Central Texas Global Business Pulse
Quick Read
3 Stories that are must read
Abbott announces launch of Taiwan office to boost economic & cultural ties
Gov. Greg Abbott announced July 7 that Texas is working to open an office in Taiwan to enhance “the economic and cultural cooperation between Texas and Taiwan, promoting more trade, investment, and collaboration.”The announcement came amid a press event in Taipei and as part of Abbott’s “three-nation economic development mission” involving Taiwan, South Korea and Japan.
US to support textile and apparel trade alliances in Central and South America
Even as recent US trade laws have affected agreements in Europe and Asia, present efforts from Washington, D.C. are directed at improving these partnerships in the Americas. The four initiatives plan to strengthen ties with US allies in the southern hemisphere by evaluating supply chains and trade agreements to improve security measures and deal with migration issues.On Friday, the court’s six conservative justices overturned the 1984 decision colloquially known as Chevron, long a target of conservatives. The liberal justices were in dissent.
Secretive San Francisco company eyes multibillion-dollar semiconductor project in Bryan
A secretive San Francisco-based startup is eyeing a multibillion-dollar semiconductor manufacturing project in Bryan, about 100 miles east of Austin, that could bring as many as 2,000 jobs to a 288-acre site owned by Texas A&M University. This investment was funded by multiple financial incentives offered by the Texas government such as The Texas Semiconductor Innovation Fund, Texas Enterprise Fund, and the Texas Enterprise Zone Project that helped them settle in Bryan, Texas.
Big Plan Highlights
Big Plan LLC is honored to be featured in the U.S. Commercial Service’s Next Level Exporters Digital Publication standing alongside other esteemed exporters & service providers from Central and South Texas!
View the full digital publication here (Showcased on Pg 13)
News & Updates
Greg Abbott’s Recent Delegation
Governor Greg Abbott reinforces Texas-South Korea trade ties with visit to Samsung’s Pyeongtaek campus
Earlier today, July 3, 2024, the United States District Court for the Northern District of Texas issued a preliminary injunction staying enforcement of the Federal Trade Commission’s (“FTC”) proposed final rule (“Final Rule”) banning most noncompete agreements in the United States. However, the court’s preliminary injunction is limited in scope—it stays the Final Rule’s effective date and enjoins the FTC from enforcing it only against the plaintiffs before the Court. For all other employers, the Final Rule will still take effect on September 4, 2024 unless halted by pending legal challenges (or others yet to be filed).
Governor Abbott Meets With Toyota Executives In Nagoya, Japan
“Texas has been the proud home of Toyota manufacturing facilities for over two decades,” said Governor Abbott. “Our partnership with the global powerhouse, Toyota, has played a critical role in strengthening our mighty economy and bringing good-paying jobs to hardworking Texans. It is an honor to be at the Toyota Commemorative Museum to learn more about the history and legacy of the company, and I look forward to continuing to collaborate with Toyota as we build a more innovative future for both Texas and Japan.”
International
Semiconductors Slash South Korea’s Trade Deficit with China by Over Half
Since semiconductors account for about one-third of South Korea’s total exports to China, the performance of semiconductor exports significantly influences the overall trade balance with China. Consequently, the trade deficit with China in the first half of this year has decreased to less than half of last year’s figure. According to the Ministry of Trade, Industry, and Energy on July 8, the trade balance with China recorded a deficit of $5.43 billion from January to June of this year, marking a significant improvement from the $13.13 billion deficit in the same period last year.
This Report provides a starting point for the Administration, Congress, our African partners, and stakeholders to examine how we can improve utilization rates for smaller economies and make the program more effective and relevant to today’s challenges—like growing inequality, supply chain fragility, and the climate crisis.”
‘Protectionism eroding global business’ – world trade chief
The Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, highlighted increasing protectionism and fragmentation in global trade, which threaten economic growth and resilience. Recent examples include the EU and US imposing tariffs on Chinese electric vehicles due to alleged unfair subsidies. The WTO warns that continued fragmentation could be costly for the global economy. Additionally, disruptions in key trade routes like the Panama and Suez Canals are raising shipping costs, potentially increasing inflation. Despite these challenges, trade remains resilient, and WTO rules may need updates to address climate change.
This Report provides a starting point for the Administration, Congress, our African partners, and stakeholders to examine how we can improve utilization rates for smaller economies and make the program more effective and relevant to today’s challenges—like growing inequality, supply chain fragility, and the climate crisis.”
