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