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Prairie Cajuns is a triangular-shaped area that is almost 1 million contiguous ha in the southwestern corner of Louisiana
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Prairie Cajuns is a triangular-shaped area that is almost 1 million contiguous ha in the southwestern corner of Louisiana, which existed at least 12,000 years in pristine condition-a coastal tall grass prairie. It is similar to tall grass of Midwestern U.S. system regarding oils which is tight and calcareous clay which is laid in sedimentary layers; this makes Louisiana coastal tall grass a featureless plain with elevations ranging from ca. 1.5m near the Gulf Coast and ca. 16m at its northern. The region has two physiographic features that characterize the area: shallow water-filled depressions “Marais” and series of low circular mounds of 2-20m diameter and 1.5m height. These physiographic characteristics enabled early prairie travelers to navigate easily.
The only habitat in the tall coastal grass prairie was the Attakapas Indians; this was during the Mid-18th century, but later half of the same century French immigrant “Cajuns.” The Cajuns were chased from Nova Scotia during the mid-eighteenth century, by the British colonial government migrated to the prairie, a large group settled in southern Louisiana by 1765. The Francophone settlers lived on fishing, hunting, trapping and crop and animals husbandly. Prairie agriculturally was divided into two areas: corn and cotton areas (east) and rice and cattle area (west) which was the largest (Comeaux, 1983). This isolated them for 100 years (ca.1775-1875) thus helping them developing unique and robust sub-culture involving entertainment, cuisine, and folkways.
New Orleans by 1850 was 130years, and its population was increasing rapidly overwhelmed their agricultural products supply particularly beef was profoundly affected since there was a shortage of cattle ranching lands. After completion of the railway during the 19th century, this lead into the massive migration of farmers and ranchers from the mid-western U.S. and neighboring Texas, who improved the Cajun’s agricultural methods that were accepted since they enabled them to produces high yields. But unfortunately, the results led to overgrazing an over-plowing and thus by 1920 “Cajun Prairie” had vanished.
German settlers on settling in the prairie commercialized rice crop (Fontenot and Freeland 1976). Cajuns loved Germans and their technologies since they lived with Cajuns closely and did not distance themselves as the others-Spanish did. Cajuns loved Germans so heartily that within a span of one or two generations, they were indistinguishable from the Cajuns. Ironically, less than 40 ha exist today along the remaining railroad rights-of-ways. “Prairie Cajun culture” as known today is a shared folkways mix from the southern Louisiana prairie dwellers of Spanish, Africa, German and Native American. With the formation of the Council for the Development of French in Louisiana (CODOFIL), the period of cultural demise died almost as suddenly as began.
Ethnically, Prairie Cajun and Cajun prairie can in contrast to heritage appreciation. As the Cajuns appreciated other ethical group’s knowledge, we should appreciate other people thinking and reason; this can be shown where the German’s knowledge to commercialize rice is highly accepted. Moreover, nondiscrimination of people’s culture should be discouraged. According to history, the Spanish who were there for a longer duration that the Germans had no impact on the Cajuns economic since they seemed to distance themselves from them. But for the Germans, since they weren’t into distancing themselves from the Cajuns, within one or two generations, they couldn’t be indistinguishable from their Cajun brethren. Due to their reservation and isolation to the other world, Cajun culture is said to have developed a strong, resilient and fascinating culture. Hence, culture reservation is mandatory to retain its original taste.
In political perspective, prairie Cajun and Cajun prairie reveal the secrets of civilization. In case the Cajuns were not exiled from Nova Scotia. Louisiana who have remained primarily dominated by the Attakapas Indians. Thus no railroad could have been constructed, and new agricultural technologies could have been in Louisiana.
REFERENCES
Comeaux, M. 1983.Louisiana’s Acadians: The environmental impact. Pages 109-126. In The Cojuns: Essays on Their History and Culture. G. R. Conrad (d). Center for Louisiana Studies, University of Louisiana at Lafayette, Lafayette.
Fontenot, M. A., & Freeland, P. B. (1976). Acadia Parish, Louisiana. Center for Louisiana Studies, University of Southwestern Louisiana.
