THE ROLE OF COMMUNICATION IN ENHANCING LABOUR MANAGEMENT RELATIONS

INTRODUCTION

Effective communication is essential to comprehensive labour relations. Positive communication can be vital to the existence of an institution and reduces the possibility of conflict and labour strife within the institution.

According to Louis Allen, “Communication is the sum of all things, one person does when he wants to create understanding in mind of another. It involves systematic and continuous process of telling, listening and understanding”.

Katz and Kahn (1978), opined that communication is the exchange of information and the transmission of meaning, it is the very essence of a social system of an organization. It involves the transfer of information from the sender to the receiver with information being understood by the receiver.

Communication is the means by which people in organization exchange information and transmit meaning from sender (encoder) to receiver (decoder) regarding the operations of the organization. It involves some interchange of ideas, emotions and facts between and among people through words, letters and symbols.

Hence, it is the process of sending and receiving information. It is also the sharing of ideas for mutual understanding. For an effective communication, there must be a common frame of reference between the sender and the receiver. In order words, there must be a common understanding of the intent and purposes of the message sent by the receiver. Therefore, communication can only take place when a message is sent, received and well understood by both parties. In essence, for communication to be effective, the message must be meaningful and relevant.

Labour relations is a composite and dynamic discipline and it is all about interface. Labour relations as a three-way relationship has various essential participants involved in the process, namely employees, employers and the state. This relationship is a human relationship, administered by rules and regulations. The parties to the employment relationship should be cheered to communicate and collaborate in resolving differences and in remedying workplace issues in a rigorous labour environment.

WHAT IS COMMUNICATION?

Communication is a means of inter-changing behaviours, perceptions and values, of getting others to act and to sense in a different way, and of forming understanding. . Communication is a fundamental feature in the labour relationship, aimed at guaranteeing that common understanding is achieved in the fulfilment of a desired outcome. Communication is a process whereby a sender sends a message to a receiver, who then interprets the message and donates it with meaning. The receiver may then reply, communicating their own message. The efficacy of the communication is determined by whether the message transferred is interpreted by the receiver as having the same meaning that the sender intended. It is therefore vital that the intended message is passed on.

Communication comprises verbal (both written and oral) and nonverbal communication (kinesics behaviour, object language, proxemics and paralanguage), both of which can be found in the labour relationship. Communication is information in passage and employers and employees need to receive and transmit information to coordinate their actions and perform their tasks. Communication is the procedure through which the receiver’s attitude or behaviour and knowledge are altered or confirmed in some determined manner.

WHAT IS LABOUR RELATIONSHIP?

Labour relations are a very important part of society’s overall behaviour, and one will know the factors affecting labour and their relations. Labour relation as an interdisciplinary area of research deals with the current processes of control of dynamic individual and collective labour relations and organizational leadership. It operates in a wider environment, with a consideration of the conditions under which the work is carried out in such a way that the meets the desires of all parties. The relationship of labour is complex and of both person and collective in nature.

Relationships between labour and management are the most complex set of relationships that any HR Manager can deal with. Effective management of labour relations lets HR Managers create a harmonious atmosphere within the enterprise that in turn lets the company accomplish its goals and objectives efficiently. Well-managed employee ties offer a strategic edge for organization by negating the hassles arising out of labour or union related issues and conflicts. Even though communication remains one of the significant component in the labour relationship, limited organizations and their managers give ample attention, time and resources to ensure that effective communication processes and systems are in order. Communication as a process should receive much attention from both employers and employees and the communication flow should be enhanced to ensure that the message sent and the message received are alike.

EFFECTIVE COMMUNICATION IN ORGANISATIONS

A trustful environment has to be formed in any institution to ensure the finest possible communication. The organization in the institution refers to the alliance of the workforce to reach the objectives of the institution.

4 types of messages used in the communication process in an institution:

1. Maintain healthy relationships

2. Define responsibilities and everyday jobs

3. Providing coaching and instructions

4. Communicate the goals and philosophy of the institution.

Employees should be at liberty to claim their rights, but not at the cost of others. If aggression and the manipulation of other workers can be avoided, the atmosphere should be favourable to people listening to each other and understanding each other. Labour relations are concerned with the worker, not only as a factor of production but also as an individual who brings needs, expectations and goals to the workplace.

Labour relations in the public sector focuses mostly on remunerations and situations of service. However, in practice this relationship includes negotiations and bargaining on issues such as involvement in policy making in terms of issues such as transformation and favourable action. These issues create achievers and losers, new collectivises and alliances, all of which call for new labour relations and communication processes.

The Labour Relations Act, 66 of 1995 (LRA), brought new labour relations procedures in the public sector. Workers were permitted to organise and bargain freely with managers about the establishment of the Public Service Coordinating Bargaining Council (PSCBC), the right to join unions and the right to strike. Union membership improved speedily and a number of agreements were struck. The PSCBC struggles to further good communication between the state as the employer and public servants as the employees. It is a formal communication channel and has the charge of maintaining the authority structure. Proceedings can be validated and official feedback is ensured. The employer and the employee can share information on an official basis.

The International Labour Organisation (ILO) issued a Recommendation[1] on the subject of communication in the labour relationship. The Recommendation reads `it is in the common interest (of employers and employees) . . . to recognise the importance of a climate of mutual understanding and confidence within undertakings that is favourable both to the efficiency of the undertaking and to the aspirations of the workers’.

The ILO regards communication with employees as extremely important and recommends that employees should constantly be consulted when establishing communication channels in an institution, as employee would confirm effective communication and a positive labour relations ambience.

The guidelines for an effective communication policy include the following:

1. The policy of the institution should ensure that ‘information is given and that consultation takes place between the parties concerned before decisions on matters of major interest are taken by management.’

2. The method of communication should ‘in no way derogate from the freedom of association should in no way cause bias to the freely chosen workers’ representatives or to their organisations’. Communication should therefore not be guided through any other person if a representative body has been established.

3. Steps should be taken ‘to train those concerned in the use of communication methods and to make them as far as acquainted with all the subjects in respect of which communication takes place’. Training for shop agents or any other employee representatives should therefore be promoted and given when needed.

4. Means should be made available for employee agents to communicate any information to employees.

5. Two-way communication should be promoted between management and employee representatives (although direct communication between employees and management is strongly advised), through a proper communication system in the organisation.

6. It is recommended that the communication policy should be ‘adapted to the nature of the undertaking concerned, account being taken of its size and of the composition and interests of the work force’.

7. National practice and the circumstances of each particular situation should be taken into consideration when determining the medium of communication as well as the timing.

