Latest news with #UrbanRedevelopmentAct
The Star
13 hours ago
- Politics
- The Star
Proposed URA faces legal snag
The proposed Urban Redevelopment Act (URA) introduces a consent threshold of 80% for properties under 30 years old and 75% for those over 30 years. This means a redevelopment project could proceed even if 20% (or 25%) of property owners object. Such provisions raise concerns about minority property owners being compelled to relinquish their property rights against their will. This situation potentially infringes on Article 13 of the Federal Constitution, which safeguards property rights.
Yahoo
12-04-2025
- Business
- Yahoo
Pillen-backed bill would help reduce state budget shortfall by $71M, aiming at business incentives
State Sen. Brad von Gillern of Omaha. (Zach Wendling/Nebraska Examiner) LINCOLN — A proposal that legislative supporters say would take a $71 million bite out of Nebraska's projected $289 million biennium budget gap — largely through clawing back several business-related incentives — cleared a hurdle on Friday. The amended Legislative Bill 650 is an effort by the Nebraska Legislature's Revenue Committee and supported by Gov. Jim Pillen to help create a required balanced budget. A nearly three-hour discussion ended in a 36-2 vote by lawmakers to advance the package to its second stage. State Sen. Brad von Gillern of Omaha, committee chair, said the proposal would save $71 million in projected state spending over the next two budget years by scaling back or eliminating several programs approved in recent years by the Legislature and Pillen. Von Gillern said the committee used a 'last-in-first-out' approach, targeting newer initiatives and considering input from an earlier public hearing. He characterized the package, which hits both rural and urban economic development, as largely a loss for programs designed to grow jobs and the economy. He said such moves were necessary in an era tighter than previous years when federal and pandemic related funds were more plentiful. 'We are talking about minimal impact to consumers,' he said. 'It's primarily a negative impact on businesses.' The bill is but one piece of a budget-making process set to continue over the remaining days of a 90-day session that wraps up in early June. State Sen. George Dungan of Lincoln, a member of the Revenue Committee, anticipates more contentious debate on other bills, such as expansion of sales and use taxes that he said could more specifically affect 'everyday working people.' Of LB 650, he said: 'All said and done, I do think it represents a good step forward with some proverbial low-hanging fruit in order to try to make up some of that budget deficit.' The package calls for scaling back incentives including: an income tax credit for food donations; credits to retailers for collecting sales tax; a tax credit for reverse osmosis water-related systems; employer tax credits for relocating new workers; and income tax credits for short-line railroad maintenance expenditures. It calls for cost-cutting changes to or repeal of the Urban Redevelopment Act, the Nebraska Advantage Rural Development Act, the Renewable Chemical Production Income Credit, Nebraska Biodiesel Tax Credit, and the Creating High Impact Economic Futures (CHIEF Act). Von Gillern said he didn't yet have a financial breakdown of anticipated savings attributable to each program. In addition, a handful of other bills would fold into LB 650, most of which von Gillern said are attempts to clarify or improve earlier laws. One of the five, LB 547 introduced by State Sen. Victor Rountree of Bellevue, at a projected cost of $288,000, would exempt disabled veterans from the state's motor vehicle tax. An exchange with State Sen. Margo Juarez of Omaha — who wanted to know how certain components would hit the pocketbook of an average consumer — sparked more explanation from von Gillern. He said the focus was on business-related and other incentives — saying less of them had been used than anticipated. Asked, for example, about the clawback of the biodiesel tax credit, von Gillern said it largely affects truck and agricultural users. Of the scaled back credits for retailers for collecting state sales tax, he said that would lead to as much as $2,000 a year additional loss for a retailer and was not aimed at consumers. State Sen. Terrell McKinney of Omaha cast one of the two 'no' votes on the amended package. He took particular offense to repealing the Urban Redevelopment Act, a tax credit intended to help grow small businesses and investment in urban cores, and paring back the CHIEF Act, a tax credit designed to encourage individuals and businesses to make charitable contributions that ease chronic economic distress. McKinney wanted to know more specifics on the projected savings, noting those two programs were just recently enacted. He said the information the committee chair distributed to lawmakers was not complete. 'Please explain to me … what is the increase in revenue that the state is getting? What is the savings?' He urged lawmakers instead to consider saving dollars by halting construction of a new prison, with costs expected to surpass $350 million, which he said would be overcrowded on Day One. State Sen. Danielle Conrad of Lincoln, who cast the other no vote, pointed out reduced tax credits for food bank donations and for the installation of a reverse osmosis water filtration system. 