The basic aim of this paper is to investigate the relation between Budget Deficit and Gross Domestic Product of Pakistan. There are three views about this relation. Keynesian says that there is a positive relation between budget deficit and economic growth while neo-classical views that there is an inverse relation between budget deficit and economic growth. Recardian says that there is neutral relation between budget deficit and economic growth. A time series data for the period of 1971-2007 has been used to check the relation between budget deficit and economic growth of Pakistan. GDP is taken as dependent variable, FDI and budget deficit as independent variables. ADF test has been used to check the stationary of the data. All variables get stationary at 5% level of significance at level. The results of Granger causality test show that there is bi-directional causality running from budget deficit to GDP and GDP to budget deficit. OLS results show that there is positive but insignificant relation between budget deficit and GDP of Pakistan. In this way, the results follow the Recardian approach that there is neutral relation between budget deficit and economic growth of the country. Budget deficit has no role in bringing back the economy to its equilibrium.

In today’s world where the information changes and improves at a great speed, societies need individuals who can access more information, adapt themselves with this new kind of information and keep up with the pace of changing world. In a sense, individuals need to renew themselves and have lifelong learning skills beyond basic skills. In line with technological developments, what the limits of formal education institutions are and whether they meet the needs of the society have been examined. The discussions about individuals’ reflecting their education and learning processes into every aspect of their lives, acquiring basic skills regardless of age range and then providing education opportunities at advanced levels have brought forward the practices of open and distance education. Open and distance education opportunities enable the individuals to improve their information, abilities and qualifications and to provide them with new opportunities within the frame of life-long learning process through learning activities at every moment of life and prepare them for new experiences. One of the opportunities of open education is “Open Elementary School”, which aims to develop and strengthen the society by providing the elementary education to the individuals who are over compulsory education age and have not completed their primary education yet. This can be done through advanced communication tools and technologies in line with the general purpose and basic principles of Turkish National Education by Ministry of Education. Open Elementary School also aims to provide opportunities to the students who could not have enough education opportunities to eliminate their deficiencies, to create opportunities to prepare them for the next stage and make them to be able to develop behaviors that will guide them to a profession through contemporary information technologies. In this study, the reasons of their enrollment in Open Elementary School and the views of the stude

The present paper focuses on the impact of dividend policy on shareholder’s wealth in sugar industries of Pakistan. For this study we have selected the sample of 33 listed companies of sugar industry out of 36 at Karachi Stock Exchange from the food and producers sector. The data is collected for the period of 6 years from the year 2006 to 2011. For this study descriptive statistics and multiple regression analysis is used by taking dividend per share (DPS), earnings per share(EPS), Lagged Market Price Ratio (LMPR), Lagged Price Earnings Ratio (LPER) Price Earnings Ratio (PER) Retained Earnings Ratio (RER) as independent variables and market price per share (MPS) as dependent variable. The R2 shows that 99% variations in MPS are due to the explanatory variables. The p value of the f statistic shows that all the regressors have jointly significant relationship with dependent variable (MPS).

Sugar Industry is the 2nd most main industry of Pakistan after cotton. Pakistan is rich in the production of sugar, most of the production of sugar is consumed by the locals and surplus is exported. It is general concept that financial leverage and financial performance has positive relationship. The objective of the current study is to investigate the influence of financial leverage on financial and to investigate whether financial leverage has an effect on financial performance by taking evidence from listed sugar companies of Pakistan. The results of the study show the mix results. The results show the positive relationship of debt equity ratio with return on asset and sales growth, and negative relationship of debt equity ratio with earning per share, net profit margin and return on equity.

In this paper a closed loop PI controller is designed to obtain the desired output torque, speed and stator phase current of interior permanent magnet synchronous motor (IPMSM) fed by a three-level diode clamped inverter which is built using twelve IGBTs (Insulated-gate Bipolar Transistor). Model of IPMSM is established using the equations describing dynamic behavior of interior permanent magnet synchronous motor in Matlab-Simulink respectively. Three modulation techniques has been studied, Sinusoidal Pulse Width Modulation (SPWM), Space Vector Pulse Width Modulation (SVPWM) and a novel Carrier Based Space Vector Pulse Width Modulation (CBSVPWM).The complex trigonometric calculations involved in conventional SVPWM techniques creates delay in computations and hence the drive response is weakened. Compared to the conventional SVPWM this method is simpler and avoids complex trigonometric calculations. Using MATLAB/ SIMULINK simulation and analysis of the novel scheme is carried out.

