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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, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
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