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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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Monday, 03 February 20
KOWEPO INVITING BIDS FOR 2.46 MILLION TONS OF MIN.5700 AND MIN.5600 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,460,000 tons of (Sub) Bitum ...
Sunday, 02 February 20
NOVEL CORONAVIRUS OUTBREAK IN CHINA - STANDARD CLUB
Members will be aware of the recent novel coronavirus outbreak in China, which has now been declared a global emergency by the World Health Organis ...
Sunday, 02 February 20
SUPRAMAX: A 52,000DWT SHIP WAS FIXED BASIS DELIVERY SOUTH KALIMANTAN TRIP TO INDIA, AT $6,000 - BALTIC BRIEFING
Capesize
The week proved conspicuous for all the wrong reasons. This was the week when the Baltic Capesize Index (BCI) turned negative, closing ...
Saturday, 01 February 20
50 MILLION PEOPLE QUARANTINED IN CHINA TO CONTAIN SPREAD OF CORONAVIRUS - HOW DOES IT AFFECT SHIPPING? - BIMCO
The outbreak of the novel coronavirus, declared a global health emergency by the WHO, has caused massive uncertainty across the global markets with ...
Saturday, 01 February 20
THERMAL COAL MARKETS: 5 TRENDS TO WATCH OUT FOR IN 2020 - MINING REVIEW
The seaborne thermal coal market entered the year challenged by low priced LNG in the Atlantic and rapidly increasing supply in the Pacific.
&n ...
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- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
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- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
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- Dalmia Cement Bharat India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
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- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Xindia Steels Limited - India
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- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Planning Commission, India
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- Marubeni Corporation - India
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- Electricity Authority, New Zealand
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- Attock Cement Pakistan Limited
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- Binh Thuan Hamico - Vietnam
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- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Toyota Tsusho Corporation, Japan
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- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- London Commodity Brokers - England
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- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
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- Global Green Power PLC Corporation, Philippines
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- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
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- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
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- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
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- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
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- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
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- New Zealand Coal & Carbon
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
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- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
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- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Australian Coal Association
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
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- Larsen & Toubro Limited - India
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- White Energy Company Limited
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
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- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
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- Sical Logistics Limited - India
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- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
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- Commonwealth Bank - Australia
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- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
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