Global Fluctuations Research Articles

Sequence stratigraphic framework of carbonates in mixed siliciclastic–carbonate sequences: local versus external controls in a tectonically active basin (Lorca Basin, Miocene, SE Spain)

ABSTRACT The sequence stratigraphic framework of initiation and growth of carbonates in environments impacted by siliciclastic inputs is highly variable because of the biogenic nature of the sedimentary production and its sensitivity to environmental conditions. Using panorama interpretations, logging, and characterization of benthic communities, the mixed carbonate–siliciclastic sedimentary succession of the Neogene Lorca Basin (SE Spain) has been studied to decipher the role of local and global controlling parameters on the sequence stratigraphic framework of carbonate production. Three different carbonate depositional models are distinguished: 1) retrogradational homoclinal ramps (type 1) dominated by heterozoan communities that developed lateral to alluvial fans, 2) progradational flat-topped coral platforms (type 2) with Porites and Tarbellastraea coral carpets with a coeval retrogradational pattern on basin margins, and 3) retrogradational narrow siliciclastic-rich coral platforms (type 3) with Tarbellastraea buildups intercalated with deltaic deposits. Onset of carbonate production systematically occurred during transgressions controlled by eustasy and was locally enhanced by extensional tectonics. In steep margins located in the vicinity of major marginal faults, transgressions were characterized by high terrigenous inputs, and only heterozoan-dominated ramps (type 1) developed. The flooding of these steep and tectonically active margins characterized by small drainage basins and immature, locally sourced alluvial systems led to lower terrigenous fluxes and the growth of coral flat-topped platforms (type 2) during subsequent highstands. Away from main marginal faults, deltaic environments were sourced by large drainage basins. They were characterized by a flat topography that permitted the occurrence of a shallow photic zone subject to low and irregular terrigenous inputs up to the distal part of the depositional profile during transgressions. In this deltaic configuration, the growth of narrow siliciclastic-rich coral platforms (type 3) were favored. On these platforms, coral buildups were regularly buried by terrigenous inputs during highstands. In the Lorca Basin, the dimensions of siliciclastic systems and the size of their drainage basins also directly impacted the sequence stratigraphic framework of carbonates intercalated in terrigenous units. This study illustrates the marked variability in: 1) the different types of carbonate depositional profiles and 2) the timing of these carbonates in a mixed carbonate–siliciclastic system because of the size, maturity, and location of siliciclastic systems, local tectonics, inherited topography, and global sea-level fluctuations.

Asymmetric relationship between crude oil price and remittance inflows in a small island economy: Evidence from non-linear ARDL approach

Sri Lanka's economy heavily depends on remittance inflows to finance its import of essential and intermediate goods. A decline in remittances could severely limit the country's import capacity, affecting overall economic growth and development. This study investigates the impact of crude oil prices on Sri Lankan remittance inflows from 1980 to 2020, while accounting for per capita GDP, financial development, and exchange rates as additional explanatory variables. Employing a nonlinear autoregressive distributed lag (NARDL) model, the analysis reveals significant asymmetric effects of oil price shocks on remittance inflows. In the short run, positive oil price shocks lead to increased remittance inflows, whereas negative shocks reduce them. However, in the long run, both positive and negative oil price shocks have an adverse impact on remittance inflows. Furthermore, changes in per capita GDP, financial development, and exchange rates also play a crucial role in influencing remittance inflows. The findings highlight Sri Lanka's vulnerability to global oil market fluctuations and suggest policy measures to mitigate these risks. Key recommendations include diversifying labor export markets, enhancing financial infrastructure, and reducing dependence on remittance inflows to sustain import capacity and promote long-term economic resilience.

A Financial Analysis and Valuation of Apple, Inc.

