Latest news with #MEDC
Yahoo
16-07-2025
- Business
- Yahoo
Gov. Gretchen Whitmer's goal to land a semiconductor factory in Michigan faces a setback
Gov. Gretchen Whitmer's goal to land a semiconductor plant in Michigan before she leaves office will have to wait after a company that had its eye on a site near Flint changed course, according to the governor. Whitmer blamed the setback on national economic conditions in a July 16 statement. "Because of massive economic uncertainty at the national level, an advanced manufacturing company we were working with to bring a huge project to Michigan has decided not to move forward with plans to construct a semiconductor plant anywhere in the United States," Whitmer said. "Their board came to this decision amid national economic turmoil, which is at risk of worsening amid threats of even higher tariffs." The company was looking at Genesee County's Mundy Township for the project, according to Whitmer. The location near Flint is the state's last large available site of more than 1,000 acres and one of the last so-called megasites in the U.S., according to the Michigan Economic Development Corporation. Sandisk had its eye on the site and agreed not to pursue other locations while working with the Michigan Economic Development Corporation to come to Michigan, according to documents related to the project provided by MEDC. The company declined to comment. The MEDC has referred to effort to lure Sandisk to Mundy Township as "Project Grit" and proposed a massive subsidy package for the company that included over $1.1 billion from Michigan's Critical Industry Program, which provides state funds to select companies that create jobs in the state, according to a letter of intent between the agency and the company. The agency also proposed state and local tax abatements and additional state funding for workforce development and site readiness, among other state support. In 2024, Michigan economic development officials approved a $250 million grant to prepare the site for an advanced manufacturing project. That came on top of $9.2 million in previously approved site readiness funding for the area. The governor vowed to press forward. "We will continue to compete with other states and countries to bring cutting-edge factories home to Michigan so we can create economic prosperity for workers and communities and lead the next century of advanced manufacturing," she said. But Whitmer added that economic headwinds nationally will make that task more difficult. Michigan House Speaker Matt Hall, R-Richland Township, pushed back hard on Whitmer's claim that national economic conditions are to blame, describing the latest news in the quest to land a factory at Mundy Township a "failure." "President Trump's bold leadership is making it easier and more attractive than ever to create jobs in America. We simply need state leaders who are focused on making sure Michigan is the best possible place to build and grow," Hall said in a July 16 statement. Michigan Politics: Campaign crypto? U.S. Rep. Shri Thanedar's investment pays off big-time ... so far State Sen. John Cherry, D-Flint, called Sandisk's decision "deeply disappointing" in a statement. "This project represented a generational opportunity to restore Genesee County's legacy as a manufacturing powerhouse and to position Mid-Michigan at the forefront of the global semiconductor industry," he said. Cherry said the company pointed to an uncertain economic climate "driven in large part by the Trump administration's chaotic tariff policies" in making its decision not to pursue a semiconductor factory. Whitmer explained why landing a semiconductor plant is a top priority for her during a May 30 keynote address at the Detroit Regional Chamber's Mackinac Policy Conference. "Being able to make chips top to bottom in America will allow us to stay on the cutting edge of AI. Whoever dominates this technology from design to production will dominate the 21st Century," she said. She set a timeline for securing a semiconductor plant by the end of 2026. Whitmer cannot run again due to term limits, and her successor will take office Jan. 1, 2027. Whitmer said in a Feb. 23 interview that economic development plans in Mundy Township were among the items on her federal agenda as she advocates for Michigan priorities in Washington, D.C., though she wouldn't say at the time whether the project would depend on landing federal funding. Contact Clara Hendrickson at chendrickson@ or 313-296-5743. This article originally appeared on Detroit Free Press: Whitmer: Goal for Michigan semiconductor plant faces setback Solve the daily Crossword
