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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, 16 April 20
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Friday, 10 April 20
INDIA'S BULKS SUPPLY CHAIN TAKES A HIT DURING LOCKDOWN - WOOD MACKENZIE
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- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Australian Coal Association
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
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