CONCLUSION

Labour relations is all about people in the workplace. It involves elements that are part of all human relationships, such as friendship and any other forms of union between people. This dynamic relationship should also be based on what is required to make any relationship work. Therefore, communication as one of the keystones of any effective and successful relationship is also part of the labour relationship. Communication is an essential feature for survival and no institution can exist without it. The labour relationship and communication are composite and involve participants working together to create meaning through switching information in the work surroundings. The rules that an institution must comply with in the labour relationship and communication in an institution are nationally determined through legislation and internationally through recommendations by institutions such as the International Labour Organisation.

[1] No.129 of 1967https://www.managementstudyguide.com/labor-management-relations.htm http://www.globalacademicgroup.com/journals/

Corruption

Corruption refers to a form of criminal activity or dishonesty. It refers to an evil act by an individual or a group. Most noteworthy, this act compromises the rights and privileges of others. Furthermore, Corruption primarily includes activities like bribery or embezzlement. However, corruption can take place in many ways. Most probably, people in positions of authority are susceptible to Corruption. Corruption certainly reflects greedy and selfish behavior.

Methods of Corruption

First of all, Bribery is the most common method of Corruption. Bribery involves the improper use of favours and gifts in exchange for personal gain. Furthermore, the types of favours are diverse. Above all, the favours include money, gifts, company shares, sexual favours, employment , entertainment, and political benefits. Also, personal gain can be – giving preferential treatment and overlooking crime. Embezzlement refers to the act of withholding assets for the purpose of theft. Furthermore, it takes place by one or more individuals who were entrusted with these assets. Above all, embezzlement is a type of financial fraud. The graft is a global form of Corruption. Most noteworthy, it refers to the illegal use of a politician’s authority for personal gain. Furthermore, a popular way for the graft is misdirecting public funds for the benefit of politicians. Extortion is another major method of Corruption. It means to obtain property, money or services illegally. Above all, this obtainment takes place by coercing individuals or organizations. Hence, Extortion is quite similar to blackmail. Favouritism and nepotism is quite an old form of Corruption still in usage. This refers to a person favouring one’s own relatives and friends to jobs. This is certainly a very unfair practice. This is because many deserving candidates fail to get jobs. Abuse of discretion is another method of Corruption. Here, a person misuses one’s power and authority. An example can be a judge unjustly dismissing a criminal’s case.Finally, influence peddling is the last method here. This refers to illegally using one’s influence with the government or other authorized individuals. Furthermore, it takes place in order to obtain preferential treatment or favour.

Ways of Stopping Corruption

One important way of preventing Corruption is to give a better salary in a government job. Many government employees receive pretty low salaries. Therefore, they resort to bribery to meet their expenses. So, government employees should receive higher salaries. Consequently, high salaries would reduce their motivation and resolve to engage in bribery. Increasing the number of workers can be another suitable way of curbing Corruption. In many government offices, the workload is very high. This provides an opportunity to slow down the work by government employees. Consequently, these employees then indulge in bribery in return for faster delivery of work. Hence, this opportunity to bribe can be removed by bringing in more employees in government offices. Tough laws are very important for stopping Corruption. Above all, strict punishments need to be meted out to guilty individuals. Furthermore, there should be an efficient and quick implementation of strict laws. Applying cameras in workplaces is an excellent way to prevent corruption. Above all, many individuals would refrain from indulging in Corruption due to fear of being caught. Furthermore, these individuals would have otherwise engaged in Corruption.

The government must make sure to keep inflation low. Due to the rise in prices, many people feel their incomes to be too low. Consequently, this increases Corruption among the masses. Businessmen raise prices to sell their stock of goods at higher prices. Furthermore, the politician supports them due to the benefits they receive.To sum it up, Corruption is a great evil of society. This evil should be quickly eliminated from society. Corruption is the poison that has penetrated the minds of many individuals these days. Hopefully, with consistent political and social efforts, we can get rid of Corruption.

Proof as to verification of Digital Signature

What is an Digital Signature ?
It is evident that the cognizance of the concept of E-signature has sprouted in different modern state legislations, giving meaning & moulding its definition to be accustomed to its socio-political structural norms. Below are a few definitions devised by foreign legislative assemblies.
In order to ascertain whether a signature, writing or seal is that of the person by whom it purports to have been written or made, any signature, writing, or seal admitted or proved to the satisfaction of the Court to have been written or made by that person may be compared with the one which is to be proved, although that signature, writing, or seal has not been produced or proved for any other purpose.

Section 73A In order to ascertain whether a digital signature is that of the person by whom it purports to have been affixed, the court may direct-
that person or the Controller or the Certifying Authority to produce the Digital Signature Certificate,
any other person to apply the public key listed in the Digital Signature Certificate and verify the digital signature purported to have been affixed by the person.
Explanation.- For the purpose of this section “Controller” means the Controller appointed under sub-section (1) of section 17 of the Information Technology Act, 2000.] This section consists of two parts. First part provides for comparison of signature, writing, figure etc. purporting to have been written or made by a person with other admitted or proved signature, writing, figure etc. by the court to have been written signed or made by the same person. Second part empowers the court to direct the person to appear before it and to give his specimen signature or writing for the purpose of evaluating the disputed signature, writing, figure etc.
Indian law has recognised digital signatures, or e-signatures, under the Information Technology Act, 2000 (IT Act) for over 16 years. With its increased emphasis on improving the ease of doing business; streamlining the storage of records; and improving the safety, security, and cost- effectiveness of records, the Government of India has promoted the use of digital technologies by Indian citizens and corporations. As a result, there has been a recent increase in the use of e-signatures, with more and more services using them. This, in part, is due to the government’s focus on enabling electronic transactions using Aadhaar, the unique identification number issued by the Indian government to all Indian residents. Indian law treats electronic signatures as equivalent to physical signatures, subject to a few exceptions, and generally allows documents to be signed using e-signatures. However, the e-signature must satisfy a number of conditions, and certain checks must be done before it can be relied upon.

