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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, 16 December 20
CHINA TO BOOST DOMESTIC SUPPLY - FITCH
China’s benchmark Qinhuangdao 5,500kcal/kg coal price rose above the government’s upper yellow interval of CNY600/tonne in early Octobe ...
Wednesday, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
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- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
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