Foreign Currency Exchange Rates Research Articles

The Effect of Global Monetary Policy Changes on the Financial Strategy of International Companies

In the interconnected global economy, the financial strategies of international corporations play a crucial role in navigating the dynamic landscape shaped by various factors, including monetary policies set by central banks worldwide. This narrative explores the intricate interplay between global monetary policy changes and the financial strategies of multinational corporations, investigating how shifts in these policies reverberate across borders, impacting corporate decision-making, risk management, and performance. Over recent decades, significant transformations in monetary policy frameworks have occurred, driven by evolving economic paradigms, financial crises, and geopolitical dynamics. Central banks have deployed a range of tools, from conventional inflation targeting to unconventional measures like quantitative easing, to stabilize economies and stimulate growth. However, the effectiveness and unintended consequences of these policies transcend domestic boundaries, permeating the international financial system and shaping the strategic imperatives of multinational corporations. The impact of global monetary policy changes on international companies' financial strategies is substantial. U.S. monetary policy shocks notably affect foreign firms, especially those with extensive global production linkages and financial constraints. Financial globalization has made domestic financial conditions more vulnerable to external shocks, reinforcing the case for price stability as an optimal monetary rule. The volatility of foreign currency exchange rates significantly affects international budgeting, while multinationals with foreign involvement exhibit lower leverage ratios and rely more on short-term borrowing. One primary channel through which global monetary policy changes influence international companies is by altering financing costs and access to capital. Changes in interest rates and liquidity conditions affect borrowing costs for firms operating across borders, impacting investment decisions, capital allocation, and capital structure optimization. Additionally, these changes induce currency fluctuations and volatility, necessitating robust currency risk management strategies to safeguard revenues and mitigate exchange rate exposure. Furthermore, global monetary policy changes affect asset prices, financial markets, and investor sentiment, shaping the risk-return dynamics faced by international companies. Expansive monetary policies often fuel asset price inflation and influence investment strategies, while abrupt policy shifts can trigger market dislocations and liquidity constraints. Beyond financial markets, monetary policy changes influence macroeconomic variables, such as economic growth, inflation, and trade patterns, shaping international companies' operating environments and strategic decisions. In conclusion, the interconnectedness of global financial markets accentuates the importance of agility, flexibility, and strategic foresight for multinational corporations in navigating the impact of monetary policy changes on their financial strategies and overall performance.

Pengaruh Profitabilitas, Likuiditas, Dan Leverage Terhadap Keputusan Hedging

International trade is mostly carried out by companies in Indonesia. International trade obviously related with foreign currency exchange rates. This exchange rate is fluctuating that can cause company has a financial risk such as declining company profit, increasing corporate debt, and weakening financial performance. To conques this problem, hedging decisions are one way to maintain exchange rates and minimize financial risks that may occur. Therefore, this study aims to determine the effect of profitability, liquidity, and leverage on hedging decision. This study used secondary data with a quantitative approach, where the sample selected in this study used purposive sampling techniques. The population of non primary consumer goods sector company listed on the IDX is 136 companies to 16 companies selected by criteria, so there are 64 samples. The data analysis method that used in this study is logistic regression analysis. Research data is processed using SPSS software. The result of this study showed that profitability had a positive regression coefficient with a significance value of 0,001 < 0,05, indicating that profitability had a positive and significant effect on hedging decision. Liquidity had a significance value of 0,003 < 0,05, indicating that liquidity had a negative effect and significant effect on hedging decision. Leverage had a significance value of 0,642 > 0,05, indicating that leverage had no effect on hedging decision. Profitability, liquidity, and leverage simultancously had a significance value of 0,000 < 0,05, indicating that profitability, liquidity, and leverage simultancously had a significant effect on hedging decision in non primary consumer goods sector company listed on the Indonesia Stock Exchange for the period 2018-2021. Keywords: Profitability, Liquidity, Leverage, Hedging Decision

Assessing the Applicability of Uncovered Interest Parity in the South Asian Frontier Financial Markets