Section 73: Penalty for publishing electronic Signature Certificate false in certain particulars
(a) No person shall publish a Electronic Signature Certificate or otherwise make it available to any other person with the knowledge that the Certifying Authority listed in the certificate has not issued it,
(b) the subscriber listed in the certificate has not accepted it,
(c) the certificate has been revoked or suspended, unless such publication is for the purpose of verifying a digital signature created prior to such suspension or revocation
Any person who contravenes the provisions of sub-section (1) shall be punished with imprisonment for a term which may extend to two years, or with fine which may extend to one lakh rupees, or with both.
Background
The concepts of E-signatures and digital signatures are results of gaining eminence of revolution of information technology which embarked its journey from the late 18th century. Many states with evolving times have given due recognition to its applicability & operationality in their jurisdictions.
In the US, before the proclamation of the “American Civil War” in 1861, the usage of the Morse Code had been primarily for espionage purposes but was also intended for the enforceability of contracts. The first landmark judgment accepting the enforceability of telegraphic messages as electronic signatures was observed by the New Hampshire Supreme Court.
Thereafter there has been a flurry of modern legislation in western states such as in Canada, US, Russia, China, Australia, New Zealand, Japan, Singapore, UK & gradually all across the globe.
In 1996 the United Nations with a majority passing resolution enacted UNCITRAL Model Law on Electronic Commerce. In 2001, UNCITRAL Model Law on Electronic Signatures was passed which has been adopted by 30 states in their jurisdictions. The most recent step towards the international recognition of E-signature is the United Nations Convention on the Use of Electronic Communications in International Contracts, 2005, which gives the option to the contracting parties to give effect to the agreement by E-signature subject to the condition that a reliable method is used to identify & indicate the intention of the parties.
The first agreement signed electronically by two sovereign nations was a Joint Communique recognizing the growing importance of the promotion of electronic commerce, signed by the United States and Ireland in 1998.
Conclusion
While technically a Tiered E-Signature Legal Model Country, India has not created specific technical requirements, procedures and practices to implement a QES (Qualified Electronic Signature, or ‘Secure Electronic Signature’ in the Indian legal definition) system. Therefore, no practical application of QES in India exists. In practice, a hard requirement for a theoretical QES would only apply to the limited use case exceptions already discussed if such a signature type existed. The Government of India has introduced a new QES whereby the person who has an official identity card issued by the Government (Aadhar) is able to authenticate a document using the Aadhar eKYC services. Through the interface provided by the Application Service Provider (ASP), users can apply electronic signatures on any electronic content by authenticating themselves through biometric or OTP using Trusted Third Party (TTP) Aadhaar eKYC services through an eSign Service Provider. The interfaces are provided to users on a variety of devices such as computer, mobile phone etc. At the backend, the eSign service provider facilitates key pair generation and the Certifying Authority issues a Digital Signature Certificate. The eSign Service Provider facilitates creation of the Digital Signature of the user for the document which will be applied to the document on acceptance by the user.

India will have an Important role in scaling up vaccine production: PM Modi.

As the whole world is waiting for discovery of corona virus , the next big challenge in front of world is large scale production of vaccine so that it is feasible to common man.India is going to play major role in vaccine production as it has past experience as well as skilled doctors. India is responsible for providing 2/3 of world’s children with vaccine.

Prime Minister Narendra Modi, in his inaugural address at the India Global Week 2020, said that India will play an important role in developing and in scaling up production of the vaccine once it is discovered.

“Vaccines made in India are responsible for 2/3rd of the vaccine needs of the world’s children. Today also our companies are active in international efforts for development and production of #COVID19 vaccine. I’m certain that India will have an important role in developing and in scaling up production of the vaccine once it is discovered,” PM Modi said.

Speaking on India’s economy, PM Modi said, “India remains one of the most open economies in the world. We are laying a red carpet for all global companies to come and establish their presence in India. Very few countries will offer the kind of opportunities India does today.”

“The pandemic has once again shown that India’s pharma industry is an asset not just for India but for the entire world. It has played a leading role in reducing the cost of medicines, especially for developing countries,” the Prime Minister said.

He also further said that India will lead world in the path of revival post corona virus pandemic in terms of economic as well social development.India is power house of young talents may it be technological or scientific or doctors field.

World over, you have seen the contribution of India’s talent-force. Who can forget the Indian tech industry & tech professionals. They have been showing the way for decades. India is a power-house of talent that is eager to contribute. In these times, it is natural to talk about revival. It is equally natural to link global revival and India. There is faith that the story of global revival will have India playing a leading role,” PM Modi said.

Hope there will be discovery of vaccine soon and life comes back on track.

Breaking News: UP gangster Vikas Dubey arrested from Mahakal temple in Ujjain, Madhya pradesh.

Uttar Pradesh gangster Vikas Dubey, accused of killing eight policemen last week, was arrested from a temple in Madhya Pradesh after a nearly week-long chase involving the police across three states. Vikas Dubey was caught in Ujjain around the same time two of his aides were killed in separate encounters in UP. His closest aide, Aman Dubey, was killed yesterday.

Bihar police congratulated MP police for arresting Vikas Dubey.

Vikas Dubey was spotted at Mahakal temple around 8 am, according to the police. He was buying prayer offerings to take inside the temple when the shopkeeper recognized him and reportedly alerted security guards. When he emerged from the temple, the guards questioned him.

He first produced a fake ID card of a much younger man. When prodded further, he hit out at the guards, who dragged him to the police station.

“Main Vikas Dubey hoon, Kanpur wala,” he shouted out, when he was beaten while being taken to the police van.

“It is a big success for the police, Vikas Dubey is a cruel killer. The entire Madhya Pradesh police force was on alert. He has been arrested from Ujjain Mahakal temple. We have informed Uttar Pradesh Police,” said Narottam Mishra, Madhya Pradesh Minister.

Dubey – charged in 60 criminal cases including murder, kidnapping, extortion and rioting – had allegedly been alerted to the raid by local policemen and had set up an ambush. When the policemen reached the village, Dubey and his men, armed with AK-47s, fired from rooftops.

UP police is informed about the arrest. However many say that it was planned surrender by Vikas Dubey who allegedly went to temple and made people see him. It is very positive for the state though.

E-commerce sites to display country of origin on products to promote made in India and Atmanirbhar Bharat.

New Delhi: The government had taken yet another big step after ban on 59 Chinese apps to make it compulsory for E-commerce sites to display ‘country of origin’ tag so that users can identify Indian products and help make Atmanirbhar Bharat a success. The online shopping sites have agreed with government to display’country of origin’ and are cooperating with government.

The Government e-Marketplace (GeM) portal, which is used by government departments for public procurement, on Tuesday made it mandatory for sellers to enter the “country of origin” while registering all new products.

The Department for Promotion of Industry and Internal Trade (DPIIT) asked e-commerce players including Amazon and Flipkart to display mention ”country of origin” on each product sold at their platforms.

While GeM says it has taken this step to promote ‘Make in India’ and ‘Aatmanirbhar Bharat’ (Self-reliant India), the move also comes days after a deadly border clash between Indian and Chinese soldiers. Sub-standard and cheap Chinese products often make their way into the Indian market, more so through online platforms. The government has ramped up efforts to curb the inflows of such low-grade imports and their consumption here.

