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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Neyveli Lignite Corporation Ltd, - India
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- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
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- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
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- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
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- Chamber of Mines of South Africa
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- Goldman Sachs - Singapore
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- Global Business Power Corporation, Philippines
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- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
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- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
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- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
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- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
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- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- PTC India Limited - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Wilmar Investment Holdings
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- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
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- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- The University of Queensland
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- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
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- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
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- Indogreen Group - Indonesia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
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