Purpose: The purpose of this research is to establish whether, the Uncovered Interest Parity (UIP) condition exists in Bangladesh, Pakistan, and Sri Lanka, categorized as the South Asian frontier financial markets.Design/Methodology/Approach: The research uses the deductive approach. The data was collected from International Monetary Fund Statistics. The data set used consists of monthly data from March 2010 to April 2020. Interest rate differential was employed as the independent variable in this study, with the foreign currency exchange rate differential as the dependent variable. The researcher used the Cointegration model and the Vector Error Correction Model to analyze the data to measure the long-term and short-term impact respectively.Findings: It was found that, interest rate differential had a statistically insignificant negative relationship with the exchange rate differential in all three countries both in the short and long run. The overall test results show that the rejection of UIP hypothesis within the given time frame in South Asian frontier financial markets confirming the previous findings relating to practical situation of UIP condition.Originality: This article reviews the rejection of UIP condition in Bangladesh, Pakistan and Sri Lanka, categorized as the South Asian frontier financial markets. In a single paper it provides both short-term and long-term rejection of UIP. The rejection of the UIP condition implies that there is a possibility for an arbitrage opportunity.Future Direction: The future research can assess the applicability of UIP for a larger sample and different data analysis techniques such as Generalized Method of Moment.

Implementasi PSAK 10 dalam Menyusun Laporan Keuangan (Transaksi Mata Uang Asing)

Accounting for foreign currency transactions is an important aspect in the scope of corporate finance, especially in the context of business globalization. PSAK 10 (Statement of Financial Accounting Standards) regulates this aspect and provides guidelines on how companies should account for transactions in foreign currencies as well as related financial reporting. This research explores the implementation of PSAK 10 in preparing financial reports, with a focus on foreign currency transactions. In PSAK 10, companies are directed to use the foreign currency exchange rate on the transaction date to measure transactions in foreign currency. In addition, significant changes in foreign currency exchange rates after the transaction date are also taken into account and recognized as exchange gain or loss. A deep understanding of the application of these provisions is crucial so that financial reports accurately reflect the company's financial position. Through literature research and analysis of accounting practices, this article investigates how companies effectively manage foreign currency risks and present relevant and reliable information in their financial reports. A comparison between the methods used by companies in implementing PSAK 10 and best practices in the industry is explained to provide a comprehensive picture. It is hoped that the results of this research will provide in-depth insight into the challenges, opportunities and best policies in dealing with foreign currency transactions based on PSAK 10. The practical implications of compliance with this standard, as well as the potential impact on corporate financial decisions, will also be reviewed. With a better understanding of foreign currency transaction accounting, companies are expected to improve the quality and credibility of their financial reports in an ever-expanding global market.

Sebuah analisis konflik dan manajemen risiko

This study aims to find out how the development of accounting and the influence of accounting on conflict and risk management. The method used is literature review. The role of accounting with risk management in which the Company relies on external parties for greater risk financing than using its own internally generated funds. Market risk includes risk of foreign currency exchange rates and interest rates, as well as risk of commodity prices and equity.

Global Industries’ Hedge Strategy Under China-US Trade War

Human use trade to develop economy and technology til nowadays.Trade would benefit both parties but trade war is a movement that not worth for both parties. China-US trade war began since 2018, it has effect huge amount of global industries and global economy. Both countries’ currency and those who has close business relationship countries’ currency exchange rate were influenced. Both country kept put increasing tariffs on their products so that huge amount of global industries had to seek different hedge strategies to reduce foreign exchange risks or eliminate them to offset foreign currency exchange risk. This research paper would first introduce the definition of the trade and trade war, then analyze what was happening during China-US trade war, next use examples from 10-K to show how US tech giants use financial strategy to hedge their risk exposure and state possible situations might facing when hedging. Last conclude with four ways to reduce reduce and forecast the foreign currency exchange rate risks.

Predicting Rupiah Sentiment Using Social Sentiment Analysis

In recent years, the behavior of foreign currency exchange rates (FOREX) has attracted a lot of attention from policy makers, investors, academics and regulators because due to its rapidly changing prices. FOREX predicting based on sentiment analysis has attracted a wide variety of research in finance and natural language processing. The availability of news, social media networks, and the rapid development of natural language processing methods result in better predictive performance. However, new studies related on Rupiah (Rupiah is legal money circulating in Indonesia) sentiment and its correlation with other FOREX are still rare and interesting to study.The purpose of this study is to (1) assess the accuracy of predicting Rupiah sentiment using social sentiment analysis and (2) to investigate the correlation between Rupiah sentiment and IDR currency exchange rate. The methodological approach used for this study is based on social sentiment analysis on Twitter and Pearson correlation.The result of this study is (1) from the seven models that we compared, the Decision Tree (DT) and Random Forest (RF) algorithm models have the best accuracy to avoid misclassification based on AUC. The accuracy measured by F1-score has values of 92.13% for both DT and RF, and (2) Rupiah sentiment has a strong positive correlation with USD (P-value: 0.017, r-value: 0.421) and SAR (P-value: 0.016, r-value: 0.419) exchange rate. On the other hand, Rupiah sentiment has a low significant negative correlation with AUD (P-value: 0.051, r-value: -0.403) and EUR (P-value: 0.079, r-value: -0.479). Rupiah sentiment also has a low but positive correlation with MYR (P-value: 0.073, r-value: 0.180) and is not significant with SGD (P-value: 0.119, r-value: -0.348) although it has a positive correlation. The strong positive correlation represents that the more positive Rupiah sentiment on Twitter, the stronger IDR exchange rate against another foreign currency, and vice versa.

