Tag Archives: Economic Crisis

Force Majeure Clause and its applicability in the Current COVID-2019 Pandemic in the Perspective of Bangladesh (Published)

With the rapid spreading of COVID-2019 in the whole world, it is crystal clear that this will certainly change the shape and nature of global supply chain. All the players both from the upstream and downstream will be seriously affected by the outbreak of COVID-2019. As modern global supply chain is remotely connected, the supply chain players come under the model form of contract. And force majeure clause is one of them-meaning a situation which is beyond the control of the contracting parties and none can be held responsible for performance of the contract. The scope and purview of the application of force majeure clause vary across the world. Generally speaking, pandemic like COVID-2019 is treated as force majeure event. Any pandemic like COVID-2019 may create economic crisis and whether this economic crisis trigger the situation to call for and take recourse of force majeure clause is a debatable issues in the eye of courts of different countries. With the backdrop of this issue, it is high time we could revisit the contractual terms of conditions, assess and evaluate the degree and magnitude of the effect of the force majeure clause in the contract and go ahead with the settlement of the disputed claim in an amicable manner.

Keywords: Economic Crisis, contractual obligation, force majeure clause, performance of contract, termination of contract.

E-Business and Cloud Computing Services in Greek Companies during Economic Recession (Published)

The Cloud Computing is a technology that will totally dominate in the future. Companies such as Google, Microsoft, Amazon and others have invested heavily in new technological structure while increasingly focus their services to take advantage of the revolutionary Cloud Computing capabilities. There are many ways of how cloud computing is changing the business and hence the digital economy. Consumers also have preceded the business to use services based on the logic of the cloud, which allows better cooperation with blogs, wikis and social networks (Facebook, Twitter). Flexibility is the ability of an enterprise to change in order to react better and faster to the needs in order to provide updated and secure services to its consumers. The purpose of this paper is to study the impact of cloud computing services in E-Business during the economic recession of Greek market. Through this research there is an effort to make an approach in order to determine if it is cloud computing widely used in enterprises and how many of the companies in the field of IT and non  have adopted it. The tool for recording and evaluating of the impact between the Cloud Computing Services and E-Business was a closed-ended questionnaire. In particular, companies were asked to reply to a targeted questionnaire, with questions like, whether cloud computing is functional, easy to use, and economical of course whether they find it a safe tool for storing their business data. The research was conducted in 2019 during economic recession and the sample involved was Greek companies. The information was collected by the use of social media. To extract useful results we have made statistical analysis of collected data, which held at the middle of Economical year of 2019. We have also implemented appropriate Machine Learning techniques through the use of classification algorithms, clustering and correlation analysis in order to produce inference rules. For the implementation of the Machine Learning techniques we have used the open source software Machine Learning and Data Mining Code R. Finally we came to the fact that businesses are adopting cloud computing services as backbone of their business strategy they have great potential in this way to sustainable development in the cloud era.

Keywords: E-Business, Economic Crisis, Social Networks, cloud computing services, r

Impact of Saudi Arabia Economic Changes (Oil Shock) 2016 on Consumer Purchasing Habits; With Special Reference to Retail Shopping In KSA (Published)

Consumer behaviour is a complex phenomenon, consisting of a set of decision-making processes, economic determinants and market incentives. The complexity of the buying processes of consumers may be largely linked to a sensation that ‘s hard to predict and control. However, consumers are a primary source of income for business organisations, so knowing their behaviour has a great importance for the survival of business and market prosperity. For this, the researcher focuses primarily on highlighting the effects of the current economic recession (oil shock) of Saudi Arabia among the behaviour of consumers, in particular for household goods. An explorative research followed by descriptive research has been taken. Primary data has been obtained through a close-ended questionnaire, and it was collected using online Google form and the personal basis from the consumer of Saudi Arabia during January 2017 March 2017. Following receiving the data, it was examined with deceptive statistics. Chi2 test at P. Value 0.05, correlation coefficient has been utilised to check the validity and reliability of the hypothesis, and results were interpreted accordingly in the article.  It was investigated that the majority of the respondents had a negative impact of the current economic crisis on the household purchase. Besides, it was also found that there was a variation in opinion among the respondents regarding the changes of their household consumption and expenses before and after the economic crisis (Oil shock).

Keywords: Consumer Behavior, Consumer Perception, Economic Crisis, Household, Oil Shock, Retailing, Saudi Arabia