Latest news with #EconomicDevelopment
Al-Ahram Weekly
an hour ago
- Business
- Al-Ahram Weekly
Egypt's PM Madbouly heads to UN financing for development conference in Spain - Economy
Prime Minister Mostafa Madbouly has departed for Seville, Spain, to attend the Fourth United Nations Conference on Financing for Development (FFD4), scheduled to take place from 30 June to 3 July. Madbouly will participate in the conference opening session on Monday on behalf of President Abdel-Fattah El-Sisi, according to a Sunday cabinet statement. He will also attend the launch of the Seville Platform for Action, where he is slated to deliver a key address, in addition to Egypt's official statement during the general debate sessions of the conference. The PM's agenda includes a series of meetings with heads of government, ministers from several nations, and leaders of regional and international organizations. He is accompanied by Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat and Minister of Finance Ahmed Kouchouk. The event, which aims to enhance international cooperation in financing for development, is expected to draw a significant number of heads of state and government, including Spain's Prime Minister and the UN Secretary-General, as well as leaders of various international institutions and organizations. Egypt is set to present its financing model at the FFD4, showcasing its blended finance architecture and de-risking tools. Earlier this month, at a high-level meeting ahead of the FFD4, El-Sisi outlined the pillars of Egypt's vision for enhancing international efforts to finance development, highlighting significant changes in the international trade landscape that are affecting the global economy. Follow us on: Facebook Instagram Whatsapp Short link:
The Sun
4 days ago
- Business
- The Sun
Malaysia, Russia explore new cooperation opportunities including energy sector
MOSCOW: Deputy Prime Minister Datuk Seri Fadillah Yusof today began his official working visit in the Russian capital with a bilateral meeting with his counterpart Alexei Overchuk. Fadillah, who is also the Minister of Energy Transition and Water Transformation, was accompanied by Deputy Foreign Minister Datuk Mohamad Alamin, and Malaysia's Ambassador to Russia Datuk Cheong Loon Lai. The bilateral meeting, held at the White House Moscow, discussed among other things the existing bilateral trade as well as exploring new cooperation opportunities, particularly in the energy sector, technology transfer, education, and training. The bilateral meeting will also be attended by Russia's Deputy Minister of Energy, Evgeny Petrovich Grabchak, and Deputy Minister of Economic Development, Vladimir Ilichev. Fadillah's working visit to Russia is a continuation of Prime Minister Datuk Seri Anwar Ibrahim's official visit to Russia on May 13-16 this year, aimed at deepening, enhancing, exploring new cooperation between the two countries. Diplomatic relations between Malaysia and Russia have been established since 1967. In 2024, Russia is Malaysia's ninth largest trading partner among European countries, with trade value reaching RM11.46 billion (US$2.48 billion). Malaysia's main exports to Russia include electrical and electronics products, machinery, equipment and spare parts, as well as processed food.
CNBC
4 days ago
- Business
- CNBC
To land Meta's massive $10 billion data center, Louisiana pulled out all the stops. Will it be worth it?
On a massive, 2,250-acre site about 250 miles north of New Orleans, hundreds of construction workers and tons of heavy equipment are turning former soybean fields into what will be the largest data center in the Western Hemisphere. And in the process, officials say, they are transforming Louisiana's economy. "It put us on a scale that has a lot of people, not just domestically, but internationally, sort of rethinking Louisiana," Secretary of Economic Development Susan Bourgeois told CNBC. Meta, the parent company of Facebook, Instagram and WhatsApp, announced in December that it had chosen Louisiana as the site for its largest data center to date — a $10 billion hub for its rapidly growing artificial intelligence operations. The announcement set off the public phase of a sprawling, real world experiment in the promise and the peril of data centers — which have become among the most sought-after trophies in the battle between the states for business. Data centers are essentially giant collections of computer servers, which are needed to process enormously complex operations for things like artificial intelligence and data storage. They typically take up massive spaces and use huge amounts of power and water, but they employ very few people. Meta's newest data center will ultimately create just 500 permanent jobs, though employment will briefly swell to about 5,000 during construction. Nonetheless, Meta found itself with no shortage of suitors willing to meet its demands. "We set out looking for a place where we could expand into gigawatts pretty quickly, and really get moving within that community on a large plot of land very quickly," said Rachel Peterson, vice president of data centers for Meta. "We looked at finding very, very large contiguous plots of land that had access to the