Latest news with #Owned
Business Recorder
04-08-2025
- Business
- Business Recorder
Transparency, efficiency in SoEs: MoF developing cashless systems for G2P, P2G
ISLAMABAD: The Ministry of Finance (MoF) is reportedly developing a cashless payment mechanism for Government-to-Person (G2P) and Person-to-Government (P2G) to ensure transparency, efficiency in the State Owned Entities (SOEs), well informed sources told Business Recorder. In this regard, a Sub-Committee under the chairmanship of Secretary Finance, Imdad Ullah Bosal has started consultations with all the concerned ministries including Ministry of Foreign Affairs, Ministry of Defence and Ministry of Defence Production. Chief Secretaries, Finance Secretaries of four provinces, AJK and Gilgil Baltistan, and State Bank of Pakistan (SBP) are also on the board. Advisor to Prime Minister, Dr Syed Tauqeer Hussain Shah, has also informed all the ministries that Prime Minister had constituted a Steering Committee on Cashless Pakistan on June 22, 2025. Digital payments should be made easier than cash: PM Shehbaz One Sub-Committee, with Finance Division as lead, is working to develop a plan for digitizing government payments, both Government-to-Person (G2P) and Person-to-Government (P2G) so as to improve efficiency, transparency and accountability in financial transactions between the government and citizens. According to Advisor to Prime Minister, in order to develop a comprehensive plan covering the entire spectrum of such transactions, there is a need to have a complete list of SOEs, autonomous bodies/ authorities/ organizations which carry out G2P and P2G transactions. Such transactions include but are not limited to payment of salaries, pension, vendor payments, subsidies and welfare payments as revenues of the government. He asked all the ministries to submit the following information to CEO Karandaaz /Secretary to the Steering Committee on Cashless Pakistan ;(i) name of the Ministry ;(ii) name of the SOE/autonomous body/authority/organization ;(iii) head of the SOE/autonomous body/authority / organization ;(iv) SOE Focal Person name/ email/contact # (WhatsApp); (v) nature of G2P/P2G transaction tax/non tax, etc.) (salaries/pension/vendor ;(vi) frequency of transactions (daily/ annual) ;(vii) current payment mechanisms (cash, website, etc.) ;(viii) annual transaction volume (PKR semi-digital/ cash/ cheque);( ix) total number of beneficiaries in monthly/half-yearly/; and (x) any existing digitisation efforts and challenges faced in digital payments. For the State Bank of Pakistan, the following revised target, as proposed by the Sub-Committee on digital payments innovation and adoption, were approved: (i) active digital commerce payment points include QR codes- 2 million from existing 0.5 million ;(ii) active merchant-1 transaction per month ;(iii) the number of mobile/ internet app and digital banking users to be increased to 120 million from 95 million during FY 26;(iv) the number of digital transactions will be enhanced by 100 per cent to 15 billion from existing 7.5 billion ; and (v) remittances to be credited in bank accounts/ wallets ( no cash payments)-100 per cent digital from existing 80 per cent. Secretary Finance and Governor State Bank of Pakistan have been directed to revise annual subsidy allocation ceiling for supporting cashless transactions to Rs 3.5 billion ( 0.5 per cent incentive to banks for encouraging merchants on boarding on Raast). Banks may charge MDR of up to 0.25 per cent from merchants. Any amount in excess of this ceiling to be borne by the service providers. The Government Payment Sub-Committee, in consultation with provincial governments and relevant stakeholders, shall review the proposed timelines for implementation of its proposed recommendations. For submission of plans on State Owned Entities (SOEs) and P2G targets, revised timelines, reduced by at least one fourth will be shared during the next meeting of the committee. Governor SBP has been directed to ensure that private sector members on the Board of Raast Payment Pakistan shall be renowned experts with a proven professional track record in the field of digital payments. Copyright Business Recorder, 2025
IOL News
02-08-2025
- Business
- IOL News
Book review- A new era for State-Owned Enterprises: Dr Nimrod Mbele's blueprint for change
Dr Nimrod Mbele agues that affirmative action take South Africa back in his new book Reimagining State-Owned Enterprises For Africa and Beyond Image: supplied In a landscape riddled with governance failures, Reimagined SOEs in Africa and Beyond emerges not from frustration, but from a profound sense of hope. Author Dr Nimrod Mbele, whose journey from the township of Thokoza profoundly shapes his perspective, presents a powerful diagnostic and blueprint for transforming State Owned Enterprises (SOEs) across Africa. His inspiration is deeply rooted in a decade of firsthand observation—engaging with boardrooms, public institutions, and media, all while witnessing the persistent governance failures plaguing SOEs. Yet, this experience didn't lead to despair. Instead, it ignited a conviction that reform is possible if governance is reframed "not as compliance, but as a leadership system rooted in public value." 'South Africa must shift from leader-centric to leadership-centric systems - where performance is not dependent on individual personalities but institutionalised within strong, accountable structures. 'This requires reinforcing board independence, implementing merit-based appointments, instituting clear performance compacts, and establishing a capable and credible State Holding Company to ensure strategic coherence and protect SOEs from political interference,' Mbele said. This central message, to "go beyond governance" toward institutional integrity, developmental purpose, and democratic accountability, is the driving force behind the book. 