Economic expansion – Erins Rays http://erinsrays.com/ Mon, 21 Nov 2022 20:05:39 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://erinsrays.com/wp-content/uploads/2021/03/cropped-icon-32x32.png Economic expansion – Erins Rays http://erinsrays.com/ 32 32 What is happening in Mozambique could favor the future expansion of Islamic states https://erinsrays.com/what-is-happening-in-mozambique-could-favor-the-future-expansion-of-islamic-states/ Mon, 21 Nov 2022 19:42:30 +0000 https://erinsrays.com/what-is-happening-in-mozambique-could-favor-the-future-expansion-of-islamic-states/ Terrorism risks in South Africa are particularly linked to the outbreak of the Islamic State in Mozambique. Pretoria is very concerned about the jihadist escalation in northern Mozambique, particularly in the province of Cabo Delgado (but the provinces of Nampula and Niassa have also been the target of attacks). The South African private military company […]]]>

Terrorism risks in South Africa are particularly linked to the outbreak of the Islamic State in Mozambique. Pretoria is very concerned about the jihadist escalation in northern Mozambique, particularly in the province of Cabo Delgado (but the provinces of Nampula and Niassa have also been the target of attacks). The South African private military company Dyck Advisory Group has already been present in the Mozambican theater for a few years, directly involved by the Maputo government.. In 2020, the Islamic State threatened in its weekly al-Naba that a South African intervention in Mozambique would lead the jihadist organization to open a new front of armed struggle against them. In reality, this IS announcement was likely an attempt to inspire “lone wolf” attacks in South Africa. The growth of the Islamic State in Mozambique is steady and, in the past week, attacks and propaganda have intensified. This increases South Africa’s concerns. The rise of IS-MOZ has enabled Islamic State sympathizers in South Africa to engage in active militancy without having to travel across the continent.

The Islamic State has sleeper cells in South Africa and has recruited South Africans into its ranks. Some of these fighters fought with the group in Syria and Iraq (the estimated number of South Africans who joined the Islamic State varies between 60 and 100) and many South African fighters are involved in Cabo Delgado and joined IS-Mozambique. Direct links have already been identified in the past between elements of the Islamic State in Mozambique and recruitment and financing networks in South Africa. Funding for IS is also believed to come from South African organized crime, accused of funding jihadist groups in Congo and Mozambique.. We can therefore speak for the moment of links with the IS centered on the search for funds and proselytism.

Homer’s IS cell was primarily fundraising for IS operatives elsewhere, such as in Mozambique and the DRC. Farhad Hoomer leads the South African IS cell to expand the group’s operations in Southern Africa. Brothers Nufael Akbar and Yunus Mohamad Akbar are considered senior members of the Durban-based IS cell under the leadership of Farhad Hoomer. Yunus Akbar also serves as an enforcer and logistics coordinator for the IS cell. The aim is to recruit, raise and move funds to support the growth of IS affiliates and networks in Africa. US-sanctioned companies linked to Hoomer and the Akbar brotherssuch as MA Gold Traders (PTY) LTD, Bailey Holdings (PTY) LTD, Flexoseal Waterproofing Solutions (PTY) LTD, HJ Bannister Construction CC, Sultans Construction CC, Ashiq Jewelers CC, Ineos Trading (PTY) LTD and Shaahista Shoes CC, were probably all necessary to carry out and cover this type of operation.

For the moment we cannot speak of jihadist groups in Africa. Sure, some cells favor or support the jihadist idea of ​​the Islamic State. Their operations are facilitated by the country’s difficult economic situation, weak intelligence and police controls, corruption, the presence of organized criminal networks, South Africa’s inability to effectively fight ISIS and the financing of terrorism. Failure to counter the activities of these cells may pose future risks, just as inherent problems with South African intelligence services may pose security risks, such as the possibility of not intercepting IS-linked fighters. returning from Mozambique and other regions who decide to carry out attacks in the country. Of course, it may only be a matter of time, as has happened in other African countries, and I repeat, What’s happening in Mozambique could help ISIS’s future expansion.

Nowadays, there is no evidence that other groups outside of the Islamic State have any interest in operating in South Africa or networks in the country.

No African country is doing enough, or often not doing enough, to counter the illicit and financial activities of jihadist groups. In the case of South Africa, for example, The FATF, a global intergovernmental money laundering and terrorist financing watchdog, has claimed that South Africa has failed to demonstrate that it effectively prosecutes terrorist financiers or attacked and fought against the financing of terrorism. The FATF report also accuses South Africa of its reluctance to classify politically motivated violent acts as terrorism, which limits its ability to combat the financing of terrorism.

Strengthen border control and surveillance, identify vulnerable populations and critical infrastructure, improve regional intelligence sharing, strengthen rapid response mechanisms, strengthen counter-terrorism expertise and cooperation with others States, strengthen controls on illicit money transfers and cooperation with organized crime.

