and Data Repository is available at https://informsjoc.github.io/ .

<strong>FinoTrader is the best alternative of FTMO</strong> &nbsp; If you searching for FTMO alternative is FinoTrader, it is best funding talents platform. Finotrader.com best alternative FTMO Prop trading is an exciting way for experienced investors to speculate on the financial markets with serious capital and reduced risk. FINOTRADER is one of the leading firms in the forex prop trading space with over 9000 new members joining in 2021. This review covers account types, leverage, FINOTRADER Challenge rules and more. &nbsp; What Is FINOTRADER? FINOTRADER was founded in 2019 with the aim of providing funded accounts to talented traders. &nbsp; The company has a good reputation with highly developed apps to aid trading strategies and top-rated customer support. &nbsp; What is FINOTRADER &nbsp; FINOTRADER offers a variety of trading instruments including forex, commodities, indices, cryptos, stocks and bonds as well as multiple platforms such as MetaTrader 4, MetaTrader 5 and cTrader. Users can begin trading with up to $200,000 and once the verification process has been completed, they can keep up to 80% of profits. FINOTRADER&rsquo;s biggest single payout was over $40,000. &nbsp; How It Works FINOTRADER evaluates the skill and qualification of prospective traders through a two-step evaluation process: the first step is the FINOTRADER Challenge, and the second step is the Verification. &nbsp; Once this process has been successfully completed, users are offered a professional account. Traders can then remotely manage up to 400,000 USD with leverage up to 1:100 and can continue growing the account according to the scaling plan. &nbsp; Users technically trade on a demo account at all stages of the process &ndash; even as a professional trader. The FINOTRADER account is connected to the firm&rsquo;s live trading account with real capital. &nbsp; FINOTRADER prop trading &nbsp; Here&rsquo;s our guide to getting started with FINOTRADER: &nbsp; 1. Choose Your Account Account types are broken down by risk level (normal vs aggressive) and capital level. Once you have decided which plan is best suited to you, choose a currency (USD, EUR, GBP, CZK), sign up and open an account. &nbsp; 2. Choose Your Platform FINOTRADER is available on MT4, MT5 and cTrader. MT4 and MT5 are available to download to desktop devices. cTrader is available to download as a mobile app from the Google Play Store and the Apple App Store. You can also use the prop firm&rsquo;s webtrader, available on desktop with no download needed. &nbsp; 3. Start The FINOTRADER Challenge Before you can start generating profits, you will need to complete the evaluation process. Step 1 is the FINOTRADER Challenge. You will have to pay a fee, which will depend on your chosen risk and capital level. This is a one-off fee which will be reimbursed once you make your first profit. &nbsp; There is also the option of a free trial challenge if you want to try before you buy. This 14-day trial gives you a taste of the Challenge and allows you to refine your skills. &nbsp; 4. Follow Trading Objectives Each account type has its own rules which you will need to follow to continue to the next stage. These objectives include a maximum trading period (30 days), a minimum period (10 days), a maximum daily loss, and a profit target (10% or 20% depending on your chosen risk level). &nbsp; If you reach the profit target before the maximum trading period, you can progress to the next stage. If you miss the profit target but don&rsquo;t break any other rules, like violating the maximum daily loss, you will get a second chance to complete the challenge for free. &nbsp; 5. Verification The second step of the process is known as Verification. This is where you must prove yourself again, but this time it&rsquo;s free. A couple of days after you complete the FINOTRADER Challenge, you will be sent your Verification log in details. Verification follows the same rules as the Challenge, but with a 60-day maximum trading period and half the profit target. &nbsp; Again, if you fail the FINOTRADER Verification by missing the profit target but don&rsquo;t break any other rules, you can repeat the challenge for free. &nbsp; 6. Become A Funded Professional Trader Once you have successfully completed all the requirements in the evaluation process, you will be able to invest professionally with the FINOTRADER proprietary trading firm. You will need to carry out standard KYC checks to get paid. &nbsp; As a professional trader you must follow the same loss rules, but there is no maximum trading period, no profit target, and no minimum trading days. Professional users keep 70% of profits made on their account. &nbsp; Note, your positions are copied onto the proprietary trading firm&rsquo;s live investing account with real capital. &nbsp; 7. Scaling Plan If you&rsquo;re trading profitably, you can use FINOTRADER&rsquo;s growth plan to get a 25% capital increase every four months. To be eligible for an increase, you will need at least 10% in profits over the last four months (that means an average of 2.5% profit a month) with two out of the four months ending positive. &nbsp; The scaling plan has no cap &ndash; in a year and a half of successful trading, you could be managing up to 600k. &nbsp; Fees There is a single fee for signing up which is calculated according to your capital level and risk scheme. This fee is refunded with your first payout and there are no monthly or other recurrent charges. FINOTRADER accepts a variety of payment methods including bank wire transfer, debit/credit card and Skrill. The proprietary trading firm places no limits on user&rsquo;s locations or nationality, so whether you&rsquo;re