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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, 30 January 20
CAPE: WITH CHINESE NEW YEAR TAKING PLACE, THE RATES ARE REACHING FURTHER DISAPPOINTING LEVELS - FEARNLEYS
Cape
With Chinese New Year taking place, the rates are reaching further disappointing levels. Present TC average is below USD 4,500, off 24% fr ...
Wednesday, 29 January 20
INDONESIA REMAINS AT THE TOP SPOT IN 2019 AS THE LARGEST SUPPLIER OF COAL TO INDIA WITH 91.3 MLN TONNES - BANCHERO COSTA
Despite repeated promises from India’s government to reduce the country’s coal imports and increase domestic self-reliance, volumes jus ...
Wednesday, 29 January 20
MARKET INSIGHT - INTERMODAL
Last week Libya’s oil production operations were disrupted as it was reported that local Libyan tribes interrupted output at the the El Feel ...
Tuesday, 28 January 20
INDONESIA - UNCERTAINTY OVER AVAILABILITY OF LSFO - THE STANDARD CLUB
The club has received reports that low sulphur fuel is not currently readily available in all Indonesian ports and that there are local shortages.
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Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
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- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- The University of Queensland
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
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