Les pesanteurs ou contraintes sur l’effectivité des activités du cadre permanent de concertation économique à Lubumbashi : une évaluation de l’effectivité

This publication is an analysis of the functioning of the permanent framework of economic consultation, abbreviated as CPCE, which is a state structure created since 2001, by presidential decree n° 008/01 of February 23, 2001, with the aim of improving the business climate in the Democratic Republic of Congo, through its activities in the field in accordance with the objectives and mission assigned to it by the law. As a consultation framework, the CPCE is a neutral body that receives the claims of economic operators, organizes consultations on socio-economic issues between the public sector (government) and the private sector (economic operators), including representatives of consumer associations and civil society, especially with regard to the stability of prices of basic necessities (foodstuffs, petroleum products ...) and the maintenance of the market exchange rate of foreign currency. Etc. in order to reach a consensus likely to improve the business climate and the living conditions of the population. Since 2020, no activity has been carried out on the ground and the population has only been subjected to pressure from economic operators, it is clear that there is a gap between the requirements of the law and the practices of the actors concerned. This is a problematic situation that has motivated our research on the evaluation of CPCE activities, based on the constraints that can influence the effectiveness of CPCE activities, while setting some evaluation indicators.

Assessing the Effects of Price Escalation on Building Construction Projects in Adama, Ethiopia

In the Ethiopian construction sector, one key issue is that contemporary building projects demonstrate price escalation. The Management of Cost escalation requires more understanding of its driving forces. Hence, this research aimed to assess the price escalation factors and their effects on building construction projects in Adama, Ethiopia. Through an in-depth literature review and project archives, thirteen (13) possible price escalation-causing attributes and five (5) its effects were identified for this research. Forty-eight (48) self-administered questionnaire survey has been sent to clients, consultants, and contractors that actively participated in Adama city construction projects and forty-three (43) responded. The relative importance index (RII) had computed to rank the price escalation-causing factors and their effects on building projects. The five most significant factors these causing price escalation on building projects were fluctuation in foreign currency exchange rates, an increase in material cost and unstable market conditions, unbalanced demand and supply of construction materials, limitation of construction material producer's capacity, and project schedule changes. While in this study, delayed project progress, cash flow (financing) problems, higher construction projects cost, and increasing disputes between contracting parties were among the utmost significant impact of rising prices happening on building construction in Adama, Ethiopia. To evaluate the respondents' observed level of agreement on the ranking of price escalation factors and their effects, the Spearman rank correlation coefficient with the aid of SPSS version 26 was used. The outcomes were 0.914 among client and consultant, 0.815 with the client and contractor, as well as 0.856 for consultant and contractor on ranking price increase factors, whereas, 0.921 among client and consultant 0.821 with the client and contractor, and 0.975 for consultant and contractor on ranking price increase effects. Therefore, the result implies a positive relationship among respondents towards factors causing price escalation and their effects on building construction projects in Adama city.

Hybrid modified weighted water cycle algorithm and Deep Analytic Network for forecasting and trend detection of forex market indices

This paper presents forecasting and trend analysis of foreign currency exchange rate in financial market using a hybrid Deep Analytic Network (DAN) technique optimized by a modified water cycle algorithm called Weighted WCA (WWCA) with better generalization capability than the traditional WCA.DAN comprises several stacked KRR (Kernel Ridge Regression) Auto encoders in a multilayer nonlinear regression architecture approach that provides better generalization and accuracy using regularized least squares technique. Further DAN using wavelet kernel function is particularly attractive for its strong data fitting and generalization ability along with its simplified execution procedure, high speed, and better performance achievements in comparison to LSSVM (least squares support vector machine). The output from the DAN is fed to a weighted KRR module to reject noise or the outliers in the noisy data and to make DAN a more robust predictor of the Forex markets, To obtain optimal values of wavelet kernel parameters, a modified metaheuristic water cycle algorithm i.e. the proposed WWCA is utilized. Applications of this new approach to predict forex rate along with trend analysis on three stock markets provide successful results and validate its superiority over some well known approaches like ANN, SVM, Naïve-Bayes, ELM.

