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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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Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
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Tuesday, 31 March 20
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Tuesday, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
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- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
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