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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, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
Tuesday, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
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- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- The University of Queensland
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- PTC India Limited - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
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