Evaluation of a heat pump system for greenhouse heating

Greenhouse heating costs for some commercial growers in southern Australia are now a significant production cost. This is particularly the case for those operators who installed heating systems using liquefied petroleum gas (LPG) when this fuel was relatively inexpensive. Heat pump systems used in various configurations have been suggested as an option for reducing energy use and costs for greenhouse heating, particularly if off-peak electricity is used. This paper investigates the financial and environmental viability of an air-to-water heat pump system for a 4000 m2 greenhouse, located 120 km north of Melbourne, Victoria. The simulation software, TRNSYS, was used to predict the performance of the system. The heat pump system was found to have a simple payback period of approximately six years and reduce LPG consumption by 16%. Greenhouse gas emissions were 3% higher using the heat pump system, compared to the existing LPG boiler.

Globalising water accounting : lessons from the globalisation of financial reporting

Water management is a matter of global concern. To underpin sound management of water scarcity and quality issues requires high quality, consistent, understandable and credible information. In a world first, accounting and water industry experts in Australia have developed a system of water accounting as an accounting sub-discipline, analogous to financial accounting to guide national and intra-national decision-making. With a conceptual framework and a Preliminary Australian Water Accounting Standard in place, Australia’s approach is being evaluated internationally within the water and mining industries. Its fate as a discipline will depend upon regulatory politics as well as the intellectual and practical rigour of the system and the rate of its adoption. In this paper, we explore the application to water accounting of regulatory theories that have been valuable to gaining an understanding of financial accounting standards development. We predict the international path of the water accounting a sub-discipline of accounting, as an outcome of political forces.

Editorial : advances in network and system security

Current parallel and distributed networks/systems are facing serious threats from network terrorism and crime, which cause huge financial loss and potential life hazard. As attacking tools are becoming more widely available, more easy-to-use, more sophisticated, and more powerful, more efforts have been made in building more effective, more intelligent, and more adaptive defense systems which are of distributed and networked nature. This special issue focuses on issues related to Network and System Security, such as authentication, access control, availability, integrity, privacy, confidentiality, dependability and sustainability of computer networks and systems.

How the financial crisis sundered the dream of the autonomous subject

The article discusses the effect of the 2008 economic meltdown on self-reliance. Banks are noted to have honored credit default swaps and purchase mortgages as collateralized debt obligations (CDO) with the option of buy back at face value. Also discussed are the Wall Street Bailout, the Australian banking system and the overseas debt of Australia.

Neural network and interval type-2 fuzzy system for stock price forecasting

Stock price forecast has long been received special attention of investors and financial institutions. As stock prices are changeable over time and increasingly uncertain in modern financial markets, their forecasting becomes more important than ever before. A hybrid approach consisting of two components, a neural network and a fuzzy logic system, is proposed in this paper for stock price prediction. The first component of the hybrid, i.e. a feedforward neural network (FFNN), is used to select inputs that are highly relevant to the dependent variables. An interval type-2 fuzzy logic system (IT2 FLS) is employed as the second component of the hybrid forecasting method. The IT2 FLS’s parameters are initialized through deployment of the k-means clustering method and they are adjusted by the genetic algorithm. Experimental results demonstrate the efficiency of the FFNN input selection approach as it reduces the complexity and increase the accuracy of the forecasting models. In addition, IT2 FLS outperforms the widely used type-1 FLS and FFNN models in stock price forecasting. The combination of the FFNN and the IT2 FLS produces dominant forecasting accuracy compared to employing only the IT2 FLSs without the FFNN input selection.

Using fund transfer pricing for comparing financial performance among business units

This study aims to demonstrate by a simplified analysis how fund transfer pricing can be used to measure financial performance taking into account the flow of resources in a bank with only two branches. The present study was developed in three sections. The first section provides information regarding fund transfer pricing and its characteristics. This is followed by a section with an analysis demonstrating how fund transfer pricing can assist top management to evaluate financial performance in a financial institutions with only two business units. Finally, the third section has the concluding remarks about the benefits and limitations of the use of fund transfer pricing. This study uses a simple version of fund transfer pricing system to address a further complex problem which is the exchange of services among business units in a decentralized organization. The analysis has shown how fund transfer pricing can be used to manage a bank, directing the efforts of branch managers.

Money laundering and terror financing risk management of low risk financial products and services in South Africa

When the South African anti-money laundering regulations were drafted in 2002, the Minister of Finance made an exemption to protect so-called mass market banking services products for the poor against negative compliance impact by the new system. This exemption, known as Exemption 17, relaxes the requirement to identify and verify a client’s residential address. Exemption 17 was amended in 2004 to facilitate the launch of a basic bank account, the Mzansi account. This account has proved to be hugely popular. According to the FinScope 2007 survey 10% of South African adults claimed to hold a Mzansi account.

Financial incentives for living kidney donors: are they necessary?

In the face of the perceived failure of altruistic organ donation programs to generate sufficient kidneys to meet demand, introducing financial incentives for living donors is sometimes argued as the only effective strategy by which lives currently lost while awaiting kidney transplantation might be saved. This argument from life-saving necessity is implicit in many incentive proposals, but rarely challenged by opponents. The core empirical claims on which it rests are thus rarely interrogated: that the gap between supply of and demand for donor kidneys is large and growing, the current system cannot meet demand, and financial incentives would increase the overall supply of kidneys and thus save lives. We consider these claims in the context of the United States. While we acknowledge the plausibility of claims that incentives, if sufficiently large, may successfully recruit greater numbers of living donors, we argue that strategies compatible with the existing altruistic system may also increase the supply of kidneys and save lives otherwise lost to kidney failure. We conclude that current appeals to the life-saving necessity argument have yet to establish sufficient grounds to justify trials of incentives.

Reforms required to the Australian tax system to improve biodiversity conservation on private land

Private land conservation forms an integral part of Australia’s natural resource management and biodiversity conservation efforts, and the past two decades have seen a significant growth in the establishment of in-perpetuity conservation covenants. Specifically, conservation covenants address key national goals such as building the National Reserve System and expanding the markets for ecosystem services. However, a number of financial barriers exist to achieving these goals, and the national tax review in the form of the Tax White Paper Task Force provides an opportunity to address these barriers. This article provides a number of specific recommendations which outline how these financial barriers for private land conservation might be addressed by the Federal Government.