Abstract: This paper will take an in-depth look at Apple's financial performance and provide a detailed comparative analysis with its main competitors. Apple, as the world's leading technology giant, has always been known for its innovative products and strong market influence. However, in an increasingly competitive tech industry, continued financial health is key to its success. This paper first compares the performance of Apple and its competitors in key financial indicators such as liquidity, debt repayment ability and profitability. This comparison not only reveals Apple's financial position in the industry, but also helps us understand its robustness in responding to market movements. Next, this paper analyzes Apple's financial report of the latest year in detail, and deeply discusses the change trend of its revenue, expenditure, profit and other key financial data. This analysis is able to capture Apple's financial performance and strategy in the face of global economic fluctuations and changes in market demand. Finally, this paper will discuss Apple's business strategy and the business risks it faces. This includes its product innovation strategy, market expansion plans and potential risks due to factors such as technological change, market competition and global policy changes. Through a comprehensive analysis of Apple's business model and go-to-market strategy, this paper aims to provide a comprehensive perspective on how Apple can maintain its leadership position in a dynamic market.

Micro-mechanisms of digitalization-driven financing for renewable energy: Growing capital pools and shifting flows

Recent facts from China suggest that the advancement of digitalization is altering the market expectations regarding renewable energy. Limited studies have offered evidence encompassing the stock effect of digitalization that enhanced corporate financing and the flow effect that initiated speculative behavior. However, a comprehensive discourse remains insufficient. This paper investigates the synergetic effects of digitalization's stock and flow on renewable energy financing, employing the business data of all listed companies in China from 2003 to 2023. The results demonstrate that: (1) Digitalization's stock has expanded the potential fund pool for renewable energy financing, yet it is challenging to influence the flow of funds; digitalization's flow has triggered a flood of funds into the renewable energy industry, but this relies on the new investors attracted by the stock. (2) The synergetic effect governs the systematic influence of digitalization on renewable energy financing and mitigates the measurement bias when considering only a single effect. (3) We further contemplate the indirect effects of renewable energy market expansion, technological progress, and global energy market fluctuations, alleviating concerns regarding the omitted variable bias. The results of the differential regression and generalized method of moments also indicate the robustness of the conclusion.

Influence of momentum ratio on heat release rate and noise of co/counter-swirl non-premixed diluted CO/H2 flames

Understanding co/counter-swirl or twin-swirl flames remains challenging due to the complex interaction of two swirling streams. In the present study, we investigate the heat release features of non-premixed co/counter-swirl syngas/air flames and their’ influence on combustor noise in a ∼20 kW combustor using simultaneous high-speed OH*-chemiluminescence (5 kHz) and microphone measurement (50 kHz) by varying the momentum ratio (M) from 0.4 to 0.95. Furthermore, the velocity field is examined using a low-speed two-dimensional particle image velocimetry (2D-PIV, frequency = 7 Hz). For all studied momentum ratios, the frequency spectra of noise measurements for both co/counter-swirl flames consistently exhibit a dominant frequency (∼285 Hz), close to the fundamental axial mode of the combustor. A further analysis using spectrograms, phase spaces, and recurrence plots reveals intermittent patterns in noise measurements, featuring periodic (P) and aperiodic regions (A). In periodic regions (P), noise synchronizes with the global fluctuation of the heat release rate as observed in chemiluminescence. Along with global fluctuation, the chemiluminescence also reveals a rotational component of heat release rate with distinct frequencies for co and counter-swirl configurations. This rotational motion possibly originated from a precessing vortex core (PVC) as indicated by the zig-zag arrangements of vortices in the inner shear layer. Furthermore, the impact of M on global fluctuation and rotational motion has been investigated using the frequency spectrum of OH*-intensity and the distribution of peaks in noise measurement. The global fluctuation is found to be suppressed when M increases while the rotational component becomes prominent at higher M. Therefore, the study elucidates the co-existence of global fluctuation and rotational motion and how these motions evolve with the varying momentum ratio (M), thus enhancing the understanding of combustion characteristics of the complex twin-swirl (co/counter-swirl) flames.

Exploring thermal effects of advanced backside power delivery network beyond 3 nm node

Backside Power Delivery Networks (BSPDNs) address scaling issues by relocating power, boosting efficiency and density. However, thermal effects pose challenges. In this work, a comprehensive thermal analysis of BSPDN is performed to elaborate the key modulation factors and possible optimization approaches, where the specific backside metal layers are constructed to investigate the impacts of operating conditions, via distribution and materials on thermal effects. To improve the simulation efficiency, the effective thermal conductivity is employed to simplify the Nanosheet (NSH) FET based front-end-of-line (FEOL) and other layers at the 3 nm technology node. Results show that non-uniform via distribution in BSPDN causes temperature fluctuations, but augmenting Backside Via counts effectively mitigates local peak temperature increases from higher power. For BSPDN, backside cooling solutions outperform frontside in efficiency, particularly at high via densities. Using high thermal conductivity inter-metal dielectric (IMD) materials significantly reduces global temperature rise and fluctuations from non-uniform vias in BSPDN, enhancing PDN design flexibility.

