Latest news with #jobCreation
CNA
2 days ago
- Business
- CNA
Trump says Fed's Powell must lower interest rate
US President Donald Trump on Wednesday (Jun 4) redoubled his calls for Federal Reserve Chair Jerome Powell to lower interest rates, noting that payroll processing firm ADP reported that job creation slowed in May. "ADP number out. 'Too Late' Powell must now lower the rate. He is unbelievable. Europe has lowered nine times," Trump said in a Truth Social post. ADP reported on Wednesday that US private payrolls increased far less than expected in May, increasing by only 37,000 jobs last month after a 60,000 rise in April that was revised downward. Economists polled by Reuters had forecast private employment increasing 110,000 following a previously reported gain of 62,000 in April. Wednesday's ADP data came ahead of a more comprehensive employment report that will be released on Friday by the Labor Department's Bureau of Labor Statistics. Trump, a Republican, has hammered Powell for months in often personal attacks, with his calls for the Fed chair's resignation weighing on US stocks and financial markets. Trump's repeated attacks have raised questions about the continued independence of the US central bank under the Trump administration, although the US president last month said he would not remove the Fed chair before his term ends in May 2026.
Zawya
2 days ago
- Business
- Zawya
Trump says Fed's Powell must lower interest rate
U.S. President Donald Trump on Wednesday redoubled his calls for Federal Reserve Chair Jerome Powell to lower interest rates, noting that payroll processing firm ADP reported that job creation slowed in May. "ADP number out. 'Too Late' Powell must now lower the rate. He is unbelievable. Europe has lowered nine times," Trump said in a Truth Social post. ADP reported on Wednesday that U.S. private payrolls increased far less than expected in May, increasing by only 37,000 jobs last month after a 60,000 rise in April that was revised downward. Economists polled by Reuters had forecast private employment increasing 110,000 following a previously reported gain of 62,000 in April. Wednesday's ADP data came ahead of a more comprehensive employment report that will be released on Friday by the Labor Department's Bureau of Labor Statistics. Trump, a Republican, has hammered Powell for months in often personal attacks, with his calls for the Fed chair's resignation weighing on U.S. stocks and financial markets. Trump's repeated attacks have raised questions about the continued independence of the U.S. central bank under the Trump administration, although the U.S. president last month said he would not remove the Fed chair before his term ends in May 2026. (Reporting by Andrea Shalal, Brendan O'Brien and Katharine Jackson; Editing by Doina Chiacu and Chizu Nomiyama)
Mail & Guardian
29-05-2025
- Business
- Mail & Guardian
Transformation Fund a ‘looting scheme', says DA
The Democratic Alliance (DA) has lambasted the Transformation Fund proposed by the ANC as a sophisticated mechanism of 'looting' and economic capture that will only benefit the politically-connected elite. (Photo by Ihsaan Haffejee/Anadolu via Getty Images) The Democratic Alliance (DA) has lambasted the Transformation Fund proposed by the ANC as a sophisticated mechanism of 'looting' and economic capture that will only benefit the politically-connected elite. DA spokesperson for trade Toby Chance on Thursday said the party rejected the fund as another of the ANC's 'failed' broad-based black economic empowerment (broad-based BEE) schemes that 'enrich elites, not workers'. He told a media briefing that the DA'S submission to the department of trade, industry and competition presented an alternative vision of economic empowerment that transcends racial boundaries. The The ANC says its black empowerment drive aims to reverse the economic imbalances which favoured whites. On Thursday, Chance argued that the transformation fund would block growth by focusing on race and not on investment or job creation and that the DA backed 'real empowerment' through economic growth and striving to reach the United Nation's sustainable development goal targets. 'The department's concept document has attracted much attention, in terms of impracticality. Organised business and think tanks have all been vocal against the fund, as it will not deliver economic growth and job creation,' he said. He added that a recent survey showed South Africans were against the government continuing with broad-based BEE after years of failed implementation. He said the fund was a 'continuation of broad-based BEE policies which have failed to bring disadvantaged South Africans into the economic mainstream and have left eight million people unemployed, up from five million people in 10 years, while enriching a small elite'. The fund would not address barriers to foreign investment inherent in broad-based BBEE and 'other heavy-handed government policies'. 'Over a period of 20 years, the narrative and the orthodoxy around transformation has been corrupted. It's not real transformation. It's actually seizure of assets to the benefit of a small number of people'. DA national spokesperson Karabo Khakhau described the fund as 'an activated looting scheme'. 