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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, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
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- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
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