Latest news with #EconomicGrowth
Yahoo
11 hours ago
- Business
- Yahoo
Hans Dorfi named executive director, chief innovation officer of Polymer Industry Cluster
Hans Dorfi has been chosen to become executive director and chief innovation officer of the Polymer Industry Cluster, housed at the Greater Akron Chamber, effective July 7. "I've always focused on building technology, building value, so I'm very committed to continuing that as I work with the cluster to develop the cluster, into a regional powerhouse and building on the legacy," Dorfi said. "So, for me, this is a clear evolution of my background and my career within the city, within this industry." Further, he said, "I've also lived in Akron for over 30 years, so I've seen the potential this city has. I know what the growth potential is, but also the opportunity, and I think we can build something that's world class that makes the city and the region strong and economically vibrant." Focusing on sustainable and advanced polymer applications and driving growth and employment in Greater Akron and Northeast Ohio, Dorfi will work with a group of collaborators in business, education, government and economic development, according to a news release from the chamber. Through these partnerships, Dorfi will secure funding for the cluster, lead initiatives that support research and development and workforce growth and shape the cluster's future. "From the start, this work has been about convening industry companies and partners to collaborate to create value and scale that we can't do as individual organizations,' said Steve Millard, president and CEO of the Greater Akron Chamber. 'Hans is a leader who has the track record to drive this effort forward. The goal for the region is growth to deliver more — more business attraction, more entrepreneurship, more innovation and job creation that leads to more opportunity for everyone that lives and moves here." Brian Anderson left his role as vice president of the Polymer Industry Cluster at the end of 2024, Halee Gerenday, the chamber's director of marketing and communications, previously confirmed. Dorfi most recently served as senior vice president at Bridgestone Americas, where, according to the release, he "led the transformation of the product and technology portfolio, pioneering digital innovation, sustainability, and advanced materials for next generation products." Dorfi attended The Ohio State University and Vienna University of Technology, where he earned advanced engineering degrees. He also served as adjunct faculty at the University of Akron and as industry adviser to multiple institutions, such as Stanford, Ohio State and Virginia Tech. Dorfi also serves as board chair of Bounce Innovation Hub. He was also involved in the creation of the Polymer Industry Cluster. He served on various committees that coincided with the cluster's work, including the cluster's leadership committee. The cluster has raised more than $100 million, including more than $50 million from the U.S. Department of Commerce and more than $30 million from the state of Ohio. In 2023, the U.S. Department of Commerce named Greater Akron the United States' only Sustainable Polymers Tech Hub. And multiple state government officials, including Gov. Mike DeWine, last year announced Greater Akron would serve as the Greater Akron Polymer Innovation Hub. The federal funding is moving forward, and the state dollars are being deployed, Dorfi said. 'Plus, as a next step, we need to continue to build on this funding to find additional sources, and this could be industry investment, it could be venture capital, it could be a variety of funds," Dorfi said. Mark Smale, executive director of advanced polymer science at Bridgestone Americas and co-chair of the Polymer Industry Cluster, said, "Hans has a track record of collaborating to bring innovations to market, a strategic mindset and a passion to improve our community. He is the ideal inspirational leader to take the Tech Hub forward to the next level and I am excited to have the opportunity to work with him in his new role.' Erin Spring, senior director of global material science at Goodyear and co-chair of the cluster, said Dorfi stepping into his new role "marks an exciting new chapter for the Polymer Industry Cluster." What's next for the Polymer Industry Cluster? Bounce Innovation Hub will this July be rolling out a new accelerator focused on the polymer industry, Dorfi said. It will be called the Synthe6 Accelerator, he said, adding that the name is a play on words using the number for carbon on the periodic table of elements. "If you look at that from a polymer focus, a lot of the polymers have carbon as the backbone," he said. Plans for a new Polymer Pilot Plant are also moving forward, Dorfi said. The facility will be behind UA's National Polymer Innovation Center (NPIC). "So, we have the pilot plant that can synthesize materials, and then we have the NPIC facility that can make parts or demonstrate production processes based on these materials," he said. "So, you can make products that a customer or an investor or a potential customer could evaluate. I think that's an important message here too. We're not trying to duplicate anything. We're trying to take advantage of resources that are already here." Patrick Williams covers growth and development for the Akron Beacon Journal. He can be reached by email at pwilliams@ or on X @pwilliamsOH. Sign up for the Beacon Journal's business and consumer newsletter, "What's the Deal?" This article originally appeared on Akron Beacon Journal: Hans Dorfi named executive director of Polymer Industry Cluster Solve the daily Crossword
News24
13 hours ago
- Business
- News24
Samsung and Ocule IT launch bootcamp for SMEs
