Latest news with #economicgrowth
BBC News
34 minutes ago
- Business
- BBC News
Poundland founder backing plans for Walsall's future
The founder of chain store Poundland is "backing a bright future for Walsall" amid worries from local businesses about a lack of footfall in the town. Steve Smith, who grew up in Willenhall, started his career working at Bilston businessman recently spoke at the first We are Walsall 2040 conference, where businesses and organisations discussed "opportunities for the borough to thrive".Mr Smith also described a "long-term plan" for the area, and said: "It won't be the same as when I used to work on the market stalls, but it can be a future where our children do well for themselves and succeed in life." "It is the people of Walsall who make me most proud to come from this area. "I built my business with good people, and with good people who work hard you can achieve a great deal." Mr Smith added. It comes as new figures revealed the town was economically below average on nearly every front. Despite this, the council maintains the view that the borough is "full of potential" and is laying out its ambitions through its We are Walsall 2040 vision includes becoming the most improved borough in the region, a vibrant place where people are proud to live, and residents in all neighbourhoods have the same life Mike Bird, leader of Walsall Council, said: "More than 10,000 Walsall residents and local businesses helped us to shape the 'We Are Walsall 2040' vision, the ambitions set out are everyone's ambitions.""Walsall is my home. I've lived here for 51 years. I've been a local councillor since 1980. "I want the very best for this borough and for those who live and work here. There are many things that we can be proud of, but there are also things that need fixing and together we're going to fix them." Follow BBC Birmingham on BBC Sounds, Facebook, X and Instagram.
Zawya
2 hours ago
- Business
- Zawya
Leadership Transition at Microsoft Middle East & Africa
Cairo, Egypt – Microsoft today announced a new leadership appointment in its Middle East and Africa (MEA) operations, with Mirna Arif, General Manager of Microsoft Egypt since 2020, transitioning to a regional role as General Manager, Middle East and Africa Growth Markets. In her new capacity, Mirna will oversee Microsoft's business across a diverse set of markets within the Middle East and Africa region, including Egypt, Oman, Bahrain, Kenya, Morocco, and Nigeria among others, leading efforts to accelerate digital transformation, foster innovation, and drive inclusive economic opportunity. Her appointment reflects Microsoft's continued investment in experienced, purpose-driven leadership to support the region's evolving technological and economic landscape. Mirna brings over 20 years of cross-sector experience across Europe, the Middle East, and Africa. Since taking the helm at Microsoft Egypt, she has led significant progress in advancing the country's digital ecosystem – accelerating cloud adoption, expanding skilling initiatives, and strengthening collaboration with both public and private sector partners. 'It has been a privilege to witness and contribute to Egypt's remarkable digital journey,' said Mirna Arif. 'I am excited to carry these learnings forward to support governments and organizations across emerging markets in the Middle East and Africa as they harness the power of cloud and AI to drive sustainable economic and societal progress.' Egypt remains a strategic market for Microsoft, with immense potential for continued growth as government entities and organizations across key sectors increasingly adopt cloud, AI, and digital technologies to accelerate innovation and economic progress. Microsoft is proud to be a trusted partner in this transformation journey – supporting efforts to enhance productivity, improve citizen and customer experiences, and create new opportunities across industries. The company remains deeply committed to Egypt's digital future and to empowering individuals and organizations to realize the full benefits of the latest technologies. Microsoft is in the process of appointing a new General Manager for Egypt and will continue to work closely with stakeholders to sustain the momentum of its digital transformation agenda and empower individuals and organizations to achieve more. About Microsoft Microsoft (Nasdaq 'MSFT' @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.
Bloomberg
2 hours ago
- Automotive
- Bloomberg
China Pledges to Address ‘Irrational Competition' in EV Sector
China pledged to rein in 'irrational competition' in its electric vehicle industry, a sign policymakers are concerned about price wars threatening economic growth. The vow came in a State Council meeting Wednesday that was chaired by Premier Li Qiang, according to China Central Television. The gathering of what is essentially China's cabinet added that authorities would also effectively regulate market order in the sector.