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Township of Woodlands Reaches Agreement to Expand The Woodlands Shopping Center https://erinsrays.com/township-of-woodlands-reaches-agreement-to-expand-the-woodlands-shopping-center/ Fri, 18 Nov 2022 23:10:10 +0000 https://erinsrays.com/township-of-woodlands-reaches-agreement-to-expand-the-woodlands-shopping-center/ THE WOODLANDS, TX — The Boards of Directors of The Woodlands Township and The Woodlands Township Economic Development Zone (EDZ) have each approved entering into an economic development agreement with The Woodlands Mall Associates, LLC, for the redevelopment of part of The Woodlands Mall. The agreement was reached at a special joint meeting of the […]]]>

THE WOODLANDS, TX — The Boards of Directors of The Woodlands Township and The Woodlands Township Economic Development Zone (EDZ) have each approved entering into an economic development agreement with The Woodlands Mall Associates, LLC, for the redevelopment of part of The Woodlands Mall. The agreement was reached at a special joint meeting of the township and EDZ, held on November 16, 2022.

The proposed redevelopment project would create new restaurants, retail spaces, hospitality venues and multi-level parking, all located on the south side of the Woodlands Mall area.

After several months of discussions, the Township Council and the EDZ Council voted to modify the existing project and EDZ financing plans to accommodate the redevelopment project, contributing economic development funds from 1% retail sales tax and 1% hotel occupancy tax. new income generated by the project.

“At a time when malls are struggling, we appreciate the owners of Woodlands Mall who want to continue to improve its viability as a great place for our residents and visitors,” said the chairman of the board of directors of the Township, Gordy Bunch. “This is a long-term revitalization plan for our city. Total net project revenues for the Township of Woodlands over a 30-year period could range from $131.3 million to $197.7 million if this development proceeds. This would provide an average of up to $6,590,000 in additional sales and hotel tax revenue per year that could be used to reduce property taxes for residents and businesses, while incurring $0.00 in debt or capital commitments from the Township of Woodlands. This is a win-win scenario for all parties, ensuring our community remains the #1 place to visit, work, play and pray for decades to come.

More information can be found in this presentation.

“Woodlands Mall has been an important economic engine for the community for nearly 30 years, and we are grateful for the Township’s support and partnership. This agreement represents an important step in allowing us to advance our preliminary plans towards a vision that will allow us to take our shopping center to new levels,” said Jim Varsamis, senior vice president of development at Brookfield Properties.

The Township’s commitment does not impact existing sales tax or hotel tax revenues throughout The Woodlands, as revenues to fund the redevelopment project will come solely from new sales taxes and hotel tax revenue generated in the area of ​​the proposed new construction. Funding from the Township of Woodlands and the EDZ would only be realized if the project was built. There is no upfront money provided for in the terms of the deal.

The Woodlands Mall said the development will be carried out using a two-phase approach. Phase I includes a minimum of 45,000 square feet of new commercial space, a new hotel and a parking garage with at least 1,200 spaces. Phase II includes a minimum of 35,000 square feet of new commercial space and a second hotel.

“We are delighted that this project includes the addition of new hotel rooms to be able to create the capacity to serve larger convention groups,” said Bruce Rieser, President of Visit The Woodlands, the organization that promotes The Woodlands. for conventions and leisure travel. “In addition, the proposed project also includes specialty retail types and great dining experiences, all of which generate a positive sales tax that helps maintain a low property tax rate for our residents.”

Economic Development Zones have been an important economic development tool over the years with the Township of Woodlands and its predecessor, the Downtown Improvement District (TCID). Other projects included:

• Economic Development Zone 1 – expansion of the Cynthia Woods Mitchell Pavilion from 10,000 to 13,000 when it was created in 2000. This $1,350,000 project was paid off in 2011.

• Economic Development Zone 2 – development of Market Street Parking Garage and Town Green Park in 2002. This $10,600,000 project will be paid off in 2035.

• Economic Development Zone 3 – Woodlands Mall exterior expansion development in 2003. This $7,500,000 project will be paid off in 2034.

• Economic Development Zone 4 – development of Woodlands Fire Emergency Training Center and Woodlands Fire Station No. 6 in College Park.

Each of Economic Development Zones 1 through 4 were consolidated into the Township’s EDZ in 2007, which continues to perform the functions of those previous zones and will continue to help achieve the economic development goals of Woodlands Township through this new mall redevelopment project.

Additionally, TCID entered into a public-private partnership with The Woodlands Land Development Company, the predecessor of The Howard Hughes Corporation, to develop and construct the Woodlands Waterway Marriott Hotel & Convention Center. The Convention Center portion of the development is now owned by the Township of Woodlands. The Palais des Congrès will be sold in 2028.

Members of the public were able to address Council at the start of the meeting.

Woodlands Township Council meetings can be followed in person, watched live online or viewed later via recording on www.thewoodlandstownship-tx.gov/meetingvideos. The agenda and attachments can be viewed at www.thewoodlandstownship-tx.gov/991/Agendas-Minutes-and-More.

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Here is an overview of the Indian economy https://erinsrays.com/here-is-an-overview-of-the-indian-economy/ Wed, 16 Nov 2022 00:40:29 +0000 https://erinsrays.com/here-is-an-overview-of-the-indian-economy/ Current positions on the outlook for the Indian economy seem to oscillate between alarmism and triumphalism. For example, you can juxtapose Morgan Stanley’s recent exuberant report on India’s impending economic boom, with a CMIE analysis of India’s dismal jobs record and the continuing strain it poses. Much of the economic debate is shaped by affiliation […]]]>

Current positions on the outlook for the Indian economy seem to oscillate between alarmism and triumphalism. For example, you can juxtapose Morgan Stanley’s recent exuberant report on India’s impending economic boom, with a CMIE analysis of India’s dismal jobs record and the continuing strain it poses. Much of the economic debate is shaped by affiliation with political mood. There are real difficulties in understanding what is happening.

