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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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Thursday, 27 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
Wednesday, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
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- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- The University of Queensland
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
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