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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, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
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Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
Thursday, 09 January 20
SUPRAMAX: A NUMBER OF INDONESIAN ROUND TRIPS WERE REPORTED AT BELLOW USD 5,000 PD LEVELS - FEARNLEYS
Capesize
The Capesize market has hit new low's in the first week of the new year, with the West Australia route being fixed at USD 6.6 being ...
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- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
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