Latest news with #CIP
Yahoo
2 days ago
- Business
- Yahoo
Still no green light for largest public subsidy in state history as Legislature hits adjournment day
A small army of lobbyists for film studios could be seen entering the Senate Democrats office after the lawmakers adjourned for the night. (Photo: Jeniffer Solis/Nevada Current) The Hollywood movie studios seeking $1.4 billion in transferable tax breaks over 15 years have clearly not received a red carpet rollout from the Nevada State Legislature. Assembly Bill 238, which proposes a twelvefold expansion of the state's transferable film tax credit program, passed the Assembly late Friday in a 22-20 vote, the thinnest margin allowable since a tie would mean not passing. That left the high profile bill three days to pass the Senate. However, two whole days came and went, leaving the bill with less than 24 hours to make it across the finish line. The Senate Finance Committee on Sunday appeared to be gearing up for a late night hearing on the film tax credit bill, but instead the full Senate withdrew the bill from the committee and allowed it to take a procedural step it needed in the full chamber. The bill would massively expand Nevada's film tax credit program to support the build out and operation of a 31-acre film studio currently referred to as the Summerlin Production Studios Project (after the Las Vegas neighborhood where it would be located). Hollywood giants Sony Pictures Entertainment and Warner Bros. Discovery are attached to the project. Howard Hughes Holdings is developing. A small army of lobbyists for film studios could be seen entering the Senate Democrats office after the lawmakers adjourned for the night. Nevada's film tax credit program is currently capped at $10 million per year. AB 238 would raise that cap to $120 million per year, for 15 years, beginning in 2028. The majority of those tax credits, $95 million per year, would be reserved for productions at the Summerlin studio; $25 million per year would be for productions not attached to the studio. Altogether, that's equivalent to $1.8 billion in public subsidies for the television and film industry. If approved by the Senate and signed into law by Gov. Joe Lombardo, the legislation will be the largest public subsidy approved by the State of Nevada, surpassing the $1.25 billion approved by lawmakers in 2014 for Tesla Motors. While tax credits aren't issued to companies until they prove they've met the qualifications for them, the state must treat them as 'negative revenue' when forecasting expected state revenue. That means they do impact the state budgeting process. Here's where other high-profile bills stand going into the last day of the session: All five state budget bills have all passed the Nevada Legislature. Senate Bill 502, known as the capital improvement program (CIP) bill, crossed the legislative finish line on Sunday. The CIP bill must be passed by a two-thirds majority, so it is often used by the minority party as leverage in broader negotiations. That was the case in the 2023 session, when the CIP bill failed to pass the Senate before midnight on the last day. That forced a one-day special session. The state's other four budget bills (Senate Bill 500, Assembly Bill 591, Assembly Bill 592, and Senate Bill 501) all passed the Legislature within the last week and have been signed by the governor. Senate Majority Leader Nicole Cannizzaro and Gov. Joe Lombardo reached a compromise on their competing omnibus education bills. Cannizzaro's Senate Bill 460 was amended to include components of Lombardo's Assembly Bill 584, including his proposal to establish a statewide accountability system and a salary incentive program for educators and administrators. Components of Cannizzaro's bill that made it past the amendment include revised evaluation procedures for educators and administrators and additional transparency and assessment requirements for schools receiving funding through the state's quasi-voucher system, known as Opportunity Scholarships. The Senate unanimously passed the bill Sunday, and the bill now heads to the Assembly. Cannizzaro said the bill represents the state taking 'significant strides' toward accountability and transparency. Senate Minority Leader Robin Titus also spoke on the floor in support. Also on the education front: Senate Bill 161, a Clark County Education Association priority bill carried by state Sen. Rochelle Nguyen (D-Las Vegas), passed the Legislature with some bipartisan support and was signed by Lombardo in the last week of the session. The bill establishes an expedited arbitration process for teachers unions and school districts, and, perhaps more consequentially, establishes a pathway for K-12 public school teachers to legally go on strike. With the passage of SB 161, CCEA will withdraw a ballot measure it had qualified for the 2028 general election ballot. That ballot measure, if approved by voters, would have given teachers the right to strike. The teachers union had previously said it was prepared to defend the ballot measure next year but would prefer to bypass it through legislative action. It marks the second time the union has pulled this move. In 2021, CCEA qualified two ballot measures — one to raise the gaming tax, another to raise the sales tax — only to pull them after the Legislature established a new mining tax that directly funds the state's K-12 per pupil education fund. Assembly Bill 540, Lombardo's housing bill, is currently in the Senate Government Affairs Committee. It has received a hearing but no action has been taken. The bill has already cleared the full Assembly. Senate Bill 457, Lombardo's criminal justice bill, passed out of the Senate Judiciary Committee on Sunday after receiving a major amendment. The bill needs to pass the full Senate and the full Assembly. Senate Bill 495, Lombardo's health care bill, is prepped for a vote by the full Senate. It will need to be approved by the Senate, then by the Assembly. Senate Bill 461, Lombardo's economic development bill, is currently in the Senate Revenue and Economic Development Committee. It received a hearing but no action has been taken. On Friday, a banking bill sponsored by Assembly Speaker Steve Yeager fell short of the required two-thirds approval it needed to pass the chamber. Assembly Bill 500 would allow for payment banks, a new type of financial institution that focuses solely on payment processing rather than lending. The Assembly vote was 25-17, a simple majority but three votes short of the two-thirds it needed because it would raise state revenue. On Sunday, AB500 returned to the Assembly floor with an amendment that removed the two-thirds requirement. The amendment was adopted but, in a bizarre turn of events, the vote failed 20-22. The vote was attempted a third time and also failed.
