Category: 3. Business

Two members of Cornell’s on-campus business incubators will soon expand their businesses in Ithaca, creating local jobs and building capacity for future startups to grow in the region. 

REEgen, a Cornell spinout that engineers bacteria to extract rare earth elements from industrial waste, and RETRN Bio, a startup that upcycles agricultural waste into bioplastics, will both scale up at a new development on Ithaca’s South Hill. 

The development, SouthWorks, was recently awarded $38 million from New York’s Regional Economic Development Council to transform the former Morse Chain Factory site into a mixed-use, adaptive reuse project. The development will include an innovation hub to retain startups in advanced manufacturing, biotechnology and agtech. 

REEgen and RETRN collaborated with the SouthWorks team to devise a plan for the establishment of a new biomanufacturing pre-commercialization facility and the purchase of scale-up testing equipment for fermentation technologies.  

The 17,000 square foot facility addresses a shortage of sufficient, affordable manufacturing space for startups in the Southern Tier. Startups often outgrow the limited space provided by incubators before they are ready to move to standalone manufacturing or lab facilities. SouthWorks aims to provide the bridge resources needed to keep startups in the region as they grow. 

“One of the biggest challenges for commercializing clean tech solutions is accessing the capital equipment needed to test scale-up,” said Alexa Schmitz, co-founder and CEO of REEgen. “Southworks’ planned facilities for regional startups will be an ideal fit for this unique challenge, allowing REEgen and other startups at our stage to access the critical infrastructure needed to develop and accelerate scale-up efforts.” 

As a SouthWorks tenant, REEgen plans to hire 30 additional FTEs for its business, marketing, and R&D teams in the next five years, while RETRN Bio expects to grow from its current 6 FTEs to a team of 20 or more in that time.  

Beyond new hires, the new space will also indirectly support jobs across the economy. Both startups expect to hire local contractors, specialized service providers and lab support personnel during the growth phase, and they will need machinists to customize or refurbish the scale-up equipment, and specialists to help service and maintain equipment.  

The collaboration between REEgen and RETRN and SouthWorks sets the stage for future pilot capacity in other spaces, such as clean room space, materials science characterization and pressure chemistry for new materials development. Ultimately, SouthWorks aims provide 70,000 SF of technology development and advanced manufacturing space in key industries like materials science, waste processing, batteries, building materials, energy systems, agriculture, artificial intelligence and semiconductors.  

Gold (GC=F) April futures opened at $4,996.20 per troy ounce on Monday, down 1.3% from Friday’s closing price of $5,061.70. The gold price declined in early trading, but moved upward to start the morning.

High oil prices remain in focus for gold traders. Brent crude (BZ=F) surged higher than $100 a barrel over the weekend, as oil shipping remains disrupted in the Middle East. The choke point is the Strait of Hormuz, a vital thoroughfare that has been largely closed to non-Iranian traffic since fighting began. Prior to the war, an estimated 20% of the global oil supply was passing through the waterway. President Trump wants to establish a coalition of allies to escort ships through the passage, but no country has publicly agreed to participate.

High oil prices raise costs for businesses and tighten budgets for consumers. An extended Iran conflict that keeps oil elevated could fuel inflation, limit growth, or both. These outcomes complicate the Fed’s interest-rate strategy at a time when many expected rate reductions this year.

Lingering high interest rates raise yields on cash and fixed-income assets, making gold look less attractive by comparison.

The opening price of gold futures on Monday was 1.3% lower than Friday’s close. Here’s a look at how the opening gold price has changed versus last week, month, and year:

• One week ago: -3.1%

• One month ago: +0.9%

• One year ago: +66.9%

The one-year gain for gold was 95.6% on Jan. 29.

24/7 gold price tracking: Don’t forget you can monitor the current price of gold on Yahoo Finance 24 hours a day, seven days a week.

Want to learn more about the current top-performing companies in the gold industry? Explore a list of the top-performing companies in the gold industry using the Yahoo Finance Screener. You can create your own screeners with over 150 different screening criteria.

The price of gold can be quoted in multiple forms because the precious metal is traded in different ways. The two main gold prices investors should know about are spot prices and gold futures prices.