Business Times
18-06-2025
- Business
- Business Times
Defence, oil and other names: Analysts look at ways to invest amid Israel-Iran conflict
[SINGAPORE] Recent attacks between Israel and Iran have caused investors to mull over where to place their bets next, especially with defence names rallying, as well as gold and oil prices spiking. Overall, global defence contractors on average rallied as much as 4 per cent in the initial reaction after the Israel-Iran attacks, Morningstar noted. General Electric Aerospace closed at US$235.75 on Tuesday (Jun 17) on the New York Stock Exchange, recording a more than 40 per cent year-to-date increase. US multinational aerospace and defence conglomerate RTX also closed 28.3 per cent higher in the year to date at US$148.48 on Tuesday. Oil prices initially spiked by 7 per cent on Jun 13 when Israel and Iran first traded strikes, before easing in early trade on Wednesday during Asia hours, on the sixth day of conflict. Brent was up 0.3 per cent, and US West Texas Intermediate crude was up 0.5 per cent. Gold prices rose to a near two-month high on Jun 13, with spot gold up 1.1 per cent at US$3,419.69 an ounce as at 7.25 pm Singapore time, after hitting its highest point since Apr 22. Defence names and commodities were among the first to react, but how are they set to perform ahead? And what other names or sectors can investors consider – or avoid? The Business Times spoke to analysts. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Oil and gas names CGS International analysts Bob Setiadi and Elizabeth Noviana maintained their 'neutral' stance on the oil and gas sector, as they believe US trade tariffs would put pressure on global gross domestic product. This would lower overall demand for oil and gas. 'However, with prolonged conflict, oil prices can be pushed into the range of US$70 to US$80 per barrel,' they cautioned in a Monday report. 'This would force investors to take higher positions in the oil and gas sector.' The analysts have an 'add' rating on Indonesian oil and gas company Medco Energi Internasional (MEDC), with a target price of 1,250 rupiah. They also have an 'add' call on AKR Corporindo, with a target price of 1,410 rupiah, as its core business in petroleum trading has benefited from higher volume and spread. 'For every US$5/barrel oil price movement, we estimate a direct impact of 21 per cent to MEDC's earnings per share for the year 2025 forward, as the counter is the most sensitive to fluctuations in oil prices,' said Setiadi and Noviana. George Brown, senior economist at Schroders, said the recent conflict has proved more brutal than other escalations of late, though there continues to be 'minimal disruption to the oil market' with the direct exchange of fire between Iran and Israel. While he acknowledged that the attacks continue to affect energy prices and wider financial markets, the market continues to be 'volatile but more contained'. 'Although oil production facilities remain a potential target for Israel, it has yet to target them directly, quite possibly restrained by the knowledge that pushing oil prices higher would damage its relationship with allies, such as the US,' he said. Be cautious on airlines, airline providers DBS Group Research analyst Jason Sum cautioned that an escalation in the conflict could prove negative for airlines, in particular. 'Should the conflict escalate, we're likely to see an even sharper rise in crude oil and jet fuel prices, particularly if there's disruption to oil infrastructure or shipping lanes like the Strait of Hormuz,' he said. 'This would significantly raise operating costs for airlines, who may respond with capacity cuts and defer maintenance, directly impacting maintenance, repair and overhaul providers like SIA Engineering.' Sum, however, still has a 'buy' rating on SIA Engineering, with a higher target price of S$3.50 in his Jun 13 report. Gold Another natural point of consideration at this juncture would be the gold market for investors, but Carsten Menke, head of next-generation research at Julius Baer, does not expect the Israel-Iran conflict to lift prices of gold in a prolonged manner – in line with historical patterns. 