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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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Friday, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
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Thursday, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
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- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
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