In some cases, there just isn’t enough data, a situation that is not helped by the government’s distrust of data. Different shocks have taught us how much our knowledge of the economy is post facto. Growth is also often the product of specific circumstances. What may seem like a structural impediment to growth at one time may be offset by changing circumstances. But it is worth taking seriously the case of the optimists. Why would we think that India is more competitive and more attractive today? Will any of these conditions be met?

Central to the optimist’s story is India’s vastly improved infrastructure. Indian logistics, although not top-notch, are improving. Interestingly, Morgan Stanley argues that land is not a binding constraint (perhaps it never was). India’s digital infrastructure is potentially exceptional. The optimism seems well founded here. But the Morgan Stanley report makes two other claims. First, digital infrastructure will lead to outsourcing of services to India, and second, it will lead to better access to credit that will enable growth. Both statements are plausible, but by no means certain.

The second pitch is India’s energy transition. India’s economic performance is traditionally tied to the price of oil. Optimists are betting on a major green energy transition that will not only bring more investment but make India energy self-sufficient and competitive. It’s in the plausible but not easy category. There is a big “if” in this story.

The third element is renewed manufacturing optimism. Incentive systems linked to production can, at the margin, work. Small steps in defense manufacturing, investments like Apple, could reach a critical mass where we start to create an ecosystem with huge ripple effects. Pessimists are too quick to dismiss this possibility. It is now a plausible story, but its realization remains an open question.

The fourth element is human capital. India has a long way to go. But often, assessments of the quality of human capital are also post facto; we infer the human capital qualities of successful economies. But it could be argued that India now has sufficient human capital that this is not a binding constraint.

The fifth element is domestic demand. This has been the Achilles’ heel of the optimist’s case. There has always been a propensity to overestimate domestic demand. This situation has been aggravated by the unequal distribution of income. The poor were somewhat shielded from shocks by NREGA and PDS. But you can’t keep consumption on the backs of the top ten percent alone; most post-Covid consumer trends suggest increased demand driven largely by the wealthy. The Morgan Stanley report assumes that the percentage of households in the income distribution between 10,000 and 30,000 rupees will increase from 24% to 46% over the next eight years. The pessimists will say the following. Growth in India is very capital intensive. Income distribution could therefore be even more skewed. During the last consumer boom, the growth of agriculture helped. Can this happen again, especially in the face of climate uncertainty? It may be useful to ask whether it will be the expansion of public employment that will help to modify this distribution. But at the moment, projections for the distribution of Indian consumption seem speculative at best.

The sixth element concerns MSMEs and the informal sector, which have been hit hard in recent years. The assumption has always been that small businesses are sufficiently connected to supply chains that growth at the top can also pull them up. This assumption may still hold. But can we be sure that these links will always hold?

The seventh element is geopolitics. It’s the idea that the need to diversify away from China will give India an advantage. This seems the least tenable of the optimists’ claims. On the one hand, it is not clear that more than a small fraction of relocation from China will come to India rather than going to Vietnam or Indonesia. On the other hand, the scale of offshoring is probably exaggerated. FDI in China continues to rise, and unless a war breaks out, you may not see a drastic change. Betting on geopolitics is not a growth strategy.

The eighth element is the State, on which Morgan Stanley is silent. In many ways, state capacity has steadily increased over the past two decades. India’s macroeconomic regime is, like its foreign policy, a case of cautious caution. There is optimism about state revenues. Arguably, the quality of public spending has also improved. But four clouds are still hovering.

The first concerns state finances. Much of India’s recent growth has been supported by public investment. But given subsidy pressures, expanding public employment and now a reversal of the old pension system, there may be more serious limits to public investment. Second, the regulatory framework is still uncertain. In the e-commerce space, the implications of building swadeshi might not be so bad, but our basic view of commerce isn’t entirely clear. Third, there remain the usual challenges of the inability to deal with complex governance issues, such as pollution and urbanization, which have reputational effects.

Finally, there are the uncertainties that arise from the political economy of letting a few national champions dominate the economy in so many sectors. What systemic risks does this pose for competitors and for the financial system as a whole? But you can still argue that the Indian state has enough credibility to attract investment.

But here’s the problem. Analytics may not matter much if you can’t convince investors. Private investment in India still lacks the momentum one would expect from the case of the optimists. Is it for structural, purely transitory or psychological reasons? Arguably, the euphoria of Morgan Stanley’s reports is still unmatched by investors, including perhaps its own. But the honest truth might be that when it comes to economics, agnosticism is what the evidence warrants rather than over-blooming or catastrophic gloom.

The writer is a contributing editor, The Indian Express

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Quimbo says this Marcos administrative plan will further boost economic recovery – Manila Bulletin https://erinsrays.com/quimbo-says-this-marcos-administrative-plan-will-further-boost-economic-recovery-manila-bulletin/ Sat, 12 Nov 2022 23:21:00 +0000 https://erinsrays.com/quimbo-says-this-marcos-administrative-plan-will-further-boost-economic-recovery-manila-bulletin/ The Marcos administration’s planned expansion of “ayuda” or subsidy programs is a way to help the country’s economic recovery, Marikina City 2nd District Representative Stella Quimbo said Sunday (November 13th). Marikina City 2nd District Representative Stella Quimbo (Ellson Quismorio/MANILA BULLETIN) “We welcome these developments. Despite high inflation in the third quarter of 2022, we saw […]]]>

The Marcos administration’s planned expansion of “ayuda” or subsidy programs is a way to help the country’s economic recovery, Marikina City 2nd District Representative Stella Quimbo said Sunday (November 13th).

