Latest news with #economicTransformation
BBC News
14 hours ago
- Business
- BBC News
West Midlands 'economic transformation' with £2.4bn funding
Mayor Richard Parker said plans are already in place to deliver metro links in Birmingham, as £2.4 billion investment for the West Midlands was announced by Chancellor Rachel funding, announced before the government's spending review next week, will go towards extending services from the city centre to the new sports Parker told the BBC that the money, matched with the £3 billion investment from private investor Tom Wagner, will help create links to the city for some of its most deprived areas. He said it would create up to 8,000 jobs as part of an "economic transformation" that he has always been committed to delivering. Mr Parker told BBC Radio WM: "Its fantastic news, it's a great day for the city and for the region."We've been to number 10 Downing Street, we've met with the Transport Secretary, and we put the case forward with conviction."The new transport link will connect the community to where the opportunities are, where the jobs are - this is just the start of it."He also said the investment would "unlock" the transport commitments he's made, adding: "It'll be paying for itself three or four times over, and the uplift will be given to some of our most disadvantaged communities in East Birmingham."The BBC understands a further £250 million will be awarded by the government next week. Speaking on the timeline of the plans - which would connect the city centre to the HS2 at Curzon Street, through Digbeth and up to the sports quarter - Mr Parker said the work on planning has already agreement with HS2 is already in place to begin tunnelling under Curzon Street to move the metro from the city centre, he the project is "a couple years away from significant progress", Mr Parker said there was no shortage of "commitment or conviction". An outline planning application is due to be submitted in the autumn. Mr Parker said: "There's going to be action on a multiple number of fronts to deliver the project as fast as possible."Andrew Carter, Chief Executive of Centre for Cities, said the announcement reflected a "welcome shift" toward a city region-led said: "Investment in the transport networks of our city regions is a critical step toward boosting local economies, by helping people access jobs and education opportunities more easily." Follow BBC Birmingham on BBC Sounds, Facebook, X and Instagram.
Zawya
7 days ago
- Business
- Zawya
Amadou Hott outlines his vision for African economic transformation at the African Development Bank's Annual Meetings
At the African Development Bank's (AfDB) annual meeting in Abidjan this week, presidential candidate Amadou Hott ( al unveiled his comprehensive vision for Africa's economic transformation, emphasizing regional integration, private sector engagement, and affordable financing as the cornerstones of his agenda in several media engagements with African and international outlets. Hott, who served as AfDB Vice President for Energy, Green Growth and Climate Change and as Senegal's Minister of Economy, Planning and Cooperation, stressed the urgent need to accelerate Africa's transformation through bold yet pragmatic reforms. He highlighted the importance of regional integration and improved connectivity to foster economic growth, calling for enhanced trade infrastructure and mechanisms to unlock the continent's full potential. 'We are 1.4 billion people, but we are scattered across many countries, each with its own rules and regulations. To attract massive investment and create jobs, we must work on our integration and improve intra-African trade,' he said in an interview with CNBC ( A central pillar of Hott's agenda is the promotion of private sector engagement as a key driver of job creation and economic dynamism. He pledged to triple the Bank's private sector operations over the next decade, including the establishment of a dedicated vice presidency for private sector development. This new structure aims to streamline collaboration with businesses of all sizes, from SMEs to large conglomerates, and to expand tailored credit lines and guarantees for African banks. Addressing the challenge of Africa's high cost of capital, Hott called for urgent measures to reduce borrowing costs by improving credit ratings and lowering risk premiums. He argued that affordable financing is essential to accelerate development projects and support both public and private sector growth. In an interview with Bloomberg ( Hott dived into how he intends to leverage Africa's domestic wealth. 'We cannot afford to wait for others to lead us forward. Africa's future will be built not just on external support, but on our own wealth, our talent, and our ability to structure opportunities at scale. We must do it ourselves, and the Bank must be at the center of that transformation,' he said. Hott's vision also prioritizes education and skills development. In an interview with leading Nigerian newspaper Business Day ( Hott shared how his own story inspired his vision. 'I do not believe Africa's future should be built on exporting its talent out of necessity. Emigration must be a choice, not a development strategy. When our youth leave because they cannot find opportunity at home, that is not success—it is a sign that we must do more,' he explained. Positioning himself as a unifying leader, Hott emphasized on his intentions to foster an environment of institutional agility and increased impact and streamline the Bank's operations for speed, scale and impact. He further emphasized on the importance of collaboration among regional and non-regional stakeholders, development banks, the private sector, and African entrepreneurs and offered that the Bank serves as the bridge builder among all these stakeholders. He called for collective action to address the continent's pressing challenges, including youth unemployment, poverty, and inequality. 'My passion is Africa. I have always worked to mobilize resources, build partnerships, and deliver impact, not just for my country, but for the entire continent,' Hott affirmed. As Africa faces declining aid, geopolitical uncertainties, and the imperative for job creation, Amadou Hott's vision for the AfDB signals a transformative path toward self-reliance, dynamic growth, and shared prosperity. Distributed by APO Group on behalf of Amadou Hott, Candidate for the Presidency of the African Development Bank Group.
