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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, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
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- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
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- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
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