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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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Wednesday, 07 April 21
KOMIPO ISSUED A TENDER FOR TOTAL 1,560,000 METRIC TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for total 1,560,000 Metric Tons of Bituminous coal for i ...
Wednesday, 07 April 21
MARKET INSIGHT - INTERMODAL
Following the end of the catholic easter, during which the majority of shipping market participants were on holidays, it is interesting to note a f ...
Wednesday, 07 April 21
COAL USED TO GENERATE ELECTRIC POWER IN U.S. WILL INCREASE BY 13 PERCENT TO 495 MMST IN 2021 - EIA
EIA expects U.S. coal production to total 585 MMst in 2021, 46 MMst (9%) more than in 2020. In 2022, EIA expects coal production to grow by an addi ...
Wednesday, 31 March 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.12 PCT - XINHUA
China Taiyuan coal transaction price index stood at 139.03 points Monday, up 0.12 percent week on week.
The index, released by China ...
Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At th ...
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- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
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- Parliament of New Zealand
- Cement Manufacturers Association - India
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- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
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- Formosa Plastics Group - Taiwan
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
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- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
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- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
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- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Planning Commission, India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
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- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- PTC India Limited - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
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- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
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- Orica Australia Pty. Ltd.
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