Occurrence of Risks in Relation to Economic and Legal Implications
Table of Contents
TOC o “1-3” h z u 1. Introduction PAGEREF _Toc86414272 h 22. Occurrence of Risks in Relation to Economic and Legal Implications PAGEREF _Toc86414273 h 22.1 Definition of Risk PAGEREF _Toc86414274 h 22.2 Difference between Risk and Uncertainties PAGEREF _Toc86414275 h 22.3 Origins and Nature of Risks PAGEREF _Toc86414276 h 22.5 Identification of Risks in the Context of Economic and Legal Implications PAGEREF _Toc86414277 h 32.5.1 Compliance Risk PAGEREF _Toc86414278 h 32.5.2 Hazard Risks PAGEREF _Toc86414279 h 42.5.3 Control Risk PAGEREF _Toc86414280 h 42.5.4 Opportunity Risk PAGEREF _Toc86414281 h 53. Risk Management Plan PAGEREF _Toc86414282 h 53.1 Control Measures PAGEREF _Toc86414283 h 63.2 Corrective Measures PAGEREF _Toc86414284 h 73.3 Record Keeping and Review Frequencies PAGEREF _Toc86414285 h 84. Conclusion PAGEREF _Toc86414286 h 8References PAGEREF _Toc86414287 h 9
1. IntroductionChina Communications Construction Company Limited (CCCC) principally engaged in the design and construction of transportation infrastructure, dredging and heavy machinery manufacturing business. The company operates in China a fairly stable economy that uses a mixed controlled and open approach to regulation. This is a report covering a deep insight of the China Communication and Construction Company to uncover the major and minor risks that are associated with the company in its operations within China. The report taps deeper to uncover the economic and legal impacts of the company within its area of operation. The knowledge of the risks as well as the economic and legal impacts of the company helps in formulation of the risk management plan.
2. Occurrence of Risks in Relation to Economic and Legal Implications2.1 Definition of RiskRisk refers to the likelihood that someone or something will suffer harm or loss from a particular event or occurrence (Kuznetsova, 2019). It may also come out as the probability that a certain situation will lead to damage. According to Shad et al. (2019), a risk can is bound by measurable probabilities that are used in speculation or basic calculation and determination the possible likelihood of the event occurring and the amount of harm or loss that can be expected in case it happened.
2.2 Difference between Risk and UncertaintiesThe major and distinctive difference between a risk and uncertainty is within their possible outcomes and the possible occurrence of these outcomes. A risk represents a situation in which both the outcomes to the situation and the possibility of these occurrences are known to the investigator and they can be measured to ensure effective decision making (Kundzewicz et al., 2018), whereas for the uncertainty, both outcomes of the situation and their possibility of occurrence are not known and cannot be obtained by the investigator.
2.3 Origins and Nature of RisksRisk can be associated with several ancient languages. The French and the ancient Greek language are greatly known to represent the concept in the 16th Century, with their local dialect referring to the word as, risqué meaning “hazardous” and ριζα meaning “the root” respectively. However, there are possible links of the word with the Italian and the Spanish languages. The word later took the Englishman reference, according to English people the word is associated with negativity and believed to represents occasions and situation meant to bring and cause harm to people.
The nature of risk is interpreted according to the expected harm from the risks (Adeleke et al., 2018). Pascal well illustrates the nature of risk, he offers a positive expected value, laid the foundation of modern risk management, refer to traffic construction companies in China compared with the research on risk, the risk in the following aspects: the nature of market, legal aspects, material and financial aspects. Hopkin (2017) put these four aspects into four major categories to represent the whole nature of risks. These categories include; compliance risks, control risks, opportunity risks and hazard risks.
2.4 Business and Societal Setting
The China Communication and Construction Company is a multinational publicly traded company with its headquarters situated in Beijing, China. The company has the majority owner as the State to which the company anchors. The company is set in the Engineering and Construction industry offering major design and construction services all over the world. Standing at an approximate revenue of 70 billion dollars (China Communications Construction Company n.d.), the company possesses the capacity to offer construction activities such as Highways and Bridges design and construction, Port Construction, Airports design and construction, Railway construction, Oil mining platforms design and construction among many other developmental and high end infrastructural design and construction (Huang et al., 2020).
The multinational basis of the China Communication and Construction Company makes the company interact and impact a number of societies with different diversified composition of people. The basic society associated with the company is Chinese with a majority of the population consisting of the Chinese ethnicity however this changes when the company is contracted to work in other nations. With different nations the company interacts with different population of people with different languages and different practices. China Communication and Construction Company is exposed to as many cultural backgrounds and societal belief as the number of nation the world due to its worldwide operation nature.
