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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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Tuesday, 07 April 20
COAL INDIA'S DISPATCHES DROP, OUTPUT INCREASES - THE HINDU
India’s largest coal producer Coal India Ltd. (CIL) has seen a 10% fall in dispatches in March 2020 due to a sharp fall in demand from the po ...
Tuesday, 07 April 20
CORONAVIRUS AND LOCKDOWNS DRAG DOWN THE INDONESIAN COAL PRICE REFERENCE IN APRIL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of the Indonesian ther ...
Monday, 06 April 20
A 52,000DWT SHIP FIXING DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY TAIWAN, AT $3,100 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Monday, 06 April 20
INDIA'S 21-DAY LOCKDOWN - IMPACT ON COMMODITIES? - WOOD MACKENZIE
India is under a three-week lockdown from 25 March, to contain the spread of the coronavirus outbreak. Wood Mackenzie analysts discuss what this me ...
Friday, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- ICICI Bank Limited - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- White Energy Company Limited
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
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