ISET

In Q3 2017, the volume of remittances in Georgia grew by one fifth compared to last year’s level (+19.7%), reaching 367 million USD. The recovery of remittances is a clear sign that the economy of the region continues to improve. All primary source countries of money inflows to Georgia showed a positive annual change: Russia (+13.3% YoY), the United States (+9.1% YoY), Italy (+23.8% YoY), Greece (+9.5% YoY), and Israel (+102.2% YoY).

The growth of money inflows from Russia reflected the dynamics of oil prices on the world market, which positively affected economic growth and therefore the ruble exchange rate against the US dollar. Remittances from Israel have continued to show unprecedented growth, which stems from the wave of Georgian emigration that started in 2014, when the countries ratified a visa-free regime. Following this, many Georgians stayed in Israel illegally or sought asylum there after finding it to be an outstanding country in which to work and send money back to their homeland. Taken together, these two countries contributed 11.2 percentage points to the total YoY growth of remittance transfers in Q3 2017.

Stanford University has recently started using a new heat recovery system. A large research campus such as Stanford University, requires a substantial amount of energy to operate, resulting in a significant amount of Greenhouse Gas emissions and high operating costs, which makes a management of resources a priority.

After a detailed review of campus energy use, researchers identified a simultaneous need for heating and cooling in the university campus. Different rooms require different temperatures depending on what kind of equipment and activities are taking place there. For example, in office spaces temperature needs to be higher than in computer labs. Researchers studied how to collect wasted heat - which is the heat emitted as a byproduct by office equipment during its working process - generated within a building and reuse it in another where more heat is required. This, known as a reheat process, is accomplished through the building hot water hydraulic system, developed by Stanford researchers under the Stanford Energy System Innovation (SESI) project.

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