Reuters
2 hours ago
- Business
- Reuters
Trump boxes in Fed with extreme rate cut calls
ORLANDO, Florida, July 16 (Reuters) - While almost no one thinks Donald Trump's verbal attacks on Federal Reserve Chair Jerome Powell are a positive development, they have electrified the debate about whether the U.S. president is right that interest rates are too high. Presidential tirades aside, there is a strong case to be made that the fed funds rate should be lower than its current 4.25-4.50% target range. The labor market is beginning to show signs of cracking, 'hard' economic data is softening, and a tariff-led slowdown may be in the offing. On the other hand, economic growth is clocking in at an annualized pace of around 2.5% and not expected to dip much below 2% next year, unemployment is still historically low, the stock market is at a record peak, and other financial assets like bitcoin have also never been higher. And, crucially, core inflation is still almost a percentage point above the Fed's 2% target, suggesting that we may be starting to see the inflationary impact of tariffs. By those measures, policy may be too loose, not too tight. Indeed, Jason Thomas, head of global research and investment strategy at Carlyle, reckons financial conditions are "unusually accommodative", and argues that had the Fed not said in December that policy was 'restrictive', there would be no need to explain why it hadn't cut rates six months later. The president clearly does not agree. Trump is clamoring for borrowing costs to be slashed by 300 basis points. That would take the policy rate closer to 1%, a level usually associated with severe financial market stress, strong disinflationary pressures or a deep economic funk. Or all three. One would be hard-pressed to find many experts who would agree with Trump's call, even those who fall on the dovish side. But then where should rates be? Policymakers typically use forward-looking models and frameworks to inform their decisions. The most famous of these, so-called 'R-Star', comes in for a lot of criticism, as it is theoretical, referring to the inflation-adjusted long-term neutral interest rate that neither accelerates nor slows growth when inflation is at target. This may be a fuzzy concept, but officials look at it, so investors cannot dismiss it completely. There are two benchmark 'R-Star' models, both partly created by New York Fed President John Williams. One currently puts this rate at around 0.80% and the other around 1.35%. If inflation were at the Fed's target 2%, then these models would put the nominal fed funds rate at around 2.80% or 3.35%, respectively. Fed policymakers split the difference in their latest median projections, putting the long-term nominal Fed funds rate right at 3.00%. If these estimates are anywhere close to accurate, the nominal policy target range of 4.25-4.50% now appears to be restrictive, so the path ahead is lower. Rates traders and investors seem to agree. While the latest CPI report has caused jitters at the long end of the yield curve, rates markets are still pricing in more than 100 basis points of easing over the next 18 months. But this has helped fuel the asset price rally, which, ironically, strengthens the argument that policy may be closer to neutral than models suggest. Powell may have backed the Fed into a corner by maintaining that policy is still restrictive, albeit "modestly" so. These claims signal the Fed will lower rates, but it has not done so, as it is waiting to see if Trump's protectionist trade agenda unleashes inflation. Moreover, it also does not want to appear to be responding to political pressure to cut rates. "Some will say this collision was unavoidable. But the Fed would find itself in a far more defensible position had it embraced a posture of neutrality, pledging to cut or hike as warranted by future developments (including policy shifts)," Carlyle's Thomas wrote on Tuesday. In short, the Fed is in a bit of a bind, and Trump's attacks will only make it worse. His call for 300 basis points of rate cuts may end up being similar to his 'reciprocal tariff' gambit: aim extremely high, settle for something less, and claim victory. The problem, of course, is that monetary policy is not supposed to be a negotiation. (The opinions expressed here are those of the author, a columnist for Reuters)
Yahoo
5 hours ago
- Business
- Yahoo
Analysis finds devolved tax powers could add £4 billion for local services
Allowing councils to administer and retain taxes generated locally would boost funding for services by more than £4 billion in many areas and 'supercharge' economic growth, a new analysis suggests. The report argues that new fiscal arrangements which enable authorities to a proportion of revenue from income tax, stamp duty and the apprenticeship levy alongside a new tourist tax could prove transformational and support the delivery of the Government's priorities. The County Councils Network, which commissioned the report, stressed the proposals do not advocate tax rises and acknowledged that a process of redistributing tax revenue would need to be established to address regional variations in the amounts generated. Deputy Prime Minister Angela Rayner recently said she wanted 'more push' towards fiscal devolution as part of the Government's pledge to transfer central decision making to local areas. The English Devolution White Paper published last year states that mayors could submit proposals for new powers, such as fiscal devolution, which the government is obliged to consider. The guidance recently published alongside the the Devolution and Community Empowerment Bill earlier this month stipulates that new strategic authorities can pilot devolved powers to make it 'easier to deepen devolution over time'. The 37 CCN councils, including top tier shire authorities and unitaries, serve about 45% of the population and contributed almost £390 billion in national tax receipts in 2022/23, the report said. This level of county revenues amounted to 44% of the revenue total for England of £891.3 billion, rising to 57% if London's contribution is not taken into account. This includes contributions of 62% in income tax and and 55% in VAT. The analysis found that expenditure in county areas totalled £273 billion, amounting to a net benefit to the exchequer of £113.6 billion a year. The report said allowing authorities to retain 'better than expected' income tax growth could raise £3.8 billion in county areas annually and would 'dramatically incentivise' local job creation. Retaining half of stamp duty on new homes could provide about £237 million and encourage councils to deliver more housing, the analysis showed, while a tourist tax set at £2 a night could generate about £209 million in extra annual revenue. If county and unitary councils were granted 10% of funds from the apprenticeship levy generated locally, councils could direct an estimated £120 million a year to skills and growth. The report concluded that these measures combined could raise about £4.4 billion in county areas, which equates to 10% of an average budget for these authorities, while nationally the figures are about £8.9 billion a year. Richard Roberts, CCN's economic growth spokesman, said the research 'warrants serious consideration from government and from existing mayors'. He added: 'There has never been a better time to consider empowering local areas with fiscal devolution and let's be clear: this is not about new taxes for local residents and businesses. It's about using existing taxes more effectively, allowing local areas who understand what's needed to drive growth to invest to that end. 'More pressingly, there is the shared local and central government need to increase growth, create jobs and build homes alongside the urgency to invest in local economic growth services and infrastructure. 'The potential revenue generated from the fiscal devolution options modelled in this report would be a game-changer for local areas, allowing them to invest in growth and incentivise areas to maintain productivity gains. 'Whilst there will still be a need for central government to a play a redistributive role to ensure equity across regions, we have long argued counties are the backbone of the economy. 'Now is the time for Government be bold and ambitious and think about unleashing the potential of counties.' London Councils, which represents the 32 boroughs in the capital, said authorities' current reliance on council tax and government grants perpetuates unsustainable financial stress. Claire Holland, chairwoman of London Councils, said: 'Devolving more fiscal powers to a local level is crucial for fixing this broken system and ending the crisis in council finances. 'With more autonomy and flexibility – such as powers to introduce an overnight accommodation levy – we would be in a much stronger position to respond to our communities' needs and encourage economic growth. 'London is the powerhouse of the UK economy, but still faces immense challenges around productivity, unemployment, and poverty, as well as an enormous £500 million funding gap in boroughs' budgets. 'Fiscal devolution could help us tackle these issues and maximise London's contribution to the country's future prosperity.'
