Latest news with #Planto
Hamilton Spectator
13-05-2025
- Business
- Hamilton Spectator
Donald Trump's trade war is a ‘wake-up call,' Ontario's finance minister warns
President Donald Trump's trade war is a 'wake-up call' to reduce Canada's reliance on the U.S., warns Ontario Finance Minister Peter Bethlenfalvy. In a major speech at an Empire Club of Canada luncheon to set the table for Thursday's provincial budget, Bethlenfalvy said it's time for 'nation-building' infrastructure projects that will create jobs, boost unity and spark economic growth. 'Right now, Ontario is facing a challenge like we have not faced before. Our closest ally — the United States — has imposed tariffs on us that are challenging a relationship that was once considered unshakable,' the treasurer said Monday. 'The situation we are in today is a wake-up call — the status quo is no longer an option,' he said at the Fairmont Royal York Hotel. 'That is what the budget I will be presenting later this week is going to be about: boosting our economic prosperity, thinking big and bold, and championing nation-building projects like the Ring of Fire and world leading nuclear energy … and, critically, pipelines.' To that end, Premier Doug Ford's Progressive Conservatives will be working closely with other provincial leaders and Prime Minister Mark Carney's Liberals to eliminate most internal trade barriers. 'Whether they are east to west or north to south, Team Canada needs to come together and work to champion these new pipelines that will help get more of our oil and natural gas to market and help bind all 13 provinces and territories together more closely while reducing our reliance on the United States,' he said. That means Carney's Liberals must 'put an end to barriers like Ottawa's Bill C-69 — a law that blocks building in Canada — and … instead work with us to speed up permitting' for mines and pipelines. While Ontario is still in the red — and is expected to be running budget deficits for the foreseeable future — Bethlenfalvy insisted the province's finances are in good shape. 'Our efforts to maintain that fiscal prudence have resulted in Ontario seeing some major wins, including two credit rating upgrades last year alone, the lowest interest costs as a percentage of revenue we've had since the 1980s, and among the lowest borrowing costs of any Canadian province,' he noted. That's a reference to the province's credit rating being upgraded to 'AA-' from 'A+(P)' by S&P Global in December, the first such improvement from that influential agency since 2001, and Morningstar DBRS boosting Ontario to 'AA' from 'AA (low) (P)' 11 months ago. 'Our finances are in the best health they've been in decades — and we're going to use that to make the necessary investments to protect Ontario and build the economy of tomorrow,' said Bethlenfalvy. The treasurer reiterated his 'Plan to Protect Ontario' spending plan will help domestic manufacturers with a new tax credit and supports that could be worth about $1.3 billion over three years. 'This would be a major boost of confidence to the sector as it looks for certainty at a time when U.S. tariffs have created uncertainty and it would be a significant tool for businesses as they look for more ways to also help keep their workers on the job,' he said. To build 'a stronger, more resilient, self-sufficient and competitive province,' Bethlenfalvy said increased investments on skills training are required. 'So far, one million workers have been trained and re-skilled for in-demand jobs through our Skills Development Fund,' he said, adding he would be topping up the fund's training stream by another $1 billion so it will total $2.5 billion. 'This won't just help our workers — it will help their families as well as they look for ways to weather this storm.' Thursday's budget will be the first fiscal blueprint since Ford's three-term Tories were re-elected Feb. 27 on a promise to tackle Trump's 25 per cent tariffs on many Canadian products.
