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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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Wednesday, 19 February 20
AS OCEAN TEMPERATURES RISE, SHIPOWNERS LOOK FOR WAYS TO COPE - WARTSILA
The world is heating up, and its oceans are no exception. According to the International Panel on Climate Change (IPCC), the oceans absorb the majo ...
Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GD ...
Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the ...
Tuesday, 18 February 20
ADARO SHIPPED 27 PERCENT OF ITS TOTAL COAL PRODUCTION IN 2019 TO INDIA AND CHINA
PT Adaro Energy Tbk (AE) produced 58.03 Mt of coal from PT Adaro Indonesia (AI), Balangan Coal Companies and Adaro Me ...
Tuesday, 18 February 20
ADARO REMAINS POSITIVE ON THE LONG-TERM FUNDAMENTALS OF COAL MARKET SUPPORTED BY THE SOUTHEAST ASIA AND SOUTH ASIA REGION
The global seaborne thermal coal market in 2019 was faced with macro and industry challenges which pushed international coa ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Planning Commission, India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
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