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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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Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
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Oil demand in Asia Pacific might be expected to plunge 1.8m barrels per day (bpd) this year, but there are still strong prospects for growth over t ...
Friday, 31 July 20
SHORT-TERM IMPACT ON THE CHEMICAL SHIPPING MARKET IF THE INDIA-CHINA DISPUTE ESCALATES - DREWRY
Due to the India-China dispute, the threat of deteriorating trade relations between the two countries has become real. Meanwhile, we expect freight ...
Friday, 31 July 20
PANAMAX: THE PERIOD MARKET REMAINS QUIET WITH FEW FIXTURES REPORTED - FEARNLEYS
Capesize
After weeks of dropping rates, there are finally some resistance for the Capes. Pacific rounds improving to upper15,000s by the middle ...
Friday, 31 July 20
PANDEMIC SENDING SOUTH AFRICAN COAL INDUSTRY TO EARLIER GRAVE - IEEFA
Could South Africa’s coal export industry, one of the largest in the world, be about to take a severe hit from the coronavirus?
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- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
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