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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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- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- London Commodity Brokers - England
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
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