The government has taken such steps to reduce dominance of Chinese products in Indian market and make India self-reliant country. We must support the efforts of government and use as much as possible made in India products.

Southampton Test:West Indies ,England players take a knee to show solidarity with black lives matter movement.

The international cricket resumed after 117 days due to corona pandemic with all due precautions of safety. In this 117 days world witnessed many challenges besides impact of corona virus, one such major was the brutal killing of George Floyd by a us police officer for using counterfeit money to buy cigarettes. The officer knelt on neck of Floyd for almost 8 minutes, where Floyd pleaded the officer to leave him as he was unable to breathe,but to no mercy from officer he later chocked to death.This was most brutal act and against humanity, many protests were done against the officer and he was even suspended.

This led to disclosure of many incidents of racism ,discrimination on color many cricketers came forward to explain how they had faced such things.

England and West Indies cricketers took a knee to show their solidarity against racism and support the ‘Black Lives Matter’ movement before the start of the first Test of the three-match series here at the Ageas Bowl on Wednesday.

Cricketers take a knee to show solidarity with Black Lives Matter movement

A minute of silence was also observed before the start of play to pay respect to the victims of the coronavirus pandemic and West Indies legend Everton Weekes, who passed away last week at the age of 95.

The Premier League resumed its suspended season in June and all teams have been sending out a strong message to show solidarity with the ‘Black Lives Matter’ movement.All teams have been taking a knee to show their support, while jerseys of all teams have ‘Black Lives Matter’ written on them.

Kabaddi- The new World Sports!!!

Kabaddi is played on a 13×10 meter court and is separated into two halves by a midline. The game is played between two teams made up of seven players each. The teams alternate between raiding and defending. The raider’s objective is to go to the other half of the court, tap one or more of the defenders and return safely within 30 seconds. However, the raider must start repeatedly saying “kabaddi” before he crosses the midline and can’t stop repeating this word until he crosses back over to his team’s side. If he stops saying “kabaddi” on the opponent’s side of the court, even for a split second, he is out. He picks up one point for each defender he touches, but he must also avoid being tackled to keep the points.

This is difficult as he can face between one and seven defenders at the same time. The defenders have to work together as a unit, avoid the raider’s tap and failing that, stop him from returning. Defenders get one point for a successful tackle. Any player that steps or is forced out of the court is then eliminated. UP Yoddha represents the northern state Uttar Pradesh. The team is in its second season in the Pro Kabaddi League and Rishank Devadiga is the team’s captain. So, kabaddi is all about a body contact game. It’s basically like a rugby game. You have to be strong, you have to be fit, mentally fit and also agile on the mat. In one of interview they were asked when, what’s the atmosphere like? How much pressure was there on him as captain?… He replied, Pro Kabaddi started they were told to face the camera, the audience, and everything. It was a bit nervous at the start, but then they enjoy the atmosphere, enjoy the matches.

Kabaddi as a professional sport is a relatively new thing. Until recently, it’s been seen as more of a hobby only played outside the cities. Kabaddi was looked as a rural, rustic sport. It was a sport that was not embraced by urban India, completely overlooked the sport. The settings of the sport was such that it used to be played on dusty bowls. Kabaddi on television? Completely unheard of, “Why would somebody watch it? How are they going to present it?” And that was what aggregated people to come and sample the sport. In other sports, in cricket, for example, you have to wait for a four, or a six, or when a wicket falls. That is the high point. In soccer or football, it’s a goal, similarly in hockey. In kabaddi, every 30 seconds is a high point. It has got the potential of either being a successful raid or being a successful tackle.

The idea behind the Pro Kabaddi League or PKL started back in 1994. However, it wasn’t until 2014, 20 years later, that a broadcaster, Star Sports, came on board. The Pro League, now in its fifth year has seen considerable growth in both investment and audience numbers. From 2016 to 2017, the PKL increased its viewership in India by almost 100 million. And while it’s still second to India’s premier T20 cricket competition, the Indian Premier League, domestically, the Pro Kabaddi League is more popular than the Fifa World Cup, one of the world’s most- watched sporting events. Investment in the league has also increased. In 2017, Star Sports signed the biggest sponsorship deal in India for a non-cricket sport, worth more than $40 million. As a result player salaries have also increased. Following the 2016 player auction, the highest paid player was on just under $130,000 This year it’s $210,000. For team owners and stakeholders in the sport, more investment will help attract more young players to the game. What ultimately a sport stands on is, what does it do for its players? So, what we have been able to do is to make kabaddi athletes aspirational for sports lovers in India. Player salaries have gone up and they definitely see themselves in the front line of the committee of sports persons in India. Which means that increasingly being a kabaddi athlete will become a viable career. That is at the heart of any sport. There are also signs of the sport growing outside India. At this year’s Asia Games neither the men or women’s India kabaddi teams won gold, and the men’s team didn’t even make it to the final. Something that caught the world’s attention. Of course, we are the country who lost, which is bad for a fan, but then for our game of kabaddi, it’s an ultimate manifestation of how the game is growing.

Trailing blaze of Workplace Discrimination

Clara did not get her due promotion to be the Associate VP because she was expecting her first child. Mike was not allowed to put up his rosary bead on his computer. Gloria was not allowed to welcome her client because she was of ‘differential’ color. Sabrina was not given employment because she requested two 5 minutes break each day for her prayers. Satarupa was denied to be a part of the upcoming ‘big-client project’ because she was getting married in a month. Rahul never hangs out at the coffee spot, fearing his colleagues might ask him about his ‘personal’ life. Taylor was asked to resign because of a brawl with his ‘white‘ colleague.

Direct Discrimination. Religious Discrimination. Colorism. Religious Discrimination. Gender discrimination. Sexual Orientation Discrimination. Racial Discrimination.

The 21st Century Spectrum of Racism in America – Blue Delaware — Racial Discrimination

Almost everyday, we read about discrimination and how it is affecting lives worldwide. We read about it and for a few days, we feel very infuriated with it and then, like any other news, we just forget and move on. Then again a headlines come up and then the cycle continues. So did we actually manage to make any progress in that area. I believe we have, just momentarily.

Let me narrate a personal incident. It was about 3 years back. I recently joined a premium service-based organization after my graduation. After a month, my boss announced that our client is throwing a project success party. I was excited since that was going to be my first ‘corporate’ party. I got dressed up into, what people usually call as ‘one-piece’. It was pretty normal for me to be dressed like that. But the moment I stepped into the cubicle to leave with my colleagues for the party, one of my male colleagues looked at me directly and said:

“You are looking different. In fact, to tell you the truth, you are looking great in that short dress.”

