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Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
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The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
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Governments are leveraging bailouts to encourage more responsible business practices, save jobs, address inequality and climate change, and build long-term resilience.
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The next wave of rescue measures should go further in implementing bold, forward-looking reforms.
Last year, the World Economic Forum’s annual Global Competitiveness Report assessed 141 governments’ future-readiness and found that most rated poorly on this and other crucial long-term indicators.
Yet now that the pandemic-induced lockdown is wreaking havoc on the global economy and exposing the inadequacies of many institutions, an era of bigger – and perhaps bolder – government has arrived.
Already, an estimated $9 trillion has been pumped into the global economy to support households, stem job losses and keep businesses afloat. Now that some countries are beginning to emerge from lockdowns, their leaders have a unique opportunity to reshape the economy to provide better, greener and more equitable outcomes for all.
The crisis offers an opportunity for what the World Economic Forum has deemed the “Great Reset,” starting not at some point in the distant future but right now. Building on the lessons learned during the 2008 financial crisis and its aftermath, many governments are attaching a range of meaningful conditions to bailouts and other rescue measures. The short-term assistance being provided today can and should be leveraged to encourage more responsible business practices, save jobs, address inequality and climate change, and build long-term resilience against future shocks.
For example, owing to concerns about rising inequality and pressures on public budgets, France, Denmark and Poland have denied government support to companies with headquarters in tax havens outside of Europe. And the United Kingdom has banned dividend payments and restricted bonuses in companies accessing its loan scheme.
Governments are also attempting to safeguard jobs by providing incentives for companies to maintain employment levels. US companies accessing Coronavirus Aid, Relief and Economic Security Act funds must maintain at least 90% of their pre-pandemic employment levels until September 30. Japan has applied similar conditions in extending its employee-retention assistance to both small and medium-size enterprises and large corporations. And Russia has introduced wage subsidies for companies that retain at least 90% of their workforce. Meanwhile, Italy is implementing a temporary blanket ban on dismissals, not limited to companies accessing government funds. While it remains to be seen whether these temporary restrictions will be effective at maintaining employment after they are lifted, they are providing a cushion – and a “fighting chance” – to workers in the midst of this unprecedented crisis and ahead of a future recovery.
Even in deeply distressed sectors, rescue measures are being designed to emphasize social and environmental responsibility and encourage more long-term thinking. For example, now that the airline industry is facing a demand shock as a result of global travel restrictions, its pre-crisis business practices have come under scrutiny.
Over the past decade, the largest airlines in the United States spent 96% of their free cash flow on share buybacks, nearly double the rate of other S&P 500 companies. Now, cash-strapped airlines wishing to access governments funds must not only cease stock buybacks and dividend payments until the end of 2021; they must also agree not to use involuntary furloughs or reduce pay rates until September 30. Likewise, the French government has attached “green strings” to its €7 billion ($7.9 billion) bailout of Air France-KLM, requiring the airline to commit to halving its carbon dioxide emissions (per passenger and per kilometer), relative to their 2005 level, by 2030.
These instances of embedding long-term thinking into short-term measures are clearly steps in the right direction. But, given the sheer scale of fiscal support being provided and rising concerns about inequality, climate change, unemployment and public debt, the next wave of recovery measures should go even further.
Here, the European Commission’s Next Generation EU crisis fund should be taken as a model for others to follow. With €750 billion ($845 billion) in grants and loans, it promises to usher in a fair and inclusive recovery by accelerating the transition to a green digital economy. Its basic conditions would help European countries shift away from declining heavy industries while supporting vulnerable workers. But whether all EU member states will get on board remains to be seen.
The pandemic has thrust governments into a more proactive role than anyone would have imagined just a few months ago. As we move beyond the immediate health crisis, policymakers must seize the opportunity to implement bold, forward-looking reforms. That includes redesigning social contracts, providing adequate safety nets, cultivating the skills and jobs that the future economy will need, and improving the distribution of risk and return between the public, the state and the private sector.
But while governments must assume a leadership role, shaping the recovery and charting a new course for growth will require greater collaboration between businesses, public and government institutions and workers. For the Great Reset to succeed, all stakeholders must have a hand in it.
By now, it should be obvious that we cannot go back to a system that benefited the few at the expense of the many. Forced to manage short-term pressures and confront long-term uncertainties at the same time, leaders find themselves at a historic crossroads. Governments’ new clout gives them the means to start building fairer, more sustainable and more resilient economies.
Source:World Economic Forum
Written by
Saadia Zahidi, Managing Director, World Economic Forum
This article is published in collaboration with Project Syndicate. The views expressed in this article are those of the author alone and not the World Economic Forum.
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Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- India Bulls Power Limited - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
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