The South Korean stock market, represented by the Kospi index, experienced one of the most severe crashes in its history. This decline occurred after a two-year period of growth, caused by investors withdrawing funds from the technology sector, particularly those related to artificial intelligence.
After technology companies reached record highs over two years, the growth ended with a sharp drop in Korean stocks on Wednesday. A slow decline was observed over the past month, which intensified as nervous investors began pulling their bets from the AI frenzy.
Investors point to the excessive amounts poured into the technology sector as the main reason for capital outflow. They note a trend where tech firms have low cash flow despite unrealistically high market valuations, raising concerns about solvency issues should prices subsequently fall.
The Kospi index plummeted by more than 12% at one point, continuing Tuesday's nearly 11% collapse. Chip manufacturers, specifically SK hynix and Samsung, took the biggest hit. SK hynix shares lost almost 20% on Wednesday after falling more than 14% on Tuesday, marking a 50% decrease from its historical high just a month ago. Samsung also showed a 12% drop.
The crash affected other markets as well. In Tokyo, the index fell by three percent, while chip manufacturers Kioxia and Tokyo Electron decreased by 12% and 13% respectively. In Taipei, the market corrected by five percent, while major chip producer TSMC dropped by four percent. Although Shanghai and Jakarta also experienced a decline, the rest of Asia showed growth: Hong Kong rose by more than one percent, and asset values increased in Sydney, Singapore, Wellington, Manila, and Mumbai.
An Uber Technologies Inc. partner, as part of the first African offering of affordable electric vehicles, noted that the military conflict between the US and Iran, along with rising fuel prices, is increasing the need for branded vehicles.
The Durban-based company Valternative is implementing 360 vehicles in Johannesburg. This pilot project is planned to be expanded in the country's largest city before offering services in other megacities.
The startup's co-founder, Mohamed Jeewa, shifted his focus from selling shoes to electric delivery bicycles in 2022. He was inspired by the boom in delivery services during the Covid pandemic and China's rapid electrification.
According to Jeewa, the situation caused by the conflict is having the same impact on South Africa's electrification as the Covid pandemic did on the delivery sector. He believes that once South Africans, whether Uber drivers or consumers, try electric vehicles, they will not return to previous methods.
Although Uber previously promoted its electric vehicle options as a more environmentally friendly alternative for passengers, in South Africa, the main driving force for customers and the company itself is cost savings. The pilot was launched in November after Bolt Technology introduced affordable rides using a gasoline-powered Bajaj Auto quadricycle.
Jeewa's company uses the Henrey EV4 model, manufactured by Beijing Henrey Automobile Technology Co. Jeewa reported that Uber suggested they look for a vehicle capable of competing with Bolt's Bajaj based on pricing policy while meeting standards for a more comfortable ride.
Valternative is primarily owned by Jeewa and his co-founders, as well as family offices of wealthy South Africans who preferred to remain anonymous. In South Africa, where private electric vehicles remain rare, there are serious obstacles: weak charging infrastructure and high acquisition costs for Uber drivers, including a 25% customs duty on imported electric vehicles compared to 18% for gasoline and diesel cars. Furthermore, the country has a large automotive industry, and the duty does not apply to local models, as the country does not manufacture fully electric cars.
Uber acknowledged in response to inquiries that 'the biggest problems still relate to infrastructure and the high cost of electric vehicles.' Although the Qute costs around R105,000, Valternative, together with Henrey, reduced the cost to approximately R190,000 by removing heaters and other optional features.
Jeewa emphasized that the main problem is infrastructure, explaining why Uber chose a fleet option, and stated that his company is forced to install charging stations in three locations in northern Johannesburg where the pilot takes place. He said: 'We are pioneers in this field.'
Nevertheless, the cost of rides on Uber Electric is higher than on Bolt's Bajaj. For example, a 5.9-mile trip is estimated at R49 on Uber Electric, whereas it costs R88 on Uber Go, and R82 on Uber Electric. However, Henrey allows transporting two passengers, unlike the single passenger capacity of competitor Bolt. Jeewa noted that the charging fee of about R160 provides Henrey with the same range as R400 of fuel in a similar Suzuki S-Presso.
Cost reduction and limited infrastructure affect drivers and customers. Drivers complain about the lack of heating in a city where winter temperatures can drop below zero, and the drivers themselves note that charging consumes valuable working time. Tandive Mlindjana, a driver from Johannesburg, reported spending a lot of time at the charging station waiting for other cars to charge, which results in losing an hour of work instead of completing trips.
The Uber Electric service is currently limited to the northern suburbs and does not accept lucrative fares, including trips to the city's main airport and neighboring Pretoria. Drivers pay a weekly rent of about R2,500, which includes maintenance and insurance. Mlindjana reported that her best weekly income was around R6,200, but after deducting rent and charging costs of about R1,100, the net income was around R2,600. She added that it would be 'ten times better' if they were offered the option to buy electric vehicles instead of renting.
This model differs from Dubai, where a developed electric vehicle ecosystem includes nearly 48,000 registered electric vehicles, over 1,800 public charging stations, and a policy to transition all taxis to hybrid, electric, or hydrogen models by 2027. Uber has set a goal of a complete transition to zero-emission vehicles by 2040. However, in South Africa, although electric vehicles eliminate exhaust fumes, they are powered by a grid that is mainly supplied by coal-fired power plants.
Over the next year, Valternative plans to add six to seven charging points monthly, introduce solar-powered charging hubs, and equip the existing fleet with cabin heaters. Jeewa expressed hope that the company will eventually be able to scale this model to eight African countries, starting with Egypt, Morocco, Ghana, and Côte d'Ivoire. In South Africa, plans include offering larger vehicles for long-distance travel and more expensive Uber categories.
