Using a newly-developed data set for Portugal, we analyze the industry-level effects of infrastructure investment. Focusing on the divide between traded and non-traded industries, we find that infrastructure investments have a non-traded bias, as these shift the industry mix towards private and public services. We also find that the industries that benefit the most in relative terms are all non-traded: construction, trade, and real estate, among the private services, and education and health, among the public services. Similarly, emerging trading sectors, such as hospitality and professional services, stand to gain. The positive impacts on traded industries are too small to make a difference. These results highlight that infrastructure-based strategies are not neutral in terms of the industry mix. Moreover, with most of the benefits accruing to non-traded industries, such a development model that is heavily based on domestic demand may be unsustainable in light of Portugal’s current foreign account position. 

While there has been much discussion about the large infrastructure needs in Asia and the Pacific, less attention has been paid to public expenditure efficiency in infrastructure services delivery. New constructions are not the only solution, especially when governments have limited capital to invest. Globally, new infrastructure projects face delays and cost overruns, leading to an inefficient use of public resources. The root causes include the lack of transparency in project selection, the lack of project preparation, the silo approach by public entities in assessing feasibility studies, and the lack of public sector capacity to fully develop a bankable pipeline of projects. To tackle these issues, governments need a smarter investment approach and to do so, enhancing public service efficiency is very crucial. The paper suggests a “whole life cycle” (WLC) approach as the main strategic solution for the discussed issues and challenges. We expand the definition of WLC to include the entire life cycle of the infrastructure asset from need identification to its disposal. The stages comprise planning, preparation, procurement, design, construction, operation and maintenance, and disposal. This is because we believe any efficient or inefficient decision throughout such a wide life cycle influences the quality of public services. Hence, in this holistic approach, infrastructure life cycle consists of four phases: planning, preparation, procurement, and implementation. Governments could enhance public efficiency and thus improve access to finance throughout the WLC by several solutions. These are (i) preparing infrastructure master plan and pipelines and long-term budgeting during the planning phase; (ii) establishing framework and guidelines and improving governance during preparation phase; (iii) promoting standardization, transparency, open government, and contractual consistency during the procurement phase; and finally (iv) continued role of government and total asset management during the implementation phase. In addition to these phase-specific means, key WLC solutions include proper use of technology, capacity building, and private participation in general and public-private partnership (PPP) in particular.

The project finance scenario has changed significantly around the world after the 2008 financial crisis and following the subsequent Basel III recommendations. Project finance loans from commercial banks and financial institutions have largely dried up, leaving it mostly to the export credit agencies and the bilateral and multilateral development banks to provide the institutional credit. Unfortunately, those sources are not enough, given the huge needs for construction of new infrastructure and renovation of the old ones across Asia, Africa and Latin America. The need for capital markets, through market listed financial products across asset class, unlocking a large part of domestic and corporate savings, has never been felt as strongly before. This article seeks to analyze the development story of various Asian capital markets and examine financial products, which have succeeded in their short history in receiving investor interest. The article also delves into the challenges to market development, policy imperatives and the issues relating to market liquidity and credit rating, which are the most significant influencers for public market float and investor interest.

Application of nanoparticles have been proven to aid heat transfer in engineering systems. This work experimentally investigated the performance of a domestic refrigerator under the influence of Al₂O₃ nanoparticles dispersed in mineral oil based lubricant at different charges (40, 60 and 80 g) of LPG refrigerant. The performance of the system was then investigated using test parameters including: power consumption, evaporator air temperature (pull-down time), to attain the specified International Standard Organisation (ISO) requirement for standard evaporator air temperature with small refrigerator size. Results showed improved pull down time and steady state evaporator air temperatures for the nano-lubricant based LPG. Improvement of about 11.79% in coefficient of performance (COP) was obtained with Al₂O₃-lubricant based LPG at 40g charge on the refrigerator system, while reduction of about 2.08% and 4.41% in COP were observed at 60 and 80 g charge of LPG based on Al₂O₃-lubricant respectively. Furthermore, reduction of about 13.4% and 19.53% in the power consumption of the system were observed at 40 and 60g charges of Al₂O₃-lubricant based LPG, whereas at 80 g, an increase of about 1.28% was recorded. Using Al₂O₃-LPG nano-refrigerant in domestic refrigerators is economical  and also a better alternative to pure LPG.

Cucumber Variety ‘Drite L108’ (Cucumis sativus L. Cv. Derit L108) was selected as the test material. In the solar greenhouse, different days (1, 3, 5, 7, 9 d) of light (PAR < 200 µmol·m^-2·s^-1) and normal light conditions were designed with shading nets to observe the growth indexes of cucumber plants and the changes of antioxidant enzyme activities in leaves. The results showed that: (1) continuous low light increased the SPAD (relative chlorophyll) value of cucumber leaves and decreased the net photosynthetic rate. The longer the continuous low light days are, the smaller the net photosynthetic rate of cucumber leaves and the worse the photosynthetic recovery ability would be. (2) The plant height, stem diameter and leaf area per plant were lower than CK, and the above indexes could not return to the normal level after 9 days of normal light recovery; the yield and marketability of cucumber fruit decreased under continuous low illumination. (3) The activities of SOD (superoxide dismutase) and POD (peroxidase) in cucumber leaves increased, the activities of CAT (catalase) first increased and then decreased, and the content of MDA (malondialdehyde) continued to increase. The longer the days of continuous light keep, the more seriously the cucumber leaves were damaged by membrane lipid peroxidation. After continuous light for more than 7 days, the metabolic function of cucumber leaves was difficult to recover to the normal level.

In this study, nano-scale microstructural evolution in 6061-T6 alloy after laser shock processing (LSP) was studied. 6061-T6 alloy plate was subjected to multiple LSP. The LSP treated area was characterized by X-ray diffraction and the microstructure of the samples was analyzed by transmission electron microscopy. Focused Ion Beam (FIB) tools were used to prepare TEM samples in precise areas. It was found that even though aluminum had high stacking fault energy, LSP yielded to formation of ultrafine grains and deformation faults such as dislocation cells, stacking faults. The stacking fault probability (PSF) was obtained in LSP-treated alloy using X-Ray diffraction. Deformation induced stacking faults lead to the peak position shifts, broadening and asymmetry of diffraction. XRD analysis and TEM observations revealed significant densities of stacking faults in LSP-treated 6061-T6 alloy. And mechanical properties of LSP-treated alloy were also determined to understand the hardening behavior with high concentration of structural defects.