2.5 Identification of Risks in the Context of Economic and Legal ImplicationsAccording to Polinkevych et al. (2021), and the Pascal’s argument in the Pascal’s Wager, the two analysts brought out four major aspects within which the nature of risk could be analyzed. This happens to be the major aspects within which the risk concept can be linked with the economic and the legal perspective. The China Communications and Construction Company also lies along these analytical suggestions of risk impact to the company and the link of the risk aspects to the economic and the legal parameters.
2.5.1 Compliance RiskThere is a requirement for the company to comply with the Labor Contract Law and The Law of Corporate Income Tax. The Labor contract Law ensures the process used in acquisition of labor by the company, is considerate to both parties. This means that the laborers rights are not overlooked which. More so, the working conditions for the laborers should also be in line with the health requirements of the laborers. The Law of Corporate Income Tax on the other hand ties the company to submit the right amount of tax as per their operations in a certain fiscal year.
Failure to comply to the laws the company will be fined up to 50,000 yuan. However a repeated non-compliance action by the company might result to the closure of the company by law. World Bank and other international organizations may also terminate ongoing projects when the company involved is proven to have violated these laws. As a result, those who violate these laws may face not only huge fines but also be blacklisted and restricted from overseas operations. This spells out the huge impact of this risk to the company. However, from the historical data, the probability of the same happening is very low. According to the World Bank’s statistics on sanctions cases from 2007 to 2017, fraud was the most common at 81%, followed by corruption at 20%, conspiracy at 10%, obstruction of investigation at 5%, and coercion at 1% (Nan Jinlin&Yuan Wenqi,2020).
2.5.2 Hazard RisksAs a large infrastructure company, CCCC faces risks of earthquake, flood and other hazards.
On July 20, 2021, Zhengzhou, China, suffered a rare heavy rain. The construction enterprise Jianye Group suffered heavy losses in a large number of projects under construction, resulting in direct economic losses of 550 million yuan (Xu Qian, 2021). This risk category is related to the loss of physical property (Aziz, 2020). It is said that the risk of flooding in China will increase within a decade, The final increase range was determined to be from 4.04% to 12.34%, indicating that the higher chance of flooding in China means that the company will slightly predict the occurrence of floods often not only because of the percentage increase in the probability of occurrence but also because of the expected increase in flood cases over several decades (Schulte & Hallstedt, 2018). The expected impact is high because the hazard risk affects structural damage to working equipment and projects, resulting in financial losses.
2.5.3 Control RiskConstruction of infrastructure projects requires a lot of manpower and mechanical equipment. Negligence or improper operation will bring serious consequences. The control risk of CCCC is safety accidents.
In 2017, tower cranes collapsed at the construction site of guangzhou Headquarters Base B Project, causing 7 deaths, 2 serious injuries and a direct economic loss of 8.47 million yuan. The company was ordered to suspend operations for 90 days and not undertake new projects during the period. (Li Ying,2020). Control risk is generally related to management, which brings serious economic losses and negative image to enterprises meaning a huge impact to the company in general. The likelihood of accidents in project sites is medium high. The experience-level of the laborers highly count when determining the likelihood of accidents happening in the projects sites. This risk requires organizations and companies, like internal governments, to adjust to changes in the external environment. The overall impact of the accidents under control risks is expected to be high.
2.5.4 Opportunity RiskOpportunity risk is the failure rate attached to an organization in case it takes upon a new venture. This may be in terms of branching to other areas or diversification of the business to introduce a new product of or service (Sum & Abdul, 2020). Unsuccessful introduction of a new service to the market by the (CCCC LTD) may result to huge losses. Putting in consideration the sophisticated machinery applied, the losses may go up to hundreds of million dollars. However considering the resources of CCCC LTD, the probability of this happening is low. Nevertheless from the huge losses the risk occurrence may accrue, then the impact of the same could be very hefty The size of the organization offers more resources to conduct research and investigation for relevant market data so that any decision or step there henceforth is statistical to avoid guesses and avoidable risk ventures (Panjehfouladgaran & Lim, 2020).
3.0 Risk Management Plan3.1 Control MeasuresThe principle framework of a risk control initiative include: identification of the possibility of risk in the organization; identification of the most likely employees or groups of employees to be impacted; educating employees on the probability of risks; train employees on what to do in the event of emergencies, reporting the incidence, and making decisions; perform periodic evaluations of the workplace including the knowledge of employees on risk and risk control expectations and measures; and to reprimand employees and procedures that are not aligned to the risk control measures.