The Ministry of Agriculture of Uzbekistan, together with the European Bank for Reconstruction and Development (EBRD) and the National Committee on Ecology and Climate Change, held an online meeting with partners to discuss the practical implementation of the ANORA platform (Investment Opportunities in the Agro-Food Sector for Sustainable Agriculture).
The main goal of the meeting was to bring the platform into practical operation and strengthen cooperation between state structures, international financial institutions, development partners, and donor organizations. Advisor to the Minister of Agriculture N. Kushnazarov and representatives of the project office presented priority directions for the transformation of Uzbekistan's agro-food system, as well as outlined the sector's investment needs.
Representatives of the EBRD and the FAO Investment Centre presented mechanisms for implementing the ANORA platform, its key areas of focus, and prospects for international cooperation. Participants in the discussion included representatives of the National Committee on Ecology and Climate Change, the Ministry of Economy and Finance, the Ministry of Investment, Industry and Trade, the Ministry of Water Resources, the Agency for Agrobusiness Development, commercial banks, as well as major structures such as the World Bank, the Asian Development Bank, FAO, the Global Environment Facility, the Green Climate Fund, the Institute for Global Green Growth, the United Nations Development Programme, GIZ, the European Union, the embassies of Uzbekistan in Germany and the United Kingdom, and more than twenty international organizations and development partners.
Participants discussed the formation of a portfolio of investment projects within the ANORA platform, the mobilization of financial and technical support, issues of food security, efficient water resource management, and the development of climate-resilient agriculture. At the end of the meeting, participants agreed on further steps for implementing the platform, defined its priority areas, and mechanisms for future cooperation. The organizers noted that the launch of the ANORA platform should contribute to attracting green investments and strengthening long-term partnerships between state bodies, international financial institutions, and development partners.
Uzbekistan announced the initial results of implementing a new system of industrial cooperation and public procurement, launched according to Presidential Decree No. PF-17 dated February 4, 2026.
The creation of the Agency for Industrial Cooperation and Public Procurement unified production localization, industrial interaction, public procurement, and value chain development into a single management system. The goal of this reform is to form an integrated 'order-production-technology-science-public procurement' model to expand the output of import-substituting goods, increase the share of domestic producers in public procurement, and strengthen ties between enterprises.
In the first half of the current year, 1,746 projects were implemented under the Localization Program. These projects allowed for the start of local production of dozens of goods previously imported. Examples of these achievements include the production of sodium cyanide at the Navoiyazot enterprise, seats for BYD cars at O‘z-Tong Hong Kompani, interior trim elements for KIA Sonet at O‘z-Hanwoo in the Andijan region, and printed circuit boards at Vodiy Circuits in the Namangan region. Overall, 83 new types of products were launched, resulting in a total import substitution worth $3.8 billion.
Ahead of the sixth Open Dialogue between the President and entrepreneurs, the Agency held meetings in 208 districts and cities across the country. More than 2,700 entrepreneurs participated in these meetings, raising 447 questions concerning production, localization, public procurement, certification, and industrial cooperation. 155 issues were resolved during the meetings, official clarifications were provided for 75, and specific follow-up control measures were defined for 214 questions. Furthermore, National Industrial Chain exhibitions held in the regions of Akhangaran and Samarkand gathered major buyers, local producers, research organizations, and technology suppliers. These events led to the signing of agreements and contracts worth 3.8 trillion soms, and also showcased 856 new products with a potential localization value of $1.5 billion. Most of the agreements reached are related to public procurement, industrial cooperation projects, and plans for launching new production.
The new system places particular emphasis on increasing the share of added value created within Uzbekistan. Within the investment portfolio of $53 billion this year, the potential for domestic value creation is estimated at $21.1 billion. In projects valued at $27.6 billion implemented in the first half of the year, the share of added value generated in the national economy reached 36%. The total volume of public procurement for the first six months amounted to 188.4 trillion soms, including 72.9 trillion soms in budgetary procurement and 115.5 trillion soms in corporate procurement. Competitive procurement accounted for 60% of the total volume, which allowed for savings of 7.8 trillion soms from budget funds. To enhance procurement transparency, digital technologies are being introduced: currently, 90% of offers on the Republican Commodity Exchange of Uzbekistan and 75% of orders on the Cooperation Portal undergo automated moderation using artificial intelligence. A new preferential loan product has also been launched on the Cooperation Portal, amounting up to 100 million soms to cover deposits and commissions, which is interest-free for 30 days. Currently, 48 enterprises have received such loans totaling 5.9 billion soms.
During the reporting period, the Agency conducted over 30 meetings with international financial institutions and organizations. Cooperation has been established with the World Bank, the Asian Development Bank, the Islamic Development Bank, Ernst & Young, and other international partners to improve public procurement, develop local content, and strengthen institutional capacity. The Agency has also signed several cooperation memoranda and studied the experience of over 40 countries. In the second half of 2026, the Agency will continue to develop the system of industrial cooperation and public procurement. Key priorities include holding new National Industrial Chain exhibitions focused on the energy, chemical, and petrochemical sectors, expanding the participation of domestic producers in public procurement, launching an AI-based module for determining average market prices, and further digitizing procurement processes. Additional plans include organizing the 'Made in Uzbekistan' exhibition, a Regulators Forum, launching a modern training and certification platform for public procurement employees, and preparing for the PRIMO-19 international forum, which will take place in Tashkent in 2027.
