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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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Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
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- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Planning Commission, India
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
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