This article aims to reflect critically the possibility of educational practices guided by multiculturalist perspective, seeking to consolidate a Border Pedagogy based on what we stand for as an aesthetic of ginga. Discussing the aesthetics originating from emerging and miscegenation scenarios that the interculturality becomes possible to propose such as the art as the space in which through between boundaries enable us for the exercise of rediscovering other margins in the center of another story. None of this would be possible in our reading, whether the way for dialogue and experimentation to our actions were not the arts. This means that the arts are the ground which enables us deterritorialization of socially constructed norms and dogmas. In our activities, the arts were essential for stimulating reflection on the importance of valuing the diversity as a factor in social development.

The volume of exports of pork dropped 17.88 percent in May compared with the same period in 2012, impacted by an interruption of the purchases by Ukraine, by data of association representing the industries of the sector. The Ukraine has suspended imports of the Brazilian product in March, 2013 claiming the presence of a bacterium. The Brazil exported 43,854 tons in may, against 53,404 tons in may 2012.The numbers demonstrate, without a doubt, the leftover temporary restraining effect. Still we follow with expectations in resolving the impasse with the country (Abipecs). In April, 2013, the Ukraine has reached 1,655 import tons of pork from Brazil. However, that the opening of Japan, the largest importer of pork, for the State of Santa Catarina must leverage in international and commercial reactions. The Brazil won 114.06 billion dollars with exports of pork, according to data from Abipecs. In relation to the recipe, the reduction in sales was 17.58% percent compared with the previous year, when Brazil won 138.38 million dollars.Year to date, sales total 199,889 tonnes against 224,870 tonnes in the same period in 2012, 11.11% percent reduction. With the result, the first five months of the year 2013 totaled 531.42 million dollars, a fall of 8.21% percent compared with the same period in 2012, when the recipe was 578.95 million. The globalization of the swine industry has caused major changes to national and international swine production over the past decade and these changes are likely to continue. The easing of international trade barriers has meant that less competitive countries are under increasing pressure from imports by more efficient countries with lower costs of production with the real possibility that these highly efficient countries may soon dominate the world swine market. Small inefficient swine operations within these countries are disappearing at an everincreasing rate. However the swine industries of less competitive countries may be protected by in

Risk management is a cornerstone of prudent Banking practice. Undoubtedly all Banks in the present-day volatile environment are facing a large number of risks such as credit risk, liquidity risk, foreign exchange risk, market risk and interest rate risk, among others – risks which may threaten a Bank’s survival and success. Banking is a business of risk. For this reason, efficient Risk Management is absolutely required. With a view to strengthen the Risk Management in the Banks across the Globe, Basel Frameworks have made concerted efforts to address all the issues relating to Financial Risks like Credit, Market Risk and Operational Risk and some other non-Financial Risks as well. The impact of the non- Financial Risks is all pervasive and can be severe enough that they can lead to total collapse of the Banks. This research paper briefs about the training inputs of the Banking personnel in the Credit Risk in the select sample Banks. The main objective of this study is to identify and analyze the knowledge of the Banking personnel in the Credit Risk in select sample Banks. This study emphasizes the need for a robust training mechanism for the operating personnel so as to have a better understanding on the Credit Risk. The findings of the study show that the operating personnel in Foreign Banks are well trained on Credit Risk Management when compared to the operating personnel in Indian Public sector Banks and Private Sector Banks.

This paper presents a novel distribution power flow algorithm to estimate losses and analyze unbalanced distribution systems. An unbalanced distribution network is decomposed into clusters. The unbalanced laterals are solved using the backward/forward sweep method in each phase. The clustering of total network makes faster computation. The three phase modeling of all the distribution transformers, feeders, shunt capacitors and loads compile efficient algorithm. Load modeling is voltage dependent which makes up the load as voltage sensitive. The proposed method is tested on the IEEE 13 Node test system and the results are verified.

Estimation of the time since death in the early post mortem period is performed by analysis of the supravital signs and the early signs of death. Using several methods for determining the time since death increases significantly the preciseness and reliability upon estimation of the time since death. The objective of this paper is to find a way for faster and more simple estimation of the time since death by using several parameters. At the Institute of Forensic Medicine and Criminology an analysis of five parameters for estimation of time since death was performed: supravital reactions (electrical excitability of muscles, chemical excitability of muscles) and early signs of death (cooling of the body, post mortem lividity and rigor mortis) at 120 cases with known time of death. Obtained results have been used for preparation of a special table – algorithm, which contains the limit minimum and maximum values of the post mortem period for each tested parameter. The algorithm makes the work easier for the person doing the autopsy, enabling easy and fast estimation of the probable post mortem period.