Latest news with #jobcreation
Yahoo
2 days ago
- Business
- Yahoo
'Good deal' budget bill offers smart tax policy and relief for Ohio families
As the state's operating budget works its way through the General Assembly, I want to bring to your attention legislation that I've reintroduced with my colleague from Cleveland, Sen. Kent Smith. Senate Bill 190 is a mini-budget bill entitled "A Good Deal for Ohio." It's named in honor of two past presidents and the work they did while in office: Theodore Roosevelt and the "Square Deal"; and Franklin Delano Roosevelt and the "New Deal." This effort is bipartisan and reflects what we believe would be a great budget. The bill is roughly $2 billion in revenues and expenditures and is, of course, balanced. It raises revenue by revising our tax code to close some overly generous tax loopholes and align other taxes with those of similar states. For example, the business income deduction has been in place for well over a decade. The first $250,000 of business income is tax-free, and it is taxed at a flat 3% above that level. For reference, Ohio's top income tax rate is 3.5%. This tax policy costs the state about $1.2 billion every year. The change we've made is to simply say that to receive this benefit, you need to materially participate in the business and employ at least one non-owner employee. In other words, you have to create jobs and not be a passive investor. This saves the state hundreds of millions per year and is consistent with many Ohio tax incentives that have a job creation requirement. Alaska, North Dakota and Texas have either no income tax or a very low income tax. They also have some of the highest severance taxes in the country − a severance tax is a tax on oil and gas extraction. Ohio's severance tax is one of the lowest in the country, and we have a thriving oil and gas industry. These high taxes haven't hampered Alaska, North Dakota and Texas; they're all red states, and their tax regimes exist with at least the tacit approval of Republicans. Moreover, John Kasich tried to increase the severance tax to underwrite an income tax cut. To simply do what these three states are doing will not destroy the oil and gas industry, and it would raise $500 million per year. There are many other changes on the revenue side, but let's talk about the expenditure side. Consistent with what we've heard from the electorate, the bill would deliver $900 million per year in property tax relief. It would do this by paying for the entirety of bipartisan, property tax "circuit-breaker" legislation: SB 22. It is means-tested, and goes to renters and homeowners alike, irrespective of age. It holds local political subdivisions harmless and is the only property tax relief legislation to earn the support of OASBO, which represents school treasurers. You should make up your mind on the proposal, but briefly here are the other elements: a refundable earned income tax credit (EITC); universal school breakfast and lunch; a major boost to the Ohio Housing Trust Fund; increases to the local government and public library funds; and an increase to 200% of FPL for initial eligibility for publicly funded childcare. What has made America and Ohio truly exceptional, and what this legislation supports, is a large and vibrant middle class combined with world-class social mobility. Though the chances of this legislation passing in its entirety are slim, that's not the point. It is to demonstrate what you could have, and serve as a blueprint for the future. To show that this makes better economic sense, as it will drive demand from the poor and middle classes, which will in turn drive business activity to meet that demand, all while strengthening our social safety net. And, finally, to restore faith in our public institutions that, while imperfect, are often the only entities in our corner when we fall on tough times. Louis W. Blessing III, R-Colerain Township, is serving his second term in the Ohio Senate. He currently represents Ohio's 8th Senate District, which encompasses a portion of Hamilton County. This article originally appeared on Cincinnati Enquirer: Ohio's budget can be balanced and bold | Opinion
Malay Mail
2 days ago
- Business
- Malay Mail
Malaysia Pavilion at Expo 2025 Osaka surpasses one million visitors milestone, lands RM8b in investments, says DPM Fadillah