Asharq Al-Awsat
20-05-2025
- Business
- Asharq Al-Awsat
Saudi PIF Gathers 1,000 Global Executives for Board Forum
The Public Investment Fund has held the second edition of the Directors' Gathering, bringing together more than 1,000 top executives from Saudi Arabia and around the world to align on priorities between PIF and its portfolio companies, as well as to exchange insights and enrich the PIF ecosystem. The Directors' Gathering focused on optimizing board performance and fostering collaboration among PIF portfolio companies and their stakeholders. Held in Riyadh, the event involved directors and executives from approximately 220 PIF portfolio companies, of which PIF has created and established 103, in line with part of its mandate to drive Saudi Arabia's economic transformation. Speaking to the delegates, PIF Governor Yasir Al-Rumayyan, highlighted PIF's vision and that the roles of boards include three main priorities: brainstorming and setting strategy, ensuring the right governance frameworks are in place for management, and monitoring performance, with a view to the ever-changing macro-economic context and evolving innovations. He stressed that this could transform challenges into opportunities to lead, grow and innovate. In his speech, he also stressed the importance of collaboration among companies in the PIF ecosystem, reminding delegates that collaboration should be seen as the main measure of success. He urged directors to begin seeing PIF and its 220 portfolio companies as a single ecosystem and use this thinking to benefit from the variety of strengths and experiences across PIF and its companies. During the day-long forum, directors and executives discussed topics such as redefining board impact in the context of national transformation, continuously strengthening oversight in a changing risk landscape, planning for management succession, and navigating the governance issues which AI and other burgeoning technologies present. Delegates also emphasized the importance of a growth mindset as well as the potential for synergies given the untapped potential in the PIF ecosystem and the private sector. PIF offers a comprehensive governance guide for its fully owned companies, to ensure that portfolio companies work according to the best practices and standards. PIF's strategy for portfolio companies stresses merit-based hiring and quality performance. The strategy also clarifies the separate roles and duties of management and board to enable creativity and accountability. The forum is part of PIF's wider corporate excellence program, which includes the Center for Governance, founded in 2020. The center is a dedicated platform offering board members, from both within and outside the PIF ecosystem, guidance and development opportunities with the aim of using corporate governance to create sustainable value in Saudi Arabia and globally. The center provides its services through three main business lines: development programs, advisory services, and research. It equips directors and company secretaries with the knowledge and tools they need to ensure and build on effective governance through more than 70 tailored programs on relevant subjects including IPO preparation, sustainability, board effectiveness and audit oversight. PIF's work to spread best practice in corporate governance is designed to spur innovation throughout the local private sector and make Saudi Arabia an ever more attractive place for international companies to do business. As one of the world's most impactful investors, PIF enables the creation of key sectors and opportunities that help shape the global economy while driving Saudi Arabia's economic diversification. Launched in 2023, the PIF Directors' Gathering serves as a cornerstone for collaboration, insight-sharing, and advancement of boardroom excellence, not only across PIF and its portfolio companies but also more broadly. It contributes to the dialogue on effective governance and board leadership at both regional and global levels.