Learn more: How to invest in gold in 4 steps

The spot price of gold is the current market price per ounce for physical gold as a raw material, sometimes called spot gold. Gold ETFs that are backed by physical gold assets generally track the gold spot price.

The spot price is lower than what you’d pay to buy gold coins, bullion, or jewelry, since your total price will include a markup called the gold premium that covers refining, marketing, dealer overhead, and profits. The spot price is more like a wholesale price, and the spot price plus the gold premium is the retail price.

Learn more: Thinking of buying gold? Here’s what investors should watch for.

Gold futures are contracts that mandate a gold transaction at a specific price on a future date. These contracts are exchange-traded and more liquid than physical gold. They settle on the contract expiration date or earlier, either financially or via delivery. A financial cash settlement involves paying the contract’s profit or loss in cash. Delivery means the seller sends physical gold to the buyer for the contracted price.

Supply and demand determine gold spot prices and gold futures prices. Factors that influence gold supply and demand include:

1. Geopolitical events

2. Central bank buying trends

3. Inflation

4. Interest rates

5. Mining production

Learn more: Who decides what gold is worth? How prices are determined.

Whether you’re tracking the price of gold since last month or last year, the price-of-gold chart below shows the precious metal’s steady upward climb in value.

Learn more: Gold alternatives? How to invest in silver, platinum, and palladium.

India appears to be quietly recalibrating one of the most restrictive investment policies introduced during the pandemic. Amendments to Press Note 3 (PN3) — the 2020 rule requiring government approval for foreign direct investment (FDI) from countries sharing a land border with India — suggest a strategic shift: New Delhi is attempting to unlock capital and technology flows without compromising national security safeguards.

At the center of the policy adjustment is a simple but consequential question: How can India expand its manufacturing ecosystem and integrate into global supply chains while maintaining strategic caution toward Chinese capital?

The answer, it seems, lies in controlled liberalization rather than wholesale deregulation.

From blanket restrictions to targeted screening

Press Note 3 was introduced in April 2020 during the early months of the COVID-19 pandemic. The rule required government approval for investments from neighboring countries, primarily aimed at preventing opportunistic takeovers of distressed Indian companies. In practice, however, the regulation created broader consequences for global capital flows.

Even minor Chinese shareholding in global funds or multinational companies triggered approval requirements, slowing down investments not only from China but also from venture capital funds and corporations based in the US, Europe, Taiwan, and South Korea that had Chinese limited partners.

Over time, this created significant bottlenecks in the approval pipeline, with hundreds of proposals reportedly awaiting clearance. Venture capital funding for Indian startups also faced uncertainty where funds had Chinese participation.

The central government’s latest amendments signal recognition that the earlier framework may have been too blunt an instrument.

The 10 percent threshold: A key structural change

A major shift introduced under the amended PN3 framework is the definition of “beneficial ownership.”

Under the new approach, investments with less than 10 percent non-controlling ownership from investors in land-border countries may proceed through the automatic route, subject to applicable sectoral regulations.

This threshold addresses a major challenge faced by global investors: many venture funds and institutional investors have diversified investor bases, which sometimes include small Chinese limited partner stakes. Previously, even these minority exposures could trigger regulatory scrutiny.

By introducing a clear ownership threshold, India is effectively distinguishing between strategic control and passive capital participation.

For global venture funds and private equity firms, this clarification could restore confidence that compliance risk will not unexpectedly derail investment transactions.

Fast-tracking strategic manufacturing investments

Another important feature of the revised policy is the introduction of expedited approval timelines, reportedly within 60 days, for investments in select manufacturing sectors.

These sectors include:

• Electronic capital goods
• Electronics components
• Polysilicon and ingot wafers
• Advanced battery components
• Rare earth magnets and processing

This list reflects India’s industrial policy priorities. The sectors are directly linked to electronics manufacturing, renewable energy supply chains, and semiconductor ecosystems — all areas where China currently dominates global production.

By prioritizing these industries, the central government is signaling that technology partnerships and supply chain development take precedence over rigid regulatory barriers.

