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close video Small Biz Boom: Despite tough economy, small businesses are growing post pandemic

Despite a tough economy, a record number of small businesses have launched nationwide in the last two years.

Inflation has eased some in recent months after hitting a four-decade high last year, but worries over rising costs are now at an all-time high for small businesses.

The U.S. Chamber of Commerce's Q1 Small Business Index found a record 54% of owners cited inflation as their top concern for the first three months of the year, marking the fifth consecutive quarter respondents pointed to cost increases as the number one stressor.

Kymme Williams-Davis sits outside Bushwick Grind Caf, as she juggles taking online orders and working behind the counter, Sept. 8, 2022, in New York. Williams-Davis said she hasn’t seen costs going up this much since she opened her caf in 2015. (AP Photo/Bebeto Matthews / AP Newsroom)

Respondents' confidence in the national economy also declined in the first quarter, with only one in five (20%) small business owners saying the economy was in good health. That's down from 27% in the previous quarter.

The survey results indicate a greater reluctance among owners to expand in the short term. Only 38% said they plan to boost investment in their business over the next year, a drop from 47% in the fourth quarter of 2022.

HOW THE BANKING CRISIS COULD HAMMER SMALL BUSINESSES

Tom Sullivan, the Chamber's vice president of small business policy, says the data shows small business are resilient and bullish on their own operations, but see tough times ahead for the economy as a whole and do not want to end up overextended. close video The battle against inflation is not over: Neil Dutta

RenMac Head of Economic Research Neil Dutta gives his take on Fed Chair Powell’s efforts to combat inflation and reflects on the state of the U.S. economy on ‘Making Money.’

Sullivan said small business owners are frustrated with leaders in Washington, D.C., because the actions that could bring inflation down are not being done.

He listed off priorities like bringing more legal workers into the U.S. to fill open jobs, lowering domestic energy costs, and streamlining permits to allow trucks to move and shovels to get into the ground to realize growth from the bipartisan infrastructure bill.

RESTAURANT OWNER MARY MURDOCK SOUNDS OFF ON US CRIME SURGE: ‘PEOPLE ARE SCARED’ TO COME IN

Small business owners are looking at numerous factors beyond just price hikes on goods that are driving up their cost of doing business when they cite inflation as a concern, he explained.

Small businesses are struggling to fill open positions, and being forced to pay more to hire and retain employees. (iStock / iStock)

"We have the economist definition, but then we also have the small business definition," Sullivan told FOX Business. "When it's harder to find and hire employees, and it's harder to keep your existing employees, the folks I talk with every day call that inflation if they have to raise their wages to their employees."

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"There's no real distinction," he added. "It's all part of this giant gumbo."

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Entertainment

Glastonbury Festival tickets sell out in 35 minutes

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Glastonbury Festival tickets sell out in 35 minutes

Standard Glastonbury Festival tickets for 2025 sold out in less than 40 minutes after organisers adopted a new booking system.

The new system saw Glastonbury hopefuls get “randomly assigned a place in a queue” instead of having to refresh the holding page once they went live.

Organisers said: “Thanks to everyone who bought one and sorry to those who missed out, on a morning when demand was much higher than supply. There will be a resale of any cancelled or returned tickets in spring 2025.”

Earlier in the week coach tickets sold out within half an hour for the famous festival in Somerset, which is set to take place between 25 and 29 June next year.

Tickets for the annual event at Worthy Farm sold quicker this year than last year when it took around an hour for all of them to go.

They cost £373.50 plus a £5 booking fee this year, up £18.50 from the price last year, and were sold exclusively through the See Tickets website.

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Ticket sale methods and prices for events have been a controversial topic this year, particularly due to Oasis fans’ experience trying to get tickets to their reunion shows in August.

Fans were left outraged after spending hours queueing for tickets only to find some had more than doubled in price from around £148 to £355.

The band’s long-awaited reunion has led to much speculation that Noel and Liam Gallagher will headline Glastonbury, but they denied this while their tickets were up for sale.

“Despite media speculation, Oasis will not be playing Glastonbury 2025 or any other festivals next year,” they said in a statement. “The only way to see the band perform will be on their Oasis Live ’25 World Tour.”

The headliners this summer on the iconic Pyramid Stage were Dua Lipa, SZA and Coldplay, who made history as the first act to headline the festival five times.

