As integration is related to systemic risk and rewards in the markets, it’s coupled with both weak and semi-strong form efficiency. Little or no evidence is found on return and volatility spillover of Frontier markets let alone the very new emerging area of cultural Finance. This study takes US and fifteen frontier markets out of 32 from all five regions defined by MSCI 2015, based on their data availability from January 2000 to December 2015 for sixteen years. This study uses the Diebold and Yilmaz''s (2009) measure of financial integration which uses decomposition of Variances in vector autoregressive models, on weekly data of returns and realized volatility to arrive at static and dynamic return and volatility indices. At the second layer of analysis the static indices are used in cross sectional country pair financial gravity model to know the determinants of return and volatility spillovers followed by Balli, Balli, Jean Louis, and Vo, (2015). With addition of Weighted mahalanobis, asymmetrical Cultural distance measure of Yeganeh (2014) by taking four dimension of culture from Hofstede (2001), in the cross sectional determinant model this study take next step by examining the relationships in independently pooled panel data paradigm. By taking bi-lateral returns and volatility spillovers with four sub-sample periods of 2000- 2003, 2004-2007, 2008-2011, 2012-2015 of four years each, the study incorporates dynamism in integration of not only interdependence in financial markets but also in cultural variables. Moreover, in both cross sectional and panel data setting this study investigates the channels through which Culture operates, motivated by the work of Lucey & Zhang (2010); Eun, Wang, and Xiao (2015); and Rothonis, Tran, and Wu, (2016) through introducing moderators in OLS models. Finally this study also includes the crisis index developed by Sachs, Tornell, and Velasco (1997) and used by Zhu and Yang (2008) to know the contagion of crisis in frontier markets and if Culture is a channel of contagion through simple OLS methodology in panel settings. The Markets are partially integrated and spillovers are low as compared to previous results of emerging and developed markets. The overall high volatility spillovers against returns give way to behavioral and cultural factors and non-existence of rational models of finance in decision making. US as representative of the developed markets shows highest contribution to the shocks in Frontier markets variance ratios in both cases. This study found high significant positive relationship to our cultural distance measure and support the notion that culturally distant countries have low levels of spillovers in both returns and volatility. Geographical proximity related hypothesis was completely rejected proving that frontier markets financial dynamics are not derived by regions. Trade openness is a channel through which relationship between culture and financial integration weakens in both spillovers, which leads to the theory of liberalization and efficiency as posited by Bekaert, Harvey, and Lundblad (2003). On the other hand Capital account openness enhances the culture-spillover relationship a little bit which is against the theory but we can attribute it to sociological concept of cultural lag, and as theorized by Lucey and Zhang (2010), it is proved that trading is also channel of cultural impact on both returns and volatility spillover. Interestingly from the five international scaled crises only Sovereign Debt crises created the relationship between national crisis index and Volatility/returns spillovers. According to results only return spillover spread through channel of culture not the volatility spillover. Theoretically it proves that both weak and Semi-Strong form of efficiency do not hold in frontier markets. Significant impact of cultural distances can be attributed to home biasness and information costs, moreover openness is gradual and time taking process.