Cash Crop Output and Foreign Currency Exchange Rate in Nigeria: A Vector Error Correction Model Analysis

This study examined the relationship among cash crop exportation, real exchange rate, nominal exchange rate, and exchange volatility. This study focuses on the effects of the exchange rate on cash crop exportation in Nigeria. This study covers a four-decade period between, 1980 and 2020. The study used a pairwise granger, Distributive Lag (ARDL) bounds testing approach to co-integrate the long-run relationship among the variables. The outcome of the study shows that there is unidirectional causality between cash crop production and nominal exchange in the long run. The result also reveals that there is unidirectional causality between exchange rate volatility in the long run. The result further shows that there is a bidirectional causality between exchange rate volatility and the real exchange rate. This study recommended that the government should participate actively in the money market in order to effectively guard the volatility of the market which will go a long way to enhance economic stability.

Penerapan Hedging di Perbankan Syariah sebagai Mitigasi Risiko Pasar Akibat Fluktuasi Kurs

This research aims to determine the application of hedging in Islamic Banking Indonesia in mitigating the market risk resulting from fluctuations in foreign currency exchange rates. Researchers using qualitative methods, techniques Miles and Huberman Model. The object of this study is that adopted sharia hedging instrument of Conventional Banking products and prescribed and packaged in provisions DSN- MUI Fatwa No. 96/DSN-MUI/IV/2015, PBI 18/2/PBI/2016 and DPS Opinion No. 17/26/DPS/XII/2015 concerning the Proposed Transaction Hedging (Hedging) Sharia. The purpose and object of concern to researchers, then pure researchers took samples at PT. Bank Syariah Mandiri (BSM) that have implemented sharia hedging through forward contracts agreement. The results of this study, it can simply be concluded that the application of hedging has been implemented by BSM in accordancewith the provisions of both the provisions of the DSN-MUI, PBI and DPS. But on the other hand there are things that must be considered more serious for banks to implement sharia hedging instruments. This is because there is the inherent nature of the hedging diinstrument which is difficult to be avoided and eliminated.
 Keywords: Hedging, Forward Contract Agreement

Pengaruh Inflasi dan Suku Bunga terhadap Perubahan Nilai Kurs Negara Asia Tenggara dengan Acuan Kurs Rupiah Tahun 2014-2021

The exchange rate is one of the financial assets that can accelerate government revenue growth because the exchange rate has a major role in trade between countries, especially ASEAN countries which are involved in free market economic activities. Foreign currency exchange rates always experience uncertain changes, this is caused by internal and external factors. External factors that affect exchange rates include inflation and interest rates. This study aims to determine the effect of inflation and interest rates on exchange rates in Southeast Asia with reference to the rupiah exchange rate for the period 2014 - 2021. The method used in this study is a quantitative descriptive method using a correlation approach and using a secondary method. data. The results of this study indicate that inflation and interest rates simultaneously have a positive and significant effect on exchange rates, but inflation partially has no positive and significant effect on exchange rates in ASEAN countries.
 Keywords: Inflation, Interest Rate, Exchange Rate

ASSESSING THE LONG-RUN AND SHORT-RUN EFFECT OF MONETARY VARIABLES ON STOCK MARKET IN THE PRESENCE OF STRUCTURAL BREAKS: EVIDENCE FROM LIBERALISED INDIA

The present study examines the long-run and short-run e§ects of monetary fac- tors (money supply, interest rate, ináation, and foreign currency exchange rate) on the Indian stock market. The study uses sophisticated econometric tools to analyse monthly observations from January 1993 to December 2019. The Augmented Dickey Fuller (ADF) test indicates that the variables involved in the present study are either I(0) or I(1). The Bai-Perron multiple break point test identiÖes four breakpoint dates in the Indian stock market index series. The breakpoint dates are incorporated as di§erent dummy variables in the ARDL-ECM regression. The F-bounds test reveals that the variables in the study are cointegrated within the time period under consideration. Our Öndings show that the interest rate, which is a proxy for monetary policy instrument, and the foreign currency exchange rate have a negative impact on the Indian stock market both in the long-run and short-run. Furthermore, we Önd that structural changes signiÖcantly a§ect the performance of Indian stock market. The study covers a long period of time, which the majority of previous work did not consider. Furthermore, the study uses di§erent dummy variables in the ARDL model to represent structural breaks (as determined by the Bai-Perron multiple break point test)