Samsung is delivering the second phase of the Enterprise Development Bootcamp, while its partner Ocule IT is participating for the first time - providing support and expertise as part of this initiative. This transformative programme designed to prepare small and medium-sized enterprise (SME) participants for investment funding, with the ultimate aim of driving economic growth and job creation. This Bootcamp which was piloted last year is a critical component of Samsung's R280-million worth Equity Equivalent Investment Programme (EEIP) and aims to equip entrepreneurs with the essential skills and knowledge needed to meet investor requirements and effectively approach the market. It is designed for aspiring entrepreneurs with experience in the Information and Communication Technology (ICT) field with innovative ideas and, this also includes start-ups and established enterprises aiming to scale or overcome challenges. This bootcamp is an intensive training programme and focuses on areas that include business management, financial planning and pitching to investors; designed to empower young entrepreneurs, particularly those from underserved communities, with skills and knowledge to launch and grow their businesses. Sponsored by Samsung, this EEIP transformative initiative is prioritising alumni from the Ocule IT Electronics Technician/Artisan programme. This programme is part of Samsung's broader commitment to foster SME development and digital skills development in South Africa – leveraging local talent and expertise. Importantly, it is closely aligned with the National Development Plan (NDP) and black economic empowerment goals that are designed to transform the country's economy by empowering Black South Africans - fostering a more equitable and inclusive society. Sanele Gcumisa, Managing Member of Ocule IT explained: 'The launch of this Ocule IT and Samsung Enterprise Development initiative aims to empower entrepreneurs for investment readiness. This structured support seeks to ensure that participants are fully prepared to secure the needed funding to grow their businesses. This initiative underscores Ocule IT and Samsung's commitment to foster entrepreneurship and drive economic growth by empowering businesses with business tools to become investor-ready.' This bootcamp focuses on fostering a dynamic and collaborative environment - empowering a diverse range of participants who already have a foundation in the electronics sector, while also enhancing the programme's relevance and effectiveness. The programme provides training in areas that are relevant to starting and scaling a business, such as business planning, marketing and financial management. In particular, the structure of the Bootcamp involves a week-long intensive training session with masterclasses and opportunities to pitch business ideas for seed funding. The programme features a comprehensive five-day boot camp which took place the week of 07 – 11 July 2025 and will now be followed by a four-month incubation process that involves intensive mentoring. During this period, participants will work on creating a professional data room - a critical tool that potential funders and investors use to evaluate businesses. Also, this programme will provide a direct financial contribution of R500,000 to support participants in their entrepreneurial journey and take their businesses to the next level. A highlight of the initiative is the Pitch and Polish session, scheduled for the end of October 2025, where nine out of fifteen participants will have the opportunity to win cash prizes. These top performers are then divided into three categories, each comprising an average of five participants. The top three winners in the various tiers will be selected from each category, resulting in a total of nine winners. Following the Pitch and Polish session, the nine winners will undergo three months of monitoring as they submit their business plans and financials to potential funders and investors. Nicky Beukes, Samsung South Africa EEIP Project Manager said: 'For us at Samsung, this programme's impact goes beyond mere investment - it is there to offer financial support to Electronics Technician Programme alumni as well as innovative ideas to start a business and those who already have established enterprises but require additional assistance. The Bootcamp offers a comprehensive programme designed to nurture the entrepreneurial spirit of alumni and this, allows participants to gain access to seed funding, mentorship and business development workshops.' This holistic approach ensures that participants are equipped not only with financial resources but also with the strategic insights and practical skills necessary to succeed in the competitive electronics industry. With this programme, Samsung is able to provide successful entrepreneurs with access to its supply chain, potentially creating further business opportunities. Gcumisa added: 'Because effective public, private partnerships (PPPs) are crucial to both our company and Samsung, we are also in the process of engaging with the KwaZulu-Natal Growth fund and Sefda including other business partners. Also, the plan is to have additional partners presenting in October closer to the Pitch and Polish stage to give final advice. All such activities will occur in the last quarter; however, the final details will be shared in due course. For now, the focus is to ensure that learners are presented with material that they can use to prepare for the Pitch and Polish.' This valuable initiative aligns with Samsung's commitment to fostering entrepreneurship, skills development and positive social impact in the country. In essence, the Samsung EEIP ED Bootcamp provides a platform for ICT entrepreneurs to gain the skills, knowledge and support they need to thrive and contribute to the South African economy. Beukes concluded: 'Our commitment to sustainable development in collaboration with Ocule IT ensures that the initiative contributes to long-term positive impacts on the local community. By empowering young entrepreneurs, the programme contributes to local economic participation and creates a more inclusive and innovative society.'
