Discover and read the best of Twitter Threads about #soes

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IMF programmes often include reforming State Owned Enterprises (SOEs) to streamline gov't finances.

#GoSL has 257 #SOEs, out of which 52 are identified as key SOEs

💰How profitable are #SOEs in #SriLanka?

Follow the thread to find out more ⬇
1/7
🚂Sri Lanka Railways has had a track record of continuous losses with a total accumulated loss of LKR 331 Bn from 2010-2020

For more details : bit.ly/3Oy4mvX

2/7 Image
Ceylon Petroleum Corporation (CPC) is the SOE with the largest accumulated loss at LKR 335 Billion as of 2020

Our recent insight finds that the loss can be entirely attributed to poor treasury management

Read the full insight on : bit.ly/3vGZc81

3/7
Read 8 tweets
This week all eyes will be on #Budget2022. #OUTA compiled some #tips for the Minister of Finance & @TreasuryRSA which we sent to them about 2 weeks ago. Here's our list:
#Budget2022 priorities
OUTA wants to see these as top priorities in Budget 2022:
#Funding to decisively combat & PROSECUTE #corruption.
Concrete ACTION to promote #economicgrowth & address #unemployment.
@TreasuryRSA
#Budget2022 Fund the #WarAgainstCorruption
Ensure ample funding for prosecuting state capture, corruption and tax evasion, for @sarstax @RSASIU Hawks & @NPA_Prosecutes.
Ensure support for whistleblowers.
Fund new oversight bodies as recommended by @StateCaptureCom.
@TreasuryRSA
Read 12 tweets
THREAD:
1. We all saw the #destruction caused by visible #looting in #SAUnrest & communities are reeling from the impact. But about 1000 times of what it will cost to repair last week’s damage, was “invisibly” looted through #StateCapture & #corruption. Here are some highlights
2. According to @ShadowWorldInv1 the #ArmsDeal of the 1990’s cost SA an estimated R2,2 billion looted to pay bribes and kickbacks. To date nothing has been recovered. Money that could have changed the poor’s lives wasted on #GrandScaleLooting.
3. In 2015 @CompComSA found #construction companies #GroupFive, #WBHO, #BasilRead, Murray&Roberts, #Aveng & #StefanuttiStocks guilty of #colluding when building 2010 FIFA World Cup stadiums. This added R14 billion to construction costs. (Your taxmoney!)
Read 22 tweets
6/cps >90% of the Cos/corporates within this 60% are part of the #PartySector run by #PartyCapitalists (party members, their family, friends & special agents) who owe allegiance to party and follow its directives on all policy matters(or get jailed for corruption or worse)
7/cps Beyond what China experts label #SOEs, lies a vast a shadowy, grey #PartySector run by #PartyCapitalists who were funded by #SOEs, provincial parties, #TVEs and State owned, controlled, run, banks and which foreigners were persuaded is the #PrivateSector :
Read 17 tweets
[THREAD - KEY SUMMARY]
European Business in China - Business Confidence Survey 2020 by @EuropeanChamber

Summary based on the report and our #podcast interview with Charlotte Roule - Vice President of the European Chamber.

Podcast coming out June 11th.
0/ SAMPLE
📍Company Size
~50% <250 employees
~30% >1k employees
~20% in between
JVs employees not counted

📍Sector
~30% professional services
~35% industrial goods
~21% consumer goods
Rest - specific (e.g. agriculture)

