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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, 16 April 20
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Friday, 10 April 20
INDIA'S BULKS SUPPLY CHAIN TAKES A HIT DURING LOCKDOWN - WOOD MACKENZIE
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- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- The University of Queensland
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
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