Reuters
14 hours ago
- Business
- Reuters
Bank of England's Bailey defends bank rules after Reeves attack
LONDON, July 22 (Reuters) - Bank of England Governor Andrew Bailey said on Tuesday he did not agree with finance minister Rachel Reeves' description of regulation as a "boot on the neck of businesses" and he defended rules for the banking sector which are overseen by the BoE. Bailey told lawmakers that the central bank was open to making changes to the detail of post-financial crisis financial regulation to help the government's economic growth push. But he favoured keeping rules on banks in areas such as ring-fencing - which separates consumer lending operations from more volatile investment banking - and said Britain was not imposing tougher regulation than elsewhere. "I do think that the ring-fencing regime is an important part of the structure of the banking system," he said, noting the rules made it easier to deal with troubled banks. Reeves last week promised "meaningful reform" of the ring-fencing rules, something sought by the leaders of several major lenders in Britain. Asked by a lawmaker about Reeves' describing regulation as a "boot on the neck" of businesses, Bailey said: "I don't use those terms. Let me say that ... it's not a term I use" before adding: "We can't compromise on basic financial stability. That would be my overall message." Bailey was speaking to the House of Commons' Treasury Committee alongside two other members of the BoE's Financial Policy Committee, Randall Kroszner and Carolyn Wilkins. Kroszner, a former U.S. Federal Reserve official, said he saw no specific clash at this stage between financial stability and the relaxation of regulations planned by Reeves. "But always the devil is in the detail," Kroszner said. Bailey also told the committee that a rise in British government borrowing costs - especially for long-dated bonds - was not out of line with increases in other countries. "We have seen steepening of yield curves going on now," Bailey told the Treasury Committee. "I think the important thing to say is that is a global phenomenon. It's not in any sense unique to this country. In fact, the pattern in this country is not in any sense out of line with what we've seen in other markets, and we've seen steeper increases in some other markets." Rising borrowing costs were being driven by concerns about the impact on global trade from tariff policy decisions and uncertainty about the scale of future public borrowing, he said. U.S. President Donald Trump has imposed tariffs on imports of many goods and has also won approval in Congress for tax cuts that are forecast to push up U.S. public debt.
