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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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Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
Friday, 14 February 20
KOWEPO INVITED BIDS FOR 1.275 MILLION TONS OF MIN. 5,600 NCV COAL
COALspot.com: Korea Western Power Co. Ltd (KOWEPO). as a representative of five Korean Gencos has issued an international tender for total 1,275,00 ...
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- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
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- SMC Global Power, Philippines
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- TNB Fuel Sdn Bhd - Malaysia
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- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
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- SMG Consultants - Indonesia
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- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
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- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
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- Meralco Power Generation, Philippines
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- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- PTC India Limited - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- The University of Queensland
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- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
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- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
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- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
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