Ministry of SMEs and Startups, Republic of Korea’s Post

Unless the South African government introduces serious, not superficial reforms, Transnet, the country's state-owned logistics company, is likely to be the next Eskom, the country’s failing state energy utility, which has crashed the economy.  Transnet in the past has been one of the state companies at the centre of systemic corruption: gifting state contracts to politically connected companies, which lack the capacity to deliver, the deployment of incompetent, but politically connected cadres to management and the board and politically-connected trade union protection of incompetent employees. Furthermore, chronic lack of maintenance of assets, company leaders' lack of understanding of the basics of company operations and vandalism – even though the company spends massive on security tenders to politically connected companies, have brought the company to its knees. The company’s crisis has plunged South Africa’s main export sectors – mining, agriculture and manufacturing into crises, causing revenue losses, joblosses and the collapse of many companies. The near collapse of Transnet capacity in rail and ports has cost the mining industry alone R50 billion in 2022. The Minerals Council estimates that the disruptions caused by Transnet’s inefficiencies, cost the mining sector 50 000 potential new jobs, and cost the country R27billion in potential new taxes. Transnet's debt has ballooned to R130billion. It is paying R1-billion in interest every month on servicing debt. There is a real danger that the company may in the future default on its loans.

A financial support programme worth 75.9 trillion won ($56.97 billion) has been prepared by South Korea for companies that are investing more in critical sectors and small businesses that are having trouble paying high interest rates. The Financial Services Commission said in a statement on Thursday that commercial banks will also contribute 20 trillion won to support small and medium-sized businesses. The programme includes 15 trillion won in inexpensive policy loans from a state-run bank for important industries, such as semiconductor and battery. Follow for more such content. Stay informed on the latest business news by visiting our website. #globalbusinessandfinancemagazine #businessnews #news #internationalnews #business #globalbusiness #globenews #newsupdates #todaysupdates #latestnews #globalupdates

China’s Infrastructure Spending Is Marred by Problems, Audits Show Beijing has been pushing provinces to speed up bond sales Slow rollout means delayed investment, smaller growth boost Chinese provinces aren’t using the funds raised from infrastructure bond sales effectively, audit reports show, raising doubts about their ability to spur investment and growth in the economy. Of the 25 provinces that have released audit reports of their 2022 budgets, 80% had mismanaged bond funds, according to an analysis by Sinolink Securities Co. analysts led by Zhao Wei. The problems include insufficient project preparation, misuse of the bond proceeds and money granted being left unused. #business #finance #financialservices

Good morning! RMB and Futuregrowth are the latest to comment on the state of South Africa's public finances as the economic debate shifts from monetary policy to the poor state of fiscal policy. RMB speaks of three options available to ensure fiscal sustainability, while Futuregrowth raises the significant problems facing Eskom. Get your copy of the Business Day or read the online version here: https://lnkd.in/evb8Nfij

Nigerian Exchange Group (NGX Group) GROUP PROFITS RISES TO N1. 22 BILLION Read: https://lnkd.in/dDXPX7Y5 Follow Business World Africa for exciting news updates in the African business space #business #africa #nigeria #news

The dance of bad debt Van Thinh Phat's "money heist" poses an immeasurable threat to the Vietnamese banking system. That is a long story, and how long it will take for people to forget about it? I have no idea, as its effects would be a spillover to various sectors in the country. In this case, bad debt is also seen as a no-longer-hidden topic, caused not only by the economic slowdown but also the downturn in the real estate sector. Refinancing is not as smooth as it happened before. According to Vietnam Investors Service, the cumulative value of bond defaults rose to approximately 100 trillion Vietnam dong in 2023, and this trend does not seem to stop in 2024. Investors might doubt whether the real estate industry will soon have a soft landing. For more insights, let's explore the December issue of Bloomberg Businessweek Vietnam: https://lnkd.in/g77fBSMK

This decline aligns with a broader trend of reduced foreign investments in Nigeria, with the total foreign investments falling by 33.99 percent to $2.82 billion during the review period, down from $4.27 billion in the corresponding period of 2022. This decline signals a sense of investor apathy towards the country.

🚀 The Countries Sending the Most Remittances Abroad We chart the top 10 countries by the most remittances sent, in current U.S. dollars, based on 2022 data from Knomad. Specifically, these transfer totals shown represent personal remittances, or money sent between residents in one country to another, including personal transfers and compensation for work done abroad. It does not include, and is separate from, foreign investment.