Archaeological Geology of Jurash, ʿAsīr Province, Southwestern Saudi Arabia

ABSTRACTThe Jurash archaeological site is located on Wādī Bīshah near the city of Khamīs Mushayt in southwestern Saudi Arabia. It has a fort and other remains from the pre‐Islamic period (third century bc to early seventh century ad) and a settlement with two mosques from the Early Islamic period (early seventh to early 11th centuries ad). A survey was conducted for the purposes of identifying the building materials and determining their geographic sources, and also investigating the building methods. It was found that all materials were locally derived and that the fort's outer wall is a typical example of South Arabian fortifications of the first millennium bc. An examination of the site stratigraphy revealed that Jurash has been repeatedly inundated by destructive flash floods from Wādī Bīshah. The timing of these events was largely controlled by global climatic fluctuations, including the Medieval Climate Anomaly and the Little Ice Age.

ЭКОНОМИЧЕСКИЙ ПОРТРЕТ КАЗАХСТАНА: НОВЫЕ ВЕХИ

Recent years have been marked by steady growth of the Kazakh economy, which is supported by the dynamic development of key sectors and the active introduction of new technologies. In 2024, the country continues to successfully adapt to the changing global economic environment, including commodity price volatility and global economic turmoil. The Kazakh economy has demonstrated steady positive dynamics, which is due to the stable growth of key industries and innovative development. Despite global economic challenges and fluctuations in commodity prices, the country continues to demonstrate adaptability and sustainability of economic growth in 2024. International financial institutions and analytical centers agree that the Kazakh economy will maintain moderate growth rates in 2024. This indicates a gradual recovery from global economic turmoil. An important factor contributing to such development is the diversification of the economy, aimed at reducing dependence on commodity exports and stimulating domestic consumption, infrastructure projects and innovation. The Kazakh government is actively working to improve the country's investment attractiveness, support small and medium-sized businesses and develop human capital. These measures are aimed at ensuring sustainable economic growth and improving the well-being of the population. This article provides an in-depth analysis of the current economic state of Kazakhstan, including the dynamics of GDP and GRP, as well as development prospects.

Transformative Dynamics in Private Equity: Exploring Co-investment, ESG Integration and Digitalization Strategies

This paper delves into the evolving landscape of private equity (PE) financing, particularly in the context of the real estate and project development sectors amidst global economic fluctuations and geopolitical uncertainties. With traditional debt financing losing its sheen, the study focuses on the burgeoning role of PE, especially co-investment funds, as a viable financial alternative. Utilizing a rich dataset from reputable sources such as Morningstar, Pitchbook, and the European Central Bank, along with other pertinent studies, the paper presents a nuanced analysis of the declining PE transaction activity in 2023. It highlights how this downturn has catalyzed the adoption of innovative strategies, including the rise of “continuation vehicles” and the increasing significance of co-investments. Moreover, the research offers an insightful examination of the German SME sector, showcasing how PE can be a transformative force. It particularly emphasizes the incorporation of ESG (environmental, social, and governance) considerations and the advancement of digitalization within these enterprises. The study employs a mixed-methods approach, blending qualitative insights with a robust collection of both primary and secondary data. It argues that PE is not merely a financial instrument but a catalyst for meaningful business evolution, enabling German SMEs to effectively respond to current market challenges and undergo essential transformations. This paper aims to contribute to the broader understanding of PE’s role in contemporary business environments, offering valuable perspectives for academics, industry practitioners, and policymakers.