'So we're clawing back tax credits to help feed the hungry and the poor,' she said. 'And adjusting or changing the little bit of help we can provide to Nebraskans who have undrinkable water in their homes.' Conrad said the state is in the position of having to 'scramble' for dollars due to the 'self-created, reckless and irresponsible' actions of Pillen and the Legislature to promote income and corporate tax cuts that Conrad said benefitted the wealthiest Nebraskans and corporations. Von Gillern said the last-in-first-out approach aimed for an unbiased process. Committee discussions led to restoration of a few programs originally to be cut, such as the sales tax exemption for agricultural twine and a tax credit for pregnancy assistance organizations. State Sen Beau Ballard of Lincoln said the employee relocation tax credit he pushed over the finish line last year — now to be scaled back — addressed a state priority: luring new talent. Ballard said he was looking forward to working in the future with the Revenue Committee on a restoration. State Sen. Mike Moser of Columbus said he was encouraged by the committee's work, and noted that much is ahead in the budget-making process. 'This is just the beginning of the discussion,' he said. 'We've got a number of things we're going to have to do to make this all add up.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
13-02-2025
- Business
- Yahoo
Malaysia Elevators and Escalators Market Report 2025-2030: Mitsubishi Electric, Otis Elevator, TK Elevator, Schindler Group and KONE are Top Manufacturers in Malaysia's Elevator & Escalator Market
Escalators used in public transit accounted for the largest share in 2024 due to increasing public transit projects in the pipeline. Malaysian Elevators and Escalators Market Dublin, Feb. 13, 2025 (GLOBE NEWSWIRE) -- The "Malaysia Elevators and Escalators Market Size & Growth Forecast 2025-2030" report has been added to Elevators and Escalators Market was sized at 2,691 units in 2024, and is projected to reach 3,549 units by 2030, rising at a CAGR of 4.72%. KEY INSIGHTS The Malaysian elevators market by the installed base is expected to reach 89.1 thousand units by 2030. Elevators used in the residential sector accounted for the largest share in 2024, despite low purchasing power due to high interest rates. The market is set to recover in 2025 from high government expenditure on construction projects. The machine room traction segment accounted for the largest industry share due to its high popularity. The Malaysia-installed base escalators market is expected to reach 17.4 thousand units by 2030. Escalators used in public transit accounted for the largest share in 2024 due to increasing public transit projects in the pipeline. The parallel escalators segment accounted for the largest market share in 2024 due to the high preference for commercial elevators. The modernization market in Malaysia is expected to surpass USD 130 million by 2030. Real estate developers are optimistic about Malaysia's property market in 1H 2025, driven by expected economic growth and stable interest rates. Key legislative changes, such as the Urban Redevelopment Act and updates to the Housing Development Act, are set to influence the industry. MARKET OPPORTUNITIES & DRIVERS Integration of Artificial Intelligence (AI) is Expected to Create Future Opportunities in the Malaysia Elevator and Escalator Market The integration of AI in the Malaysia elevator and escalator market reflects a growing trend in the modernization of urban infrastructure. AI-driven solutions enhance safety, efficiency, and user experience in public and private transportation systems. AI monitors real-time data from sensors installed in elevators and escalators to predict and prevent potential malfunctions. This reduces downtime and improves the reliability of equipment. Companies like KONE and Otis have already implemented AI-based predictive maintenance globally, including in Asia-Pacific regions like Malaysia. Growth In the Tourism and Hospitality Industry The Malaysia elevator and escalator market growth is closely tied to the dynamic resurgence of the country's tourism industry, driven by government initiatives, infrastructure development, and the growing popularity of medical and eco-tourism. The growth of medical tourism is another key factor boosting the Malaysia elevator and escalator market. Malaysia's reputation for providing affordable, high-quality healthcare with a focus on patient experience has positioned the country as a leading destination for health-conscious travelers. In alignment with the National Tourism Policy 2020-2030, the Malaysian government is actively working to transform the country into one of the world's top 10 tourist destinations. Sustainable Construction and Green Building Penetration to Be Major Demand Drivers in the Malaysia Elevator and Escalator Market Malaysia's shift towards sustainable construction has gained momentum, driven by increased collaboration between the government and private sector. Organizations like Tenaga Nasional Berhad (TNB) and SP Setia have initiated strategic partnerships to incorporate smart energy and renewable energy solutions into housing developments. The construction phase of buildings contributes approximately 15% of greenhouse gas emissions. By adopting sustainable construction practices, such as Industrialized Building Systems (IBS), the sector has reduced carbon emissions and waste generation during construction. Malaysia's