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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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Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 March 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 ...
Friday, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
Wednesday, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
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- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- Rio Tinto Coal - Australia
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