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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, 21 October 20
INDIA: THE COMMERCIALISATION OF COAL BLOCKS WILL BENEFIT THE ECONOMY - HINDU BUSINESS LINE
As the government of India receives 76 bids for 23 coal mines against the 38 up on auction, what does this commercialisation of coal block allocati ...
Wednesday, 21 October 20
MARKET INSIGHT - INTERMODAL
The second wave of COVID-19 is now a reality; offices are closing again, and stricter rules and regulations are being implemented in public spaces. ...
Tuesday, 20 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.82 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.49 points Monday, up 0.82 percent week on week.
The index, released by China ...
Tuesday, 20 October 20
BIMCO 'SHIPLEASE' TERM SHEET - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The ever-growing importance of sale and leaseback transactions as an alternative to financing ships by way of loan, makes ...
Friday, 16 October 20
KOMIPO ON BEHALF OF K GENCO'S INVITED BIDS FOR TOTAL 715,000 MT MIN. 5,700 NAR COAL FOR DECEMBER
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 715,000& ...
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- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Australian Coal Association
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
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