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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
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