Japan to release oil reserves to reduce prices


Tokyo, Nov 24 | Japanese Prime Minister Fumio Kishida said on Wednesday that the country will release oil, which would be the first time for the resource-poor country, to try reducing prices by tapping reserves.

“Japan has decided to act in tandem with the United States and sell a portion of the state-owned stockpiles in a manner that does not violate the oil stockpiling law,” said Kishida.

The oil stockpiling law limits the release to purposes such as responding to disasters and overseas political turmoil, reports Xinhua news agency.

In order not to violate the law, Tokyo plans to release oil reserves that exceed its target of storage in value of 160 days of consumption. The amount of oil to be initially released is expected to be equivalent to consumption in several days, according to a government official.

The White House announced on Tuesday that the US will release 50 million barrels of oil from its emergency reserves in coordination with other major energy-consuming countries to address rising prices. Some other countries are also expected to take similar actions.

However, oil prices continued to rise in New York overnight and in Tokyo, with doubts appearing about the effectiveness of the move as the amount of oil to be released is only worth several days of consumption.

In Japan, the decision to develop reserves in the past was to solve supply problems after natural disasters and overseas political turmoil.

So far, the country has implemented five releases, including after the Gulf War in the early 1990s and the March 2011 earthquake and tsunami.

As a member of the International Energy Agency, Japan is obliged to maintain oil reserves equivalent to 90 days of net imports in the previous year, and the amount of private emergency reserves should exceed 70 days of its oil consumption in the previous year, according to the Japanese law.

Source: IANS

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Does MBA really help in getting a better job offer ?

Does MBA really help in getting a better job offer ?

Most students pursuing an MBA come with the sole objective of having a decent job offer or a promotion in the existing job soon after completion of the MBA. And most of them take loans to pursue this career dream. According to a recent survey by education portal Campusutra.com  74% MBA 2022-24 aspirants said they would opt for education loans.

There are exceptional cases like those seeking master’s degree or may have a family business to take care of or an entrepreneurial venture in mind. But the exception cases are barely 1%. For the rest 99%, a management degree is a ticket to a dream job through campus placements or leap towards career enhancements. Stakes are high as many of them quit their jobs which essentially means loss of 2 years of income, apprehension and uncertainty of the job market. On top of that, the pressure to pay back the education loans. Hence the returns have to be high. There is more than just the management degree. Colleges need to ensure that they offer quality management education which enables them to be prepared for not just the demands of recruiters and for a decent job but also to sustain and achieve, all along their career path.

  • So, what exactly are the B Schools doing to prepare their students for the job market and make them industry ready ?
  •  Are B schools ready to deliver and prepare the future business leaders to cope up with the disrupted market ?  

These are the two key questions every MBA aspirant needs to ask, check and validate before filling the MBA application forms of management institutes. And worth mentioning that these application forms do not come cheap. An MBA aspirant who may have shortlisted 5 B Schools to apply for, may end up spending Rs 10,000.00 to Rs 15,000.00 just buying MBA / PGDM application forms.

While internship and placements data of some management institutes clearly indicates that recruiters today have specific demands. The skill sets looked for are job centric and industry oriented. MBA schools which have adopted new models of delivery and technology, redesigned their courses, built an effective evaluation process and prepared the students to cope with the dynamic business scenario, have done great with campus placements despite the economic slow down.

However, the skill set being looked for by a consulting company like Deloitte or KPMG may be quite different from FMCG or a manufacturing sector. Institutes need to acknowledge this fact and act accordingly.

  • Management institutes should ensure that students are intellectually engaged, self motivated and adapt to changes fast. In one word ‘VUCA ready’.
  • B Schools should encourage students to participate in national and international competitive events, simulations of business scenarios.
  • Institutes should have the right mix of faculty members with industry exposure and pure academics.

The placement records of 2021 across top management institutes indicated the fact that recruitment is happening, skilled talent is in demand and certain management institutions continued to attract recruiters even in the middle of an ongoing crisis.

It is time, all management institutes rise to the occasion, understand market realities and identify areas of improvement at both ends – students and faculty.

After all, the stakes are high at both ends. B Schools taking corrective measures will stay while those which are lagging will end up shutting down.

Author Name : Nirmalya Pal


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