infrastructure that we need, the energy that we needed, and could move very, very quickly for us." Louisiana was one of the few states that could deliver a site as large as Meta needed — the equivalent of about 1,700 football fields. The state had already purchased most of the land, in rural Richland Parish, back in 2006 in hopes of luring an automotive plant that never materialized. As for the energy — the Meta site will use roughly twice as much electricity as the city of New Orleans on a peak day — local utility Entergy said it could deliver. "What I see is an opportunity for this industry to grow in a way it hasn't seen in many decades," said Phillip May, CEO of Entergy Louisiana. The company is seeking regulatory approval to build not one, but three gas-fired power plants at the site, at a cost of more than $3 billion. The one piece Louisiana did not have was one that Bourgeois said was non-negotiable for Meta: a program to allow the company to avoid paying potentially billions of dollars in sales tax on the equipment to build and operate the center. Last June, only six months after taking office, Republican Gov. Jeff Landry signed into law a 20-year sales tax exemption for data centers built before 2029. The fact that the state was courting Meta at the time was not disclosed. "The Meta folks made it clear to us from day one that in order for a project like this to happen in any state, that exemption or rebate — whatever the formula is — has to exist," Bourgeois said. "It's one of the things that we look at," said Peterson. "Obviously these are very high investment capital projects for us and any others who are developing data centers and investing them. So, we do look at the overall cost of the project to make sure it's in line with what we'd expect," she added. A recent CNBC investigation found that in just the past five years, 16 states have handed out nearly $6 billion in similar sales tax breaks, and that is just the ones that have been disclosed. More often, the amounts are either undisclosed, or, as appears to be the case in Louisiana, officials don't know the exact cost yet. An analysis by the state's Legislative Fiscal Office in May said the incentive could cost the state "tens of millions of dollars or more each year, possibly through (fiscal year) 2059." But whatever the cost, Bourgeois said the benefits of the project outweigh it. "This wasn't about what the state would win or lose, just that one isolated sales tax," she said. "This was about we want to compete with Texas. We want to compete with Mississippi, Alabama, Georgia, South Carolina, all our Southern neighbors." Meta earned $164.5 billion in revenue last year. There are also concerns about the energy needs of the facility, even though Entergy has committed to generate massive amounts of electricity to support it. The Louisiana Public Service Commission is considering the utility's proposal to build three new power plants. But a citizen's group, Alliance for Affordable Energy, is warning that the project could compromise the state's power grid and increase electricity rates statewide. "While they're building new power plants, they're also adding a huge consumer of electricity," said Jackson Voss, Climate Policy Coordinator for the group. "Which means we're all still facing the same vulnerabilities that we were before, but now with a huge new data center added on." Louisiana has a spotty track record on grid reliability. According to U.S. Department of Energy data analyzed by CNBC for this year's America's Top States for Business study, the average Louisiana customer lost power for 9.7 hours in 2023, the most recent data available, ranking the state in 40th place, though Entergy by itself performed substantially better. Still, as many as 100,000 Entergy customers in the New Orleans area lost power on Memorial Day weekend when the regional power grid became overloaded. Entergy's May said that the added generation capacity for the Meta facility — including 1,500 megawatts of solar power in addition to the gas-fired plants — will make the grid more stable, not less. And he said the project will ultimately reduce electric bills across the state. "We're getting new power plants that will be improving in terms of the efficiency. There will be lower fuel costs as a result of adding incremental, more efficient power plants," he said. Plus, he said, while Entergy will pay for the power plants, Meta will pay for the infrastructure to connect to them. "So, hundreds of millions of dollars of support from this customer that would not otherwise have been there had Meta not come." More important, he said, the project will be a huge economic boost for Richland Parish — one of the poorest areas in the state, if not the nation. "This massive $10 billion investment, coupled with the billions of dollars that we're going to invest ourselves, is going to bring new opportunities for these communities," he said. "500 jobs in Richland Parish, or even in this northeast Louisiana region, is transformational," Bourgeois said. Plus, she said, this project opens the door for more of the same. "I could try to sell Louisiana to the world for a long time," she said. "The fact that [Meta] chose us makes my job a lot easier."
