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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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Tuesday, 17 December 19
BACK TO FUTURE FOR BUSH AS AUSTRALIA CONSIDERS MOVING AWAY FROM COAL NEWCASTLE - HERALD
Looking backwards could show the way forward for regional communities planning for a future beyond mining.
One of Australia’s ...
Tuesday, 17 December 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.01 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points, down 0.01 percent week on week.
The index, released by China Taiy ...
Tuesday, 17 December 19
YEAR 2019: IT IS LOOKING SET THAT THIS YEAR WILL BE ONE OF THE SLOWEST IN TERMS OF DRY BULK NEWBUILDING ACTIVITY - ALLIED
With just two weeks remaining before 2019 comes to an end, it is now looking set that this year will be one of the slowest in terms of dry bulk new ...
Monday, 16 December 19
ULTRAMAX: A 63,000DWT SHIP FIXING DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, FOR RE-DELIVERY TO CHINA AT $11,000 - BALTIC BRIEFING
Capesize
It was one-way traffic for the Capesize market this past week, with all routes giving up value. While downward momentum may have slowe ...
Monday, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
- Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
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- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
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