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Winning at any cost philosophy won’t work for long

The team assessed participants’ responses for perceived bottom-line mentality in their organizations, workplace behaviours and job satisfaction.

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Dr Gabi Eissa, management professor at San Diego State University

New York, Sep 19 : The approach of winning at any cost at the workplace can get you short-term gains but could spell long-term disaster, say researchers.

Organizations endorsing a win-at-all-costs environment may find this management style good for the bottom-line, but it could come a price. Teamwork and civility between co-workers are severely compromised which can lead to major issues down the road, the researchers found.

The research published in journal ‘Human Resources Management’ found that teamwork and civility between co-workers are severely compromised which can lead to major issues down the road, if endorsed a win-at-all-costs environment in workplace.

Dr Gabi Eissa, management professor at San Diego State University found that employees with Machiavellian personalities — defined as those who prioritize their personal goals above all else — tend be successful in these environments even if it means sabotaging the work of their colleagues, adding that they show a willingness to engage in amoral behaviour and exhibit a desire to maintain interpersonal control.

“They tend to believe that a coworker’s success is risky, so they become motivated to see others lose. Often times, they feel that when co-workers lose, they win,” Eissa added.

To test his hypotheses, Eissa and researchers from the University of Wisconsin-Eau Claire and the TA Pai Management Institute sampled 500 English-speaking, full-time employees and their supervisors in India, as well as 196 employees in a number of organizations in the US.

The team assessed participants’ responses for perceived bottom-line mentality in their organizations, workplace behaviours and job satisfaction.

The results of two studies indicated that Machiavellian employees tend to develop a bottom-line mentality more strongly when they perceive their management endorses bottom-line outcomes.

In addition, the researchers found Machiavellian employees who developed a bottom-line mentality were found to be less willing to cooperate with their co-workers and were more likely to deviate from organizational norms, rules and practices.

“Overall, we found that employees focused on the bottom-line are more likely driven to see others lose and less likely to engage in behaviour that may help others succeed,” said Eissa.

“Clearly, when bottom-line outcomes are valued over everything else, employees may be encouraged to act in their own self-interest, even if it means engaging in unethical behaviors. If the examples set by Enron and the mortgage industry are considered, this behaviour can have dire consequences in the long-term if left unchecked.”

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Business

BHEL jumps highest in decade on government stake sale plans

According to official sources, out of the total 16 manufacturing units of the company, a few units which do not have material synergies with its core business, such as transportation and water would be put to sale.

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Mumbai, Oct 18 : Heavy electrical equipment maker Bharat Heavy Electricals Ltd (BHEL) on Friday gained over 22 per cent on the BSE over reports that the government may soon divest its stake in the company.

BHEL scrips on the BSE had surged as much as 29.29 per cent to hit an intra-day high of Rs 57.60 apiece before closing at Rs 54.45 a share.

“Shares of state-run BHEL jumped the most in a decade and NMDC rose nearly 6.5 per cent after reports that a group of secretaries would meet on Friday to consider lowering the government’s holdings in public sector companies below 51 per cent,” said Deepak Jasani of HDFC Securities.

IANS had earlier reported that the state-owned BHEL may sell four to five units of its non-core manufacturing business under the government’s asset monetisation programme during the ongoing financial year.

The government also plans to dilute its equity in the power equipment manufacturing entity to 26 per cent in phases under the plan unveiled in this year’s budget.

According to official sources, out of the total 16 manufacturing units of the company, a few units which do not have material synergies with its core business, such as transportation and water would be put to sale.

Asset monetisation of public sector enterprises has been on the government’s agenda for some time now given the fiscal pressure the Centre is under, while the companies too are going through a rough financial phase.

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Business

Slowdown now hits oil sector; petrol, diesel consumption falls

The slowdown is coming at a time when international environment is very favourable, in terms of pricing of crude oil.

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oil refinery

New Delhi, Oct 17 : The oil sector seems to be latest addition to the list of sectors facing stress due to the ongoing economic slowdown. For the first time in many months, both oil demand and imports have witnessed a sharp fall indicating that poor health of the economy has now begun impacting a sector where the country relies a lot on imports.