اللہ تعالیٰ نے انسان کو بے تحاشا قابلِ تجدید ذرائع سے نوازا ہے، ان ذرائع میں پانی سے بجلی، شمسی توانائی، ہوا ئی توانائی ہیں۔ ان ذرائع میں پانی سے بجلی، شمسی توانائی، ہوا سے بجلی وغیرہ ہیں، قابلِ تجدید وسائل کا سب سے زیادہ افادیت یہ ہے کہ یہ کاربن ڈائی آکسائیڈ کی بہت کم مقدار خارج کرتے ہیں، 1 کلو واٹ فی گھنٹہ میں شمسی توانائی سے 87 گرام، جیو تھرمل سے 41گرام، ہوائی توانائی سے 31 گرام، جوہری توانائی سے 52 گرام کاربن بن ڈائی آکسائیڈ خارج ہوتی ہے۔ 1 کلو واٹ فی گھنٹہ میں پن بجلی سے صرف کم از کم ایک گرام سے 1500 گرام تک کاربن ڈائی آکسائیڈ خارج ہوتی ہے۔ جرمنی میں 30 فیصد، چین میں 29 فیصد اور جاپان میں 24 فیصد بجلی شمسی توانائی سے پیدا ہوتی ہے۔ پاکستان میں پن بجلی کی صلاحیت ایک لاکھ میگا واٹ ہے، ہوائی توانائی کی 50 ہزارمیگا واٹ ہے، بائیو ماس سے بھی بجلی پیدا کرنے کی صلاحیت بھی ہزاروں میگا واٹ میں ہے، پاکستان میں ایک مربع کلو میڑ پر ایک کلو واٹ توانائی پڑتی ہے جس سے ہزاروں میگا واٹ بجلی پیدا کی جا سکتی ہے۔ [1]
مسلم سکالر'عبدالحمید' لکھتا ہے:
“It is the use of non-renewable resources, those minerals and fossil hydrocarbons whose natural cycles are on a geologic time-scale and are thus practically finite in human terms that are ecologically unsound. It is the rampant exploitation of such non-renewable resources over the past 20 years that has led to the industrial and technological way of life that dominates the planet.”[2]
واپڈا حکام کے مطابق قابل تجدید وسائل سے آئندہ 20 برسوں میں ستانوے سو میگا واٹ پیدا کی جائے گی۔ نیپرا کی سالانہ رپورٹ...
Allah Himself has taken the responsibility to protect the Holy Quran and the Hadith of the Holy Prophet. He Himself has provided the sources of their protection. One of the means of the protection that was the creation of such a group of the Qura who not only served the Holy Quran but also provided worth mentioning services in Ahadith of the Holy Prophet. But their services are hidden from us. By Qura the researcher means those Qura whose recitation styles and narrations are studied and taught in the different quarters of the world who are known as Qura Saba & Ashra (سبعہ وعشرہ). They are ten imams each with two Ravi’s. They are thirty Qura in total. I have selected only last three Imam & their two narrators in this Article. These Qurra are known as Qurra Thlathah (قراء ثلاثہ). The services of these imams have been highlighted in the light of the following eleven Ahadith books. Sihah: Sahih Bukhari, Sahih Muslim, Sahih Ibn-e-Habban, Sahih Ibn-e-Khuzeema. Sunan: Sunan Abu Dawud, Sunan al-Tirmidhi, Sunan al-Nasai, Sunan Ibn Majah, and Sunan al-Kubra. Masaneed: Musnad Ahmad ibn Hanbal, Musnad Abu Ya`la al-Mawsili. How many people have reported them and what is the standard of the weakness and soundness of those narrators have also been discussed in this article. Besides these books of Ahadith, these Ahadith have been searched in other books of Ahadith also. The status of these Qura has been explained in the light of the commentary of Muhadithin. Whether Ahadith critics have declared them thiqa or weak or have declared them as average sadooq. The most important thing is that there is no one weak reporter in these imam qura. Two out of three imam qura are ranked as thiqa and one sadooq. And among the narrators of these qura one is thiqa, one sadooq, and nobody are weak reporters. There is silence about the remaining four reporters of these qura. The reason is that there is no hadith reported from them. Because of all this their religious and scholarly authenticity could be determined. The narrations of these thalathah (ثلاثہ) Qura are confined to reporting the Holy Quran but they have also reported about every part of fiqh and they have been utilized and refered to