SCO demonstration area emerges as logistics hub for international trade
China’s eastern coastal city of Qingdao has evolved into a critical hub for international trade, seamlessly integrating sea, road, air and rail transport. The 14-day express transport service from the ROK to Kazakhstan is an example of how the demonstration area facilitates multilateral trade cooperation. “We are striving to build the area into a gateway to the Asia Pacific for Shanghai Cooperation Organization (SCO) countries,” said Zang Yuanqi, an official of SCODA’s management committee.
This Report provides a starting point for the Administration, Congress, our African partners, and stakeholders to examine how we can improve utilization rates for smaller economies and make the program more effective and relevant to today’s challenges—like growing inequality, supply chain fragility, and the climate crisis.”
Rising shipping costs hit global trade hard
Global Trade has been under immense pressure since the Israeli-Hamas war broke out in October. The offshoot conflict in the Red Sea has meant higher freight costs and increased expenses for insuring commercial trade goods. According to Bloomberg, around 70% of Red Sea trade is still being rerouted around Africa. Simon MacAdam believes a prolonged crisis could overwhelm shipping companies and significantly boost freight rates further.
How trucks connect the US with two of its biggest trading partners
Most trade among the U.S. and its neighbors occurs through trucking, and the percentage of goods arriving on trucks continues to increase. Laredo, a sprawling city in Texas just over the Mexican border, is the second-largest international gateway for trade in the U.S. According to the BTS, $948.0 billion in goods were shipped via truck from and to Canada and Mexico, while goods shipped via trains accounted for $210.2 billion in 2022.
USA
Navigating geopolitical challenges: Mexico as a key factor in U.S.-China trade
By diversifying sourcing destinations, businesses can enhance supply chain resilience and efficacy, navigate geopolitical unease and maintain seamless trade relationships amidst an increasingly complex and uncertain landscape. Mexico has become a top destination for Chinese investment for several reasons, including fewer trade barriers with the U.S.
Texas
Temple lands South Korean specialty steel company for $110M project that will create 100 jobs
Gov. Greg Abbott announced in Seoul on July 9 that a big South Korean steel company will build a $110 million high-performance metal manufacturing facility in Temple, confirming the Austin Business Journal’s reporting from last month. SeAH Superalloy Technologies LLC — a new manufacturing corporation for special alloy that is a subsidiary of SeAh Changwon Integrated Special Steel and parent company SeAH Group — plans to build what is being described as the “first special alloy manufacturing facility built in the U.S. by a South Korean company.”
For several years, roughly a dozen U.S. companies in industries such as chipmaking and electric vehicle manufacturing have used electric power equipment from LS Electric. With a new campus in the central part of the country, however, the multibillion-dollar manufacturer will be able to respond even quicker to a customer base that includes Samsung Electronics Co. Ltd., which is just up the road in Taylor.
Red-hot Southeast Austin industrial market getting yet another project
More industrial space is on tap for Southeast Austin near the airport, which is already one of the hottest submarkets in the region. Long Property Management LLC, the development and management arm of Austin-based Hawkins Family Partners LP, will develop an industrial project beside Austin-Bergstrom International Airport that totals more than 200,000 square feet and is called The Hangars, according to a July 5 announcement. The multi-building flex industrial project will have a wide range of building sizes, making it suitable for a variety of users.
For several years, roughly a dozen U.S. companies in industries such as chipmaking and electric vehicle manufacturing have used electric power equipment from LS Electric. With a new campus in the central part of the country, however, the multibillion-dollar manufacturer will be able to respond even quicker to a customer base that includes Samsung Electronics Co. Ltd., which is just up the road in Taylor.
Events
Austin Gives July Workshop: Exploring Corporate Philanthropy with PNC Bank
July 18th, 2024
4PM-6PM
For our Austin Gives July Workshop, we’ll joined by Steven González and Laura Villagran Johnson from PNC Bank. We’ve all seen how PNC Bank “walks the walk” and shows its commitment to giving back to our community, and at the event, Laura and Steven will share how they connect with local nonprofits and bring PNC’s mission to life through corporate philanthropy and community engagement.
535 East 5th Street, Austin, TX, USA
Helpers of Change X Kendra Scott
July 16th, 2024
6PM-8PM
This event is a fundraiser collaboration between the Helpers of Change and Kendra Scott. This is an in-store and online fundraiser. When you enter the Give Back Code: GIVEBACK-GTFRO at checkout 20% of your purchase will benefit Helpers of Change. Thanks to your support, we’re able to offer meals, housing, transportation, and counseling services to veteran families across Texas.
11506 Century Oaks
Ste 104
Austin, TX 78758