commitment to green and resilient urban development is evident through initiatives like the Malaysia Smart City Outlook 2021-2022, which focuses on integrating technology to build sustainable communities. Revival of the Construction Industry to Propel Demand The Malaysia elevator and escalator market is poised to rise significantly, driven by a resurgence in the construction industry fueled by increased private and public investments, infrastructure projects, and a rebound in tourism. The government has prioritized infrastructure development with a USD 20.1 billion allocation (23%) of the 2024 budget, for major projects like the Penang Light Rail Transit (LRT), the Sabah Pan Borneo Highway, and the Sabah Sarawak Link Road (SSLR). To ensure the sector's competitiveness amid rising tender prices, the government is enhancing public-private partnerships (PPPs) and driving key projects such as the Sarawak-Sabah Link Road Phase 2 and the Pan-Borneo Highway upgrades. INDUSTRY RESTRAINTS Skilled Labor Shortage in The Country to Hamper the DemandMalaysia is grappling with a severe skilled labor shortage, particularly in the construction and manufacturing sectors, which is set to impact the Malaysia elevator and escalator market growth. Slow hiring processes, bureaucratic delays, and a reliance on foreign labor have left the country short by over a million workers, with only 90,000 more foreign hires allowed under the current cap of 2.5 million. This shortage has led to a freeze on new foreign worker quotas as of November 2024, further straining industries like manufacturing and construction that rely heavily on skilled Dependency on Imported EquipmentA major challenge in the Malaysia elevator and escalator market is the heavy reliance on imported equipment, which drives up operational costs and limits the availability of locally produced alternatives. Most of the vertical transportation systems used in the country are supplied by international manufacturers from regions such as China, Japan, South Korea, and Europe. Also, fluctuations in currency exchange rates further complicate the situation, as a weaker Malaysian ringgit against foreign currencies increases procurement costs. This often results in higher prices for end-users or reduced profit margins for suppliers and service providers. VENDOR LANDSCAPE Mitsubishi Electric, Otis Elevator, TK Elevator, Schindler Group, and KONE Corporation are the top manufacturers in the Malaysia elevator and escalator market. Other prominent players in the Malaysia elevator and escalator market are Hitachi Ltd., Fujitec Co., Ltd, Hyundai Elevator Co., Ltd., Toshiba Elevator and Building Systems Corporation, Sigma Elevator, EITA Elevator, Nippon Elevator, Stannah Lifts Holdings Ltd., Dover Elevator, Delfar Elevators and others. These leading players continuously innovate to provide state-of-the-art technology, ensuring safety, efficiency, and sustainability. In 2024, KONE introduced the High-Rise MiniSpaceT DX elevator in Southeast Asia. This advanced elevator is designed to serve buildings exceeding 60 floors, offering enhanced energy efficiency, customization options, and sustainability features. In 2023, Hitachi received orders for 160 elevators, escalators, and moving sidewalks, for the Hong Kong West Kowloon Station Complex in China. Recent Developments in the Malaysia Elevator and Escalator Market In August 2024, Otis unveiled its Gen3T connected elevator platform at its 'Platform for Possibility' launch event in Kuala Lumpur. In 2024, Mitsubishi Electric Building Solutions Corporation announced its new elevator type, 'NEXIEZ-Fit', which is an elevator that combines superior cost performance with carefully selected specifications. In September 2024, Kone announced its New 2025-2030 Strategy "Rise". Key Vendors Otis KONE TK Elevator Schindler Mitsubishi Electric Hitachi Hyundai Elevator Fujitec Other Prominent Vendors Toshiba Elevator and Building Systems Corporation Stannah Lifts Holdings Ltd EITA Elevator Stannah Lifts Holdings Ltd Nippon Elevator DOVER Elevators CE Elevator Delfar Elevator Wiitrac Elevator Dong Yang Elevator Nibav Lifts KEY QUESTIONS ANSWERED How big is the Malaysia elevator and escalator market? What will be the growth rate of the Malaysia elevator and escalator market? What is the number of installed bases in the Malaysia elevator and escalator market in 2024? What are the key opportunities in the Malaysia elevator and escalator industry? What are the key Malaysia elevator and escalator market players? Key Attributes: Report Attribute Details No. of Pages 116 Forecast Period 2024 - 2030 Estimated Market Value in 2024 2691 Units Forecasted Market Value by 2030 3549 Units Compound Annual Growth Rate 4.7% Regions Covered Malaysia Key Topics Covered: Elevator Market Segmentation by Machine Type Hydraulic and Pneumatic Machine Room Traction Machine Room Less Traction Others Climbing Elevators Industrial Elevators Carriage Type Passenger Freight Capacity 2-15 Persons 16-24 Persons 25-33 Persons 34 Persons and Above End-User Commercial Residential Industrial Others Public Transit Institutional Infrastructural Escalator Market Segmentation by Product Type Parallel Multi Parallel Walkway Crisscross End-User Public Transit Commercial Others Institutional Sector Infrastructure Industrial For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Malaysian Elevators and Escalators Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
