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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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Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
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Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
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- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Australian Coal Association
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- The University of Queensland
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
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