OSAKA, May 31 — Malaysia has successfully secured more than RM8 billion in potential investments and signed 20 memoranda of understanding (MoUs) through its participation at Expo 2025 Osaka, said Deputy Prime Minister Datuk Seri Fadillah Yusof. Fadillah, who is also the Minister of Energy Transition and Water Transformation and chairperson of Malaysia's National Organising Committee for Expo 2025, said this achievement, involving 101 companies, represents 61.54 per cent of the overall RM13 billion target that was previously set. 'I am confident that with our coming initiatives over the next four months, we will not only surpass our target but also unlock new opportunities for Malaysians. The success of our participation will pave the way for job creation while further strengthening bilateral ties with Japan and other global partners. 'So together, we reaffirm Malaysia's role as a trusted global partner in shaping a future built on innovation and collaboration,' he said at the press conference after officiating the opening ceremony of the Malaysia Pavilion at Expo 2025 Osaka, Japan, today. Also present at the official opening ceremony were Deputy Minister of Investment, Trade and Industry Liew Chin Tong, Ambassador of Malaysia to Japan Datuk Shahril Effendi Abd Ghany and Deputy Premier of Sarawak Datuk Amar Awang Tengah Ali Hasan. In addition to the digital economy, Fadillah highlighted the green economy, Japanese technologies, and global participation in Expo 2025 as key opportunities for Malaysia to explore. He noted that these opportunities position Sarawak not only as a hub for energy, particularly green energy, leveraging its hydropower resources, but also as a central player in Malaysia's Hydrogen Economy Roadmap and Energy Transition Roadmap. Regarding the signing of the 20 MoUs, Fadillah said the Malaysian Pavilion has facilitated several high-impact MoUs and strategic partnerships that reflect the country's forward-looking approach to regional collaboration, sustainable development and technological advancement. 'This agreement has covered a wide range of sectors, including renewable energy, digital, property services, biotechnology, caregiving innovation and infrastructure development. 'The key focus areas have included efforts to support decarbonisation, advance green hydrogen solutions, strengthen dementia care capabilities and promote smart facility systems and sustainable materials,' he explained. Collectively, the partnerships underscored the Malaysia Pavilion's role as a hub for generating tangible economic outcomes, also encouraging cross-border knowledge sharing and reinforcing Malaysia's position as a regional leader in clean technology, inclusive innovation and future-ready industries, said Fadillah. Earlier, in his opening speech, Fadillah also shared that the Malaysia Pavilion at Expo 2025 has surpassed the remarkable milestone of 1 million guests this week. Fadillah said Malaysia and Japan's longstanding relations and strong ties extend beyond economic relations, encompassing a shared commitment to regional stability and cultural understanding. He said the camaraderie between both countries has been carefully nurtured and strengthened over many decades, evolving into a truly comprehensive and robust partnership. 'From early collaborations in industrial development to contemporary partnerships in technology and education, the connections between our people and our nations are profound. 'Thus, major international events such as this provide an invaluable opportunity to deepen longstanding ties. By being here, we are not only showcasing Malaysia's capabilities and ambitions but also engaging directly with the people of Japan and the wider international community,' he said. Fadillah added that the global stage fosters mutual understanding, encourages meaningful dialogue and opens new pathways for collaboration across shared areas of interest. In line with the launch, the Malaysia Pavilion also unveiled its official mascot, 'Lina', a Malaysian girl who embarked on a journey of discovery and balance, guided by her older self through a future-inspired realm. Her evolving batik 'selempang', which transformed into songket, symbolised transformation, identity and hope. 'Lina' is a reflection of the next generation of Malaysians who are thoughtful, empowered and rooted in heritage while embracing global sustainability ideals. Malaysia's participation in Expo 2025 Osaka is led by the Ministry of Investment, Trade, and Industry (MITI), supported by a whole-of-government effort involving 21 ministries and approximately 70 agencies. It centred on seven strategic sectors, namely, sustainable agriculture, renewable energy, smart living, green manufacturing, industrial reform, environmental management and the halal industry. The Malaysia Pavilion at Expo 2025 Osaka spanned 2,654.52 square meters across three floors, reflecting the nation's diverse culture and dynamic economy. With the theme 'Weaving a Future in Harmony', the Pavilion highlighted Malaysia's commitment to a sustainable, inclusive and forward-looking future. The Pavilion also served as a hub for international collaboration and dialogue, as well as pocket talks, product launches, MoU signings and business matching sessions. It would also host forums, summits, and networking events that would position Malaysia as a dynamic global partner. — Bernama
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Esteel's RM31bil project a vote of confidence in Sabah's future, says Hajiji
