Central Texas Global Business Pulse
Quick Read
3 Stories that are must read
The meeting will be co-chaired by China International Trade Representative and Vice Minister of Commerce Wang Shouwen and the US Under Secretary of Commerce for International Trade Marisa Lago. The two sides will exchange views on a wide range of issues, including their respective concerns about economic and trade policies, appeals from businesses and practical cooperation, the MOFCOM spokesperson said.
Toyota Tsusho America, a subsidiary of Japanese giant Toyota Tsusho Corporation, is partnering with Avantus to build a major solar project in Runnels County, Texas.
The 159-megawatt direct current (MWdc) Norton project is now in the construction phase following the November 2023 sale by Avantus.
The project is backed by construction and term financing provided by Mitsubishi UFJ Financial Group, reinforcing confidence in the facility’s potential.
CPS Energy and Eolian L.P. are building the Texas grid’s largest stand-alone battery storage site in Southeast San Antonio, they said Wednesday, as well as another new site to the west. The first battery operation in the Electric Reliability Council of Texas market that can provide power for more than four hours at a time, the 400 megawatt site near the Calaveras Lake Power Station will also help ease transmission problems that have hindered movement of power between South Texas and other parts of the state.
Big Plan Highlights
Women in Business Awards 2024
Heartfelt congratulations to the remarkable women recognized as winners and finalists of the 2024 Women in Business Award by the Austin Business Journal! A special applause to the Austin Business Journal for providing this prestigious platform to showcase the women who are breaking barriers and paving the way for future generations.
Entrepreneur's Chair Interview
Fang Fang, CEO of Big Plan, recently sat down with Elizabeth Davis for an exclusive interview on The Entrepreneur's Chair. Fang Fang shared her insights on transforming enterprises, global expansion, and leading with purpose in today's fast-paced business world.
Catch the full interview here
News & Updates
International
Pfizer Inc. announced the extension of the company’s highly automated Active Pharmaceutical Ingredient (API) manufacturing facility in Tuas Biomedical Park, Singapore. The official opening ceremony was graced by Singapore’s Deputy Prime Minister and Minister for Trade and Industry Mr. Gan Kim Yong. The SGD$1 billion state-of-the-art facility extension spans 429,000 square feet and will produce various small molecule APIs for Pfizer’s oncology, pain, and antibiotic medicines to markets across the world. It has passed all necessary final performance qualification checks and begun commercial manufacturing of products.
U.S. price levels could rise by over 1%, and the country's GDP could decline by just over 0.5%. This inflationary pressure would result from direct increases in the cost of consumer goods and intermediate products, as well as indirect effects like U.S. dollar appreciation, which could make imports more expensive.
“Taken together, we estimate a 0.5% uplift to global prices, with more upside in Canada, Mexico, and other EMs, and less upside in the Euro area, UK, and other DMs,” said analysts at Morgan Stanley.
Tariffs could slow global growth, with the most significant impacts felt outside the United States. Higher tariffs would increase import costs, reducing real incomes and consumer spending. This could also stifle business investment due to increased uncertainty. Global GDP might shrink by 0.9% as a result.
USA
The United States has decreased its dependence on China for all types of imported manufactured goods since 2018, according to recently released 2023 customs data. The European Union[1] and China, however, have maintained or increased their reliance on each other for almost all types of imported goods, creating the potential for future clashes between EU and US national security policies.
The US clean energy sector had a banner employment year in 2023, adding 142,000 jobs, which accounted for more than half of new energy sector jobs overall.
Federal policies and investments in driving job growth have made a powerful impact – clean energy employment is growing at a rate more than double that of the broader energy sector and the overall US economy.
According to the 2024 US Energy and Employment Report (USEER) released today by the US Department of Energy (DOE), the energy workforce expanded by over 250,000 jobs in 2023, with 56% of those in clean energy.
Two congressional Republicans asked the Pentagon on Wednesday to add the world’s biggest manufacturers of electric vehicle (EV) batteries to a list of entities subject to restrictions because of ties to the Chinese government.
In the letter, Sen. Marco Rubio (R-Fla.) and House Select Committee on the Chinese Communist Party Chair John Moolenaar (R-Mich.) called on the Defense Department to add Contemporary Amperex Technology (CATL) to its entity list, which would bar it from receiving Pentagon contracts.
Texas
The “U.S.-Mexico Leader Summit: Binational High-Level Dialogue” held in Brownsville, Texas, as part of the Northeast Chapter’s “Extend Our Reach” campaign, marked a significant step forward in fostering economic growth and binational cooperation in the RioPlex region. This initiative, which aims to consolidate the Rio Grande Valley in Texas and northern Tamaulipas in Mexico under a unified brand, seeks to leverage the competitive advantages of this unique cross-border area to attract investment, development, and prosperity for both communities. RioPlex is an initiative of Judge Richard Cortez Prosperity Task Force’s CEO Group – business leaders from the Rio Grande Valley and northern Tamaulipas.
CenterPoint Energy proposed Wednesday to forgo approximately $110 million in anticipated profits from its controversial mobile generators in its latest attempt to placate lawmakers, regulators and Houston-area residents enraged over the electric utility's handling of July's Hurricane Beryl.
Texas Governor Greg Abbott has appointed Dallas-based Indian-American entrepreneur Arun Agarwal as the chairman of the Texas Economic Development Corporation's (TEDC) board of directors. A key public-private partnership with the Governor's Office of Economic Development and Tourism, TEDC is responsible for marketing Texas as the top US state for business, both domestically and globally, according to a statement from the Governor's office.
Austin
Through the grant funding, Austin ISD officials said an extra five megawatts of energy will come online. Modernized schools built through the district’s 2017 bond program are already “solar ready,” along with numerous schools incorporated in the 2022 bond program.
Private equity firms Summit Partners and Vista Equity Partners are exploring a potential sale of Trintech that could value the financial software provider at about $2 billion, including debt, according to people familiar with the matter. Trintech's owners are working with investment bankers at Deutsche Bank on a sale process that could attract interest from other private equity firms, the two sources said, requesting anonymity as the discussions are confidential.
GACC published its Mid-Year Report, which encompasses everything they have done so far this year to accomplish the priorities they outlined in January at the Annual Meeting, from public safety, infrastructure, to building the region’s talent pipeline.
Opinion Editorial
In response to intensifying geopolitical rivalries, some countries and companies are focusing on regionalization, while others are seeking to expand their supplier base. Both strategies are changing global trade patterns.
Certified WBE, MBE & HUB.
Certified by:
- City of Austin, Tx.
- State of Texas
- National Minority Supplier Development Council
© 2024 Big Plan. All rights reserved.
Join The club
Stay informed weekly. Subscribe to Central Texas Global Business Pulse.
Get A Free Consultation
And Estimate