CBC
08-05-2025
- Business
- CBC
Carney's campaign made big promises for AI. Will his government deliver?
Mark Carney's promise to lead a Canadian economic transformation includes a renewed focus on artificial intelligence, which the new prime minister listed as a key pillar of his plan. Experts say they are encouraged by Carney's campaign pledge to invest in the technology. But they say that after establishing itself as a leader in the early decades of AI development, Canada risks falling farther behind other countries if his government doesn't deliver. "They care about the right stuff and I think they are generally on the right track," said Lawrence Zhang, head of policy at the Information Technology and Innovation Foundation's Centre for Canadian Innovation and Competitiveness. "I don't know if they're going to deliver or not. But it's extremely important that they do deliver." During the election campaign, Carney announced up to $15,000 for workers in priority sectors to learn how to use AI. The Liberal platform also promised to invest $2.5 billion in digital infrastructure like chips and data centres through the next two fiscal years. WATCH | Canada's 'godfather' of AI weighs in on its future: Has AI doomed us all? Here's what the 'godfather of AI' says 4 months ago Duration 1:11 Geoffrey Hinton fears an AI takeover — but says there's a way to stop it. The British Canadian computer scientist, known as the "godfather of AI," says governments should regulate how tech companies are developing artificial intelligence to make sure it's done safely. The platform also promised a 20 per cent tax credit for small- and medium-sized businesses on AI adoption projects, costing $400 million through the 2028-29 fiscal year. And it promised to expand national AI institutes or create a new Office of Digital Transformation, although those ideas weren't costed. Carney's focus on AI is not new. In 2021, he signalled that rapidly capitalizing on AI would be key to grasping what he called the coming digital transformation in his book Valu e(s). "Rapid improvements in computing power, the greater availability of big data and advances in artificial intelligence and machine learning all mean smarter machines are already replacing a broader range of human activities than before," Carney wrote. A need for consistent investment Adegboyega Ojo, the Canada Research Chair in Governance and Artificial Intelligence, says the platform lacks a plan to stimulate constant investment — key to creating a healthy AI ecosystem. "Private money could come in. It doesn't have to be government putting in everything," Ojo said. "Can we stimulate investment in that sector? That's the point here." Zhang said Canada is behind other countries in AI development, which could be devastating for foreign competitiveness and Canadian economic prosperity. "It's not too late for us," said Zhang, who co-authored a commentary on the subject for the Macdonald-Laurier Institute, an Ottawa-based think tank. "The window is closing, but we can still lead in how AI is deployed." Julien Billot, the CEO of Scale AI, a federally funded Global Innovation Cluster, said AI will inevitably become an important part of the Canadian economy. "We are in a world driven by electricity and software," Billot said. "AI is just another layer on software and it's going to improve software, whether we like it or not." AI was a growing priority in former prime minister Justin Trudeau's government. His 2024 budget announced $2.4 billion for Canada's AI sector over five years. Ojo said that investment is a step in the right direction, but a "one-time thing" is not enough to sustain an AI ecosystem that is attractive to private investors. Billot added that Canada's AI sector is competing with powerful players like the United States, China and Europe that have more money to strengthen their own domestic sectors. The Carney government hasn't announced a specific timeline for some of his AI-related promises, such as a new Office of Digital Transformation. "AI has been and remains a priority given its enormous potential to support transformation across all sectors, including in government," a Privy Council Office spokesperson told the CBC News in an email. Zhang said a national buy-in on AI could deliver better tools for teachers, shorter hospital wait times or even grow paycheques for the average Canadian. "How can we actually leverage this across the economy? This is not just a bunch of tech companies with ping pong tables," Zhang said. According to Billot, the importance of a well-developed domestic AI sector is an issue of sovereignty. By relying on AI developed by other countries, Billot said Canada would sacrifice control over the technology. Maintaining such control is something the government is increasingly weighing, including in the defence industry.