However, an important detail remains unresolved: India has yet to publish the final list of products and sectors that will qualify for expedited approvals.

Officials have indicated that such a product list is expected soon and that it may expand over time depending on domestic manufacturing requirements.

Technology transfer as the real objective

Beyond capital inflows, policymakers appear focused on technology transfer and domestic capacity building.

Officials have suggested that commitments toward local skill development, technology sharing, and manufacturing expansion could play a role in determining approval decisions. This reflects a broader policy goal: ensuring that foreign investment strengthens India’s industrial ecosystem rather than simply expanding imports.

The emphasis aligns with ongoing programs such as:

• Production-Linked Incentive (PLI) schemes
• Electronics Component Manufacturing initiatives
• Renewable energy and battery supply chain development.

In effect, India is seeking not just capital, but capability.

India’s signal to global investors

Despite the headlines around China-linked capital, the policy shift is ultimately aimed at global investors more broadly.

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Many multinational corporations and international funds operate with complex ownership structures, often involving investors from multiple jurisdictions. By clarifying beneficial ownership rules and introducing faster approval timelines, India is attempting to reduce regulatory uncertainty that discouraged investment decisions over the past several years.

At the same time, the central government has been careful to emphasize that national security screening mechanisms will remain intact. Investments involving strategic sectors or significant ownership stakes will still require scrutiny.

In other words, the door may be opening, but it is opening cautiously.

ALSO READ: Warming Ties: India-China Signal Trade and Diplomatic Reset

A pragmatic balance

The changes to Press Note 3 reflect a broader shift in India’s investment policy philosophy. Rather than maintaining blanket restrictions, policymakers appear to be moving toward a risk-based regulatory model that differentiates between passive capital, strategic control, and technology partnerships.

This approach acknowledges a practical reality: modern global supply chains are deeply interconnected. Additionally, rigid capital barriers can unintentionally isolate domestic industries from the investment and expertise needed for growth.

By introducing ownership thresholds, accelerating approvals in priority sectors, and maintaining security safeguards, India is attempting to strike a delicate balance between economic openness and strategic caution.

Whether the reforms succeed will depend in part on how clearly and quickly the government defines the promised product list for fast-track approvals. Investors and manufacturers alike will be watching closely.

For now, however, the message is clear: India is not abandoning its security concerns, but it is beginning to recalibrate how it manages them in the pursuit of industrial growth.

Northern Light Composites (nlcomp), an Italian startup founded in 2019, is tackling one of the biggest challenges linked to composite materials: the end‑of‑life of fibreglass and carbon‑fibre products. In boats, wind turbines, construction and beyond, conventional thermoset composites are widely used but hard, if not impossible, to recycle. Benefiting from the coaching provided by the EU BlueInvest programme, nlcomp’s mission is to help the sector move from a linear ‘produce-use-dispose’ model to a circular one where valuable materials are recovered and reused. 

From lab to water

nlcomp’s solution replaces the conventional thermoset matrix with a thermoplastic one, making it possible to separate composite layers at the end of their life and turn them into new products. The objective is clear: recyclability by design, achieved without losing performance or becoming too expensive. 

As co‑founder Fabio Bignolini says: “Our technology does not recycle old fibreglass boats. What we’re doing is creating a new way of manufacturing so that future boats, blades and components are circular from the very beginning.”

The idea was born when one of the co‑founders, Andrea Paduano, then completing a PhD in materials science at the University of Padova, began experimenting with new resins and fibre materials. 

Building on that scientific groundwork and their hands‑on background in boatbuilding and sailing, the founders created the first prototypes and showcased them at events, earning multiple awards and attracting early regional and national investors. The company has since grown to a team of eight, marking its transition from research to real‑world application.

BlueInvest in action

Early on, nlcomp explored licensing its technology. But by staying directly involved in production, the company realised it could demonstrate the performance of its product rComposite® more convincingly. 

With guidance from their BlueInvest coach, the founders refined their business strategy and decided to produce key components themselves. This approach widened their opportunities across sectors, allowing them to respond quickly to interest from both marine and industrial clients while still keeping the door open for future licensing partnerships. 