ANALYSIS OF FACTORS INFLUENCING THE PRICING OF AIR TICKETS

The article is devoted to discussing topical issues about the formation of the price of plane tickets. The paper analyzes and evaluates the degree of influence of factors on the pricing process using regression analysis methods. At the first stage, a review of the available research sources of foreign and Russian authors was carried out, according to the results of which the main characteristics determining the price level of air tickets were identified and considered. In the course of studying the issue, the experience and conclusions, based on previously performed studies of foreign segments of air transportation, are extended to the selection and analysis of current data on the Russian market. The assessment of the degree of a possible influence of the considered price-forming indicators on air ticket fares was carried out using four econometric models of the dependence of ticket prices on exchange rates, fare/air route characteristics, socio-economic and secondary factors. They are checked for lowcost and economy segments based on information on 15 thousand of air tickets of Russian air carriers for the period from 19.01.2021 to 12.02.2021, presented in the form of a single data set. The data was collected independently by daily monitoring of information from the official websites of airlines, federal websites of Rosstat, and Rosaviation. As a result of the research conducted within the framework of this article, it was revealed that with an increase in the distance of the flight, the cost of the ticket increases proportionally. The average income of the population negatively affects prices in the economy and budget classes. A similar trend can be traced concerning the cost of jet fuel at the airport of departure and nonstop flights. Reducing the number of days between the dates of ticket purchase and flight departure will also affect the increase in ticket prices. With a decrease in the exchange rate of foreign currency, the cost of economy class air tickets changes significantly compared to the budget. The reverse trend is observed in the case of the IATA exchange rate, where the effect falls on the last group of shipments. The listed characteristics are identified as the most significant relative to the considered classes of tariff groups in the Russian aviation industry. The results of the work can be recommended to air carriers for use in the process of forming the cost of tickets to achieve maximum efficiency and profitability of the business, used by consumers of the airline services as a tool for finding and buying air tickets with the best conditions and offers.

Assessing the long-run and short-run effect of monetary variables on stock market in the presence of structural breaks: evidence from liberalized India

PurposeThe present study examines the long-run and short-run effects of monetary factors (money supply, interest rate, inflation and foreign currency exchange rate) on the Indian stock market.Design/methodology/approachThe study used sophisticated econometric tools to analyse monthly observations from January 1993 to December 2019.FindingsThe augmented Dickey–Fuller (ADF) test indicates that the variables involved in the present study are either I(0) or I(1). The Bai–Perron test multiple break point test identifies four breakpoint dates in the Indian stock market index series. The breakpoint dates are incorporated as different dummy variables in the autoregressive distributed lag-error correction model (ARDL-ECM) regression. The F-bounds test reveals that the variables in the study are cointegrated within the time period under consideration. This study’s findings show that the interest rate, which is a proxy for monetary policy instrument, and the foreign currency exchange rate have a negative impact on the Indian stock market. Furthermore, the authors find that structural changes significantly affect the performance of Indian stock market.Practical implicationsThe study's outcomes indicate that economic factors should be taken into account by investors and portfolio managers when formulating long-term investment strategies. The government, through the Reserve Bank of India, should exercise caution in avoiding discretionary actions that could increase interest rates since the flow of funds to the stock market will be disrupted. To reduce risk, investors should keep a close eye on how interest rates and foreign exchange rates are rising.Originality/valueThe study covers a long period of time, which the majority of previous work did not consider. Furthermore, the study uses different dummy variables in the ARDL model to represent structural breaks (as determined by the Bai–Perron multiple break point test).

