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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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Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Friday, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
Wednesday, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
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- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
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