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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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Sunday, 22 December 19
TRADING PLACES FOR 2020 - BALTIC EXCHANGE
In the sea of 2020 predictions, Saxo Bank’s Outrageous Predictions sail their own very unique course. For nearly 20 years the Danish investme ...
Saturday, 21 December 19
SUPRAMAX: A 63,000 DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasi ...
Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling t ...
Friday, 20 December 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 December 19
COAL POWER GENERATION CONTINUES TO DECLINE IN GERMANY: DESTATIS, XINHUA REPORTED
The volume of electricity generated in coal-fired power plants in Germany decreased “markedly” by 37 percent to 34 billion kilowatt-hou ...
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- TNB Fuel Sdn Bhd - Malaysia
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- Georgia Ports Authority, United States
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
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- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
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- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
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- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
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- IHS Mccloskey Coal Group - USA
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- Indian Oil Corporation Limited
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- Straits Asia Resources Limited - Singapore
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- ASAPP Information Group - India
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- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
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- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
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- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Australian Coal Association
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- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
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- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
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- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
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- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
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- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
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- Orica Australia Pty. Ltd.
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