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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, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
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- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- MS Steel International - UAE
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- CNBM International Corporation - China
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
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