This shift, combined with clearer investor messaging, significantly strengthened their investment readiness. As Fabio puts it: “BlueInvest was helpful in teaching us how to talk with investors and manage an area that is totally new for scientists.” He continues: “Also, in our region, there isn’t a lot of expertise in start-ups and funding, so we tried to find help from the European level, and that’s how we got to know BlueInvest.”

What’s next?

Northern Light Composites has raised €2.5 million over the past five years and is currently preparing a new €2-3 million investment round. Fabio Bignolini says: “We are building our first production plant now, and from April we will start small‑series production to show investors the potential.”

Beyond the marine sector, nlcomp is rapidly expanding into renewable energy, particularly the wind‑power industry. At the same time, the team is engineering structural components for industrial plants, replacing non‑recyclable composites with recyclable thermoplastic materials designed to be recyclable throughout their whole lifecycle.

Fabio summarises their vision: “We hope to solve the end‑of‑life problem of glass‑fibre composites, one of the most widely used materials in boatbuilding and beyond. We hope to encourage sustainable practices throughout the marine industry and other sectors that rely on composite materials.”

About BlueInvest

BlueInvest is the EU’s innovation and investment platform for the blue economy, offering business coaching, fundraising support, and networking opportunities for ocean technology companies.

Interested individuals can register with the BlueInvest Community to explore programme features and opportunities or contact lu-blueinvestpwc [dot] lu (lu-blueinvest[at]pwc[dot]lu). 

More information

Website:  nlcomp
Social media: nlcomp on Linkedin

Safe-haven behaviour strengthens US dollar

The Australian dollar ended last week on a weak note, closing lower at 0.6981 (-0.71%) as the United States (US) dollar surged across the board. This move was driven by a combination of risk aversion, rising US yields, and higher energy prices stemming from the escalating conflict in the Middle East.

The US dollar’s strength was a classic safe-haven reaction, with investors seeking refuge as fears over the region intensified. Adding to this was the prospect of persistent inflation due to surging energy costs, which diminished near-term hopes for easing by the US Federal Reserve (Fed), lifting US Treasury yields.

Notably, AUD/USD had been remarkably resilient since the conflict began in late February. It even touched a 45-month high of 0.7189 in the middle of last week, driven by rising expectations of tighter Reserve Bank of Australia (RBA) policy, before geopolitical realities caused it to retreat over the weekend.

Middle East developments influence market sentiment

Over the weekend, developments in the region added new dimensions to the narrative. US forces struck military sites on Iran’s Kharg Island, the country’s primary oil export terminal, handling over 90% of its crude oil shipments. President Trump announced that the strikes successfully destroyed military targets while sparing oil infrastructure for now. However, he warned of further action if Iran continues to block the Strait of Hormuz.

Since then, a series of mitigating events have emerged. Iran’s Foreign Minister stated that the Strait remains open to all nations except the US, Israel, and their allies. Meanwhile, Saudi Arabia’s East-West pipeline is rerouting roughly 7 million barrels per day, with tankers already queuing for redirected cargo. Added to this is the planned release from the Strategic Petroleum Reserve (SPR) next week, along with reports of a coalition being assembled to escort ships through the Strait, making the ‘doomsday’ scenario less likely.

This shift in sentiment has led to crude oil prices falling back below $100 after reopening this morning, suggesting markets are pricing in a more contained outcome for now. Consequently, AUD/USD has received a gentle boost back above the 0.7000 handle, ahead of tomorrow’s crucial RBA meeting – the first of seven interest rate meetings by central banks this week.

RBA interest rate decision

Date: Tuesday, 17 March, at 2.30pm AEDT

At its last meeting in February, the RBA raised the official cash rate by 25 basis points (bp) to 3.85%. This was the first hike since November 2023, coming just six months after its last cut, and reflected a rapid shift back to tightening due to resurgent inflation pressures.

Since that February meeting, domestic data has been mostly stronger than expected across areas such as the labour market, inflation, and gross domestic product (GDP). While household spending and house prices have shown some moderation, the Board faces a difficult dilemma stemming from the Middle East conflict.

