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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, 20 May 20
ADARO ENERGY BOOKED A 5% INCREASE IN COAL PRODUCTION VOLUME Y-O-Y IN 1Q2020
PT. Adaro Energy Tbk, Indonesia’s one of the largest coal miner, booked a 5% increase in coal production volume year-over-year in 1Q2020. The ...
Wednesday, 20 May 20
BRAZIL SOYBEAN EXPORTS HAVE BEEN SURGING THIS YEAR - BANCHERO COSTA
Brazil soybean exports have been surging this year, thanks to a combination of strong demand from China, a bumper crop, and favourable exchange rat ...
Wednesday, 20 May 20
MARKET INSIGHT
Seafarers keep maritime trade going so that the food, raw materials, energy and manufactured goods on which so many depend can continue moving arou ...
Tuesday, 19 May 20
AMENDMENT OF THE INDONESIAN MINING LAW: TYING UP LOOSE ENDS - UMBRA
KNOWLEDGE TO ELEVATE
The finalized draft of Law on the amendment of the Mining Law (Bill) was publicly released on 11 May 2020 and was then ap ...
Monday, 18 May 20
TAKING ADVANTAGE OF VIRUS DISTRACTION - BALTIC EXCHANGE
As the industry grapples to deal with exceptional Covid-19-related challenges, a deeper threat is coming to the fore. At this time of crisis, more ...
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- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- White Energy Company Limited
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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