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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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Thursday, 04 June 20
DON'T FORGET THE REAL PURPOSE OF RISK ASSESSMENTS - GARD
KNOWLEDGE TO ELEVATE
When doing a risk assessment, we often overcomplicate it and forget its real purpose.
Rather than ensuring that crew ...
Wednesday, 03 June 20
MARKET INSIGHT - INTERMODAL
Once again shipping is about to venture into uncharted waters and before the challenges of the past decade are forgotten, shipowners will have to o ...
Tuesday, 02 June 20
KOSPO LOOKING FOR 80000 MT OF 4200 NCV COAL FOR JULY
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) 4200 NCV coal for 12 - 21, July ...
Tuesday, 02 June 20
INDONESIAN COAL MINER BUMI RESOURCES Q1 OUTPUT UP 5% - REUTERS
Indonesia’s largest coal miner Bumi Resources posted a 5% increase in first-quarter output at 20.8 million tonnes, the company said in a stat ...
Tuesday, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.95 points Monday, down 0.86 percent week on week.
The index, released by Chi ...
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- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Deloitte Consulting - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
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