I felt uneasy. The word ‘short’ made me uncomfortable. I did not say anything, I just smiled and went to the party.

At the party, I sat at the bar and ordered beer. My manager, who came with her family, appeared out of nowhere and gave a look at my bottle and said:

“How can a girl drink beer or any other hard drinks.”

I was astonished. I did not say anything and simply stood up and left. I was afraid to say anything because I thought that it might ruin my career in that company.

At the turn of the decade, gender inequality still affects ... — Gender Discrimination

But few years later, I ended up leaving the place because of multiple social reasons but that is not the point. The point is how on earth, even in this 21st century, are we dealing with such petty issues.

DISCRIMINATION.

Long word. Even have longer implications on the people who face it. Discriminatory remark, in its simplest form is very subtle and people usually fail to realize it. Like in my instance, I found those two comments to be quite derogatory but I was not sure whether to label it as discrimination.

Recently, CISCO was sued by the State of California because of it racial discriminatory actions against a ‘Dalit Indian-American’ employee as well as allowing him to be harassed by a couple of managers. Infosys is also facing a lawsuit due to racial discrimination which was filed by the diversity head of Infosys. Long back, Walmart faced a lawsuit due to gender as well as racial discrimination where they paid a black woman very less as well as denied her rightful promotion for years. Abercrombie &Fitch faced racial discrimination because of allowing the Latino and the Asians to work in the stock room and the ‘classically American’ on the shop floor. Nike faced lawsuit due to gender discrimination for violating Equal Pay Act and treating the women employees inferior to the male employees.

These are just few of the reported cases in the new. What goes unnoticed are the hundreds of such cases where the victims usually do not have the support to report it. It’s quite imperative that it’s high time for the Human Resource Manager to come into the play. They should take measures to curb such forms of discrimination at the workplace. Even though corporate and industries are embracing diversity and inclusion, HR Managers should promote this ‘diversity and inclusion‘ as a practice rather than an activity. A workplace is like a second home where we spend one-third of our day. We feel safe with our family, because they embrace us despite our flaws. AT the same time, HR should also make sure that the work environment should be inclusive enough to accept our diverse profiles. Such discrimination only creates differences and headlines which is like a blooming path for our competitors. Rather it is important that being an HR, we should promote this diversity, and use it to our own competitive advantage.

Be different. Be unique.

Source:

https://www.vox.com/2018/8/15/17683484/nike-women-gender-pay-discrimination-lawsuit

https://economictimes.indiatimes.com/tech/ites/infosys-faces-fresh-race-discrimination-suit-in-us/articleshow/76347038.cms

Good news for workers Shivbhojan thali to continue for 3 more months at just Rs5 in Maharastra.

Maharashtra government is taking every possible decisions to make sure that basic needs of poor and needy people are met. Government is ensuring the protection of all people of the state by taking many good decisions. One such decision is of providing meal at just Rs 5 named as Shivbhojan Thali. This is helping many workers who have lost their work due to lockdown and poor people in the state.

The subsidized ‘Shivbhojan’ meal will continue to be available at Rs 5 for another three months, the Maharashtra government decided on Wednesday. The scheme to provide affordable ‘thali’ (meal) to the poor at Rs 10 was launched by the Shiv Sena-led government in January.

In April, the government announced that it will be available at Rs 5 in view of the distress caused by the corona virus crisis.

Orange card holders are also getting subsidized food grains in this corona period.

The cabinet also gave its nod to a proposal to provide subsidized food grains to Above Poverty Line (APL) Orange ration card-holders for July and August, the release said. It also decided to rename the Ministry of Skill Development and Entrepreneurship as the Ministry of Skill Development, Employment and Entrepreneurship.

At present over one lakh thalis or meals are sold every day. Since its launch on January 26, over one crore people have benefited from the scheme, said an official release.

Maharashtra is seeing surge in corona cases, thus it is very important that below poverty line (BPL) people are least exposed to the virus and stop spread of corona virus.

How IPL is making millions & billions of dollors in every single match!!!

Cricket it’s a sport that dates back over 400 years. And as of 2019 is officially played in 104 countries around the world. Cricket’s worldwide fan base is comprised of roughly one billion people in the Indian subcontinent alone makes up 90 percent of those fans. In India, the country adopted a brand new shorter format of the game has drastically cut down on playing time from days to hours. The Indian Premier League or the IPL has only been around for twelve years but it’s fast become one of the most popular and valuable cricket leagues on the planet. The IPL is brand value has nearly doubled in the last five years. In 2018 the league was valued at 6.3 billion dollars. It rakes in and 510 million dollars each year from its broadcasting rights deal making it to only cricket league in the world to crack the top 20 most valuable media rights deals in all of professional sports joining the ranks of the NFL the NBA and MLB.

So how did the IPL become one the most lucrative cricket leagues on the planet. In India. Cricket is huge. It’s been a staple in Indian sports since the seventeen hundreds. It’s currently the most popular sport in the country. The IPL is one of the richest sports properties in the world. And while the IPL isn’t the only cricket league in India it is the most successful league in the country. The 48 day annual tournament was created in 2007 with the help of the Board of Control for Cricket in India and Indian businessmen Lalit Modi. Even though cricket already had a few pro cricket leagues they wanted to capitalize on the commercial success of 2020. So they modeled the IPL in a similar nature to pro sports in the US.

The IPL was specifically modeled after the likes of the NFL. Which has a decentralized league. meaning that all teams are owned and operated independently. Also similar to the NFL model the IPL is its own league with its own unique structure. There is a separate T20 World Cup where India competes. But that’s different from the IPL. even though matches are all held in India. Team rosters are chock full of top international talent. In 2018, teams spent 94 million dollars to buy 169 players in an auction. up from its 40 million dollars for 66 players in 2017. But what you’ve actually got in the IPL franchises who represent a city a place an industrial heartland and you’ve got the full support of some major entrepreneurs. So rather than let’s say Delhi again. So, you’ve got your IPL franchises based around the cities. I’m not as actually have a massive impact. in terms of global cricket. To make sure the stands are filled with as many IPL fans as possible and to maximize TV viewership. Matches are typically played in the evening and on weekends.