Yahoo
4 days ago
- Business
- Yahoo
Resonance Consultancy Releases the 2025 America's Best Cities Report and Ranking
New York City ranks #1 for the ninth consecutive year; Los Angeles and Chicago round out the Top 3 as America's cities define the future amid today's massive global transformation. California is the state with the most cities in the Top 100 with eight, followed by Florida with seven and Pennsylvania and New York, both with six. Resonance Consultancy Reveals America's Best Cities for 2025 Resonance Consultancy Reveals America's Best Cities for 2025 NEW YORK, June 25, 2025 (GLOBE NEWSWIRE) -- Amid profound geopolitical shifts and a transformative era for global urbanization, Resonance Consultancy, a leading advisor in place branding, tourism, and economic development, today released its ninth annual America's Best Cities ranking for 2025, spotlighting the 100 cities shaping the country's future. New York, bolstered by its #1 rankings across all three pillars of Livability, Lovability and Prosperity, retained its #1 ranking for an incredible ninth consecutive year. Los Angeles secured the #2 spot with its ongoing investment in the creative economy, massive urban infrastructure projects, and visceral city-building urgency after its tragic fires. Chicago rounded out the Top 3, thriving as a welcoming, affordable and well-resourced talent magnet. Resonance's America's Best Cities 2025 report combines global user-generated data, core statistical performance, and new proprietary research, including a landmark Ipsos survey of more than 2,000 residents across the U.S., to create the country's most comprehensive city ranking. 'For those building America's urban future—whether through capital deployment, headquarters decisions, retail footprint strategy or place marketing—this data offers more than rankings. It offers clarity, risk context and a roadmap to opportunity,' said Chris Fair, President & CEO of Resonance Consultancy. 'These 100 metros are aligning investment attraction with livability and cultural capital—redefining what a 'best city' means in this decade.' The Top 10 are: New York City Los Angeles Chicago San Francisco Seattle Miami Boston Washington, D.C. Las Vegas San Diego America's Best Cities 2025 arrives at a pivotal moment: American cities are navigating converging headwinds such as rising climate volatility, interest rate uncertainty, infrastructure strain, and geopolitical tensions that are reshaping global capital and talent flows. Urban wildfires, extreme heat events, and water access issues are no longer outliers but key considerations for development and site selection. International visitor influx, which was critical to downtown recovery in many gateway cities, has plummeted, with 2025 inbound visitation from markets like China, Japan, and the UK projected to lag 2019 benchmarks by as much as 15%. Despite challenges, leading cities are responding by reshoring advanced manufacturing, doubling down on R&D ecosystems, investing in multimodal connectivity, and creating magnetic cultural districts to attract talent and visitors. 'With shifting global perceptions influenced by tariff disputes and politics, U.S. cities are leveraging their cultural assets and innovative spirit more than ever,' said Jason McGrath, EVP and Head of U.S. Corporate Reputation at Ipsos, the Best Cities research partner. 'Our findings suggest that America's top cities brilliantly weave local culture with economic prospects, aligning with global and domestic travel trends to create premier experiences for both residents and travelers.' How the ranking was built:The Place Power™ Score, Resonance's proprietary methodology, evaluated each city's performance and perception across three core pillars: Livability (housing affordability, green spaces, healthcare, air quality) Lovability (culture, nightlife, dining, attractions, social media engagement) Prosperity (economic strength, labor force participation, educational attainment, startup ecosystem) This year's index reflects fresh realities, including affordability pressures, reshoring of critical industries, new mobility patterns, and national and global perception that drives travel and investment behaviors across the United Resonance Consultancy Resonance creates transformative strategies, brands and campaigns that empower destinations, cities and communities to realize their full potential. As leading advisors in real estate, tourism and economic development, Resonance combines expertise in research, strategy, branding and communications to make destinations, cities and developments more valuable and more vibrant. About Ipsos Ipsos is one of the largest market research and polling companies globally, operating in 90 markets and employing nearly 20,000 people. Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 business solutions are based on primary data from our surveys, social media monitoring, and qualitative or observational techniques. 'Game Changers'—our tagline—summarizes our ambition to help our 5,000 clients navigate with confidence our rapidly changing world. Founded in France in 1975, Ipsos has been listed on the Euronext Paris since July 1, 1999. The company is part of the SBF 120 and Mid-60 indices and is eligible for the Deferred Settlement Service (SRD). ISIN code FR0000073298, Reuters Bloomberg IPS:FP About World's Best Cities Best Cities is the global authority in forward-looking city intelligence. Our insight is used by leading news outlets and trusted by city leaders to unlock the power in urban data to identify opportunities for regions, cities, and companies. The Best Cities rankings span global, U.S., European and Asia-Pacific indexes and reports, and are widely considered to be the world's most comprehensive. Bloomberg calls it, 'The most comprehensive study of its kind; it identifies cities that are most desirable for locals, visitors, and businesspeople alike, rather than simply looking at livability or tourism appeal.' | #BestCities Attachments Resonance Consultancy Reveals America's Best Cities for 2025 Resonance Consultancy Reveals America's Best Cities for 2025 CONTACT: Tom Gierasimczuk Resonance Consultancy 604-649-8664 tom@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Resonance Consultancy Releases the 2025 America's Best Cities Report and Ranking
