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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 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
Tuesday, 17 January 23
MARKET INSIGHT - INTERMODAL
Rumor has it that the New Year has come, to set the pace in, for Russia to continue hostilities against Ukraine. Ten months on the go, into Russia& ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
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- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- The University of Queensland
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
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