'The reaction in the gold market remains moderate, with prices up less than 1 per cent since before Israel's initial attack,' he said. 'We assume that this reaction has been driven by some speculators and trading systems in the futures market rather than by physical safe-haven demand.' He still, however, reiterates his 'constructive' view on gold against this backdrop, given that 'conflict as an element supports the prevailing bullish mood in the gold market, while fundamentals remain favourable'. But considering the contained reactions of Israel's and Iran's allies, a spreading of the conflict – which could push gold prices higher – also seems less likely, he said in a note on Tuesday. Spot gold was trading flat at US$3,387.17 per ounce as at Wednesday, and US gold futures were at US$3,404.05. In Singapore, the SPDR Gold Shares exchange-traded fund (ETF) has generated a 31 per cent total return in US dollar terms for the 2025 year to Jun 13, said Singapore Exchange market strategist Geoff Howie. Gold futures closed at US$3,431.20 on Jun 13 in the US, and opened 1.2 per cent higher at US$3,473 per ounce on Monday. The ETF in particular witnessed the highest amount of net inflows in the year to date through Jun 13 among Singapore-listed ETFs of S$309 million, followed by the Nikko AM SGD Investment Grade Corporate Bond ETF at S$115 million. Asia ex-Japan, Europe equities signal promise In a bid to ride out volatility and reap better growth opportunities for one's portfolio, equities from other regions in Asia and Europe are worth examining, said Aaron Chwee, head of wealth advisory at OCBC. He said the region's supportive fiscal and monetary policy environment serves as a positive tailwind – an example being Germany's 500 billion euro (S$739.5 billion) infrastructure investment on May 22. 'Investors have taken notice, given that European equities have outperformed US equities year to date by around 20 per cent,' he told BT. Chwee maintains a positive outlook on Asian equities excluding Japan, with a more 'defensive' positioning to be adopted moving forward. 'We favour investments in China, Hong Kong and Singapore, as policymakers have the necessary tools to support growth, and valuations remain attractive,' he said. Other top Singapore-listed ETFs bought by dollar-cost averaging investors as at April 2024 include the Nikko AM STI ETF , ABF Singapore Bond Index ETF , Nikko AM Straits Trading Asia ex Japan Reit ETF and Lion-Phillip S-Reit ETF , said Howie. As for China, its economy has signalled resilience with the country's retail sales in April increasing 5.1 per cent year on year, reflecting a slowdown from March's growth of 5.9 per cent amid cautious consumer spending. 'We favour high-quality yield stocks, internet and platform companies listed in Hong Kong, as well as companies benefiting from favourable policies in China and Hong Kong,' OCBC's Chwee added. How is the defence sector set to perform ahead? The rally in defence stocks is 'an exaggerated reaction' to news of renewed conflict in the Middle East, said Morningstar equity analyst Nicolas Owens. 'The dots between military combat and the profit of a defence contractor do not connect nearly as directly as investors seem to imagine,' he said in a Monday note. 'Armed conflict does not necessarily benefit defence contractors at its core, especially if the conflict is prolonged and expensive.' A drawn-out conflict could sap military budgets and divert funds to operations and logistics, and away from research, development and procurement – where defence contractors make the bulk of their money. 'We have not altered our valuations of defence contractors in light of this news, and believe long-term development and resupply of missile defence technology are already baked sufficiently into our forecasts,' Owens stressed. Therefore, the analyst's fair value estimate for various defence stocks such as RTX is at US$134 (below its last trading price), with a three-star rating and medium level of uncertainty. Meanwhile, his fair value estimate for US aerospace and defence company Lockheed Martin is at US$539, with a medium level of uncertainty.
