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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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Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day p ...
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- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- MS Steel International - UAE
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
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