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Abstract

The aim of the paper is to identify which factors influence the production of crude oil in Africa and what it means for the investments in oil production on this continent in the future. In order to identify these factors it is necessary to create a function of production. A number of variables have been chosen, which are likely to have an influence on the level of exploitation, such as the price of oil, oil consumption in Africa, oil import by the US, etc. The estimation of the function was based on the statistical analysis of empirical data. For the years 1980–2015 the linear regression model was estimated using the method of ordinary least squares (OLS) and econometric software – GRETL. In order to find the best model the academic research on the global oil market has been taken into account and a variety of statistical and econometric tests have been made. According to the literature on the subject, the production of crude oil in Africa is mostly affected by two players – Europe and the US. The first includes the member states of the OPEC. There are also countries of West Africa which in the past exported most of their production to the US. The model shows that the situation has changed after the “shale revolution”, which reduced the level of imported oil and consequently the level of African production. Moreover, an interesting trend has been noticed, namely that when oil prices go up, the oil production in Africa decreases. The reason for this phenomenon is that high oil prices make American shale plays more profitable than West African petroleum basins. The model aggregating macroeconomic indicators and statistics is a very useful management tool and it reveals the problems of the efficiency of investments in oil production in Africa.
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Abstract

The recast of the European Insolvency Regulation, which has been applicable from 26 June 2017, implements a philosophy of Euro universalism, according to which in solvency proceedings opened in a Member State where the debtor has its centre of main in terests (COMI) should have a universal scope and encompass all the debtor’s assets situated throughout the EU. The wording of the Recast Regulation is in tended to comply with the ECJ case law concerning COMI, such as Interedil, Eurofood, Bank Handlowy or Mediasucre judgments. Nevertheless, it is now questioned whether the Recast Regulation strengthens or rather weakens the COMI/registered office rebuttable presumption and opens the gate for in solvency forum shopping. As far as international company law is concerned, the issue of transfer of seat as well as forum shopping has been widely discussed. So far the ECJ has issued a series of judgments in which it has explained the European freedom of establishment and the cross-border activities of companies in the internal market. Similarly, the US Supreme Court has issued several significant decisions, such as CTP Corp. v. Dynamics Corp. of America, Edgar v. MITE Corp., and International Shoe Co. v. State of Washington, in which the limits of acceptable forum shopping are better delin eated. Based on the aforementioned, it may be concluded that European harmonization measures facilitating cross-border mobility should additionally assist in achieving predictability and efficiency, as well as the economic viability and security of the operations under consideration. This contribution analyses and expounds on the lessons that can be learned from both the ECJ case law as well as US Supreme Court’s decisions on in ternational company law, in cluding an examin ation of their effect on in solvency forum shoppin g. There is no doubt that, if successful, harmonized legislation on these matters would be a great asset for the internal market.
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Abstract

The paper presents an analysis of the results of ultrasound transmission tomography (UTT) imaging of the internal structure of a breast elastography phantom used for biopsy training, and compares them with the results of CT, MRI and, conventional US imaging; the results of the phantom examination were the basis for the analysis of UTT method resolution. The obtained UTT, CT and MRI images of the CIRS Model 059 breast phantom structure show comparable (in the context of size and location) heterogeneities inside it. The UTT image of distribution of the ultrasound velocity clearly demonstrates continuous changes of density. The UTT image of derivative of attenuation coefficient in relation to frequency is better for visualising sharp edges, and the UTT image of the distribution of attenuation coefficient visualises continuous and stepped changes in an indirect way. The inclusions visualized by CT have sharply delineated edges but are hardly distinguishable from the phantom gel background even with increased image contrast. MRI images of the studied phantom relatively clearly show inclusions in the structure. Ultrasonography images do not show any diversification of the structure of the phantom. The obtained examination results indicate that, if the scanning process is accelerated, ultrasound transmission tomography method can be successfully used to detect and diagnose early breast malignant lesions. Ultrasonic transmission tomography imaging can be applied in medicine for diagnostic examination of women’s breasts and similarly for X-ray computed tomography, while eliminating the need to expose patients to the harmful ionising radiation.
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