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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, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
Wednesday, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
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- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
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