'Funnelling money to a select few in the name of transformation, is not transformation. In fact … it is an activated looting scheme that is always available for evil ones to manipulate,' she said. 'Prioritising funding for the same politically connected people or elites in the name of being pro black is not transformation. That is corruption, and that's what we need to be able to crack the whip on here, and that's why we're anti this, this whole idea that such funds are supposed to work. 'You take a Karabo, and on the basis of Karabo being black, you give her an opportunity for funding. She gets her success. And instead of moving on to [other candidates] …you take the same Karabo again, and you make her the same dipper of the same system. 'And then Karabo becomes loyal to you and your organisation in how she manipulates her tenders, in how she trades and who her trade partners are and she becomes a tycoon of a system that is only focused on one person, while black, coloured and Indian people who are supposed to be empowered … fall behind the line.' DA deputy spokesperson on trade Mlondi Mdluli said empowerment and redress were 'deep issues' that were sensitive and should be broached with 'compassion, clarity and effectiveness'. He argued that existing state-supported funds such as the Black Business Supplier Development Programme and the National Empowerment Fund had failed to address systemic economic challenges. Chance said the DA's alternative vision to the fund detailed in its submission emphasised creating an environment where 'everybody can grow', regardless of race. This includes investing in quality education, skills development, cutting bureaucratic red tape and fostering an inclusive economic growth strategy. True empowerment comes through growing the economy, not through redistributive mechanisms, he argued. Responding to a question on the narrative that the DA was anti-transformation, and whether the issue could destabilise the government of national unity, DA national spokesperson Willie Aucamp said ANC governments of the past had not empowered the majority of black people. 'Their policies were not pro black because it did not empower the largest amount of black people in this country,' he said. 'When the DA entered this government of national unity, we said that we've got two main aims. The one is to grow our economy, and the second one is to create jobs. And in everything we do, we ask ourselves whether what we are doing will contribute towards that, and if it's not, we won't do it. 'But we did not agree to be co-opted by the ANC, the Democratic Alliance is a party in our own right, and we will remain so. In most of the issues that come up in the GNU we do agree with each other, but where we disagree, we will not be a rubber stamp to just say yay and amen into whatever it is that the ANC does that we might differ with.'
Arab News
15-05-2025
- Business
- Arab News
Saudi Arabia aiming to foster innovation and global collaboration, says economy minister
RIYADH: Saudi Arabia aims to foster a dynamic private sector, create jobs for its citizens, and attract international talent as part of its Vision 2030 strategy, according to a top official. Speaking during an interview with Fox News on the sidelines of the Saudi-US Investment Forum, Economy and Planning Minister Faisal Al-Ibrahim said the Kingdom has embarked on a transformative path to unlock its potential and shift its growth narrative beyond oil. The forum was held on the occasion of US President Donald Trump's visit to Saudi Arabia, during which he was accompanied by a delegation of leading business figures. Al-Ibrahim said: 'We want a private sector that's dynamic. We're a young population, but in about 20, 25, 30 years, we'll start the aging process. What we should look like at that stage is a government and a private sector and a third sector, and academia that is leveraging fully generative AI and other technological tools toward productivity.' He added: 'But also that has created jobs for a lot of Saudis, and has been able to, in the process, attract a lot of talent to come to Saudi to make Saudi Arabia their home.' The minister emphasized that diversification has already begun to yield results, with sectors such as tourism, culture, and technology, as well as sports and artificial intelligence, contributing significantly to gross domestic product. 'We would love to be competitive in a large and vibrant consumer market, such as that in the US,' the minister said, highlighting the Kingdom's increasing connections with global markets, especially American capital markets. Al-Ibrahim noted that the non-oil gross domestic product has surpassed 50 percent for the first time, but cautioned against complacency. 'We're not over-celebrating that, but we're acknowledging this as a milestone. What we want to see is more non-oil exports growing. More non-oil exports of our manufacturing, GDP,' Al-Ibrahim said. The minister also emphasized the importance of service sector quality, adding: 'We want to see user experience in the services side, especially on the tourism side, second to none. Still have a lot of work to do.' He noted that both Crown Prince Mohammed bin Salman and President Donald Trump have spoken of 'peace and prosperity' as tools to address global challenges, reinforcing the Kingdom's alignment with international efforts toward stability. 