Chief minister Hajiji Noor said Sabah is committed to creating a stable and investor-friendly environment to drive economic growth. (Bernama pic) PETALING JAYA : Sabah chief minister Hajiji Noor has hailed the RM31 billion three-phased project by Esteel Enterprise Sabah Sdn Bhd as a major milestone for the state's economic development. He said it would generate jobs, foster innovation, and support local businesses. Speaking at the launch of the project's Phase 1 at the Sabah International Convention Centre yesterday, Hajiji thanked Prime Minister Anwar Ibrahim and Singapore-based Green Esteel Group for backing Sabah's industrial ambitions. 'This project is not merely a financial commitment, but it is a vote of your confidence in our vision and in our capacity to foster growth and development,' he said in his speech. Hajiji added that the steel manufacturing plant, located in the Sipitang Oil and Gas Industrial Park (Sogip), is expected to create a wide range of 'ripple effects' in sectors such as green technology and local entrepreneurship. He stressed that job creation must benefit Sabahans first and urged industry players to prioritise the training and upskilling of the local workforce. 'I want all industry players to invest in the training and development of our local workforce and to comply with this fundamental requirement as a core principle of our commitment to local development,' he said. Hajiji also credited more than a dozen federal and state agencies for their role in fast-tracking approvals for the Esteel project and assured the group that their 'trust is well-placed'. 'Together, we have the potential to achieve remarkable outcomes, leading the way for growth and development,' he said. Hajiji reaffirmed that Sabah will maintain its investor-friendly stance, noting that the state has implemented policies to attract more investors. 'We are committed to creating a conducive environment that nurtures investments and fosters collaboration,' he said, adding that besides Sogip, the Kota Kinabalu Industrial Park has seen increased tenancy over the past four years. Due to high investor demand, Hajiji said the state government had approved three new industrial parks in Kota Belud, Beaufort, and Kudat under its Blue Economy initiative.
Associated Press
2 days ago
- Business
- Associated Press
California Governor Candidate Sharifah Hardie Highlights $75M SWorx Expansion to Put Californians Back to Work
Sharifah Hardie showcases SWorx Bottling's $75M expansion as a real solution to create jobs and rebuild California's economy from the ground up. 'SWorx Bottling Company is proof that we can bring jobs back to California. This is how we rebuild our economy, with real action, real opportunity, and real leadership."'— Sharifah Hardie COLTON, CA, UNITED STATES, May 30, 2025 / / -- Sharifah Hardie, Republican candidate for California Governor in 2026, is shining a spotlight on a $75 million investment initiative by SWorx Bottling Company, calling it a powerful example of how California can rebuild its economy from the ground up. During a recent tour of the SWorx facility in Colton, California, Hardie praised the company's commitment to job creation, manufacturing expansion, and local empowerment. She described SWorx as a 'real-world model' of her California Forward Plan, which prioritizes infrastructure, small business growth, and putting Californians back to work. 'California's economy has been hit hard, but we're done waiting,' said Hardie. 'We're building a future right here, right now. SWorx Bottling Company proves that we can deliver jobs, innovation, and hope for working families across the state.' SWorx Bottling Launches $75 Million Private Offering SWorx Bottling Company, now a wholly owned subsidiary of Urban Television Network Corp. (OTC: URBT ), recently launched a $75 million private offering to scale operations, increase production capacity, and create new employment opportunities across California. The company's 161,000-square-foot facility offers high-efficiency beverage production, packaging, and bottling services for both established and emerging brands. With global supply chain issues and rising tariffs, SWorx's commitment to local manufacturing and 'Made in America' solutions positions it as a critical piece of California's economic recovery. 'The acquisition of SWorx by URBT marks a new chapter,' said said Dan Parr, CEO of SWorx Bottling Company. 'We now have the leadership, vision, and resources to scale rapidly. This expansion offers a unique opportunity for qualified investors to be part of something exceptional.' California Forward: A Vision for Economic Recovery The expansion of SWorx Bottling directly supports key priorities outlined in Sharifah Hardie's California Forward Plan, including: Investing in scalable industries like manufacturing and logistics Creating sustainable jobs across underserved communities Streamlining regulations to attract business growth Supporting workforce training and technical education Revitalizing infrastructure to boost long-term productivity 'SWorx Bottling is more than just a plant,' Hardie said. 