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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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Monday, 29 June 20
CHINA COAL IMPORT OUTLOOK: MANY MOVING PARTS, FORECAST TO FALL 10% YOY - GHEE PEH | IEEFA
China’s coal demand declined in the first quarter of 2020. According to the China National Coal Association, the country consumed 870mt in th ...
Monday, 29 June 20
ULTRAMAX: A 58,000 FIXING DELIVERY SINGAPORE TRIP, VIA EAST COAST INDIA, REDELIVERY CHINA IN THE LOW $12,000S - BALTIC BRIEFING
Capesize
As the halfway mark of 2020 arrives, the capesize market is making new highs for the year. From persistent lows earlier caused by a ba ...
Saturday, 27 June 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 25 June 20
ALL YOU WANT TO KNOW ABOUT COAL MINE AUCTIONS - THE HINDU BUSINESS LINE
Last week, Prime Minister Narendra Modi threw open the auction of 41 coal blocks for commercial mining. The decision, which was part of the announc ...
Wednesday, 24 June 20
MARKET INSIGHT - INTERMODAL
The World Bank estimates that the global economy will fall by 5.2% this year, underlining that the Covid-19 pandemic has had rapid and massive cons ...
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- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
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- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
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- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Australian Coal Association
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- The University of Queensland
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
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