Evolutionarily conserved fMRI network dynamics in the mouse, macaque, and human brain

Evolutionarily relevant networks have been previously described in several mammalian species using time-averaged analyses of fMRI time-series. However, fMRI network activity is highly dynamic and continually evolves over timescales of seconds. Whether the dynamic organization of resting-state fMRI network activity is conserved across mammalian species remains unclear. Using frame-wise clustering of fMRI time-series, we find that intrinsic fMRI network dynamics in awake male macaques and humans is characterized by recurrent transitions between a set of 4 dominant, neuroanatomically homologous fMRI coactivation modes (C-modes), three of which are also plausibly represented in the male rodent brain. Importantly, in all species C-modes exhibit species-invariant dynamic features, including preferred occurrence at specific phases of fMRI global signal fluctuations, and a state transition structure compatible with infraslow coupled oscillator dynamics. Moreover, dominant C-mode occurrence reconstitutes the static organization of the fMRI connectome in all species, and is predictive of ranking of corresponding fMRI connectivity gradients. These results reveal a set of species-invariant principles underlying the dynamic organization of fMRI networks in mammalian species, and offer novel opportunities to relate fMRI network findings across the phylogenetic tree.

ANTIPASTI: Interpretable prediction of antibody binding affinity exploiting normal modes and deep learning

The high binding affinity of antibodies toward their cognate targets is key to eliciting effective immune responses, as well as to the use of antibodies as research and therapeutic tools. Here, we propose ANTIPASTI, a convolutional neural network model that achieves state-of-the-art performance in the prediction of antibody binding affinity using as input a representation of antibody-antigen structures in terms of normal mode correlation maps derived from elastic network models. This representation captures not only structural features but energetic patterns of local and global residue fluctuations. The learnt representations are interpretable: they reveal similarities of binding patterns among antibodies targeting the same antigen type, and can be used to quantify the importance of antibody regions contributing to binding affinity. Our results show the importance of the antigen imprint in the normal mode landscape, and the dominance of cooperative effects and long-range correlations between antibody regions to determine binding affinity.

Impact of Human Resources in Indian Oil Companies: Evolution, Challenges, and Future Trends

This study analyses the evolution, current challenges, and future human resource (HR) management trends within Indian oil companies. It seeks to provide a comprehensive understanding of how HR practices have developed over time, the obstacles faced by HR departments today, and the strategic directions necessary for future growth and adaptation. The research employs a mixed-methods approach, combining qualitative and quantitative data. Primary data were collected through surveys and interviews with HR professionals and employees in major Indian oil companies. Secondary data were drawn from industry reports, academic literature, and company records. The study utilizes thematic analysis to identify critical trends and challenges and statistical analysis to quantify the impact of various factors on HR practices. The study finds that HR practices in Indian oil companies have evolved from traditional administrative roles to strategic partners in business development. Current challenges include managing a diverse and technologically evolving workforce, adapting to global economic fluctuations, and addressing regulatory compliance issues. Future trends suggest an increased focus on digital transformation, diversity and inclusion, and strategic workforce planning. The findings offer valuable insights for HR practitioners and policymakers in Indian oil companies. They highlight the need for innovative HR strategies to address emerging challenges, such as integrating advanced technologies and fostering an inclusive work environment. The study also recommends improving HR practices to enhance organizational performance and employee satisfaction.

Daily Dynamics of Resting-State Electroencephalographic Theta and Gamma Fluctuations Are Associated With Cognitive Performance in Healthy Aging.

Healthy age-related cognitive changes are highly heterogeneous across individuals. This variability is increasingly explained through the lens of spontaneous fluctuations of brain activity, now considered a powerful index of age-related changes. However, brain activity is a biological process modulated by circadian rhythms, and how these fluctuations evolve throughout the day is under investigation. We analyzed data from 101 healthy late middle-aged participants from the Cognitive Fitness in Aging study (68 women and 33 men; aged 50-69 years). Participants completed 5 electroencephalographic (EEG) recordings of spontaneous resting-state activity on the same day. We used weighted phase-lag index (wPLI) analyses as an index of the functional synchrony between brain regions couplings, and we computed daily global PLI fluctuation rates of the 5 recordings to assess the association with cognitive performance and β-amyloid and tau/neuroinflammation pathological markers. We found that theta and gamma daily fluctuations in the salience-control executive internetwork (SN-CEN) are associated with distinct mechanisms underlying cognitive heterogeneity in aging. Higher levels of SN-CEN theta daily fluctuations appear to be deleterious for memory performance and were associated with higher tau/neuroinflammation rates. In contrast, higher levels of gamma daily fluctuations are positively associated with executive performance and were associated with lower rate of β-amyloid deposition. Thus, accounting for daily EEG fluctuations of brain activity contributes to a better understanding of subtle brain changes underlying individuals' cognitive performance in healthy aging. Results also provide arguments for considering the time of day when assessing cognition for old adults in a clinical context.

