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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, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
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- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- MS Steel International - UAE
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
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- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
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