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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, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
Tuesday, 16 June 20
SHALE SHOCKED - WOOD MACKENZIE
Capturing shut-ins in real time
Oil markets are searching for balance as the world reflects on the impact of the COVID-19 pandemic. ...
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- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- VISA Power Limited - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
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