The IPL is a huge moneymaker in India since 2014. The IPL brand valuation has doubled to six point three billion dollars. The reason the IPL has won the largest fan base is for a single sports league in the world. During its opening week of the 2013 season the IPL broke records when 371 million viewers tuned in to watch and by the last week of the tournament a total of 769 million fans watched the 2013 IPL season. The ad revenue generated for that season was over 276 million dollars according to Star India’s managing director. High ratings and ad dollars were a big part of why a major U.S. media companies had their eyes on IPL broadcasting rights. When the IPL launched in 2008. The league issued being your rights to Singapore based sports marketing agency World Sport group. They broadcast an IPO matches on India’s Sony Max TV channel. Under the terms of the 10 year contract World Sport group paid the IPL approximately 1 million dollars per match in its first year for the exclusive broadcasting rights. The overall value of that broadcasting deal was 918 million dollars when the broadcasting deal expired in 2017.

There was a global bidding war for exclusive rights for the IPL. Fox and Sony put in competing bids while Facebook also put its hat in the ring for the 2018-2022 digital rights of the IPL making a 600 million dollar offer. Those TV and digital rights eventually went to Fox the American broadcasters struck a five year 2.5 five billion dollar deal for the global media rights of the IPL. The price per match jumped from 1 million dollars to about 8.47 million dollars per game. For comparison the NFL cost per game is around 22.5 million dollars. The English Premier League is around 13.2 million dollars. The NBA is close to 2 million dollars and the MLB is just 630 thousand dollars per game. Just two years after the ink dried on the Fox IPL deal Disney completed a 71 billion dollar deal for Fox entertainment assets one of the assets that Disney now owns is hot star. The Indian video streaming company in 2019. Streaming service at a global record for the number of people tuning into a life streaming event.

There are 18.6 concurrent viewers watching the IPL final match on the hot star’s website in app. And with that kind of viewership naming rights for the IPL are also huge for the league. Since 2008 the IPO naming rights have changed hands three times from brands DLF to PepsiCo India and finally to Vivo a mobile handset manufacturer in China. Vivo first took over title sponsorship in 2015 and in 2017 Vivo signed a fresh five year deal with the IPL worth approximately 341 million dollars in 2018. The average salary of cricket players in the IPL jumped nearly 30 percent from the year before. All thanks to the massive TV deal signed with Fox in 2017. Before the deal, players across the league had an average salary of 3.9 million dollars but in 2018 the average salary was just over 5 million dollars. And unlike other major sports leagues the IPL season is so short that players have a chance to bank even more cash in the off season.

The IPL takes place in the spring starting at the end of March or early April and continuing through May. That means cricketers have the flexibility to play for other clubs around the world. Take the Mumbai Indians player Kieran Pollard. In 2017 he and more than one million dollars for two months. They play for the Mumbai Indians and IPL in that same year. Pollard had multiple revenue streams from playing for cricket leagues in Australia Bangladesh and South Africa. But just as cricket first spread across the world in the 18th century cricket’s latest form of 2020. Similarly. Taking root across the globe. There’s even a record breaking investment for 2020 league in a country where cricket is even remotely popular, the U.S. In May, 2019, USA Cricket received a 1 billion dollar investment from American cricket enterprises to develop a 2020 league in America. It’s one of the biggest deals for development of domestic cricket in the US and the launch of the league is set to take off in 2021 since the 2020 cricket format was introduced in 2003 and has taken the cricket world by storm. And it doesn’t seem to be slowing down anytime soon.

Maharashtra govt to recruit 10,000 constables to ease work stress of police force in wake of corona crisis.

There has been lot of pressure on police force in such hard times especially in Maharashtra which is worst hit state in India.In the wake of this crisis, state government has decided to recruit as many as 10,000 new police constables to make situations under control. This is very crucial decision taken by government as state is now seeing huge surge in active corona cases. There are now 2 lakh 17 thousand case in the state with almost 10,000 deaths. Nearly 6-10 thousands new cases are seen per day.

According to an official statement, the decision was taken during a meeting presided over by Pawar at the Mantralaya, which was attended by state Home Minister Anil Deshmukh and senior officials.

“A decision has been taken to recruit 10,000 personnel in the police shipai (constable) category to strengthen law and order in the state and reduce work stress on the force,” the statement quoted Pawar as saying.

A meeting had taken place under the chairmanship of Ajit Pawar in which these two decisions were taken by the committee comprises of state’s Home Minister Anil Deshmukh, Additional Chief Secretary (Home) Sitaram Kunte, Additional Chief Secretary of Finance department Manoj Saumik and other concern officials of Home & Revenue department. Maharashtra Police DIG Subodh Jaiswal and SRPF’s Additional DG Archana Tyagi were present in the meeting.

The decision will help youths from urban and rural areas to serve for the country. The recruitment process will be conducted without violating social distancing norms. The process is assured to be completed till the year end.

Moreover, 1,384 posts can be created within the ladies’s battalion and the recruitment can be accomplished in three phases, by filling 461 posts in every stage, the deputy chief minister mentioned within the assertion.

GUILTY but FREE – The Ruchika Girhotra Case

“It’s men who trust they will suffer no consequences for their actions, while women suffer no matter what they do.”
Meghan MacLean Weir

The Ruchika Girhotra Case is one to instill fear and hatred towards humanity and the toxic patriarchal mannerism infused into our upbringing and way of living. This case convinces my feministic conditioning that this is indeed a man’s world, and women don’t have a voice. Women might scream, buts it’s never heard.

A quick Google search will tell you that, Law enforcement is an umbrella term for the activities of some members of government who act in an organized manner to enforce the law by discovering, deterring, rehabilitating, or punishing people who violate the rules and norms governing that society. Why is it the opposite in most cases? Why are our protectors becoming our predators?

Custodial Rape and Assault is more common than we think. This year, amidst a global pandemic, a father-son duo, from Thoothukudi (formerly known as Tuticorin) were raped, assaulted, and tortured to death in custody for having their store open past curfew.

The three rape cases that brought about the Anti-Rape Movement in India were all custodial rape cases. 1972: Mathura, a 15-year-old from Maharashtra. 1978: Rameeza Bee, a working-class woman from Hyderabad. 1980: Maya Tyagi, a middle-class woman from Haryana. All three women were raped in police custody.

In a 2017 report, Uttar Pradesh has been labeled the state with the highest custodial rape cases.

In Ruchika’s instance, one set of officials didn’t hold back on the nightmarish counts of torture, while the other hardly reprimanded.

Ruchika was a 14-year-old, Tennis player with a bright future, however, thanks to the mighty patriarchal world, all she is remembered as now is the molested teen who succumbed to the threats and killed herself. Her suicide is not her story. Her story started a little while before but went for a lot longer after. Her story wasn’t hers, it still isn’t. Her story, this story is of Shambhu Pratap Singh Rathore. He stole her childhood, innocence, family, happiness, and finally her will to live and fight.
This is a monster’s story in a monster’s world.