New York City ranks #1 for the ninth consecutive year; Los Angeles and Chicago round out the Top 3 as America's cities define the future amid today's massive global transformation. California is the state with the most cities in the Top 100 with eight, followed by Florida with seven and Pennsylvania and New York, both with six. Resonance Consultancy Reveals America's Best Cities for 2025 Resonance Consultancy Reveals America's Best Cities for 2025 NEW YORK, June 25, 2025 (GLOBE NEWSWIRE) -- Amid profound geopolitical shifts and a transformative era for global urbanization, Resonance Consultancy, a leading advisor in place branding, tourism, and economic development, today released its ninth annual America's Best Cities ranking for 2025, spotlighting the 100 cities shaping the country's future. New York, bolstered by its #1 rankings across all three pillars of Livability, Lovability and Prosperity, retained its #1 ranking for an incredible ninth consecutive year. Los Angeles secured the #2 spot with its ongoing investment in the creative economy, massive urban infrastructure projects, and visceral city-building urgency after its tragic fires. Chicago rounded out the Top 3, thriving as a welcoming, affordable and well-resourced talent magnet. Resonance's America's Best Cities 2025 report combines global user-generated data, core statistical performance, and new proprietary research, including a landmark Ipsos survey of more than 2,000 residents across the U.S., to create the country's most comprehensive city ranking. 'For those building America's urban future—whether through capital deployment, headquarters decisions, retail footprint strategy or place marketing—this data offers more than rankings. It offers clarity, risk context and a roadmap to opportunity,' said Chris Fair, President & CEO of Resonance Consultancy. 'These 100 metros are aligning investment attraction with livability and cultural capital—redefining what a 'best city' means in this decade.' The Top 10 are: New York City Los Angeles Chicago San Francisco Seattle Miami Boston Washington, D.C. Las Vegas San Diego America's Best Cities 2025 arrives at a pivotal moment: American cities are navigating converging headwinds such as rising climate volatility, interest rate uncertainty, infrastructure strain, and geopolitical tensions that are reshaping global capital and talent flows. Urban wildfires, extreme heat events, and water access issues are no longer outliers but key considerations for development and site selection. International visitor influx, which was critical to downtown recovery in many gateway cities, has plummeted, with 2025 inbound visitation from markets like China, Japan, and the UK projected to lag 2019 benchmarks by as much as 15%. Despite challenges, leading cities are responding by reshoring advanced manufacturing, doubling down on R&D ecosystems, investing in multimodal connectivity, and creating magnetic cultural districts to attract talent and visitors. 'With shifting global perceptions influenced by tariff disputes and politics, U.S. cities are leveraging their cultural assets and innovative spirit more than ever,' said Jason McGrath, EVP and Head of U.S. Corporate Reputation at Ipsos, the Best Cities research partner. 'Our findings suggest that America's top cities brilliantly weave local culture with economic prospects, aligning with global and domestic travel trends to create premier experiences for both residents and travelers.' How the ranking was built:The Place Power™ Score, Resonance's proprietary methodology, evaluated each city's performance and perception across three core pillars: Livability (housing affordability, green spaces, healthcare, air quality) Lovability (culture, nightlife, dining, attractions, social media engagement) Prosperity (economic strength, labor force participation, educational attainment, startup ecosystem) This year's index reflects fresh realities, including affordability pressures, reshoring of critical industries, new mobility patterns, and national and global perception that drives travel and investment behaviors across the United Resonance Consultancy Resonance creates transformative strategies, brands and campaigns that empower destinations, cities and communities to realize their full potential. As leading advisors in real estate, tourism and economic development, Resonance combines expertise in research, strategy, branding and communications to make destinations, cities and developments more valuable and more vibrant. About Ipsos Ipsos is one of the largest market research and polling companies globally, operating in 90 markets and employing nearly 20,000 people. Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 business solutions are based on primary data from our surveys, social media monitoring, and qualitative or observational techniques. 'Game Changers'—our tagline—summarizes our ambition to help our 5,000 clients navigate with confidence our rapidly changing world. Founded in France in 1975, Ipsos has been listed on the Euronext Paris since July 1, 1999. The company is part of the SBF 120 and Mid-60 indices and is eligible for the Deferred Settlement Service (SRD). ISIN code FR0000073298, Reuters Bloomberg IPS:FP About World's Best Cities Best Cities is the global authority in forward-looking city intelligence. Our insight is used by leading news outlets and trusted by city leaders to unlock the power in urban data to identify opportunities for regions, cities, and companies. The Best Cities rankings span global, U.S., European and Asia-Pacific indexes and reports, and are widely considered to be the world's most comprehensive. Bloomberg calls it, 'The most comprehensive study of its kind; it identifies cities that are most desirable for locals, visitors, and businesspeople alike, rather than simply looking at livability or tourism appeal.' | #BestCities Attachments Resonance Consultancy Reveals America's Best Cities for 2025 Resonance Consultancy Reveals America's Best Cities for 2025 CONTACT: Tom Gierasimczuk Resonance Consultancy 604-649-8664 tom@ in to access your portfolio
