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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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Sunday, 14 June 20
INDONESIAN COAL WAS STILL IN DEMAND; A 52,000-DWT SUPRAMAX FIXING DELIVERY CJK FOR A ROUND VOYAGE VIA INDONESIA AT $6,250 - BALTIC BRIEFING
Capesize
The Capesize market made new highs for the year this week after strong iron ore demand to the far east continued to develop in the mar ...
Friday, 12 June 20
CHINA CURBS COAL IMPORTS AFTER 5 MONTHS OF RECORD INFLOWS - SOURCES: REUTERS
China has stepped up customs checks for coal imports, leading to lengthy processing delays at ports, four sources familiar with the matter said, as ...
Friday, 12 June 20
COAL INDIA LIMITED SET FOR MARKETING DRIVE TO CREATE DEMAND - FINANCIAL EXPRESS
State-run miner Coal India (CIL), which is primarily focused on supplying coal to the power sector, is now reorienting its marketing to create dema ...
Friday, 12 June 20
MOODY'S REVISES BRENT OIL PRICE OUTLOOK TO $35/BARREL IN 2020 - TASS
Low oil prices are likely to exert the highest pressure on Iraq, Oman and Kuwait due to the limited space for the fiscal policy pursuit and higher ...
Thursday, 11 June 20
JAN-MAY, INDONESIA SHIPPED 175.15 MILLION TONS OF COAL TO ITS OVERSEAS BUYERS
Indonesia's coal production for the first 5 months of this year have reached 228 million tons. January – May 2020, Indonesia shipped US$ ...
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- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- The University of Queensland
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- ASAPP Information Group - India
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