Toronto Star
12-05-2025
- Business
- Toronto Star
Donald Trump's trade war is a ‘wake-up call,' Ontario's finance minister warns
President Donald Trump's trade war is a 'wake-up call' to reduce Canada's reliance on the U.S., warns Ontario Finance Minister Peter Bethlenfalvy. In a major speech at an Empire Club of Canada luncheon to set the table for Thursday's provincial budget, Bethlenfalvy said it's time for 'nation-building' infrastructure projects that will create jobs, boost unity and spark economic growth. 'Right now, Ontario is facing a challenge like we have not faced before. Our closest ally — the United States — has imposed tariffs on us that are challenging a relationship that was once considered unshakable,' the treasurer said Monday. ARTICLE CONTINUES BELOW 'The situation we are in today is a wake-up call — the status quo is no longer an option,' he said at the Fairmont Royal York Hotel. 'That is what the budget I will be presenting later this week is going to be about: boosting our economic prosperity, thinking big and bold, and championing nation-building projects like the Ring of Fire and world leading nuclear energy … and, critically, pipelines.' To that end, Premier Doug Ford's Progressive Conservatives will be working closely with other provincial leaders and Prime Minister Mark Carney's Liberals to eliminate most internal trade barriers. 'Whether they are east to west or north to south, Team Canada needs to come together and work to champion these new pipelines that will help get more of our oil and natural gas to market and help bind all 13 provinces and territories together more closely while reducing our reliance on the United States,' he said. That means Carney's Liberals must 'put an end to barriers like Ottawa's Bill C-69 — a law that blocks building in Canada — and … instead work with us to speed up permitting' for mines and pipelines. While Ontario is still in the red — and is expected to be running budget deficits for the foreseeable future — Bethlenfalvy insisted the province's finances are in good shape. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'Our efforts to maintain that fiscal prudence have resulted in Ontario seeing some major wins, including two credit rating upgrades last year alone, the lowest interest costs as a percentage of revenue we've had since the 1980s, and among the lowest borrowing costs of any Canadian province,' he noted. That's a reference to the province's credit rating being upgraded to 'AA-' from 'A+(P)' by S&P Global in December, the first such improvement from that influential agency since 2001, and Morningstar DBRS boosting Ontario to 'AA' from 'AA (low) (P)' 11 months ago. 'Our finances are in the best health they've been in decades — and we're going to use that to make the necessary investments to protect Ontario and build the economy of tomorrow,' said Bethlenfalvy. The treasurer reiterated his 'Plan to Protect Ontario' spending plan will help domestic manufacturers with a new tax credit and supports that could be worth about $1.3 billion over three years. 'This would be a major boost of confidence to the sector as it looks for certainty at a time when U.S. tariffs have created uncertainty and it would be a significant tool for businesses as they look for more ways to also help keep their workers on the job,' he said. To build 'a stronger, more resilient, self-sufficient and competitive province,' Bethlenfalvy said increased investments on skills training are required. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'So far, one million workers have been trained and re-skilled for in-demand jobs through our Skills Development Fund,' he said, adding he would be topping up the fund's training stream by another $1 billion so it will total $2.5 billion. 'This won't just help our workers — it will help their families as well as they look for ways to weather this storm.' Thursday's budget will be the first fiscal blueprint since Ford's three-term Tories were re-elected Feb. 27 on a promise to tackle Trump's 25 per cent tariffs on many Canadian products. Politics Headlines Newsletter Get the latest news and unmatched insights in your inbox every evening Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. Please enter a valid email address. Sign Up Yes, I'd also like to receive customized content suggestions and promotional messages from the Star. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy. This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Politics Headlines Newsletter You're signed up! You'll start getting Politics Headlines in your inbox soon. Want more of the latest from us? Sign up for more at our newsletter page.
Yahoo
06-03-2025
- Business
- Yahoo
Planto is selected as the winner of Fintech Innovation Challenge: Leveraging AI for SMEs in SEA by the Asian Development Bank
SINGAPORE, March 06, 2025--(BUSINESS WIRE)--Planto, a Hong Kong headquartered fintech company was named an AI for SMEs Challenge winner by the Asian Development Bank (ADB)! This recognition reinforces the company's dedication to empowering small and medium enterprises (SMEs) in Southeast Asia with AI-driven financial solutions that make a real impact. Planto's approach is centered on: ✅ Enhancing credit assessment & expanding access to funding – ensuring SMEs receive fairer, data-driven evaluations to unlock growth opportunities. ✅ Supporting financial management & education – equipping business owners with the right tools and knowledge to confidently navigate their financial journey. ✅ Leveraging LLMs for digitization – Streamlining financial processes and reducing friction for SMEs through AI-driven automation. ✅ Preparing SMEs for Open Finance – Laying the groundwork for seamless data sharing and financial connectivity in the evolving financial ecosystem. Going forward, Planto will be enabled by ADB Digital Learning Labs, sharing various insights with ADB staff and partner banks across Southeast Asia with an aim to strengthen financial inclusion and build a more resilient SME ecosystem. "At Planto, we believe that AI has the power to transform financial access for SMEs, enabling them to thrive in an increasingly digital world. Being recognized by the Asian Development Bank is a testament to our mission of empowering businesses with smarter financial solutions. We are excited to continue driving innovation, fostering financial inclusion for SME banking in Southeast Asia," said Ankit Suri, CEO & Co-founder of Planto. "Over 70 million SMEs in Southeast Asia stand to benefit from digitization, AI adoption, and the impending open finance initiatives across the region. This recognition by ADB highlights our belief that the collaboration between financial institutions and fintech can create a lasting impact on SMEs," added Apinun Narkhan, Co-founder. The grant fund for the fintech innovation challenges was received from the High-Level Technology Fund financed by the Government of Japan and administered by ADB. About Planto Founded in 2018, Planto Limited is a fintech company with team members across Asia. Planto offers AI powered data-driven and engaging solutions for both banks and end consumers. The company partners with various financial institutions to develop customer-centric innovative solutions through AI, data and technologies helping banks increase digital engagement, digital sales & operational efficiency. View source version on Contacts Ankit Suri, CEOankit@
