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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, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
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- MS Steel International - UAE
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Australian Coal Association
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Parliament of New Zealand
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- GMR Energy Limited - India
- Planning Commission, India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
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