Axios
28-04-2025
- Business
- Axios
Crowdfunding program helps open community centers, dog parks
Hundreds of public spaces from Detroit to Lake Superior have benefitted from a state-sponsored crowdfunding program that recently celebrated its 10th anniversary. Why it matters: The program, Public Spaces Community Places, infuses state grants up to $50,000 or $75,000 into community crowdfunding campaigns to open playgrounds, pickleball courts, dog parks and more. Flashback: In 2018, the program helped open The Commons, a unique development on the city's east side that is part-coffee shop, part-laundromat and part-community center. "There isn't really a good community space around here," a general manager told Hour Detroit when it opened. "There's no libraries or public space, so that was also part of the plans." Case in point: Grace Johns, a barista at The Commons for two years, tells Axios she feels a real sense of community there. Customers can learn about property taxes or even pick up boxes of Eastern Market produce or canned goods that are made available on occasion. The laundromat and coffee shop blend together surprisingly well, with a colorful mural and plants surrounding the space. "A lot of laundromats in the area aren't clean. I hear that a lot from customers," Johns tells Axios. State of play: Public Spaces Community Places is a partnership of the Michigan Economic Development Corporation (MEDC), the Michigan Municipal League and crowdfunding platform Patronicity. Since it launched in 2014, the program has contributed more than $13 million in matching grants to more than 400 projects. More than 100 of those have been in Metro Detroit. How it works: The program is open to municipalities, community groups and nonprofits. Applicants use Patronicity's website to build out their project's parameters. Approved projects get help launching their crowdfunding campaign, press release and all. If the crowdfunding campaign is successful, the MEDC will match. The program boasts a 97% success rate. Zoom in: Curtis Jones Park, which opened in northwest Detroit in 2022, and Factory Two, a coworking space in downtown Flint, are among the program's success stories.
Yahoo
21-04-2025
- Business
- Yahoo
Statewide climate tour comes to West Michigan
GRAND RAPIDS, Mich. (WOOD) — As part of Earth Month, the Michigan Economic Development Corporation's statewide climate tour came to West Michigan Monday, highlighting local projects and businesses tackling climate change. MEDC's chief growth officer, Hilary Doe, and her team made their first stop Monday at Brewery Vivant, where staff brew and cook with solar energy from 192 panels installed on the roof above. They also compost and recycle with local partners to achieve near-zero landfill waste and aim to have at least 50% of their menu's proteins, produce, grains and dairy be locally sourced. Kent County skips landfill, moves forward with new method of waste management 'We have such a diverse agricultural economy in the state that when you can be inspired by what's growing right now … those little constraints create an opportunity to be innovative or just really focused on how we can connect people to their local environment. I think that serves as inspiration for the team,' said Kris Spaulding, owner and founder of Brewery Vivant. Federal funding cuts could hurt lakeshore conservation efforts 'Sustainable practices, in fact, really help Michigan's economy. It's a growth driver. We're helping create new jobs with these sustainable industries, for example, and our local small businesses are implementing these practices to great effect and bringing more customers through their doors,' Doe said. Other stops included a microgreens farm that grows food indoors year-round, a fashion reuse company turning textile waste into new products, and a landfill-free label manufacturer. The MEDC projects about 160,000 clean energy jobs will be created over the next decade. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
19-02-2025
- General
- Yahoo
11 Michigan sites added to national historic register
LANSING, Mich. (WLNS) — 11 Michigan properties have been recognized for their historical significance and added to the National Register of Historic Places. The is the federal government's office list of districts, sites, buildings, structures and objects protected and preserved under law. The administered this designation. Property name Municipality CountyBuchanan BerrienCaro TuscolaColdwater BranchDetroit WayneDetroit WayneDetroit WayneJackson JacksonLansing InghamPlymouth WayneRogers City Presque IsleVicksburg Kalamazoo 'The historic properties listed in 2024 illustrate a rich and diverse history at the local, state, and national levels,' said State Historic Preservation Officer Ryan Schumaker in a news release sent to 6 News. More than 96,000 properties across the country, nearly 2,000 of which are in Michigan, have been added to the National Register since the program began in the 1960s. According to Schumaker, adding these sites to the National Register, 'opens opportunities for economic investment in these communities and ensures that significant places from the past remain relevant into the future.' The (MEDC) says a site must be 'generally' at least 50 years old and must be significant when evaluated in relationship to major historical events or trends in the history of their community, the state, or the nation. 'Each National Register-listed property is significant in its own way, representing important aspects of local, state, or national history. But occasionally, a newly designated site is itself the actual home for a community's own history,' said the MEDC in a news release sent to 6 News. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
