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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, 18 January 20
GERMAN STEAM COAL IMPORTS IN 2019 PLUMMETED BY 17 % - COAL IMPORTERS ASSOCIATION
Press Release: According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), world trade in h ...
Saturday, 18 January 20
A 61,400 DWT FIXED FROM SOUTH EAST ASIA DELIVERY EAST KALIMANTAN REDELIVERY WEST COAST INDIA IN THE LOW $7,000S - BALTIC BRIEFING
Capesize
The market was relatively stable over this past week putting an end to the past months of more extreme declines. While the Capesize 5T ...
Friday, 17 January 20
EIA ESTIMATES THAT U.S. COAL PRODUCTION DECLINED BY 65 MMST (9%) TO 690 MMST IN 2019. IN 2020, COAL PRODUCTION WILL DECLINE BY A FURTHER 14% TO 597 MMST
U.S. Coal Supply.
EIA estimates that U.S. coal production declined by 65 million short tons (MMst) (9%) to 690 MMst in 2019. In 2020, EIA ...
Friday, 17 January 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index, a gauge of coal p ...
Thursday, 16 January 20
SUPRAMAX: INDO/CHINA ROUND VOYAGE FIXING AROUND LOW/MID USD 6,000 BSS APS INDO - FEARNLEYS
Capesize
Still very rough seas for the big ships, with the majority of the fleet trading Far East or fronthaul and consequently earning far les ...
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- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
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