This story began in 1990 when the then IGP (Inspector General of Police) S.P.S Rathore molested Ruchika in his office until her friend Aradhana Prakash intervened. With the help of the then Home Secretary J K Duggal and then DGP Ram Rakhpal Singh, on 3rd September 1990, Rathore was indicted. Despite the orders, Rathore was neither arrested nor fired.

It was the year 1992, and the state government issued a charge sheet against Rathore instead of filing an FIR. Unfortunately, the state government does not hold the power to issue a charge sheet or act on it, so no action was taken.

All while the then ex-MLA Jagjeet Singh Tikka hired a large group of men to harass Ruchika and her family. Ruchika was also expelled from her school Sacred Heart School for Girls under the pretense of non-fee payment.
Multiple false cases were filed against Ruchika’s father, her 10-year old brother Ashu, Aradhana (Ruchika’s friend), and Aradhana’s parents, Anand Prakash and Madhu Prakash. Mr. Pankaj Bharadwaj, the lawyer who initially took up Ruchika’s case too was charged with a defamation case and case for compensation. The journalists who reported on this case were charged too.

Rathore was still free, and was the head of the Haryana State Electricity Board in 1993 and took help from the CIA to illegally confine Ruchika’s brother. The then 13-year old Ashu was mercilessly assaulted by police officials, who are appointed for the safety of citizens. Ashu was again illegally confined 3 months later, on 11th November. Ruchika, on 28th December that year, committed suicide. Rathore celebrated by hosting a party for all those who supported him in this destruction that night. An unconscious Ashu was released only after he and his father were made to sign on blank papers, which was later used as confessions, for crimes they didn’t commit.

Less than a week after Ruchika’s death, the Chandigarh Government closed the case filed against Rathore and Soon after he was promoted to be the DGP (Director General of Police). Ruchika’s family moved out of Chandigarh unable to bear the intimidation anymore.

Anand Prakash, (father of Aradhana Prakash) hadn’t given up. He was fired from his job and his family was constantly under threat. He chased every lead and opening and finally in 1998 filed a petition, and a CBI inquiry was ordered. Only on 16th November 2000, CBI filed a charge sheet against Rathore. With the political influence, the charge sheet did not harm Rathore who continued as a police chief.

Judge Jagdev Singh Dhanjal who in 2001, supported Ruchika’s family and the Prakash family in adding Section 306 (Abetment to Suicide), was forced to take premature retirement in 2003.
In 2002, Justice K.C. Kathuria, of the Punjab and Haryana High Court, dismissed the CBI’s charge sheet and ordered to cancel the FIR (which was never filed in the first place). Rathore was free.

More petitions and cases were filed against Rathore by the Prakash family.

On 5th November 2009, the case was transferred from the Ambala Court to the CBI Chandigarh Court. December 21st, the court gave its final verdict and pronounced a six-month jail sentence and a fine of Rs.1000.00 for Rathore. Within minutes after the sentencing, he was granted bail and was free as always.

After 19 years, since the molestation, Rathore was held accountable but only for 6 months! This didn’t sit well with a lot of people. This case was brought up in multiple debates in the Parliament, by CPI (Communist Party of India) leader Brinda Karat.
In the following 7 years, Rathod’s 6-month sentence turned into an 18-month sentence.

In 2016, the Supreme Court carried out its verdict and found S.P.S. Rathore guilty. However, reduced the sentence back to 6-months and claimed it had already been endured. This verdict was given keeping in mind Rathore’s old age.

Anand Prakash (74), died suffering from Prostate Cancer in 2018. He was robbed of the justice he deserved. Ruchika was robbed of the justice she deserved. Ashu, Aradhana, and Madhu were denied the justice they deserve.

Why was Rathore’s age taken into consideration, when Ruchika’s wasn’t?
Ruchika was 14-years-old.

26 years, molestation, a suicide, multiple false cases, a teenage boy’s torture, families losing peace, fathers losing jobs, mothers being restless, and all it’s come to is no punishment?

26 years, over 40 adjournments, more than 400 hearings, and Rathore is still free with an unsupported guilty tag.

26 years of torture, and no punishment. What justice did the Sessional, High, and Supreme Court of India serve?

26 years and none of the other police officers, politicians, goons, CIA nor judges were held responsible. None of them were charged or fired. Anand Prakash was fired. Judge Jagdev Singh Dhanjal was fired. Everyone who stood with the right paid a price, while the rest got away scot-free.

As I said earlier, this is a man’s world. Only the most powerful man wins, not the best. This should have been Ruchika’s story, but all it ended up being was a Powerful Egoistic Man’s journey of climbing the success ladder and dodging every bullet that justice throws. A man, Rathore molests and only another man, Anand was able to bring justice. Only the powerful win, so Rathore won this game.

Kashmiri youth joining Rebel Ranks

It is heartbreaking how some of the Kashmiri youth are getting distracted into false and heinous crimes, where they are forced to be a part of terrorist groups and made to pick up guns and kill people. How sad it would be for a mother who loses her child, who joins a terrorist group and works against the country. Since Kashmir is facing many hardships beginning from Article 370 which includes communication blackout, internet services, people have to jail themselves at home and wait for the orders of reopening. This was one part of the story where Kashmir has become the highly militarised zone because of constant protest and fights, where Article 370 has separated the roots of Kashmir, where some of the young boys are forcefully made to join terrorist groups and fight for the evil things.

One such story is of Khurshad Ahmad a 23 year old young boy who went to a nearby valley with his herd and never came back. His family was worried for him and searched everywhere but couldn’t find a single clue of him. After few months the family was informed that Khurshad was shot dead in a gun fight in Sugg village. This news left his family, specially his mother helpless and heartbroken, where they couldn’t even fight for their child, where they couldn’t even ask the terrorists that why they did this to their son and why a 23 yr old lad was made to hold a gun instead of holding a book and working hard to take the responsibilities of his family.

There are many more stories which you and me don’t know because fortunately we are sitting safely at homes and taking care of ourselves, if we think about the people in Kashmir, we can’t even fathom the problems which they are suffering from, poverty, climatic changes, war, protest and now their children are joining rebel groups. This is not a choice for them, they are forced to do so, they are brain washed in a way that they just can’t ignore the facts to join the terrorist group and become one of them but what is left behind is their family, the mothers, who patiently wait for the child to return but little did she know that her child would never return, his mind and soul has been captured by the evils and they will never leave him until they eat him up.