📍% in tweets refer to answers by the Chamber's members
1/ SOFT DOWNTURN
📍Feb 2020 - #EU companies in #China (still before the magnitude of #COVID19 known) noticed worsening conditions comparing to previous years
📍49% said "#business became more difficult"
📍But 41% noticed that market was opening in 2019
Read 16 tweets
Given the economic loss in Q1 as a result of the ongoing #COVID-19, even if China's growth rate is rapidly pulled to more than 5% in Q2, Q3 and Q4, it is difficult to achieve a growth rate of over 3% in the whole year without the implementation of unimaginable #stimuluspolicies.
But even so, China is likely to be the only major economy to see positive growth this year, according to CF40 Invited Member Liang Hong. mp.weixin.qq.com/s/Gzp9f_Tmm39V…
Whether China can recover from this shock in short term requires more efforts.
Read 6 tweets
While #China’s economy slowed down in 2019 as a result of slowdown in both internal and external demand, the downward pressure is expected to be released by marginal improvement in cyclical factors, according to Wu Ge in a recent interview:
mp.weixin.qq.com/s/LvkNYDXB00lD… #economics
Global economic performance is likely to be improved resulting from easy monetary and financial condition and proactive fiscal policies, as well as potential increase in external demand brought by improvement in China-US #trade relations.
Increase in the flexibility of RMB exchange rate mechanism is also conductive to restoring external demand. Chinese RMB value against USD once dropped below 7, indicating an increase in authority’s tolerance for exchange rate fluctuations.
Read 5 tweets
While #deleveraging was a major task for China’s macroeconomic policy over past few years,it has been less covered in official documents lately. But its effects on economy still continue,both on micro entities and macroeconomy,cf40 member Wu Ge finds more: mp.weixin.qq.com/s/hMSgV0_gJYC6…
It is necessary to look into the effects of deleveraging on corporates’ balance sheet, which is helpful to understand changes in investment behaviors of micro entities and forecast the development orientation of macroeconomy.
To private firms, deleveraging has raised their capital costs; however, due to the “non-neutrality” of competition between private firms and #SOEs over the past 40 years, deleveraging can hardly fully explain rising fund costs of private firms.
Read 5 tweets
While #deleveraging was a major task for China’s macroeconomic operation over past few years,it has been less covered in official documents lately.But its effects on economy still continue,both on micro entities &macroeconomy,cf40 member Wu Ge finds more: mp.weixin.qq.com/s/hMSgV0_gJYC6…
It is necessary to look into the effects of deleveraging on corporates’ balance sheet, which is helpful to understand changes in investment behaviors of micro entities and forecast the development orientation of macroeconomy.
To private firms, deleveraging efforts have raised capital costs,restricting investment expansion; however, due to the “non-neutrality” of competition between private firms and #SOEs over the past 40 years, deleveraging can hardly fully explain rising fund costs of private firms.
Read 5 tweets
Small&medium-sized banks have been under increasing pressure in managing risks following #China's new asset management rules.While risk always accompanies #banks’ business,proper measures should be taken to ensure effective management. by Liu Xiaochun:mp.weixin.qq.com/s/7sQMVTgDUWsc… 1/9
#CORPORATE GOVERNANCE should be enhanced and the establishment of SMBs must follow business principles rather than being led by or endorsed government support. 2/9
HEALTHY DEVELOPMENT which brings returns to banks should be the true goal of shareholders including govt,#SOEs and some private firms, rather than grabbing money by investing in these banks. 3/9
Read 9 tweets
#China has taken a series measures to boost #manufacturing industry in recent years as economic growth slows down.The latest moves were cutting #VAT &
introducing more credit to manufacturers. Thanks to these measures, the
industry has seen some rebound lately,according to Wu Ge. Image
However,#credit cost is still very high for #SMEs, who are the main components of #manufacturing,according to the credit spread between #SOEs and SMEs, which rose slightly following the Baoshang #Bank issue. mp.weixin.qq.com/s/9fxogwIAw1go… Image
While the efforts to reduce over-capacity over the past few years have helped lessen the burden for manufacturing, a weak aggregate demand along with the global economic slowdown are still dragging down the performance of manufacturing. #economics Image
Read 5 tweets
2 main reasons why #China’s #financial #reform has become an urgent task:

1. a lot more domestic complaints about the financial sector: it doesn’t support the real economy, #SMEs #funding difficulties, etc.

By Huang Yiping on the 8th CF40-@PIIE Economists Symposium.
2. external complaints, which sometimes show up in the discussions of the #trade dispute. Americans often complain that #Chinese #SOEs compete unfairly with foreign companies with access to subsidy, #credit or funding, which put others at a disadvantage.
3 evidences that explain why we suddenly worry more about the financial sector than before:
1. incremental capital-output ratio (ICOR) in #China has been rising rapidly. The ratio was 3.5 in 2007, and it rose to 6.3 in 2015. Image
Read 4 tweets
As #China’s economy has entered new development stage, it calls for substantial changes to financial sector, one of which is the #market-oriented supply-side structural financial reform. Three key aspects to this reform are:
1.Developing multilayer capital markets. #Banks will continue to be important but the rest of the financial system and all types of investment funds should play a greater role in supporting innovation private enterprises, and #SMEs.
2. Market forces playing decisive roles in allocating financial resources Market forces should play decisive roles in allocating financial resources, which means equal treatment of #SOEs & non-SOEs, and market-based risk pricing.
Read 4 tweets
The ablution of a Cat is NEVER a demonstration of Holiness but a ploy to devour the master’s soup. It is clear how souls are being bought for N30k stipend per month under the guise of a social palliative, months before a critical election. We are watching. #EndRigging #SOES
The systemic rigging by the constant visit of the VP to NYSC camps with bribes have been recorded. We all know the corpers will be deployed for election and the people will resist every surreptitious attempt of desperadoes to abort us from the womb of democracy. #EndRigging #SOEP
All institutions MUST absolve themselves from the plot of some interests to use them as a tool to ruin our democracy. We will not recover from this should the electoral process be marred by manipulations. We are seeing the signs. #EndRigging #SanitizeOurElectoralProcess #SOEP
Read 10 tweets

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