We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
-
The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
-
Governments are leveraging bailouts to encourage more responsible business practices, save jobs, address inequality and climate change, and build long-term resilience.
-
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 30 September 20
MARKET INSIGHT - INTERMODAL
Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the p ...
Tuesday, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
|
|
|
Showing 771 to 775 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Economic Council, Georgia
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- The University of Queensland
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
|
| |
| |
|
