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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
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- MS Steel International - UAE
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
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- Chettinad Cement Corporation Ltd - India
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- Parliament of New Zealand
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- Wood Mackenzie - Singapore
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- Indian Oil Corporation Limited
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- Interocean Group of Companies - India
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- European Bulk Services B.V. - Netherlands
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- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
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- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Economic Council, Georgia
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- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Goldman Sachs - Singapore
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- Trasteel International SA, Italy
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- McConnell Dowell - Australia
- Chamber of Mines of South Africa
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- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
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- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
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- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
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