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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, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
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- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- The University of Queensland
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
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- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
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- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
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- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
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