Typically, central banks try to look through global oil price shocks as temporary supply-side events. However, with inflation already above target, combined with last week’s sharp jump in inflation expectations and hawkish communication from Deputy Governor Andrew Hauser, the RBA has limited room to manoeuvre.

Consequently, the Australian rates market is now pricing in around 18 bp of hikes for this week’s board meeting. This equates to roughly a 74% probability of a 25 bp increase, which would lift the cash rate from its current 3.85% to 4.10%.

Looking further out, the curve embeds approximately 70 bp of cumulative tightening by the end of 2026. This aligns closely with expectations for three 25 bp hikes in total this year, which would raise the cash rate to 4.60%, its highest level since October 2011.

RBA official cash rate chart

MTN Group posted excellent operational and financial results for 2025, delivering significantly on our Ambition 2025 strategy and transitioning to Ambition 2030 priorities to capture value from the attractive structural growth opportunities brought about by accelerated data adoption and financial inclusion across Africa.

We reported very strong commercial outcomes led by MTN Nigeria and MTN Ghana; a resilient performance from MTN South Africa; robust free cash flow; improved return generation; and a 45% jump in the dividend.

We also unveiled an enhanced shareholder remuneration framework, including a R6 billion share buyback programme, and re-affirmed our medium-term guidance, updating our return and leverage metrics.

“The Group’s overall performance in 2025 was excellent. In the final year of our Ambition 2025 strategy, we were proud to have exceeded the 300 million customers milestone in line with our priority to deepen digital and financial inclusion,” said MTN Group President and CEO Ralph Mupita.

At 31 December 2025 across 16 markets, we served more than 307 million voice, 172 million data and 70 million Mobile Money customers. Increases were supported by diligent commercial execution as well as sustained investment of R38 billion to enhance the capacity, coverage and quality of our networks and platforms.

MTN’s data traffic accelerated by 27%, with average monthly data use per customer up at 12.5GB from 10.8GB. We continued to scale our fintech platform, growing the ecosystem and benefiting from greater customer take-up of more advanced services. This supported a 15% increase in the volume of transactions to more than 23 billion in the year, with total transaction value topping US$500 billion.

In line with our commitment to create shared value, we contributed approximately R150 billion in economic and social value across Africa; expanded broadband coverage to more than 94% of the population; and cut the cost of data to communicate for customers by an average 14%. Our work with communities, nation states and other stakeholders led to the achievement of our strongest reputation and trust scores since the launch of our Reputation Index Survey in 2019.

Underpinned by improved macroeconomic conditions, the Group increased service revenue by nearly a quarter to R218 billion. In constant-currency terms MTN Nigeria and MTN Ghana – which announced results in late February – lifted service revenue by 54.9% and 35.9% respectively. MTN SA increased service revenue by 2.0%, demonstrating operational resilience and sustained commercial momentum as it navigated the challenges of a mature and competitive market.

At R98.5 billion, earnings before interest, tax and amortisation (before once-off items) were up by more than a third in constant currency. This was supported by expense efficiencies of R3.6 billion in the year. Basic earnings per share (EPS) swung from a loss in 2024 to a profit in 2025 and adjusted headline EPS increased by 67%.

With a sustained healthy financial position and balance sheet flexibility, MTN declared a dividend of 500 cents per share from 345 cents in 2024, comfortably outstripping the minimum 370 cents the Board of Directors had anticipated.

The Group also announced an evolution of strategy, unveiling Ambition 2030, which streamlines our execution approach into three principal platforms of choice for consumers, homes and businesses: Connectivity; Fintech; and Digital Infrastructure. Through the strategy, we are energised to provide the leading customer experience, leveraging AI for growth and creating shared value.

While remaining vigilant to evolving risks in global geopolitics, Mupita said Ambition 2030 embodied the right framework to sustain MTN’s medium-term growth and value-creation journey: “We are hugely excited about Africa’s potential and are well positioned to leverage our scale, footprint and brand leadership to capture the significant structural growth opportunities identified. We are committed to accelerate our impact and empower the people, businesses and nation states we serve.”

For more detailed information, see our announcement on the JSE’s Stock Exchange News Service here.