Marikina City 2nd District Representative Stella Quimbo (Ellson Quismorio/MANILA BULLETIN)

“We welcome these developments. Despite high inflation in the third quarter of 2022, we saw production growth in the same quarter. On the supply side, all sectors progressed. At the same time, domestic demand has remained robust,” said Quimbo, senior vice chairman of the House Committee on Appropriations.

Quimbo was referring to the 7.6% growth in gross domestic product (GDP) recorded in the third quarter of 2022. This was the first full quarter of the administration of President Ferdinand “Bongbong” Marcos Jr.

“At this point, the best defense against inflation is to expand domestic production. The government has provided fuel and fertilizer subsidies to boost agricultural production. We should consider expanding this program to better support our producers,” she said.

Incidentally, the administration of President Ferdinand “Bongbong” Marcos Jr. is considering providing grants and cash assistance worth 206.50 billion pesos under the proposed national budget for 2023 with the aim of support vulnerable sectors in the context of soaring commodity prices caused by global inflation.

The DSWD will receive a large portion of the budget, with 165.40 billion pesos to be allocated for the implementation of various social assistance programs.

Other agencies like the Department of Health (DOH), Department of Labor and Employment (DOLE), and Agriculture Development (DA) will also receive their share of the grant pie.

Quimbo explained that providing assistance to affected sectors is a way for the government to increase spending.

“This allows for increased consumption and welfare, especially when targeting the most vulnerable sectors. We see the value in providing immediate assistance to qualified Filipinos through programs such as DSWD’s Crisis Assistance Program or AICS,” she noted.

Quimbo believed that in the long run, there is a need to improve the productivity of the domestic agricultural sector and boost the Philippine industry to reduce our country’s exposure to global price volatility and supply shocks. world.

“Nevertheless, the most immediate solution is to increase imports to meet the most pressing domestic needs,” she said.

“Although the depreciation of the peso has been raised as a concern by some sectors, it may be an opportunity for exporters to increase their sales. In fact, exports rose 13.1% in the third quarter. As the economy slowly reopens, we should exploit the existing advantage of sectors that stand to gain from a weakened peso, such as tourism and export industries,” the solon ranking explained.

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Economic growth likely slowed in the third quarter https://erinsrays.com/economic-growth-likely-slowed-in-the-third-quarter/ Sun, 06 Nov 2022 16:00:00 +0000 https://erinsrays.com/economic-growth-likely-slowed-in-the-third-quarter/ Laurent Agcaoili – The Star of the Philippines November 7, 2022 | 00:00 MANILA, Philippines — The country’s gross domestic product (GDP) growth likely slowed in the third quarter after slowing to 7.4% in the second quarter from 8.2% in the first quarter, as inflation continues to bite, according to economists. Ruben Carlo Asuncion, chief […]]]>
Laurent Agcaoili – The Star of the Philippines

November 7, 2022 | 00:00

MANILA, Philippines — The country’s gross domestic product (GDP) growth likely slowed in the third quarter after slowing to 7.4% in the second quarter from 8.2% in the first quarter, as inflation continues to bite, according to economists.

Ruben Carlo Asuncion, chief economist at Union Bank of the Philippines, said GDP expansion likely slowed to 5.7% from July to September.

While the bank’s forecast continues to support the optimistic momentum generated by the reopening of the economy and improved mobility since the start of the year, Asuncion said the anticipated sharp deceleration in GDP in the third quarter could be attributed to the erosion of general purchasing power due to soaring inflation. in the last trimester.

Asuncion also cited the limited budgetary contribution to growth as well as the damage caused by Typhoon Karding.

The economist at the bank headed by Aboitiz said financial market signals from the depreciation of the peso and the lackluster Philippine Stock Exchange Index (PSEi) were hardly uplifting.

According to Asuncion, the risk narratives include rate hike expectations from hawkish central banks, including that of the Bangko Sentral ng Pilipinas (BSP), as policy rates chase higher rates and inflation paths, as well as the purchasing power of companies and industries with a national vocation. weakened by the high inflation outlook in the fourth quarter.

Asuncion also said the dollar is likely to remain strong due to the hawkish US Federal Reserve, driven by recession risks in the US or globally, and amplified by the recent downgrade by the International Monetary Fund (IMF ) global economic forecast for 2023 and continued weakness in China-centric regional trade.

Asuncion said other factors include limited fiscal stimulus in the Philippines due to tight fiscal space to spend, a weaker oil price outlook, as well as other fallout from ongoing geopolitical risks and COVID challenges. .

Rizal Commercial Banking Corp. chief economist Michael Ricafort said GDP expansion likely slowed to 6% in the third quarter.

Ricafort said the moves to further reopen the economy were basically the biggest boost to the economy, given the relatively weak base from a year ago.

He said any further growth came from the continued recovery of local and overseas tourism, the resumption of face-to-face classes, continued growth in foreign direct investment, remittances from overseas Filipino workers. , revenue from business process outsourcing and exports, among others. .

However, Ricafort said risk factors, such as rising consumer prices, will continue to eat away at GDP growth in the third and fourth quarters, as they did in the second quarter.