in Kenya, India or the USA, you can join FINOTRADER. &nbsp; Accounts Account types are broken down into 10k, 25k, 50k, 100k and 200k challenges. Each challenge has a risk level (Normal or Aggressive) except for the 200k challenge which only has the normal risk level. When deciding which level to go for, consider your trading strategies and experience. On the Aggressive account you are allowed bigger losses but have higher profit targets. FINOTRADER prices range from &euro;155 for the 10k Challenge to &euro;1080 for the 200k Challenge. &nbsp; The challenges are denominated in USD but you can attempt them in different currencies &ndash; the 100k challenge could provide you with 100k USD, 80k EUR or 70k GBP, depending on your chosen currency. &nbsp; You can have multiple accounts, but FINOTRADER has a maximum initial capital allocation of $400k (or $200k for Aggressive accounts). This means you could have two 200k accounts or four 100k accounts. Scaling does not count towards the initial capital allocation sum. Note that you will need to pay for and pass the Challenge for each new account. You can merge FINOTRADER accounts if they have the same risk and currency setup by contacting customer support. &nbsp; All accounts offer leverage up to 1:100 and access to over 100 FX pairs including USD/EUR, USD/GBP; cryptos such a Bitcoin (BTC) and Ripple (XRP); stocks; bonds; indices like US30 and commodities such as gold (XAU/USD). &nbsp; All accounts come with unique trading tools and apps such as the Account Metrix, Mentor Application and the Equity Simulator. These tools can help you monitor and improve your performance, and are only available to FINOTRADER traders. &nbsp; FINOTRADER prop trading firmMentor App FINOTRADERs to keep in mind include: &nbsp; There is no limit on lot sizes You can use all common trading tools, like stop losses and candlestick charts You can trade on FINOTRADER using any strategy, including scalping, hedging or EAs Users cannot hold trades over the weekend, or over long market breaks &ndash; this is called the two-hour rule. You can hold your positions overnight if the rollover is less than two hours. Make sure you are aware of the trading hours and the holiday sessions of your chosen market. For example, most cryptocurrencies like Bitcoin have extended trading hours Be careful with trading the news. FINOTRADER has certain restricted events, such as the release of specific macroeconomic reports. Traders cannot open or close positions two minutes before or after these events. Check the firm&rsquo;s economic calendar to know when these are happening, and use a time zone converter if needed. Withdrawals Returns are paid via a monthly profit split. Users must invoice FINOTRADER and the money will be sent to your account via regular bank wire transfer or Skrill. FINOTRADER charges zero commissions for withdrawals. You will receive a withdrawal certificate as proof of payment. &nbsp; You can invoice the prop trading firm as a company or as an individual. Ensure you manage your earnings in line with your country&rsquo;s tax regulations. For example, if you&rsquo;re trading from UK, you will pay tax on earnings above &pound;12,500. Consult a local tax advisor to ensure compliance with the relevant regulations. &nbsp; Pros Benefits of opening an FINOTRADER account include: &nbsp; Free trial challenge You keep 70% of profits Comprehensive customer support You invest with FINOTRADER funds, not your own Tutorials, Q&amp;As, webinars and discounts on partners&rsquo; educational websites Profitable traders can increase their capital by 25% every four months with the scaling plan Cons Downsides of the prop trading firm&rsquo;s offering include: &nbsp; You can only earn when you get to the professional account, unlike competitors such as The5%ers Less initial capital volume available versus competitors such as Fidelcrest Thorough, two-step evaluation process No holding over the weekend Security FINOTRADER is not a broker so it&rsquo;s unregulated. The company has a thorough two-step evaluation process which has a relatively low pass rate. This ensures that only capable traders make it to professional status. New traders can use the free demo account to refine their skills before paying the FINOTRADER joining fee and beginning the Challenge. &nbsp; Customer Support If something goes wrong, such as a payment gets cancelled, FINOTRADER&rsquo;s customer support team has a good reputation and is available in 13 languages. Business hours are 24/7 for email and live chat and 8 am &ndash; 5 pm (CEST) for phone calls Monday &ndash; Friday: &nbsp; Final Word On FINOTRADER Prop trading is an interesting option for investors in 2022 looking to increase their capital, but be sure to compare firms to find the one best suited to your needs. FINOTRADER&rsquo;s unique analysis apps and highly regarded customer support make it one of our top picks for traders looking to take their talent to the next level. &nbsp; FAQs What Is An FINOTRADER Trader? An FINOTRADER trader acts as a contractor and invests through the proprietary trading firm. After completing a two-step evaluation challenge, investors can trade with real capital to earn serious profits. &nbsp; Is FINOTRADER A Hedge Fund? No, FINOTRADER is not a hedge fund. It is a limited company and a proprietary trading firm. Head to the company website to register for an account. &nbsp; What Can You Trade On FINOTRADER? Users can trade CFDs and other derivatives on over 100 pairs, including forex (GBP/USD, EUR/USD, USD/JPY); commodities such as gold (XAU) and silver (XAG); indices such as US30 and UK100; crypto pairs such as BTC/USD, LTC/USD and XRP/USD, plus many more. Note, trading on the NASDAQ100 (NAS100) is not possible with FINOTRADER.