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GMA Network
6 days ago
- Business
- GMA Network
ACEN takes 25% of Camarines Sur offshore wind project
Ayala Group's listed energy platform ACEN Corp. has inked an agreement to acquire a 25% minority stake in Copenhagen Infrastructure Partners' (CIP) Camarines Sur offshore wind project, which has a potential capacity of 1 gigawatt (GW). In a regulatory filing, ACEN said it signed definitive agreements with CIP's Growth Markets Fund II for the minority stake in the project that will be located close to the coast of San Miguel Bay in Camarines Sur, with abundant wind resources and shallow water depths. 'Offshore wind is poised to play a vital role in diversifying the country's energy mix. ACEN is pleased to partner with CIP, a global leader in the offshore wind sector. We look forward to collaborating on this trailblazing initiative,' ACEN president and chief executive officer Eric Francia said. The parties did not disclose the transaction value but said the acquisition is subject to applicable regulatory approvals. The project is in its pre-development stage, in anticipation of the Department of Energy's fifth round of the Green Energy Auction. 'Together with CIP's offshore wind expertise, we believe that ACEN's experience and domestic and international track record in project execution and stakeholder management will set a strong foundation for successful development of the Camarines Sur offshore wind project, including anticipated participation in the upcoming first offshore wind auction,' CIP's Growth Markets Fund II partner Robert Helms said. 'We are also working towards the ambition of making this one of the first operational offshore wind projects in the Philippines in line with the offshore wind targets set by the current Philippine administration,' he added. Founded in 2012, CIP manages 13 funds and has raised some €32 billion for investments in energy and association infrastructure from some 180 international institutional investors, with projects in over 30 countries. ACEN ended the first quarter of 2025 with a P2.083-billion net income, down from P2.935 billion the same quarter last year, as revenues fell to P7.767 billion from P9.853 billion amid the lower generation in the Philippine market. —VBL, GMA Integrated News
Yahoo
6 days ago
- Business
- Yahoo
Nvidia's Earnings Beat May Help AI-Linked Tokens
Shares of Nvidia (NVDA) rose roughly 4% in post-trading hours after reporting better-than-expected earnings and revenue on Wednesday. The AI powerhouse posted a 69% increase in revenue in the first quarter, compared to a year ago, with its data center business growing 73% year-over-year. Net income came in at $18.8 billion, up 26% from a year earlier. The after-hours move pushed NVDA shares to a modest year-to-date gain and about a 20% year-over-year advance. AI crypto tokens, including Bittensor TAO, NEAR Protocol NEAR and Internet Computer (CIP), moved slightly higher after Nvidia's earnings beat, although remained sizably lower for the day. Nevertheless, it was ongoing AI demand which was a key driver in the 73% growth in the company data center business. Turning to the outlook amid recent global trade uncertainties, Nvidia said it expects second-quarter revenue to come in below market estimates as a result of tariff-related restrictions between the U.S. and China. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
How ESMT Berlin Students Are Revitalizing Germany's Poorest City With Business Innovation
Yifei Chen, a Class of 2025 Master of Innovation and Entrepreneurship student at ESMT Berlin, poses inside St. Joseph's church in Gelsenkirchen, Germany, with neighborhood locals. Her Corporate Innovation Project involved revitalizing the shuttered church into a vibrant community center. Courtesy photo It was the silence that most struck Yifei Chen on her first visit to Schalke, the poorest district in Gelsenkirchen which is, in turn, one of the poorest cities in Germany. It's a neighborhood defined by contrasts. While Schalke is home to one of Germany's largest and most popular football clubs – the Schalke 04 – signs for the club were old and faded. While Gelsenkirchen was once considered the most important coal mining town in Europe, it now has the highest unemployment rate in Germany. 'The city felt quiet and even a bit abandoned, like the energy that once existed had slowly disappeared,' said Chen, a student at . 