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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, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
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Wednesday, 01 April 20
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FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
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Tuesday, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
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- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Bhatia International Limited - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- PTC India Limited - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
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