According to Ricafort, the seasonal increase in commercial/economic activities in the fourth quarter, taking into account the Christmas and New Year holidays, would lead to increased spending by consumers, businesses, government and other institutions.

The Yuchengco-led bank sees the country’s GDP growth accelerating to a range of 6.5-7% this year.

China Bank’s chief economist, Domini Velasquez, said July-September GDP expansion likely slowed to 6.2% as the bleaker outlook and high inflation rate environment have probably weighed on economic activities.

In terms of the sector, Velasquez said services likely saw robust growth, albeit at a slower pace than in the second quarter due to post-pandemic normalization rebalancing and rising inflation.

“On a positive note, tourist arrivals improved in the third quarter, contributing to the consumption of services such as air transport, accommodation, etc.,” Velasquez said.

“Going forward, we expect growth to slow further in the coming quarters and GDP growth next year to be below the government’s target of 6.5-8%. A global slowdown, aggressive monetary tightening and reduced government spending will temper growth in 2023,” she said.

Khoon Goh, head of Asia research at ANZ, said Philippine GDP growth likely rose 6.6% in the third quarter, driven by another quarter of healthy domestic demand.

Goh said the improving labor market, strong inflow of remittances in real terms as well as solid demand for household credit in the third quarter supported private consumption growth.

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Popularity of South Africa as a place to do business – Daily Business https://erinsrays.com/popularity-of-south-africa-as-a-place-to-do-business-daily-business/ Mon, 31 Oct 2022 16:26:04 +0000 https://erinsrays.com/popularity-of-south-africa-as-a-place-to-do-business-daily-business/ As the world becomes increasingly global, companies are looking for new and innovative ways to enter new markets. South Africa has long been seen as a place of opportunity, with its rich history and diverse population. In this article, we will explore some of the reasons why South Africa is becoming an increasingly attractive place […]]]>

As the world becomes increasingly global, companies are looking for new and innovative ways to enter new markets. South Africa has long been seen as a place of opportunity, with its rich history and diverse population. In this article, we will explore some of the reasons why South Africa is becoming an increasingly attractive place to do business, as well as some of the remaining challenges.

South Africa is a great place to do business

South Africa is a great place to do business. The country is well developed Infrastructure, a skilled workforce and a favorable investment climate. Additionally, South Africa is home to a number of world-class companies, providing ample opportunities for business partnerships. The government also provides significant support to businesses, including tax incentives and export financing. Overall, South Africa offers an attractive environment for businesses of all sizes. Companies looking to expand into new markets would do well to consider South Africa as a destination.

Photo by Jacques Nel on Unsplash

South Africa’s economy is growing rapidly

The South African economy is growing rapidly, thanks to a strong performance in the agriculture, manufacturing and service sectors. The country’s GDP per capita has more than doubled since 2000 and is now one of the highest in Africa. South Africa’s economic growth has been driven by a growing population and increased investment. Although the coronavirus crisis was definitely a setback, there were grants available such as the checking sassa status and the country is now getting back on its feet. The government has also implemented reforms to improve the business environment and attract foreign investment. As a result, South Africa is well placed to continue its economic expansion in the years to come.

The infrastructure is improving every day

You can definitely see the improvements in South Africa’s infrastructure. Every day new roads are built and old ones are repaired. The public transport system is also becoming more reliable. It used to be very difficult to get around without a car, but now the bus and train timetables are much more reliable. In addition, more and more companies are springing up, which creates more jobs. All of these factors lead to a better quality of life for people in South Africa.

There are many opportunities for entrepreneurs

South Africa is a land of opportunity for entrepreneurs. The country has a growing economy and a large population with a relatively high standard of living. This gives entrepreneurs many potential customers for their products and services. Additionally, the South African government supports small businesses and provides various incentives for entrepreneurs. These factors make South Africa an attractive destination for anyone looking to start their own business. So if you are considering becoming an entrepreneur, South Africa is definitely worth considering.

The workforce is highly skilled and motivated

The workforce in South Africa is highly skilled and motivated. The country has a long history of producing high quality workers, and this is reflected in the strong work ethic that is evident in the workforce. The workforce is also very diverse, with a wide range of skills and talents. This diversity enriches the workplace and helps create a more dynamic and productive environment. South Africa also has a strong commitment to education, which ensures that the workforce is constantly upgrading its skills. As a result, the workforce in South Africa is highly skilled and motivated, and this is one of the country’s most valuable assets.

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Aerospace manufacturer expands in Texas https://erinsrays.com/aerospace-manufacturer-expands-in-texas/ Tue, 25 Oct 2022 17:12:10 +0000 https://erinsrays.com/aerospace-manufacturer-expands-in-texas/ In Kerrville, TX, aerospace manufacturer Killdeer Mountain Manufacturing (KMM) is renovating a 40,000 square foot building at Kerrville Airport Commerce Park. The company will invest $8 million to renovate the facility, which will serve as the new headquarters for KMM’s operations in Texas. KMM has created 70 aerospace jobs in Kerrville since joining in December […]]]>

In Kerrville, TX, aerospace manufacturer Killdeer Mountain Manufacturing (KMM) is renovating a 40,000 square foot building at Kerrville Airport Commerce Park. The company will invest $8 million to renovate the facility, which will serve as the new headquarters for KMM’s operations in Texas. KMM has created 70 aerospace jobs in Kerrville since joining in December 2021, and plans to create another 400.

