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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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Thursday, 04 June 20
DON'T FORGET THE REAL PURPOSE OF RISK ASSESSMENTS - GARD
KNOWLEDGE TO ELEVATE
When doing a risk assessment, we often overcomplicate it and forget its real purpose.
Rather than ensuring that crew ...
Wednesday, 03 June 20
MARKET INSIGHT - INTERMODAL
Once again shipping is about to venture into uncharted waters and before the challenges of the past decade are forgotten, shipowners will have to o ...
Tuesday, 02 June 20
KOSPO LOOKING FOR 80000 MT OF 4200 NCV COAL FOR JULY
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) 4200 NCV coal for 12 - 21, July ...
Tuesday, 02 June 20
INDONESIAN COAL MINER BUMI RESOURCES Q1 OUTPUT UP 5% - REUTERS
Indonesia’s largest coal miner Bumi Resources posted a 5% increase in first-quarter output at 20.8 million tonnes, the company said in a stat ...
Tuesday, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.95 points Monday, down 0.86 percent week on week.
The index, released by Chi ...
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- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- Aditya Birla Group - India
- Deloitte Consulting - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
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