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