'That moment made us realize this wasn't just about giving a space a new function, it was about finding a meaningful way to bring life and pride back into the area.' Chen's visit to Schalke wasn't for sight seeing. It was for her , a core part of her business degree from ESMT. She and her teammates were tasked with bringing life back into a community many had written off. Every student in EMST's Master in Innovation and Entrepreneurship is required to complete a CIP, a three-month project where small teams work on innovation challenges with real corporate or civic partners. Students complete their own fieldwork and research. They are expected to deeply engage with partners and stakeholders to deliver an actionable solution. Baris Efe, head of Vali Berlin, ESMT's entrepreneurship hub 'It's not just a case study; it's a real project with real implications for organizations and people,' says Baris Efe, head of, ESMT's entrepreneurship hub that runs the CIP program. Vali's mission is to train students to apply entrepreneurial lessons to solve real-world problems, whether that be through a startup or with an existing organization. Chen and her teammates – Luciano Coppolino and Gaetano Adamo – were assigned the CIP in Gelsenkirchen, working directly with the Stiftung Schalker Markt community foundation to revitalize the shuttered St. Joseph's church. The challenge: Turn this symbol of the past – the historical and emotional heart of the neighborhood – into a catalyst for the future. 'Schalke and Gelsenkirchen represent a part of Germany that has experienced industrial decline but still holds deep social and cultural capital. It's a place that matters to its residents, to the history of German industry, and to the broader question of how we revitalize forgotten places,' Efe says. 'It offered students the opportunity to explore innovation not in the context of start-ups or technology, but in the context of bringing society back together and renewing it as a community. That's what made the project so special, even for us.' St. Joseph's Church in Schalke, Gelsenkirchen, Germany. Courtesy photo Chen and her teammates spent months pouring through extensive fieldwork and interviews compiled by the Stiftung Schalker Markt, highlighting the community's hopes and expectations for the site. The team also visited the district multiple times to engage with the community while developing the sense of place. 'Everything we proposed was built around Schalke's identity, especially its mining heritage and football roots. We didn't want innovation to replace the past, but rather to build on it,' Chen says. 'Our real goal was to celebrate the uniqueness and irreplaceable character of Schalke.' Their solution was a B2B-oriented model that focused on event-based revenue: hosting corporate gatherings, e-gaming tournaments, and creating co-working space. Inspiration came from similar repurposed heritage sites like and . 'We believed that by introducing activities like e-gaming or co-working, we could bring younger audiences and new businesses into the area, creating a space that felt both relevant and respectful,' says Chen. This careful balance between modern use and cultural integrity was the point. And it was precisely what the CIP is designed to teach, Efe says. 'It's not just about solving a problem, it's about understanding people, context, and constraints. In Schalke, the students were not only consultants but also collaborators and co-creators.' Efe describes walking through Schalke like flipping between two timelines. There's the abandoned buildings, shuttered businesses, and the signs of long-term disinvestment on one timeline. Pride on the other – in the football club, in the pubs, in the conversations at the local bakery. The tension between loss and resilience challenges one to think about economic regeneration alongside identity and belonging. Yifei Chen, Master of Innovation and Entrepreneurship, Class of 2025 'One major challenge was understanding the real level of engagement from residents, especially younger people,' Chen says. 'Many of them don't stay in Gelsenkirchen anymore, so figuring out how to bring them back and how to make the space relevant and active in the long term was difficult.' They also had to flip the story: Present Schalke not as a place in decline, but as a place of potential. Their plan focused less on polished visuals and more on authentic storytelling. Chen and her ESMT teammates submitted their plan in December. Since then, the concept has sparked interest among potential funders, and local leaders have started discussing implementation steps. Now, locals can begin raising money to make St. Joseph's the community hub she and her teammates pitched. 'We did our best to provide a concept that was both meaningful and practical. I truly hope the space will be used for more community events and innovative projects, where people can reconnect and celebrate their culture. If it attracts new visitors and brings economic activity into the area, that would be even better,' says Chen. 