Specifically, China Communication and Construction Company is required to ensure the legal department of the company ensures that the operations within and around the company are in the total compliance with the labor contract law in China and other countries involved with the CCCC LTD. For this, the legal department should advice the HR department on the requirements by law. The legal department should also advice the finance department in matters of taxation to ensure the company fully complies with the law of enterprise income tax.
Project managers within the company should ensure that the safety measures are put in place for every project to avoid injuries and subsequent disasters from mistakes in safety measures ignorance. Projects in foreign countries should be thoroughly planned to accommodate any disaster expectation in the foreign land for example the case of floods in states like Miami in USA and earthquakes in Haiti. This fore investigation ensures earlier preparations for the expected disasters which would help avoid injuries and at most save lives.
There should be intense data collection and data analysis in the event of major market steps by the company. This includes introduction of a new trading product or service so enhance success stakes in the operation.
3.2 Corrective MeasuresThe management should always ensure harmonious working of the different departments to ensure effective information passage in the moments of updates and sensitive changes (Vekasi, 2019). The legal department should ensure they are always updated on the latest updates on the relevant laws and pass the information effectively to the relevant departments and personnel. This includes foreign laws, in countries that are in constant operations with the company and those starting their operation with company. Innovation within the design team should always be high to ensure the company maintains its market share for quality in the services offered (Han et al., 2018). Structural changes should also be undertaken within the working environment to accommodate relevant drills and ensure the health acts is strictly followed. Structural changes are also necessary when trying to curb any disaster such as fire outbreaks in working environment. Previous mistakes within the company should be noted and studied to help avoid the same mistake in future or any related mistake henceforth. The management should also consider foreign assessment or auditing from known companies to ensure the company is in the same position and direction as the internal auditing states.
The marketing department and the data handling department together with the management should be in constant check of the statistics within the company operations and compare the current statistics with the previous ones to know and understand the position of the company against that of the prevailing economic climate. These should also use the data obtained for future planning to cope with the constantly changing market. This strategy ensures that the steps of the company are informed for the case of huge steps like the introduction of a new service by the company to the market. The management team and the data handling department should take proper steps in the investigation and projection of any major step in the company’s operations such as expansion or diversification to prevent unnecessary blunders
3.3 Record Keeping and Review FrequenciesFor efficiency, the company must ensure proper record keeping which means the system and mode of keeping records should be such that the retrieval and access of the stored information is not interrupted and should not lose information (Chang et al., 2018). For China Communication and Construction Company, all incidents on law infringement within the company operation should be recorded by the legal department and the management in proper details and the number of occurrences (frequency of occurrence) to be used in decision making and for addressing the entire company personnel together with the public during the annual meetings.
The HR department together with the finance department and the managing department should have records of hazardous occurrences in the company’s lifetime should also be recorded accordingly and under the right variations. These records should indicate the occasions of flooding, fire, earthquakes among others. They should also indicate their locations and duration alongside the damage caused for future references and decision making.
Marketing department together with the managing department should store records of Market variations and changes, with their relevant variations and the effect they had to the company operations and the entire market at large. This information offers great reference in the future for projections and caution.
The managing department should ensure they record any major step within the company in terms of diversification and growth with their relevant variations and the outcomes for better understanding in the future when the information is used for reference.
4. ConclusionThe China Communication and Construction Company being a very large organization, should invest effectively on the risk study and mitigation. The organization with its size and value may be highly prone to assume proper running and production efficiency since it is difficult to identify any problem embedded in the large sections and department. Therefore to curb disaster the company should ensure proper check and study of various sectors in the internal and external environment both macro and micro to uncover risks and mitigate them for survival and thriving.
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the effect of Covid-19,
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In this paper, I will focus on the effect of Covid-19, particularly within the finance industry. It centers on the impacts of this pandemic on the private banking system. The crisis of Covid-19 has really negatively impacted communities, businesses, and organizations, inadvertently impacting the monetary markets and the worldwide economy. The lockdown and uncoordinated governmental responses have resulted in a disruption in the supply chain. The Coronavirus pandemic has generated high volatility and great instability in the global capital markets. Whereas the full impacts are not yet o be determined, it is expected that the adverse implications are possibly to persist from the virus’s knock-on effects.
