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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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Monday, 25 May 20
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
Non-OPEC oil supply continued to increase by 2.0 mb/d in 2019, driven by US shale production, which rose by 1.7 mb/d, amounting to 84% of total non ...
Sunday, 24 May 20
A 63,000 FIXED DELIVERY VIETNAM TRIP VIA INDONESIA REDELIVERY KOSICHANG AT $8,500 - BALTIC BRIEFING
Capesize
After a week of bounce momentum the market appears to have stalled out once again. The Capesize 5TC has more than doubled since last F ...
Saturday, 23 May 20
COLOMBIA COAL OUTPUT DOWN 7.2% IN Q1 ON LOW PRICES, CORONAVIRUS LOCKDOWN - REUTERS
Coal production in Colombia, the world’s fifth-largest coal exporter, fell 7.2% in the first quarter because of low prices and coronavirus qu ...
Saturday, 23 May 20
EWP INVITES BIDS FOR 840,000 METRIC TONS OF MIN 5700 NAR COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd (EWP) has Issued an International Tender for total Max 840,000 Metric Tons of min 5 ...
Thursday, 21 May 20
KOMIPO INVITED BIDS FOR TOTAL 610000 MT OF LCV AND HCV COAL FOR 2H 2020
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) has Issued an International Tender for 130,000 mt of 5700 NCV coal an ...
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- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Parliament of New Zealand
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
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