'We've seen what dialogue has led to in terms of the US and UK deal, US and China deal, and what Saudi has led to also through dialogue in the region,' the minister added. On regional developments, he commented on the US decision to lift sanctions on Syria and its potential impact. 'Something as strong and meaningful and material as lifting sanctions could help a country such as Syria to invest more capital in building the institutions they need to be a more stable country, but also bring more stability to the region and be a force for good,' Al-Ibrahim said. Describing the relationship between the crown prince and President Trump, the minister added: 'I see common values between both leaders, regardless of age and background, and I think that's one of the things that really brings the mutual respect into the public eye.' Addressing skepticism about the Kingdom's evolution, the minister concluded: 'Saudi Arabia is a long-term reliable partner, if you ask anyone who has dealt with the Kingdom, government, people, anyone who has visited here ... Saudi Arabia has always been and always will be a force for good, for innovation.'
Zawya
09-05-2025
- Business
- Zawya
Government Business Partnership sets three-month sprint to accelerate delivery
President Cyril Ramaphosa today convened ministers and senior business leaders under the Government Business Partnership. The partners agreed to fast-track the implementation of key structural reforms and support performance improvements at Transnet and Eskom through an accelerated delivery plan and an intensified phase of the Partnership's ongoing efforts to expedite delivery on priority interventions vital to economic growth and job creation. The partnership believes that this acceleration is necessary to achieve a step-change in progress in response to difficult economic headwinds. Focus will remain on improving Eskom's Energy Availability Factor (EAF) and unblocking delays in new generation capacity to ensure a continued reprieve from load shedding. Work is underway to resolve grid access and allocation bottlenecks that hinder new generation projects. Whilst Transnet's performance is not at the level required, it has stabilised and there is a significant focus on growing volumes which will increase exports and revenue collected to support economic growth and preserve and grow employment. Expediting reforms and performance improvement is crucial to reducing the possible negative impact of the complex global and domestic environment, which continues to present substantial challenges and uncertainty. GDP growth projections for 2025 have been revised down, and current forecasts remain far below the minimum 3% required to create the level of jobs needed to make an impact on the country's high levels of unemployment. The Government Business Partnership, established in 2023, is focused on accelerating crucial reforms and operational improvements to lift confidence levels and to drive economic growth in four priority areas: energy, transport and logistics, crime and corruption, and youth employment (the latter added in January 2025). President Cyril Ramaphosa said: 'Through the strength of this partnership, we have been able to unlock many constraints that undermine growth and job creation. While there is much to improve, the dedication and commitment from both government and business remains undiminished. The pace of our work must increase to match the scale of the challenge.' Important progress has been made to lay the groundwork for sustained accelerated action, including the finalisation of the Transnet Network Statement, the launch of a Request for Information (RFI) to attract private investment in port and rail infrastructure, and NERSA's approval of electricity wheeling regulations. These reforms enable broader private sector participation in energy and transportation and logistics. Both the crime and corruption and the youth employment focal areas are largely tracking against their plans which have a longer-term time horizon. In line with this commitment to focused execution, the Partnership welcomed the launch of the second phase of Operation Vulindlela, which has a delivery focus that closely aligns with the Partnership's objective of more rapidly accelerating reforms and operational improvements that will drive growth and job creation. Adrian Gore, BUSA Vice President and business co-convenor of the Partnership, said: 'We are entering this accelerated execution 'sprint' with a real sense of urgency. Progress has been made, but it's not enough. This requires a step change in the pace of decision making and execution. We need to redouble our collective efforts to help shift the country onto a sustained upward trajectory and deliver on our shared ambition of a virtuous cycle of growth, jobs, a more positive narrative and increased investment.' Distributed by APO Group on behalf of The Presidency of the Republic of South Africa.
