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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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- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Planning Commission, India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
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