'Most importantly, I hope locals can feel proud of where they come from again.' For Chen, the project has changed her view of what business tools can do. While she and her teammates used several tools from their classes – customer research methods, storytelling, and design thinking, for example – business education isn't just about numbers or frameworks. It's about learning how to understand people and build something that makes a difference. 'Collaboration is everything. You can't do meaningful work on your own,' she says. 'Listening, adapting, and being humble are just as important as having a good idea.' Efe sees Schalke as a model for the future of business education. 'The most urgent problems of our time are social, environmental, and structural,' he says. 'Projects like this show that business students, when challenged and supported, can become architects of renewal, not just analysts of growth.' A collection of old newspaper articles and church papers helped the students captures St. Joseph's sense of history and place within the neighborhood. Courtesy photo Of course, real success of CIP projects in general and Schalke's church in particular, isn't measured in a polished deliverable. It's measured in what happens next, in two, five, ten years down the line. Efe hopes to check in on St. Joseph's in the future to find a vibrant, community hub for culture, learning, and entrepreneurship. A space for people to come together and tell a new story about the neighborhood. And, he hopes to find more bold, socially embedded projects like this one for more CIP teams. ESMT's Vali Center operates under the ethos that innovation can and should serve society, not just markets, he says. It trains students to navigate ambiguity, build trust, and see complexity not as a roadblock, but as a signal that their work is meaningful. 'We want our students to go into the world not just with credentials, but with conviction,' he says. 'Innovation is too important to be left only to corporations and startups. Projects like this show that when you give young, motivated people the chance to engage deeply with real-world problems, incredible things can happen. This isn't just a learning experience, it's a contribution to our economy and society.' DON'T MISS: POETS&QUANTS' WORLD'S BEST 40-UNDER-40 MBA PROFESSORS OF 2025 AND MANY EXPECT THE COURTS TO OVERTURN TRUMP'S BAN ON INTERNATIONAL STUDENTS AT HARVARD The post How ESMT Berlin Students Are Revitalizing Germany's Poorest City With Business Innovation appeared first on Poets&Quants.
Business Wire
22-05-2025
- Business
- Business Wire
Granite Announces San Francisco International Airport Rehabilitation Project
WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite (NYSE:GVA) has been awarded an approximately $26 million contract by the San Francisco International Airport (SFO) to upgrade Taxiway Z and a portion of Taxiway S at SFO in San Francisco, California. Project funding is to come from SFO and will be included in Granite's second-quarter CAP. This project will rehabilitate the taxiways to ensure the continued safety and efficiency of aircraft operations. Taxiway Z serves as a primary corridor for aircraft movement between the terminals, airline maintenance, and cargo facilities. "We are excited to be part of this critical infrastructure project at SFO," said Brent Fogg, Granite Vice President of Regional Operations. "Our collaboration with SFO on the Taxiway Z Rehabilitation Project underscores our commitment to delivering exceptional projects and advancing the safety and efficiency of airport operations." Project scope includes the reconstruction of asphalt concrete pavement, replacement of airfield lighting with LED lighting and signage, a 12kV electrical duct bank upgrade, and the installation of updated pavement markings and drainage improvements. These enhancements are designed to improve the overall functionality and safety of the taxiways, ensuring that SFO remains a leader in aviation infrastructure. This project is part of SFO's Capital Improvement Program (CIP), a multi-billion-dollar initiative focused on modernizing and improving the airport's infrastructure, including runways, taxiways, and terminals. The CIP includes the "Delivering Exceptional Projects" initiative, which aligns with Granite's key objectives of Trust, Transparency, Early Contractor Collaboration, and Alternate Delivery. This project also supports Granite's long-term goals to partner with SFO on their other Alternate Procurement Projects. Granite's nearby Santa Clara hot plant will be providing 24,105 tons of hot mix asphalt (HMA) for the project, ensuring high-quality materials and efficient delivery. Construction is expected to begin in August 2025 and be completed in November 2025. About Granite Granite is America's Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite civil construction provider. Granite's Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the Granite website, and connect with Granite on LinkedIn, X, Facebook, and Instagram.
