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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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Saturday, 06 June 20
KOREA SOUTH-EAST POWER CO INVITED COAL BIDS FOR MIN 5600 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 270,000 Tons (MT) min. 5600 NCV co ...
Friday, 05 June 20
COAL INDIA ESTIMATES PRODUCTION GROWTH BY OVERBURDEN REMOVAL - FINANCIAL EXPRESS
PSU miner Coal India (CIL) has now limited mining only to Overburden Removal (OBR) with falling demand of coal. The mining behemoth is now keeping ...
Friday, 05 June 20
U.S. SANCTIONS COMPLIANCE GUIDANCE RELEASED FOR THE GLOBAL MARITIME, ENERGY AND METALS SECTORS - AKIN GUMP
Key Points
On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the ma ...
Friday, 05 June 20
IN THE FIRST 5 MONTHS OF 2020 AUSTRALIA SHIPPED 6.8 MLN TONNES TO VIETNAM - BANCHERO COSTA
In the first 5 months of 2020, global seaborne coal trade declined by as much as -8% year-on-year, according to vessel tracking data from Ref ...
Thursday, 04 June 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Parliament of New Zealand
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
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