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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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Monday, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
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- Indian Energy Exchange, India
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- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
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- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
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- Indian Oil Corporation Limited
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- Deloitte Consulting - India
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Mercator Lines Limited - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
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- Standard Chartered Bank - UAE
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- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
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- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
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- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
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- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Planning Commission, India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
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