A Tier 1 supplier, KMM also operates three locations in North Dakota, including its corporate headquarters. KMM manufactures electronic components for the military and aerospace industries with customers including Boeing, Lockheed Martin, Raytheon and the Department of Defense.

“Our expansion into Texas has helped KMM fuel our growth, not just for the Kerrville plant, but for our family of companies in North Dakota,” said Erika Bauer, president of KMM operations. “The excellent workforce, proximity to customers, and outstanding support from various organizations and government agencies have made Texas Hill Country the perfect second home for KMM.”

Local and state leaders attended a facility signing and launch ceremony and dedicated a steel truss to be installed at the Kerrville Airport Business Park facility. Left to right: Kristin Hedger, Senior Vice President of Government Relations, KMM; Joe Magruder, Office of the Governor of Texas, Corporate and Industry Retention Specialist; Dan Hedger, president of marketing for KMM; Erica Bauer, President of KMM Operations; and KerrEDC Executive Director Gilberto Salinas.

KMM is expected to generate over $80 million in economic activity and over $32 million in added value for the Kerrville community over the next 20 years. In addition to the 400 direct jobs, the company will generate 68 indirect jobs and 92 induced jobs. KMM is also expected to generate approximately $3.76 million in total tax revenue and $1.5 million in municipal and county tax revenue over the next 10 years.

Kerrville’s aerospace sector is growing as major aviation companies see significant cost and labor advantages, as well as the added value of its supply chain network. Within a one-hour flight of Kerrville are more than 1,500 aircraft owners and operators, representing up to five times the same market distribution for cities comparable in size to Kerrville.

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Governor Whitmer kicks off groundbreaking work on Hemlock Semiconductor’s new $375 million expansion, creating 170 new jobs https://erinsrays.com/governor-whitmer-kicks-off-groundbreaking-work-on-hemlock-semiconductors-new-375-million-expansion-creating-170-new-jobs/ Fri, 21 Oct 2022 22:38:47 +0000 https://erinsrays.com/governor-whitmer-kicks-off-groundbreaking-work-on-hemlock-semiconductors-new-375-million-expansion-creating-170-new-jobs/ FOR IMMEDIATE RELEASE October 21, 2022 Contact: press@michigan.gov Governor Whitmer kicks off groundbreaking work on Hemlock Semiconductor’s new $375 million expansion, creating 170 new jobs Michiganders expected to see $364 million in new personal revenue from 10-year opportunity LANSING, Mich. – Today, Governor Gretchen Whitmer joined company officials and federal, state, and local leaders to […]]]>

FOR IMMEDIATE RELEASE

October 21, 2022

Contact: press@michigan.gov

Governor Whitmer kicks off groundbreaking work on Hemlock Semiconductor’s new $375 million expansion, creating 170 new jobs

Michiganders expected to see $364 million in new personal revenue from 10-year opportunity

LANSING, Mich. – Today, Governor Gretchen Whitmer joined company officials and federal, state, and local leaders to inaugurate Hemlock Semiconductor’s (HSC) new expansion project into the company’s operations in the Township of Thomas. Governor Whitmer announcement the project in September, bringing a planned investment of $375 million and creating 170 high-wage jobs in Saginaw County and strengthening Michigan’s leadership position in the semiconductor supply chain.

“Michigan is becoming a global hub for semiconductor chip manufacturing and we will continue to bring these essential supply chains home so we can create jobs, bring billions in investment to our communities and lead the future,” said Governor Whitmer. “Hemlock Semiconductor, a Michigan-based company whose hyper-pure polysilicon is found in nearly every electronic device in the world, is once again betting on Michigan, expanding its presence in Thomas Township with a planned investment of up to $375 million. dollars creating 170 jobs. . Propelled by bipartisan economic development and state-backed improvements to critical public infrastructure, Hemlock’s planned investment will foster economic opportunity for Michiganders for generations to come.

Announced in September, HSC’s expansion is the result of planned projects the company is undertaking to meet growing demand in the semiconductor and solar energy industries. In order for HSC to build these new investments, the Township of Thomas, in coordination with the Township of Saginaw, will significantly and rapidly increase sanitary sewer capacity in support of the HSC site. The expansions will include the construction of two new lift stations and five miles of sewer lines. In support of these needed expansions, the Township of Thomas received Michigan Strategic Fund approval for a $27 million Strategic Site Preparation Program (SSRP) performance-based grant, securing the expansion of HSC in Michigan. The SSRP grant will be funded through the Strategic Outreach and Attraction Reserve Fund (SOAR).

These projects will further strengthen Michigan’s leadership in semiconductor manufacturing and ensure a strong supply chain for potential additional growth. The projects will also create well-paying jobs in the Saginaw area with one of the oldest polysilicon manufacturers in the world.

In addition, it is expected that the influx of 170 direct jobs will result in indirect investments and redevelopment opportunities. More than $364 million in new personal income is expected to be generated from the direct, indirect and induced jobs this opportunity will create over 10 years. The project will also support small businesses in the community and help stimulate demand for redevelopment of underutilized properties in the community and state.

“Our investment simply would not be possible without the strong support of federal, state and local government leaders,” said AB Ghosh, President and CEO of HSC. “We couldn’t ask for more effective advocates who clearly understand the critical role our cutting-edge technologies will play in building a strong national semiconductor supply chain and strengthening HSC’s competitive position in worldwide.