Zawya
2 days ago
- Business
- Zawya
Nigeria: MPC faces tough balancing act of sustaining price, exchange rate stability
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) faces a tough balancing act: sustain the naira's recent stability, and control inflation while ensuring that borrowing costs do not continue to suffocate businesses and economic growth. The stage is set for what could be one of the most crucial monetary policy meetings of the year, as the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) convenes its 301st session on July 21–22 in Abuja. Coming at a time of relative macroeconomic stability, the meeting is expected to determine whether Nigeria maintains its current tight monetary policy stance or begins to ease interest rates in response to emerging disinflationary signals. Why this meeting matters The MPC's decisions over the past 12 months have shaped Nigeria's economic direction, with aggressive rate hikes introduced to combat runaway inflation and restore investor confidence. At the last meeting in May, the Committee opted to retain the Monetary Policy Rate (MPR) at 27.5 percent, a decision that signaled cautious optimism amid improving fundamentals. Recent data have supported this cautious approach. Inflation is showing signs of moderation, falling to 22.22 percent in June 2025. The exchange rate has stabilized, with the naira appreciating by 3.6 percent in June to close at N1,529.71/$. Foreign exchange (FX) inflows have improved, bolstered by high yields on Nigerian Open Market Operation (OMO) bills and reforms in the FX market. However, the economy is not out of the woods yet. Food inflation remains high due to insecurity and flooding, while global financial conditions and geopolitical uncertainties continue to pose risks. The Case for holding rates For many analysts, the case for keeping rates unchanged remains strong. Afrinvest Securities Limited expects the MPC to maintain its current stance, citing three key reasons: External Risks: Geopolitical instability in Eastern Europe and the Middle East could disrupt global trade and commodity prices. Domestic Food Supply Shocks: Insecurity and flooding have tightened food supply chains, posing risks to inflation despite the recent naira gains. Economic Data Uncertainty: The delayed release of Nigeria's rebased GDP figures for Q1 2025 adds uncertainty to policy formulation. Afrinvest projects inflation to ease further, but it warns that a premature rate cut could derail the naira's recent gains. The Committee has previously emphasized that high yields on Nigerian OMO bills are crucial for attracting foreign portfolio inflows, which in turn support FX stability. Similarly, Cordros Securities advocates a cautious approach. In a note to investors, it stated: 'While domestic inflation is expected to continue easing and GDP growth remains robust, a sudden pivot to monetary easing could undermine FX market stability. A gradual approach is preferable as the MPC balances the disinflationary process with exchange rate stability.' Arguments for a rate cut Despite the strong case for maintaining rates, calls for easing are growing louder. Bismarck Rewane, Managing Director of Financial Derivatives Company (FDC) Limited, is leading that charge. He recommends a 25 basis-point cut to 25 percent, arguing that the economy can no longer bear the burden of excessively high borrowing costs. In an emailed note to stakeholders, Rewane said: 'Interest rates above 30 percent are unsustainable for small businesses and manufacturers. The IMF's forecast that Nigeria's inflation will drop to 18 percent in 2026 provides further justification for a gradual shift toward monetary easing.' FDC had projected that headline inflation rate would fall to 22.65 percent in June, citing lower PMS prices, a stable naira, and slowing money supply growth. It eased below the forecast. However, it expected food inflation to tick up slightly to 21.56 percent due to supply chain disruptions. The wider implications of a rate cut, according to FDC, include reduced borrowing costs for small and medium-sized enterprises (SMEs); increased credit availability for the productive sector, and improved consumer demand, which could stimulate growth. FDC further argues that Dangote Refinery's recent decision to cut ex-depot PMS prices could exert additional downward pressure on pump prices, easing inflation further in coming months. Cardoso's caution and CBN's strategy CBN Governor Olayemi Cardoso has, however, consistently signaled caution. Speaking after the 300th MPC meeting in May, he underscored the need to consolidate recent gains rather than risk a premature policy reversal. 