Tanning industry in Pakistan has shown rapid growth in last few decades. However, environmental regulations are not strictly followed regarding the processing as well as discharge of effluents. Tannery wastewater and sludge have become a major source of water and soil pollution. This research study was designed to appraise the harmful impacts of untreated tannery wastewater along with proper management of sludge by utilizing green technologies. In this study, management of tannery sludge was done by utilizing environment friendly practices in four experimental phases. In first phase, the impacts of tannery wastewater on soil and selected plants were studied in comparison with a control group. Characterization of tannery wastewater showed that values of parameters like pH, biological oxygen demand, chemical oxygen demand, sulphate and chloride were higher as compared to National environmental quality standard. The concentration of Cr, Zn, Mn, Fe, Cu, Na, and K were higher in soil and plants (D. sanguinalis, S. cumini and E. camaldulensis) samples irrigated with tannery wastewater as compared to fresh water samples. It is concluded that the untreated tannery wastewater is not suitable for irrigation purpose. Hence, proper treatment of tannery wastewater is required before its usage for irrigation purpose. Biogas production through anaerobic co-digestion of waste activated tannery sludge (WATS) with biomasses (rice husk, cow dung and sewerage sludge) as co-substrates was investigated in second phase. The initial results of waste activated tannery sludge were best as compared to primary lagoon sludge, secondary lagoon sludge and tannery solid waste collected from Kasur tannery treatment plant. The waste activated tannery sludge was used in biogas experiments as co-substrate. Different proportions of waste activated tannery sludge and cow dung were used for biogas production. The cumulative biogas production in WATS (waste activated tannery sludge 100 %) was found 80 mL (0.10 mL/g TVS), WATSCD-1 (WATS 70 % and cow dung 30 %) that is 158 mL (0.20 mL/g TVS) and WATSCD-2 (WATS 50 % and cow dung 50 %) sample 195 mL (0.24 mL/g TVS). The overall results of WATSCD-2 combination were best. To optimize biogas production ultrasonic and chemical pre-treatment were applied through series of experiments on different combination of WATSCD-2. Seven combinations of WATSCD-2 with sewerage sludge and rice husk were ii prepared and designated as CDCT-1 to CDCT-7, treated chemically. Similarly, seven proportions CDUT-1 to CDUT-7 were treated ultrasonically. Biogas production results of ultrasonically treated sludge combinations (CDUT-1 to CDUT-7) were better as compared to chemically treated sludge combinations (CDCT-1 to CDCT-7). The optimum results were obtained in ultrasonically treated combination CDUT-7 (202 mL, 9.25 mL/g TVS) as it contains maximum biomass concentration as compared to CDUT-1 to CDUT-6. In third phase, series of experiments were conducted to optimize the parameters like sulfur, ash and gross heating value (GHV) by preparing different sludge combinations with biomasses. These combinations were prepared by using primary sludge, secondary sludge and WATSCD-2 with coal and rice husk on weight percent basis. The higher GHV results were found in WATSCD-2 combinations as compared to both primary and secondary sludge combinations. The WATSC-2 combination (WATSCD-2 50 % and coal 50 %) have lower sulfur and ash contents along with high GHV as compared to primary and secondary sludge combinations. So, this combination has better potential to use as refuse derived fuel for energy recovery. The statistical analysis (one-way ANOVA) was found significant for ash, sulfur and GHV for different sludge combinations with p < 0.05. It is concluded that sludge is a very valuable fuel like traditional biomass. However, efforts should be exercised to overcome the problem of drying and emissions from sludge. In last phase, compost was prepared from different combinations of WATSCD-2 with different co-substrates. These combinations were designated as WATSCD-SR (mixture of WATSCD-2, sewerage sludge and rice husk), WATSCD-RL (mixture of WATSCD-2, rice husk and leaves), WATSCD-SL (mixture of WATSCD-2, sewerage sludge and leaves) at laboratory scale by using 1:1:1 ratio of each component. The WATS-RL combination showed better results of nitrogen (2.9 ± 0.38 %), phosphorous (0.038 ± 0.01 %), potassium (0.07 ± 0.01 %), organic matter (57.55 ± 6.35 %) and C/N ratio (18.05 ± 1.93) as compared to WATS-SR and WATS-SL. Environmental regulations are getting more restricted related to landfilling of biodegradable waste. The solution of these problems is to use of biodegradable portion for biogas production and residual tannery sludge as bio-solid (composting) or thermal utilization for energy recovery.