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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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- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- PTC India Limited - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
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