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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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Sunday, 14 June 20
INDONESIAN COAL WAS STILL IN DEMAND; A 52,000-DWT SUPRAMAX FIXING DELIVERY CJK FOR A ROUND VOYAGE VIA INDONESIA AT $6,250 - BALTIC BRIEFING
Capesize
The Capesize market made new highs for the year this week after strong iron ore demand to the far east continued to develop in the mar ...
Friday, 12 June 20
CHINA CURBS COAL IMPORTS AFTER 5 MONTHS OF RECORD INFLOWS - SOURCES: REUTERS
China has stepped up customs checks for coal imports, leading to lengthy processing delays at ports, four sources familiar with the matter said, as ...
Friday, 12 June 20
COAL INDIA LIMITED SET FOR MARKETING DRIVE TO CREATE DEMAND - FINANCIAL EXPRESS
State-run miner Coal India (CIL), which is primarily focused on supplying coal to the power sector, is now reorienting its marketing to create dema ...
Friday, 12 June 20
MOODY'S REVISES BRENT OIL PRICE OUTLOOK TO $35/BARREL IN 2020 - TASS
Low oil prices are likely to exert the highest pressure on Iraq, Oman and Kuwait due to the limited space for the fiscal policy pursuit and higher ...
Thursday, 11 June 20
JAN-MAY, INDONESIA SHIPPED 175.15 MILLION TONS OF COAL TO ITS OVERSEAS BUYERS
Indonesia's coal production for the first 5 months of this year have reached 228 million tons. January – May 2020, Indonesia shipped US$ ...
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- Carbofer General Trading SA - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
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