'We will continue to enhance collaboration with the fiscal sector to drive growth. Stabilising forex rates, controlling inflation, and boosting investor confidence remain our priorities,' Cardoso said. He reiterated that the apex bank's goals include reducing inflation from double digits to single digits over the medium term, maintaining transparency in FX operations through reforms such as the Electronic Foreign Exchange System (EFEMS) and the Nigerian Foreign Exchange Market (NFEM) FX Code. Sustaining FX liquidity to support exchange rate stability Recent data supports his cautious optimism. The naira gained 6.95 percent in the parallel market to trade at N1,510/$ as of February 20, driven by improved FX liquidity, subdued demand, and consistent CBN interventions. Businesses, especially in the real sector, have applauded the MPC's decision to hold rates, viewing it as supportive of the naira's rally and a restraint on further borrowing cost increases. Macroeconomic fundamentals improving Nigeria's macroeconomic indicators are showing steady improvement, giving the MPC some room to consider future policy easing. GDP Growth: The Committee anticipates robust GDP growth in the medium term, driven by strong non-oil sector performance and increased crude oil production, which stood at 1.74 million barrels per day recently. Trade Balance: A favourable trade balance has eased pressure on FX demand. Inflation Outlook: The rebasing of the Consumer Price Index (CPI) and adjustments to consumption basket weights are expected to reflect more realistic consumption patterns, with inflationary pressures projected to moderate further. Investor Confidence: Transparency in FX operations and the clearing of over $7 billion FX backlog have improved Nigeria's credibility among foreign investors and multilateral organisations. Stakeholders call for policy mix While monetary tightening has been effective in stabilising the exchange rate, some stakeholders argue that Nigeria has reached the limits of what monetary policy alone can achieve. Charles Abuede, Research Head at Cowry Asset Management Limited, said the MPC must now focus on balancing price stability with growth. 'With MPR already at 27.5 per cent and Cash Reserve Requirement (CRR) at 50 percent, monetary policy has been stretched to its limits. We need complementary fiscal and development finance interventions, especially in tackling food inflation,' Abuede said. The Nigeria Economic Summit Group (NESG) agrees, predicting that the MPC could adopt a more accommodative stance later in the year. 'As inflation continues to ease, a gradual reduction in interest rates would stimulate economic activity, particularly in the productive sector,' NESG noted. Global context: Risks and opportunities Globally, the MPC must also weigh risks such as: Geopolitical Tensions. The Russia-Ukraine conflict and Middle Eastern tensions continue to disrupt global trade flows. Tight Global Financial Conditions: Higher interest rates in advanced economies make it challenging for emerging markets like Nigeria to attract portfolio inflows if local yields fall too fast. Trade Policy Uncertainty: The possibility of a global trade war, driven by US tariff hikes, could raise global inflation and dampen growth. However, there are also opportunities. The International Monetary Fund (IMF) has maintained a global GDP growth forecast of 3.3 percent for 2025 and 2026, suggesting that global demand may remain relatively stable. Outlook: What to expect from the 301st meeting Given the mixed signals, most analysts expect the MPC to hold rates at 27.5 percent in July, maintaining its cautious stance until inflation moderates further. However, discussions around a gradual easing in the second half of 2025 are likely to gain traction if inflation continues to trend downward. The MPC's decisions will likely hinge on three key factors: the trajectory of inflation in Q3 2025, sustainability of the naira's recent stability, global financial market trends and portfolio inflows. In the words of Rewane: 'Balancing risks remains delicate – tighten too much, and you stifle growth; ease too soon, and inflation spirals. The MPC must tread carefully.' While there is increasing optimism over easing inflation, the MPC faces a delicate balancing act: cut rates too soon, and it risks undoing recent gains in exchange rate stability; keep rates too high, and economic growth could be stifled. Whatever the outcome of next week's meeting, one thing is clear—policymakers must carefully navigate the twin goals of sustaining price and exchange rate stability while gradually reviving domestic productivity and investor confidence. For now, stakeholders can only wait as the CBN charts its next steps in navigating Nigeria's economic recovery. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Reuters
2 days ago
- Business
- Reuters
Zambia sees economic growth picking up to 6.4% next year
LUSAKA, July 21 (Reuters) - Economic growth in Zambia is expected to accelerate to 6.4% next year from 5.8% this year, driven by its mining and agriculture sectors, the finance ministry said. The Southern African country's economy is recovering from a severe regional drought, which curbed growth last year after years of protracted debt-restructuring negotiations. The finance ministry's medium-term budget plan projected gross domestic product would rise 6.5% in 2027 and 5.1% in 2028. The government said it would focus on increasing electricity supply from power sources like solar, given the severe impact the drought had on hydropower generation and productivity in major industries. Production of key export copper is projected to be just over 1 million metric tons next year, 1.2 million metric tons in 2027 and more than 1.3 million tons in 2028, the budget plan said. President Hakainde Hichilema's government has been trying to lift copper output and is aiming for close to 1 million tons this year after strong first-quarter production. First Quantum Minerals ( opens new tab recently completed a $1.25 billion expansion project at its Kansanshi copper mine and Enterprise nickel operations. Barrick Mining Corp ( opens new tab is also carrying out a $2 billion plan to double output from its Lumwana copper mine and extend its life to 2057.
