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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, 25 May 20
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
Non-OPEC oil supply continued to increase by 2.0 mb/d in 2019, driven by US shale production, which rose by 1.7 mb/d, amounting to 84% of total non ...
Sunday, 24 May 20
A 63,000 FIXED DELIVERY VIETNAM TRIP VIA INDONESIA REDELIVERY KOSICHANG AT $8,500 - BALTIC BRIEFING
Capesize
After a week of bounce momentum the market appears to have stalled out once again. The Capesize 5TC has more than doubled since last F ...
Saturday, 23 May 20
COLOMBIA COAL OUTPUT DOWN 7.2% IN Q1 ON LOW PRICES, CORONAVIRUS LOCKDOWN - REUTERS
Coal production in Colombia, the world’s fifth-largest coal exporter, fell 7.2% in the first quarter because of low prices and coronavirus qu ...
Saturday, 23 May 20
EWP INVITES BIDS FOR 840,000 METRIC TONS OF MIN 5700 NAR COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd (EWP) has Issued an International Tender for total Max 840,000 Metric Tons of min 5 ...
Thursday, 21 May 20
KOMIPO INVITED BIDS FOR TOTAL 610000 MT OF LCV AND HCV COAL FOR 2H 2020
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) has Issued an International Tender for 130,000 mt of 5700 NCV coal an ...
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- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- India Bulls Power Limited - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Romanian Commodities Exchange
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
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