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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, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
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- Pipit Mutiara Jaya. PT, Indonesia
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- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
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- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
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- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
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- Orica Mining Services - Indonesia
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- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
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- Indian Energy Exchange, India
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- Eastern Energy - Thailand
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- Star Paper Mills Limited - India
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- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
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- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
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- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Central Electricity Authority - India
- Planning Commission, India
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- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
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- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
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- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
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- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
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- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
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