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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, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
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- Planning Commission, India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- PTC India Limited - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- The University of Queensland
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
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