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