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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, 12 August 20
THE COAL MARKET IN ITALY - ASSOCARBONI
Italy, which in 2019 reported a decrease in thermal coal imports, with a volume of 7,5 million tons (-32% compared to 11 million tons in 2018), whi ...
Wednesday, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
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- Madhucon Powers Ltd - India
- Planning Commission, India
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- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- The University of Queensland
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- Directorate Of Revenue Intelligence - India
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- GAC Shipping (India) Pvt Ltd
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- Electricity Authority, New Zealand
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- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
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- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
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- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
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- Altura Mining Limited, Indonesia
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- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
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- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
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- Mintek Dendrill Indonesia
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- OPG Power Generation Pvt Ltd - India
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- Vedanta Resources Plc - India
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- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
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- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
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- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
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- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Interocean Group of Companies - India
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- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
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- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
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- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
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- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Eastern Coal Council - USA
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- Power Finance Corporation Ltd., India
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