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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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Tuesday, 24 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.28 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.74 points Monday, down 0.28 percent week on week.
The index, released by Chi ...
Monday, 23 March 20
CHARTERPARTY REQUIREMENTS TO NOTIFY CLAIMS - TAKE CARE! - WFW
KNOWLEDGE TO ELEVATE
Voyage charterparties frequently require the owner to notify any claim with supporting documents within a relatively shor ...
Monday, 23 March 20
COAL INDIA LIMITED'S ONE-DAY OUTPUT PEAKS AT 3.17 MT - THE HINDU
Coal India Limited (CIL) output peaked at a new high of 3.17 million tonnes (MT) on March 20, overtaking the 3.14 MT production recorded on March 2 ...
Monday, 23 March 20
KOMIPO INVITED BIDS FOR 1.45 MILLION TONS OF COAL FOR JUNE & JULY 2020 LOADING
COALspot.com: Korea Midland Power Co.,Ltd (KOMIPO), on behalf of five Korean Gencos, has issued an international tender for total 1,450,000 MT (&pl ...
Saturday, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
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- The University of Queensland
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Petron Corporation, Philippines
- White Energy Company Limited
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Planning Commission, India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
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