My dear friends, we don’t know where our destiny will take us, but we should always think about others, pray for the people of Kashmir, pray that they get peace and they can also live normal lives like us.

Will Oil Price go down???

America does rely on oil in many ways. It’s about 90 percent of the energy that we use in transportation. And it’s more than a third of the overall energy that we use. In fact, it’s probably going to stay that way for a lot, a lot longer. The Energy Information Agency administration predicts that going out to 2050 is still going to over a third of the energy that we’re going to use. So how was it possible for oil to reach a negative value and what does it mean for the American economy? To understand what happened, it’s important to know how a futures contract functions. So the futures market is a way to bet on the future price of a certain commodity.

Different types of oil from all across the world are traded by barrels in their individual market places. But two futures contracts serve as the major benchmark for oil price. Brent Crude trades oil from the North Sea in northern Europe, setting the standard for international oil prices. While the West Texas Intermediate, or WTI, trades a specific grade of oil traded in Cushing, Oklahoma, that serves as a domestic benchmark for oil prices. A refinery might have a contract with a producer and say, we will pay you that Brent price or we’ll pay you the Brent price minus the transportation costs. Or you know that it’s all subject to negotiation. And those two are well known. It’s a shorthand, if you will. And a lot of times other crudes are priced off of those crudes because they’re well, known the quality is high and has a long track record. Similar to most treated commodities, oil prices rely heavily on how much of it is available on the market. In other words, supply and demand. Oil like just about anything else in the world is determined that prices are determined by a willing buyer and a willing seller. And so that means that as demand goes up, more people are buying it.

The price will typically go up, supply stays the same and vice versa. If supply suddenly increases, then then typically the price will go down if the demand stays the same. The demand is determined by how much oil is needed at any given moment due to its crucial role in the economy. High demand has often been associated with a healthy economic growth. Historically, oil demand has moved with the economy of a country. It’s been very tightly tied because almost all transportation comes from burning oil and a lot of other industrial processes use oil. So when the economy is humming along strongly, the demand goes up. And when you have a recession, the demand goes down. On the other hand, supply is usually determined by the producers who have control over its output. Historically, the Organization of Petroleum Exporting Countries, otherwise known as OPEC, has played a crucial role in determining the supply. OPEC currently has 13 member countries, including Iran, Iraq, Kuwait, Saudi Arabia and Venezuela as founding members. However, a lot has changed in recent years as the U.S. surpassed both Russia and Saudi Arabia to become the world’s largest crude oil producer since 2018. Thanks to the rise in production from American shale fields. Essentially these countries and OPEC, everyone is competing for market share.

Everyone wants to produce more for their country, but also the optionality to export it to another country and especially growth regions such as China, Asia. Being an investor or a producer in the oil industry means keeping an eye on this fine balance between supply and demand, as well as the geopolitical events that could threaten the industry. Never forget about geopolitics and the impact it can have on the oil price, because that can be that X factor of why oil may have a big premium or a big discount to fundamentals that you see supply and demand. It’s because geopolitics introduces other risk factors. A historic drop occurred on April 20th, 2020, with U.S. oil prices on WTI dropped by almost 300 percent. Trading around negative 37 dollars. What happened with oil in terms of the negative pricing in April with the futures contracts was rather unprecedented. We have seen negative prices before. For example, last year we were talking about negative natural gas prices and Waha in April 2019. But that’s more due to processing or field issues, not what is happened specifically this time with the COVID 19 and in the price war. Oil prices had been under pressure since January as China battled the spread of COVID 19.

When the pandemic finally reached the rest of the world, demand took a devastating hit. People started talking about the demand going down 2 or 3 percent instead of growing by 1 or 2 percent, as was had previously been expected. But then by the time it got to the United States and all over Western Europe, the forecasts were very different. And at the trough, we probably saw demand in April bottom out, down 30 percent. So we’ve never seen anything like this, certainly in the last 40 years since world oil markets have developed. To make matters worse, a price war erupted between Saudi Arabia and Russia in early March after OPEC and its allies failed to reach an agreement on deeper supply cuts. Oil saw its worst trading day in 20, 29 years. Yesterday, both WTI crude and Brent crude lost nearly a quarter of their value, and the S&P energy sector ended the day 50 percent off its 52 week closing high. Saudi Arabia launched a price war against other key producers. As supply remains steady while demand struck record breaking lows. The petroleum industry quickly began running out of storage space to put their oil. Cushing plays a very big role as one of the main hubs of that commercial storage. And Cushing at the time of the negative contract was around 70, 70 percent full, and what was left was perhaps already committed. So that was a huge issue because Cushing plays one of the main roles in pricing the WTI contracts. As the delivery date for WTI grew near. And investors had nowhere to put the oil. They soon began a massive sell off, prompting an unprecedented crash into the negative territory. WTI special in a way, because it’s so tightly connected to physical oil. And so if you’re holding a contract for WTI, you’re expected to take possession of oil.

What was happening was the buyers who had bought a futures contract, which meant they had responsibility to take delivery of the oil, recognized that that storage was filling up and they had no place to put the oil and they didn’t want the oil. And so they wanted to get out of the contract. Usually they can get out of the contract by getting somebody else to take the oil instead at a positive price. Cause oil’s a valuable commodity. But there was nobody who wanted to take that oil, particularly because it was located in an area that was producing way more oil than they needed. And the pipelines to move oil out of that area were completely full. The historic drop quickly sent shockwaves through the U.S. financial market. The Dow plunged by over 1,200 points over the following two days, and brokerage firms like interactive brokers reported taking 109 million dollar hit to cover its customers losses. It was kind of like what happened in 2000 where we we’re wondering if the computers could roll over. Some of the traders computers couldn’t even handle the negative. They weren’t set up for a negative. So you can imagine the disarray and the surprise, you know, that some traders faced the next morning when they looked at their margin calls or what they owed based on the severity of this drop.

However, experts point out that although the event was unexpected, there was no need to panic. It was not unforeseen. The exchange itself saw it as a possibility ahead of time. They actually discussed what to do if that were to happen, reprogram their software and so forth. And at least one major media outlet reported on it a week ahead of time before it happened. Also, some other products have gone negative in the past. Things like natural gas. So I think it’s important to put it in perspective that while this had never happened with oil before, it was just on one particular instrument. The WTI was just for one day and it was seen as at least a remote possibility ahead of time that it happened. It was very few contracts. There was very little trading at those prices and the price very quickly rebounded into positive territory.

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Methods of Corruption

Ways of Stopping Corruption

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