'Moreover, strategic SOEs like Eskom, SAA, and Transnet should operate on a commercial basis, with clearly defined mandates. 'Their profits should be reinvested into the national fiscus to support essential social objectives such as education, healthcare and social security. 'Persisting with outdated ideological approaches only entrenches inefficiency and deepens the financial reliance of SOEs on the fiscus, an unsustainable model, especially in a context where the economy has grown at less than 2% over the past decade. Reimagining SOEs is, therefore, not only about governance reform but also about restoring both public trust and institutional capability,' Mbele said. His Thokoza upbringing, marked by systemic challenges like under-resourced schools and weak service delivery, provides a critical lens. Mbele witnessed how dysfunctional institutions deepen inequality and erode hope, fueling his belief that reform transcends mere policy or structure. 'My journey from Thokoza, a township shaped by struggle and resilience, to becoming a thought leader in governance profoundly informs my perspective on institutional reform. Growing up amidst systemic challenges - under-resourced schools, weak service delivery, and socio-economic hardships. 'I witnessed firsthand how dysfunctional institutions deepen inequality and erode hope. This lived experience fuels my conviction that reform is not just about policy or structure, but about restoring trust, dignity, and accountability in public institutions. Institutional reform must be people-centered, prioritising transparency, ethical leadership and inclusive participation to break cycles of exclusion,' he said. For him, it's about "restoring trust, dignity, and accountability in public institutions." This lived experience, coupled with insights from consulting, academia, and broadcasting, culminates in a strategic agenda for renewal that bridges personal narrative, rigorous research, and public dialogue. Mbele's advocacy for "governance that is accessible and responsive" underscores his commitment to ensuring institutions serve all citizens, especially those from historically marginalised communities. This empathetic approach, combined with a demand for technical excellence, forms the bedrock of his vision for sustainable SOE reform. The book is, at its core, a testament to the author's unwavering conviction that African SOEs can and must be instruments of transformation, not political patronage. [email protected]
The South African
22-05-2025
- Business
- The South African
South Africa's G20 legacy will be measured by 'lives changed'
Minister in the Presidency responsible for Women, Youth and Persons with Disabilities, Sindisiwe Chikunga, says the legacy of South Africa's G20 Presidency will not be defined by the number of meetings held, or the elegance of its communiqués, but by 'lives changed, systems reformed, and the power redistributed.' Chikunga made the remarks at the opening plenary of the Women20 (W20) South Africa Inception Meeting, currently underway in Cape Town. The W20 is the official G20 engagement group focused on promoting gender equality and women's economic empowerment. The 2025 Inception Meeting, hosted under the theme: 'Women in Solidarity', marks 10 years of W20. The meeting brings together over 100 global delegates representing government, business, academia, and civil society. The two-day Inception Meeting, which started on Wednesday, convenes thought leaders, including policymakers and change-makers from across the globe to explore high-level interventions and innovative solutions to the challenges facing women today. In her address, Chikunga said the gathering is not an endpoint, but a beginning of a call to mobilise transformative change for women around the world. She said the region stands at a pivotal moment, where the African continent has the opportunity to shape the course of global recovery, and where the Global South can reimagine the social contract. 'We stand at a pivotal moment, where we can prove that leadership from our regions is not only possible – it is indispensable. Let us leave this space with a shared resolve: to structure women's voices into the heart of public policy, budgets, institutions, and outcomes,' the Minister said. Chikunga invoked the legacy of South African heroines, like Charlotte Maxeke, Ruth Mompati, and Albertina Sisulu, saying their fight for freedom serves as a reminder that 'freedom without equality is fiction.' As part of Chairship of the G20 Empowerment of Women Working Group, Chikunga said South Africa has conceptualised several empowerment programmes intended to advance, through sustained partnerships, and beyond G20 term. These include the transformative emerging industrialists accelerator, and the disability Inclusion Initiative (DII). The transformative emerging industrialists accelerator is designed to support emerging women entrepreneurs in priority sectors such as energy, maritime, defence and aerospace, platform economies, and agriculture. Participants will receive end-to-end support, from ideation and product development to financing, market access, and commercialisation, in collaboration with SOEs [State Owned Entities], private companies, and industry associations. The DII is South Africa's flagship programme to embed disability rights and inclusion across policy, institutions, and society. Anchored by the establishment of a Disability Inclusion Nerve Centre, the DII initiative will drive: • Research on inclusion across the care economy, AI, financial access, and climate adaptation;• The establishment of a National Disability Data Observatory to strengthen decision-making;• Development of early childhood disability screening protocols;• Capacity-building through disability focal points; and • Support for inclusive schooling and access-enhancing technologies.