Application of ARIMA Model in Forecasting Exchange Rate: Evidence from Bangladesh

This paper attempts to apply the ARIMA time series model to forecast the exchange rate of seven currencies (United States Dollar, Euro, Pound sterling, Australian Dollar, Japanese Yen, Canadian Dollar and Swedish Krona) in terms of Bangladeshi Taka (BDT) and to investigate the accuracy of the model by comparing the forecasted rates with the actual exchange rates. It considered daily currency exchange rates (244 selling price) of seven currencies for twelve months from January 2018 to December 2018 to forecast the subsequent one month (25 selling rate) in January 2019 rate. The Durbin-Watson test result shows an autocorrelation in the daily foreign currency exchange rate with the previous rate. The Augmented Dickey-Fuller test result shows data have unit roots and non-stationary. But the 1st differencing becomes data stationary to apply d equal to 1 in ARIMA model. Also, autocorrelation function considers MA(0) and partial autocorrelation function considers AR(1) for the ARIMA model. So, ARIMA (1,1,0) models are selected based on Ljung-Box test, root mean square error, mean absolute percent error, mean absolute error and R-square values. By using the above ARIMA models, forecasted foreign currency exchange rates next one month calculated and compared with the respective actual rates, which validate with Chi-Square test, mean absolute percent error, mean square error, root mean square error values of Goodness fit test. The result shows that predicted foreign currency exchange rates follow ARIMA (1,1,0) model, which may be applied to forecast the foreign currency exchange rates in Bangladesh.

Credit Risk in the Euro Area Compared to Other European Union Countries

Theoretical background: The article examines the microeconomic and macroeconomic determinants of credit risk in the European Union countries divided into two groups: countries that own the euro and countries outside the euro area. Purpose of the article: This study is to identify differences in the shaping of credit risk in the EU depending on the country's affiliation to the monetary union. Research methods: The statistical survey made it possible to identify significant differences between the mean values of the analyzed variables, and the econometric survey made it possible to identify differences in the determinants of credit risk in the two analyzed groups of countries. The study consisted of examining the occurrence of differences between the means for the collected variables and making the models using the GMM system. Main findings: Differences in the influence of macroeconomic factors on the credit risk of euro area countries and other European Union countries were shown. The main difference concerns the insensitivity of credit risk of euro area countries to changes in the foreign currency exchange rate, as well as the significant impact of inflation and unemployment on the credit risk of these countries.

Wybrane zagadnienia występujące w sporach między konsumentami a bankami na kanwie umów o kredyty waloryzowane do walut obcych

This article deals with important and current issues concerning mainly settlements of an invalid loan agreement or a loan agreement indexed with a foreign currency exchange rate, considering its exchange rate provisions as illegal in contracts with consumers and therefore ineffective. The aim of the article was only to initiate a discussion on indexed contracts, which were concluded with consumers on a scale unprecedented in other legal systems. The current number of claims submitted by borrowers against banks, despite their wide scale, constitutes only a fraction of all concluded loan agreements indexed to foreign currencies and potentially invalid or non-binding to consumers in terms of indexation clauses. Therefore, the article focuses on showing possible decisions of common courts. The reasons for which the contract may be considered completely invalid as well as the reasons for which the obligation relationship under the indexed contract may still be maintained are presented. The consequences of potential legal and tax rulings as to the settlement of an invalid loan agreement, or the amount obtained due to unjustified overpayments on the loan while maintaining the agreement in force, disregarding indexation, were also indicated.

Development Of Web-Based Information System For Promotion Of Kasongan Craft

. The development of a Web-Based Information System for the Promotion of Kasongan Pottery Handicrafts serves as a promotional medium for a number of Kasongan pottery company owners who want to promote their handicraft products through the internet. This website provides facilities for web visitors who want to know information about Kasongan pottery, both the products produced and the company that produces the pottery, news about Kasongan, links to Klik_BCA for foreign currency exchange rates, and polls for opinion polls. Information about products includes product photos, descriptions, sizes, colors and prices, so that web visitors can see and know the products produced by a company clearly. Company owners can register as a member of this web online. The facilities provided for members of this web are company product updates, edit company data and change passwords. Members may have their own website outside this website or not have a website at all. This website is built using the Xampp application software package which includes Apache as a web browser, MySQL for databases and PHP as a programming language. For web display design using Macromedia Dreamweaver 8, while for photo editing using Adobe Photoshop CS2 and ACDSee 8. MySQL for database and PHP as programming language. For web display design using Macromedia Dreamweaver 8, while for photo editing using Adobe Photoshop CS2 and ACDSee 8. MySQL for database and PHP as programming language. For web display design using Macromedia Dreamweaver 8, while for photo editing using Adobe Photoshop CS2 and ACDSee 8.