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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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Sunday, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
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