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Strategy for the restaurant business in Russia in terms of sanctions and import substitution
71-80Views:388This article describes the situation established in August 2014 in Russia. The article considers an example of a famous restaurant «Metropol» (Moscow), taking into account the prevailing situation in Russia. The study of customer attendance, assortment and price policy towards the main products forming the restaurant’s menu was conducted. As a result, recommendations were given, in order to preserve the client base and revise the assortment of dishes.
JEL CODE: M21
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Profit efficiency among catfish marketers in Lagos state, Nigeria: a Stochastic Profit Frontier Analysis (SPFA) approach
Views:470The study analyzed the determinants of profit efficiency among catfish marketers in Lagos state, Nigeria. Multistage sampling procedure was used to select 120 catfish marketers, data were collected with the aid of a structured questionnaire. The data collected were analyzed with the use of descriptive statistics, enterprise budgetary technique, Shephered-Futrell method and stochastic profit frontier analysis (SPFA) model. The result of the gross ratio and net return on investment reveals that catfish marketing was a profitable and bankable enterprise. About 76.72% of sales revenue was taken up by the costs. The SPFA reveals that cost of catfish purchased and depreciation cost had positive (p<0.01) effects on profit while transportation cost (p<0.01) and labour cost (p<0.05) had negative effects. Furthermore, marital status and credit use (p<0.01) had negative effects on profit inefficiency, the mean profit efficiency of the catfish marketers was 74%. The study concluded that catfish marketers were inefficient, however, to improve the efficiency of the marketers and create more job opportunities; the study recommends that credit facilities that will enable the marketers increase their scale of operation, acquire better marketing resources and employ capable hands in catfish marketing should be made available and accessible. Policies that will help to provide good road networks and reduce the pump price of premium motor spirit (PMS) should be given adequate consideration.
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Structured commodity finance
77-83Views:464Over the past years, the financial stock market – providing the capital demand that is the result of stockpiling and the characteristic strong seasonality observed in the agricultural sector – has increasingly grown and become more “used” by market participants. Its size had reached an annual value of 200 billion HUF, of which agricultural products had received the largest proportion through the various market participants (producers, integrators, traders, feed producers, mills). In the meantime, this market had become part of the competition between the commercial banks that are the largest financers of the sector, due to which the financing credit institutions had undertaken increasing risk levels, with respect to both degree of financing and the VAT financing related to stockholding. The practice of commodity financing by banks display a rather varied picture at present. Considering the exceptional degree of fall in prices and the actions of companies totally disregarding business ethics in 2008, it seems necessary to reveal the full scope of risks inherent in commodity financing. The primary aim of such an exercise is to ensure the prudent operation of refinancing activities for commercial banks. The inherent risks in trade financing – as has been proven by the experiences of previous years – are not found primarily in the goods themselves, but rather at the actual storage facility and also emerge in relation to clients, as well as the inadequate and ineffective risk management of price volatility by the financers. Therefore, the establishment of banking risk management and risk prevention techniques, including the development of new financing procedures become indispensable, minimizing all types of risks that had emerged in previous years.
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Impacts of the global financial and economic crisis on the agro-food industry and rural livelihoods in Serbia
113-118Views:367Sixty-five per cent of the Serbian land area is agricultural and 55% of the population is rural.Agriculture share of GDP is more than 10% and about 47% of the rural labour force deals with agriculture. The aim of this work is to analyse the impacts of the global financial and economic crisis on the Serbian agro-food sector and rural communities. Measures introduced, mainly by public institutions, for relieving the consequences of the crisis are presented and discussed. Easily accessible yet high quality data from the central Office of Statistics in Serbia and specialized literature have been used. Impacts have been assessed by analyzing and discussing the trends of many socio-economic indicators. The crisis has had general impacts on the Serbian economy (low GDP growth, unemployment increase, price volatility, purchasing power decrease, etc.). Due to the crisis growth in agricultural production has been very low (0.1% in 2009). Agro-food exports decreased dramatically in 2008. About 9000 agricultural jobs were lost in 2008 and 2009. Reduced exports and lower domestic demand impacted negatively on agricultural commodity prices and agricultural household incomes.Access to credit became more difficult especially for small producers. However, agriculture is still a very important safety net. Agricultural employment share has increased both for men and women. The importance of agriculture is even higher if we consider the “grey agricultural economy”. To mitigate the crisis effects, the Government provided subsidies to rural people and will adopt the National Strategic Plan and Programme for Rural Development. Nevertheless, public institutions - in partnership with private, civil society and international organisations - should improve rural producers’ access to market information and credits and foster investments in rural areas including non-agricultural ones and those aiming at improving physical capital.
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