The private banking system industry offers affluence management services provided to ultra-high-net-worth (assets over $10.0 million) and high-net-worth (assets over $1.0 million) persons (Boru, 12). In the private banking sector, the primary services include asset management and trust, investment advisory, and estate planning, whereas specialized services include alternative investment advisory and philanthropic advisory, including private equity, hedge funds, and real estate, among others (Boru,13). In the aftermath of the novel Covid-19 pandemic, both financial and regulators’ private banking institutions are navigating through unchartered waters. From the maintenance of liquidity and cash to re-adjusting operations, private banks have developed the necessity to safely navigate complex government provision measures to deal with the current crisis. The private bank industry has come up with measures introduced by regulators to make sure liquidity and access to capital, the present support by private banks and regulators to uphold monetary stability, in addition to challenges they continue to contend with.
In terms of the short-term effect, the year of lockdowns, closure, and supply chain disruptions have affected, to a large extent, the sector of private banking. The changes in the market prices ad volatility affect the private bank field. Around mid-February 2020, the world was a different place. Equity markets around the world were in a comfortable position- a number of them at an all-time high, with them with the hope that the worldwide financial system would keep on with its moderate growing pathway with healthy business earnings in a low-interest-rate environment. For most depositors, it was a risk-on situation. Something that occurred afterward is well known. The low-interest-rate scenario, together with the great impact of the Coronavirus pandemic, reduces the fundamental private banking profitability in mature markets (Boru,15). Financial establishments are therefore changing towards commission-based revenue from the likes of payment and tech businesses. Together with other monetary establishments, private banks around the world did not have enough experience or time to react to the rapidly changing business and work settings to ensure smooth navigation as possible surrounding the impact of Coronavirus pandemic for their own establishments and simultaneously for those of the clients.
When it comes to the mid-term challenges, the exercise of private banks aggressively reducing interest rates even more from preceding historic lows has placed more pressure on private bank’s interest limits. Additionally, whereas private banks emphasize funding business, they might later consider focusing on test banking resolutions created after the worldwide monetary predicament. One of the effects includes a potential drawdown on credit by clients. It is in a way that private banks play an important role in facilitating the availability of capitals is enough to support people and businesses devoid of risking their liquidity position. Private banks might require to recalibrate their current liquidity stress models to cater to adequate money if a great drawdown of loan services is needed. Revision to loan loss provision estimates is another medium-term challenge. As the financial viewpoint keeps on being extremely volatile, predictable credit losses previously calculated will require revisiting to justify the ambiguity and measure of the Coronavirus pandemic. Private banks are probably to witness an upsurge in their likely loan loss provision. Another medium-term challenge is the compressed net interest income margin. Despite the fact that the cost of funding will be lower, the yields on private bank’s assets might also decline mainly as a result of the augmented competition in flights to safety and mortgage loans to investment-grade assets. The effect further compresses private bank’s net interest margin and profitability. The last mid-term challenge is that the financial recession will possibly get an increase in non-performing loans. Private banks have to perform a review on their current loan portfolio to justify an upsurge in credit exposure and assign more funds to tackle the greater credit exposure.
In terms of the long-term changes, the Covid-19 pandemic will come on top of the pre-crisis challenges of the traditional private banking business model: low profitability and revenue pressure. There will also higher levels of capital and low levels of interest rates, tighter regulation, and cumulative competition from new digital entrants and shadow banks. More than most industries, private bank services have been heavily impacted by the pandemic, and the changes coming to these establishments are likely to be permanent (Ozili et al, 11). There is an overall acceptance that, irrespective of when or how the Covid-19 pandemic is efficiently contained, changes brought about by it will be permanent. Working patterns that are more flexible to implement a digital process that reduces the need for physical interactions, private banks will gradually transition to what is currently being named the “new normal.”
Private banks do not have the ability to overlook the significance of effective client engagement. Despite everything, it is in these uncertain times that individuals are enthusiastically looking for support and advice. It is ostensible that some are not contented with their private banks handling the pandemic. Private banks require to see technology as a tool that can be imaginatively leveraged to involve their customers and networks. Private banks ought to consider the several challenges that might come about and create effective solutions accordingly, be it by enhancing its monitoring mechanisms so as to track backlogs closely or by making provisions for particular scenarios on a risk-based approach and other connected impacts arising from the challenges in these times.
Works Cited
Boru, Tesfaye. “The impact of Covid 19 on the private banking system.” European Journal of Business and Management 12.16 (2020).
Ozili, Peterson K., and Thankom Arun. “Spillover of COVID-19: impact on the Global Economy.” Available at SSRN 3562570 (2020).