Yahoo
15-05-2025
- Business
- Yahoo
UK to allow foreign states 15% stake in newspapers
Foreign states will be allowed to own up to 15% of British newspapers and news magazines under new laws. The move follows a takeover bid of the Telegraph and the Spectator by RedBird IMI last year, backed by the Abu Dhabi ruling family, which led the then Tory government to ban foreign-state ownership of UK papers, after an outcry from parliamentarians. But under a law change announced on Thursday, State Owned Investors (SOIs) - including sovereign wealth funds, public pension or social security schemes - will be able to take a stake in UK newspapers. Culture Secretary Lisa Nandy said the changes would protect "media plurality" while helping cash-strapped publishers "raise vital funding". Following a consultation on the ban, Labour said that many newspaper groups believed a complete ban was too restrictive for securing financing. Ministers set the threshold for SOIs at 15% of shares or voting rights in a newspaper or news magazine as it was "the most effective, simple and proportionate approach". The ban was introduced after Lloyds Bank seized the Telegraph and its sister magazine the Spectator from the Barclay family in June 2023 in order to claw back £1bn of debts from its former owners. Sheikh Mansour bin Zayed Al Nahyan, best known in the UK for his ownership of Manchester City football club, threw his considerable financial heft behind a £600m bid by US-firm RedBird to take over the titles. But panic over foreign control of two major UK newspapers led Parliament to enact the Digital Markets, Competition and Consumers Act 2024 - which prevents foreign states from acquiring ownership, control or influence over UK newspapers and news magazines. The Spectator was then sold last year for £100m to Sir Paul Marshall, the hedge-fund billionaire, who has installed Lord Gove, the former cabinet minister, as its editor. Government intervenes in UAE bid to buy Telegraph How can traditional British TV survive the US streaming giants? In a statement, Nandy said: "Britain's free and independent press is a national asset like no other and it is right that we have strong measures in place to allow scrutiny of UK takeovers that might go against the public interest. "We are fully upholding the need to safeguard our news media from foreign state control whilst recognising that news organisations must be able to raise vital funding. "We are taking a proportionate, balanced approach to a threshold for low-risk investments that will remove a potential chilling effect on press sustainability." Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments. It'll be delivered straight to your inbox every weekday.
Yahoo
15-05-2025
- Business
- Yahoo
UK to allow foreign states 15% stake in newspapers
Foreign states will be allowed to own up to 15% of British newspapers and news magazines under new laws. The move follows a takeover bid of the Telegraph and the Spectator by RedBird IMI last year, backed by the Abu Dhabi ruling family, which led the then Tory government to ban foreign-state ownership of UK papers, after an outcry from parliamentarians. But under a law change announced on Thursday, State Owned Investors (SOIs) - including sovereign wealth funds, public pension or social security schemes - will be able to take a stake in UK newspapers. Culture Secretary Lisa Nandy said the changes would protect "media plurality" while helping cash-strapped publishers "raise vital funding". Following a consultation on the ban, Labour said that many newspaper groups believed a complete ban was too restrictive for securing financing. Ministers set the threshold for SOIs at 15% of shares or voting rights in a newspaper or news magazine as it was "the most effective, simple and proportionate approach". The ban was introduced after Lloyds Bank seized the Telegraph and its sister magazine the Spectator from the Barclay family in June 2023 in order to claw back £1bn of debts from its former owners. Sheikh Mansour bin Zayed Al Nahyan, best known in the UK for his ownership of Manchester City football club, threw his considerable financial heft behind a £600m bid by US-firm RedBird to take over the titles. But panic over foreign control of two major UK newspapers led Parliament to enact the Digital Markets, Competition and Consumers Act 2024 - which prevents foreign states from acquiring ownership, control or influence over UK newspapers and news magazines. The Spectator was then sold last year for £100m to Sir Paul Marshall, the hedge-fund billionaire, who has installed Lord Gove, the former cabinet minister, as its editor. Government intervenes in UAE bid to buy Telegraph How can traditional British TV survive the US streaming giants? In a statement, Nandy said: "Britain's free and independent press is a national asset like no other and it is right that we have strong measures in place to allow scrutiny of UK takeovers that might go against the public interest. "We are fully upholding the need to safeguard our news media from foreign state control whilst recognising that news organisations must be able to raise vital funding. "We are taking a proportionate, balanced approach to a threshold for low-risk investments that will remove a potential chilling effect on press sustainability." Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments. It'll be delivered straight to your inbox every weekday.