'It's a blueprint for how we can strengthen our communities, support local businesses, and bring jobs back to California.' How to Learn More and Get Involved The SWorx Bottling private offering is currently open with limited availability for qualified investors. Facility Address: 1601 East Steel Road, Colton, CA 92324 Learn more about SWorx Bottling Company: Explore URBT's broader business portfolio: Donate to Sharifah Hardie's campaign: For investment inquiries, media interviews, or campaign support, call 562-822-0965 About Sharifah Hardie Sharifah Hardie is a Republican candidate for California Governor in 2026, entrepreneur, and media personality dedicated to economic renewal, job creation, and inclusive growth. Her California Forward Plan offers practical, bold solutions to the state's most urgent challenges. About SWorx Bottling Company SWorx Bottling Company is a premier beverage production facility based in Colton, California, providing turnkey manufacturing, bottling, and packaging services. The company is known for its high-speed, high-efficiency operations and commitment to helping brands scale with quality and precision. About URBT Urban Television Network Corp. (OTC: URBT) is a publicly traded media and technology company focused on innovation, acquisition, and building value across digital, broadcast, and infrastructure sectors. Sharifah Hardie Sharifah Hardie for Governor +1 562-822-0965 [email protected] Visit us on social media: Instagram Facebook X Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Zawya
3 days ago
- Business
- Zawya
The Minerals Council president: "Mining must succeed for South Africa to succeed"
Paul Dunne has been appointed president of The Minerals Council South Africa, after acting as caretaker president during 2024, at the Council's 135th Annual General Meeting. Paul Dunne has been appointed president of The Minerals Council South Africa, after acting as caretaker president during 2024, at the Council's 135th Annual General Meeting. c The Council also published its Integrated Annual Review and Annual Financial Statements for the year ended 31 December 2023 at the AGM. The reports present the dual role of the Minerals Council by presenting an accurate and relevant picture of the important role the mining industry plays in South Africa's economy, and the contribution to society of the mining industry as well as the activities of the Minerals Council in supporting and promoting its members and the sector. Cornerstone of economic stability 'Mining must succeed for South Africa to succeed,' says Dunne, as he reflected on the past year, saying that South Africa's mining industry remains a cornerstone of economic stability and progress. 'Despite formidable challenges, the sector continues to play a pivotal role in job creation, foreign exchange earnings and industrial growth, reinforcing its position as a vital contributor to the country's economic and social fabric,' he says in his president's letter in the IAR. 'Despite the vital role that mining plays in South Africa's economy, its contribution to GDP has declined over the years. 'This is not due to a lack of potential but rather the result of structural challenges, ranging from regulatory uncertainty to infrastructure constraints.' Dunne highlights the interventions the Minerals Council has led to address illegal mining, regulatory and infrastructure constraints in energy and rail and port infrastructure, while noting that water supply is an emerging risk that needs urgent collaborative action and responsible stewardship. 'Our industry's commitment to responsible water management is not only fundamental to mitigating this risk, but also to strengthening our social licence to operate and ensuring mining communities benefit from shared water infrastructure solutions,' he says. Bold action In his letter to stakeholders, CEO, Mzila Mthenjane, discusses the five outcomes the Minerals Council aims to achieve. These are: - To strengthen the climate response and advance a just energy transition by driving responsible mining practices and reducing carbon emissions - The enhancement of its advocacy through a data-driven approach to policy engagement where positions are backed by clear evidence of mining's impact on the economy and society. - Acceleration of investment promotion to showcase South Africa as a destination for responsible mining investment. - Contribution towards improving infrastructure efficiency in logistics and energy to remove barriers that hinder the sector's growth. - Transformation beyond compliance for a more inclusive and representative industry./ol> 'The future of South African mining requires bold action from both government and private sector,' says Mthenjane. Solutions He says the solutions are clear: 'The mining industry stands ready to invest, create jobs, and drive economic growth. 'What we need is an 'all-of-government commitment to removing barriers to encourage investment in exploration, mine development and existing operations,' says Mthenjane. The report details the Minerals Council's strategic plan and reports on how the organisation delivered against this plan during the year. The Integrated Annual Review and Financial Statements 2024 may be accessed on the Minerals Council website Read the reports here