As per latest the Oil Ministry data, petroleum products demand in India has slipped to its two-year low level in September at 105.7 million tones. The fall is largely on account of a consistent fall witnessed in the consumption of auto fuels – petrol and diesel. Both fuels have reached their lowest consumption level in September with consumption of petrol and diesel falling to 2.3 and 5.8 million tonnes level respectively in September. The consumption of the two products have fallen in each of the months in current financial year indicating the slowdown is taking its toll in the oil sector as well.

What is worse is that consumption fall has also resulted in slowing down of oil imports that have fallen by 0.5 per cent during April-August 2019 from a level of 94.9 million tonnes (MT) in FY19 to 94.4 MT in the five-month period of the current fiscal. While a slowdown in oil imports should be welcomed in a country that spends its foreign exchange to but crude oil, it is reflective of poor demand scenario that has slowed oil imports by refineries.

The refineries are using their inventories for meeting domestic supplies of petroleum products rather than buying additional quantities of crude oil from overseas even though buying at this juncture would be beneficial with international crude prices at a low of $58.9 a barrel.

“It is surprising that oil imports have fallen when global prices are stable and low. This means that consumption has declined and demand is not picking up. The sector has begun to feel the pain of an economy that several of the consuming industries such as automobiles are already facing,” said an executive of the Indian Oil Corporation asking not to be named.

Though it is difficult to derive conclusive relationship between oil imports/sales and economic activity, analysts are unanimous that current contraction is the result of a slowdown. Otherwise, sales of petroleum products should not have fallen when per capita consumption has been growing.

As per the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry, except for bitumen and lubricants, consumption of all other petroleum products such as petrol, diesel, ATF, kerosene, LPG, naptha, and petroleum coke have fallen in September on a month-on-month basis. Some of the products have maintained a fall throughout the first half of current fiscal.

Total LPG consumption fell to 2.2 MT in September from a level of 2.4 in August, even though government Ujjwala scheme is fast expanding the reach of cooking gas to remotest corner of the country. Even kerosene consumption registered de-growth, falling to 1.76 lakh tonnes in September from over 2.3 lakh tonnes in August.

All is not good on oil export front as well with exports of petroleum products decreasing by 5.2 per cent during August 2019 as compared to the same period of the previous year. Decrease in petroleum products exports during August 2019 was due to decrease in all exports.

Indigenous crude oil and condensate production during August 2019 was lower by 5.4 per cent than that of August 2018. OIL, ONGC and PSC registered lower production of 4.2 per cent, 3.7 per cent and 9.5 per cent, respectively, during August 2019 as compared to August 2018. On cumulative basis, indigenous crude oil and condensate production of the country was lower by 6.1 per cent during April-August 2019 as compared to the corresponding period of the previous year.

The slowdown is coming at a time when international environment is very favourable, in terms of pricing of crude oil. The price of Brent crude averaged $59 per barrel during October 2019 and around $60 a barrel in September 2019 against much higher levels last year. The Indian basket crude price averaged $59.35/barrel during August 2019 as against $63.63/barrel during July 2019.

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Tata Motors jumps 10% after Brexit deal ‘agreed’

“The Brexit deal is yet to be passed by the parliament but if the uncertainty ends, it is positive for auto industry and IT companies abroad,”

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Tata

Mumbai, Oct 17 : Investors hurriedly bought Tata Motors shares on Thursday after the news of Britain and the EU reaching a new Brexit deal reached Dalal Street.

According to reports, a Brexit deal has been agreed between UK and EU negotiating teams before a meeting of European leaders in Brussels, post which the benchmark Sensex closed 453 points higher while Tata Motors jumped 9.82 per cent on the BSE to Rs 138.15 a share.

Jaguar Land Rover, the UK subsidiary of Tata Motors, is one of Britain’s largest automotive manufacturers. The company’s performance had taken a hit owing to Brexit related uncertainties.

Easing trade tension & positive development on Brexit provided further boost to the market, analysts said.

“The Brexit deal is yet to be passed by the parliament but if the uncertainty ends, it is positive for auto industry and IT companies abroad,” Deepak Jasani of HDFC Securities said.

Foreign media cited a statement from British Prime Minister Boris Johnson and European Commission President Jean-Claude Juncker according to which the UK and EU have greed a new withdrawal deal on Thursday.

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