The crowd at Coldplay's headline set at Glastonbury Festival. Pic: PA
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The crowd at Coldplay’s headline set at Glastonbury Festival. Pic: PA

2026 is likely to be a year off for Glastonbury, with the festival traditionally taking place four out of every five years, and the fifth year reserved for rehabilitation of the land.

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US

Trump is unlikely to take Biden’s advice on China – and it could change the world

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Trump is unlikely to take Biden's advice on China - and it could change the world

As the two most powerful countries in the world, the relationship between the United States and China is the most consequential of all bilateral ties.

Any change in interactions and behaviour by either side does not just impact security, economic activity and trade in Washington and Beijing, but also affects the rest of the planet.

President Xi Jinping chose to make this point publicly as he said hello – and presumably goodbye – to Joe Biden when the two men met on the sidelines of an economic forum in Peru in what was likely their last face-to-face sit down before the US leader hands the keys to the White House over to Donald Trump.

Joe Biden and Xi Jinping shake hands in Peru.
Pic: Reuters
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Joe Biden and Xi Jinping shaking hands in Peru earlier this week. Pic: Reuters

“As two major countries, China and the United States should bear in mind the interest of the whole world and inject more certainty and positive energy into the turbulent world,” Mr Xi said, speaking through a translator.

“It is my consistent belief that as the world’s most important bilateral relationship, a stable China-US relationship is critical not only to the interests of the Chinese and American peoples but also to the future and destiny of the entire humanity.”

Mr Biden, whose relationship with his opposite number does not just span his four years as president but also when he previously served as vice president under Barack Obama, also focused on the importance of dialogue.

“We haven’t always agreed, but our conversations have always been candid and always been frank,” he said, sitting at a long table, surrounded by aides, with Mr Xi opposite him.

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“I think that’s vital. These conversations prevent miscalculations, and they ensure the competition between our two countries will not veer into conflict. Be competition, not conflict.”

While clearly directed at him, it is doubtful that Mr Trump will heed the advice.

He has consistently criticised the Biden administration for being too soft on Beijing and has vowed to be much tougher – even saying he would impose 60% tariffs on Chinese imports.

The president-elect’s picks for top jobs in the White House, such as with China hawks Senator Marco Rubio as his desired secretary of state, and Representative Mike Walz as national security adviser, also point to a hardening in the US’ position on Beijing – which is on a trajectory to overtake Washington as the world’s number one superpower.

This moment of re-ordering in global dominance – something the UK was once forced to absorb when the sun set on the British Empire – is on course to happen regardless of who is in the White House.

But a more hostile and combative commander-in-chief in the White House makes it an increasingly perilous time for everyone.

It is perhaps why the current leaders in Beijing and Washington are so keen to stress that while their feelings towards one another go up and down, the ability to keep talking is critical.

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Science

NASA and Microsoft Launch AI Tool to Make Earth Data Accessible

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NASA and Microsoft Launch AI Tool to Make Earth Data Accessible

A new artificial intelligence (AI) tool, Earth Copilot, has been introduced by NASA in collaboration with Microsoft to make Earth-related scientific data more accessible. Designed to summarise NASA’s extensive geospatial information, the AI-powered chatbot aims to simplify complex datasets and answer user queries with ease. By addressing questions like the environmental impact of events or changes in air quality, the tool seeks to bridge the gap between NASA’s vast database and users who may lack technical expertise.

Democratising Earth Science Data

The initiative is part of NASA’s effort to expand access to its data. According to Tyler Bryson, Corporate Vice President for Health and Public Sector Industries at Microsoft, many users struggle to utilise NASA’s database due to its technical nature. Extracting insights often requires specialised knowledge of geospatial analysis and data formats. By integrating AI into NASA’s data repository, Earth Copilot reduces the time needed to derive insights from scientific information, making the data more accessible in seconds.

Testing and Integration

Currently, Earth Copilot is in a testing phase, with NASA scientists and researchers evaluating its performance. Following this assessment, NASA plans to integrate the tool into its Visualisation, Exploration, and Data Analysis (VEDA) platform. VEDA already offers public access to some of NASA’s datasets, and Earth Copilot could enhance its usability for non-specialist users.

Potential Benefits

Earth Copilot is expected to transform how users interact with Earth science data by simplifying the process of analysis. The tool has been designed to answer complex questions, such as the effects of natural disasters or global events, using NASA’s comprehensive database. Its development aligns with the agency’s goal of enhancing public understanding of Earth’s systems and providing timely, accurate insights for decision-making.

While still limited to internal testing, Earth Copilot represents a promising step towards making Earth science data universally accessible.

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