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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, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- PTC India Limited - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
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