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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, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
Tuesday, 16 June 20
SHALE SHOCKED - WOOD MACKENZIE
Capturing shut-ins in real time
Oil markets are searching for balance as the world reflects on the impact of the COVID-19 pandemic. ...
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- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Australian Coal Association
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
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