Governor Whitmer at a groundbreaking event

Governor Whitmer at a groundbreaking event

“Michigan knows all too well what happens when we depend on semiconductor chips made halfway around the world. That’s why I led the effort with Senator Peters and Rep. Kildee to support national semiconductor chip manufacturing in the CHIPS and Science Act. This significant investment will boost Michigan manufacturing, fix our broken supply chains, reduce costs and bring thousands of jobs home,” said Senator Stabenow. “Today’s investment by Hemlock Semiconductor will maintain their global leadership in the semiconductor supply chain while creating hundreds of jobs.”

“Having toured the Hemlock facility in August, I know the projects announced today will be transformative for the local economy, the region’s critical infrastructure, and our state’s manufacturing industry,” said Senator Gary Peters. “I am proud to have worked to pass several landmark laws to invest in domestic semiconductor manufacturing that will benefit the HSC, and I am grateful to Governor Whitmer for helping to secure this investment and ensure that Michigan was chosen over the other states that were considered.

“With new laws like CHIPS and the Science Act, we’re bringing essential manufacturing back to Michigan, creating well-paying jobs and strengthening America’s economic competitiveness,” said Congressman Dan Kildee. “Hemlock Semiconductor’s new investment to expand operations in Saginaw County is a tremendous win for Central Michigan and an example of the type of investments I have passed the CHIPS and Science Act to secure. In Congress, I will continue to work to strengthen American manufacturing so we can make more stuff here in Michigan, not overseas.

“Since my earliest days in the Legislative Assembly, Hemlock Semiconductor and Thomas Township have proven time and time again that when we invest in our communities and industries, we make our region, our state and our nation’s supply chain safer. “, said Senator Ken Horn (R-Frankenmuth).

“HSC’s investment underscores the strength of the workforce within our state’s high-tech manufacturing workforce and secures a critical win as we continue to work to attract sustainable investment and term from semiconductor companies around the world. This transformational investment will create good jobs and economic opportunity for the people of Michigan for years to come,” said CEO of MEDC and President and Chairman of the Michigan Strategic Fund, Quentin Messer Jr. “Today represents another chapter in the close relationship between Team Michigan and HSC, and we look forward to continuing to work with this long-time Michigan company as it grows into the next generation and beyond. of the. With the unwavering support of our bipartisan legislative partners, the Whitmer-Gilchrist administration, and our many local partners, we continue to demonstrate that Michigan is a place of pure opportunity.

Hemlock Semiconductor Operations, founded in Hemlock in 1961, is one of the oldest polysilicon manufacturers in the world and remains the largest producer of high-purity polysilicon in the United States, as well as being the only manufacturer headquartered in the United States . High-purity polysilicon, as the base material used to create semiconductor chips, is essential for all products in the electronics and solar energy industries. HSC currently has approximately 1,350 employees at its headquarters in Thomas Township.

Taken together, these are transformative projects for the Township of Thomas and the surrounding region. The Township of Thomas anticipates approval of a property tax abatement valued at $20.5 million in support of the project. The Saginaw Road Commission applied for a $650,000 grant from the Michigan Department of Transportation’s Transportation Economic Development Fund, and the Township of Saginaw received a $10 million statutory appropriation to help with the project.

“We are excited for Hemlock Semiconductor to continue its growth in Saginaw County and the Great Lakes Bay area,” said JoAnn Crary, future president of Saginaw. “The decision to expand here underscores the importance of local government collaboration and the availability of a rich pool of highly skilled talent. We are lucky to have both. »

“A development of this magnitude requires the collaboration of many partners to succeed. Hemlock Semiconductor has been an outstanding business partner since the 1960s with our community,” said Russ Taylor, Thomas Township Manager. “We are thrilled with the collaborative efforts of our community, the Township of Saginaw, Saginaw Future and MEDC to support Hemlock Semiconductor’s continued growth and look forward to completing our local process.” »

Today’s announcement comes just a month after President Joe Biden joined Governor Whitmer for a virtual signing event for the state’s CHIPS Act Executive Directive, hosted at HSC’s operations. President Biden chose to attend this event in recognition of Michigan’s role in semiconductor manufacturing and the passionate support for the CHIPS and Science Act by Governor Whitmer and the Michigan delegation.

The president then signed the CHIPS and Science Act, which authorizes a federal investment of $52 billion over the next five years to boost domestic semiconductor manufacturing and provides a 25% tax credit for new facilities. or expanded that manufacture semiconductors or related equipment. The measure includes $39 billion in grants for new manufacturing, $11 billion for federal semiconductor research and workforce development programs, and $2 billion for related microelectronics activities. at the Ministry of Defence.

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Live updates: China kicks off 20th Communist Party Congress as Xi Jinping prepares to expand his power https://erinsrays.com/live-updates-china-kicks-off-20th-communist-party-congress-as-xi-jinping-prepares-to-expand-his-power/ Sun, 16 Oct 2022 07:49:00 +0000 https://erinsrays.com/live-updates-china-kicks-off-20th-communist-party-congress-as-xi-jinping-prepares-to-expand-his-power/ Protest banners hang from the Sitong Bridge in Beijing on October 13. Online censorship in China has accelerated after a rare protest took place on a busy overpass in Beijing that openly criticized the uncompromising zero Covid policy and authoritarian rule of Xi Jinping, stoking pent-up tensions among the Chinese public. Photos circulated on Twitter […]]]>

Online censorship in China has accelerated after a rare protest took place on a busy overpass in Beijing that openly criticized the uncompromising zero Covid policy and authoritarian rule of Xi Jinping, stoking pent-up tensions among the Chinese public.