Governance Optimization through Territorial Management Control in Local Authorities

This article explores the responses of the Moroccan public sector to global economic fluctuations, focusing on reforms inspired by New Public Management within OECD countries. Morocco has initiated reforms affecting local governments to address various challenges, such as advanced regionalization, financial crises, the COVID-19 pandemic, and the adoption of a new development model. The study examines the crucial role of local governments in socioeconomic development and highlights the importance of management control to improve governance. The objective is to analyze the effectiveness of these local governments, the application of New Public Management, management needs, human resource competence, and models of good governance, identifying how management control tools can support their improvement.

Global alpha power fluctuations in a self-caught mind-wandering paradigm are independent of arousal

Mind-wandering is characterised as the emergence of thought and emotions which shift attention away from a primary task. It is thought to consume up to 50 % of our waking lives and has several negative implications. Breath-counting is one task that has been utilised in conjunction with electroencephalography (EEG) to examine the brain states associated with mind-wandering. Research has consistently found reductions in alpha oscillations during periods of mind-wandering relative to breath-focus. It is possible that such fluctuations reflect an arousal mechanism warranting further investigation. Thirty-seven participants completed a 15 min breath-counting task, with simultaneous recording of EEG and skin conductance level (SCL). During this task participants were required to self-identify periods of mind-wandering via button-press. Event-related spectral perturbation (ERSP) analysis was used to quantify changes in global alpha power (8–13 Hz) relative to the button press. The −8 to −4 s period prior to button-press was assessed as mind-wandering, and the 4 to 8 s period following the button-press as breath-focus. Relative to breath-focus, mind-wandering was associated with a significant decrease in global alpha power and significant increase in SCL, consistent with perceptual decoupling theory. However, changes in global alpha power and SCL did not correlate. These results suggest arousal is not the primary mechanism underlying alpha changes observed during breath-counting, thus additional processes should be considered.

Investment Value Analysis of BYD: An Integrated PEST and Financial Approach

This paper presents a detailed investigation into BYD Company Limited's investment value, incorporating a comprehensive Political, Economic, Social, and Technological (PEST) analysis with an in-depth financial evaluation. Findings from the PEST analysis underscore BYD's adept navigation of supportive government policies and its proactive stance against international trade challenges, affirming its strong domestic market position and readiness for global expansion. Economically, BYD has shown resilience through effective pricing strategies and market diversification, maintaining profitability amidst global financial fluctuations. Socially, the company's alignment with environmental sustainability trends has strengthened its brand and customer loyalty. Technologically, BYD’s advancements in battery technology and electric drivetrains position it as an industry leader. Financial findings highlight a robust year-over-year revenue increase of 42.04%, an impressive gross profit rise by 42.42%, and a significant leap in operating profit by 360.53%. Despite slight contractions in net profit margins, the company’s financial health remains strong with promising prospects for future profitability. Together, these analyses depict BYD as a compelling investment, poised for sustained growth within the NEV sector.

African and international financial markets interdependencies: Does Covid-19 media coverage make any difference?

This study examines the co-movement and time-varying integration between equity, exchange rate, and international market volatility indices across different time–frequency domains using the wavelet and dynamic conditional correlation-generalised autoregressive conditional heteroskedasticity (DCC-GARCH) model and BEKK GARCH for selected African countries. First, the findings indicate that the co-movement between equity and exchange rates during the pandemic was exacerbated by global COVID-19 media coverage. The findings indicate that there has been a substantial risk transfer between exchange rates and stock returns during the COVID-19 pandemic, resulting in a decline in domestic stock returns and subsequent capital outflows, which in turn increased the exchange rate. Given the growing difficulties in diversification, specific information on the volatility of financial market connectedness is required to plan hedging strategies. To explore the influence of global market volatility on Africa’s equity and currency markets, it is crucial to analyse the relationship between regional and global market fluctuations, especially given the negative impact of the COVID-19 pandemic. Our empirical research demonstrates that the VIX and OVXCL indices play a significant role in transmitting spillovers to currency and equity markets in Africa. This suggests that the sentiment indicators provided by the VIX and OVXCL can be useful in predicting the behaviour of Africa’s currency and equity markets

