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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, 19 February 20
AS OCEAN TEMPERATURES RISE, SHIPOWNERS LOOK FOR WAYS TO COPE - WARTSILA
The world is heating up, and its oceans are no exception. According to the International Panel on Climate Change (IPCC), the oceans absorb the majo ...
Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GD ...
Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the ...
Tuesday, 18 February 20
ADARO SHIPPED 27 PERCENT OF ITS TOTAL COAL PRODUCTION IN 2019 TO INDIA AND CHINA
PT Adaro Energy Tbk (AE) produced 58.03 Mt of coal from PT Adaro Indonesia (AI), Balangan Coal Companies and Adaro Me ...
Tuesday, 18 February 20
ADARO REMAINS POSITIVE ON THE LONG-TERM FUNDAMENTALS OF COAL MARKET SUPPORTED BY THE SOUTHEAST ASIA AND SOUTH ASIA REGION
The global seaborne thermal coal market in 2019 was faced with macro and industry challenges which pushed international coa ...
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- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
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