Photos circulated on Twitter on Thursday showing two protest banners strewn across Sitong Bridge in Beijing’s Haidian district in broad daylight, with plumes of smoke billowing from the bridge.

“Say no to the Covid test, yes to the food. No to confinement, yes to freedom. No to lies, yes to dignity. No to cultural revolution, yes to reform. No to the great leader, yes to the vote. Don’t be a slave, be a citizen,” one banner read.

“Go on strike, depose dictator and national traitor Xi Jinping,” reads the other.

When CNN arrived at the Sitong Bridge around 3.30pm on Thursday, no protesters or banners could be seen – as if nothing had happened.

A bit of context: Public protests against top leaders are extremely rare in China, with dissenters facing imprisonment or worse.

Thursday’s display of discontent was even starker ahead of important political meetings, when authorities turn Beijing into a fortress to maintain security and stability.

Censorship: Chinese social media users have spoken out to express their support and admiration for the brazen challenge. Some shared Chinese pop hit ‘Lonely Warrior’ in a veiled reference to the protester, whom some called a ‘hero’, while others vowed never to forget him, posting under the hashtag: ‘I have seen”.

Many posts have been deleted and accounts suspended indefinitely after commenting on – or alluding to – the protest on Chinese social media such as Weibo, a Twitter-like platform, and WeChat, the super app.

The keywords were immediately excluded from search results on apps, such as “Sitong Bridge” and “Haidian” – the site of the protest. Terms like “Beijing”, “warrior”, “brave man” and even “courage” have also been restricted.

Lock, test, repeat: China’s zero Covid strategy means even a single infection can trigger a citywide lockdown, ordering people to stay at home or be transported to a quarantine center for isolation.

The Chinese government’s draconian zero Covid policy has fueled growing public frustration as unpredictable rounds of lockdowns and mass testing have upended daily life and wreaked havoc on the economy.

To monitor : Hopes that China could ease pandemic restrictions after the Party Congress were all but dashed as the Communist Party maintained its hardline approach.

In the week leading up to the important meeting, the state’s mouthpiece People’s Daily published three comments reiterating that China will not let its guard down.

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Galderma explores opportunities to expand its manufacturing and innovation footprint in Asia Pacific https://erinsrays.com/galderma-explores-opportunities-to-expand-its-manufacturing-and-innovation-footprint-in-asia-pacific/ Thu, 13 Oct 2022 19:17:45 +0000 https://erinsrays.com/galderma-explores-opportunities-to-expand-its-manufacturing-and-innovation-footprint-in-asia-pacific/ Galderma, the pure-play category leader in dermatology, will explore opportunities to build its fifth manufacturing facility in Singapore. Supported by the Singapore Economic Development Board, the new plant is expected to increase Galderma’s manufacturing capacity to up to 350 million units per year, in response to continued demand for high-end science-based products in […]]]>

Galderma, the pure-play category leader in dermatology, will explore opportunities to build its fifth manufacturing facility in Singapore.

Supported by the Singapore Economic Development Board, the new plant is expected to increase Galderma’s manufacturing capacity to up to 350 million units per year, in response to continued demand for high-end science-based products in the dermo-cosmetics industry .

The announcement is part of Galderma’s strategic manufacturing roadmap, aligned with the company’s unique integrated dermatology strategy. After a record performance in 2021, Galderma posted strong commercial and financial performance in the first half of 2022, with continued strong growth across all product categories. In particular, dermo-cosmetics grew 31% year-on-year at constant exchange rates, driven by the good performance of Cetaphil driven by e-commerce and launches in China and the rest of Europe. Asia.

“Our goal is to support our strong long-term growth trajectory with a new manufacturing facility that will significantly increase our ability to serve consumers with premium brands from our differentiated Dermo-Cosmetics portfolio across all geographies, primarily in our key markets in Asia-Pacific,” said Flemming Ørnskov, CEO of Galderma. “We sincerely thank the Singapore Economic Development Board for their support, and look forward to continuing our collaboration to bring this exciting project to life.”

With its premiumization strategy and broad distribution network, Galderma is well positioned to capitalize on growing consumer demand across the Asia-Pacific region, where the fascinating dermatology market has remained on a steady growth trajectory. , with strong demand for high-end scientific products. Galderma’s new manufacturing facility in Singapore is expected to increase the premium dermo-cosmetics brand’s total production capacity to 350 million units per year, in line with expected growth in the region.

“We welcome Galderma’s expansion into Singapore, driven by the need to meet growing consumer demand and sophistication in Asia,” said Tan Kong Hwee, Executive Vice President of the Economic Development Board. “This adds to the growing number of consumer healthcare companies using Singapore as an innovation hub. We are also delighted that Galderma’s first dermo-cosmetics manufacturing facility in Asia is coming to Singapore as it will leverage and contribute to Singapore’s advanced manufacturing capabilities. There will be many exciting innovation and manufacturing job opportunities that Galderma will create with this investment.”

Galderma already has a well-established presence in Singapore, which is not only a key market for Galderma’s innovative portfolio of cutting-edge brands and services, but also serves as a regional hub for Asia-Pacific.

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