Understanding the heat release fluctuations and combustion noise characteristics of non-premixed co/counter-swirl syngas flames at MILD conditions

The heat release fluctuations and combustion noise of co/counter-swirl non-premixed syngas (mixture of CO and H2) and air flames at moderate or intense low-oxygen dilution (MILD) conditions has been investigated experimentally using simultaneous OH∗-chemiluminescence (5 kHz) and microphone measurements (50 kHz). Furthermore, the similarities and differences between co and counter-swirl flames are elucidated using proper orthogonal decomposition (POD), spectrogram, and frequency distributions. At a high O2 concentration (21% by volume), noise measurements for both co/counter-swirl flames comprise both high-amplitude periodic and low-amplitude aperiodic oscillations, revealing signatures of intermittency. Interestingly, for periodic oscillations, the global luminosity (Ifluc) obtained from OH∗-chemiluminescence and noise (Pfluc) are found to be in phase, indicating a strong coupling between noise and heat-release rate. Moreover, POD modes indicate that the global heat release fluctuation occurring in the central region of the combustor is the source of these periodic fluctuations. Besides global fluctuation, the heat release region undergoes rotation around the combustor axis with differing frequencies for co and counter-swirl flames. Furthermore, the global fluctuation is found to be prominent for co-swirl flames, while precession motion is more pronounced in counter-swirl flames. When O2 is reduced to 13.13%, the combustion becomes stable, as suggested by low-amplitude aperiodic oscillations in the noise measurement. Heat release of co and counter-swirl flames respond differently to this reduction in O2 concentration. The precession motion remains unaffected for co-swirl flames upon O2 reduction. In contrast, precession motion alters significantly for counter-swirl. Regarding global fluctuations, low oxygen concentration suppresses all periodic fluctuations, mitigates noise, and Pfluc and Ifluc become entirely decoupled for both flames. Hence, the present study demonstrates for the first time the applicability of a low-oxygen dilution strategy in the context of co/counter-swirl flames for decoupling heat release and noise measurements. Furthermore, the study also indicates the varied response of complex co and counter-swirl flames to different oxygen concentrations.

IMPACT OF THE RUSSIA-UKRAINE CONFLICT ON INDONESIAN COMMODITY STOCKS: A SYSTEMATIC LITERATURE REVIEW

The Russia-Ukraine conflict has significantly impacted Indonesian commodity stocks, as revealed by a comprehensive literature review. The conflict has introduced volatility in global markets, directly affecting Indonesian stock commodity-based prices, exchange rates, and investor sentiment. While initial commodity price rises benefited Indonesian stocks, persistent volatility and market interconnectedness pose challenges. This paper employs a systematic literature review methodology, collecting, synthesizing, and analyzing numerous papers published in the last decade on a variety of topics closely related to volatility transmission issues. Based on our review of twenty-seven articles, the result of this paper's analysis underscores the importance of diversifying investments and enhancing resilience against global disruptions. The GARCH models and the Geopolitical Risk Index further emphasize Indonesian commodity stocks' susceptibility to global price fluctuations and geopolitical risks. The research concludes that the Russia-Ukraine conflict has far-reaching consequences for Indonesian stock commodity-based markets, underscoring the need for risk mitigation strategies and enhanced resilience against future geopolitical shocks.

Forecasts for the Development of the Cruise Industry: Trends, Challenges and Opportunities

The article is devoted to the analysis of current trends affecting the global cruise tourism market. The paper examines the key growth factors of the industry, including technological innovations, changes in consumer preferences and the impact of environmental regulations. Special attention is paid to the analysis of the challenges faced by cruise line operators, such as global economic fluctuations, pandemic threats and increased competition. Potential opportunities for sustainable growth are also being discussed, including the development of new routes, infrastructure improvements and the introduction of environmentally friendly technologies. In conclusion, conclusions are drawn about the prospects of the cruise industry in a rapidly changing global landscape and recommendations are offered for stakeholders to adapt to future changes and optimize development strategies.