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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, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
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Thursday, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
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- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
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