Rachel Reeves sends business confidence ‘nose-diving’ as firms report record high tax fear

Business News

Business confidence has dropped “dramatically” in nearly every sector following Rachel Reeves’s Budget, a new report shows.A renowned business activity survey put sentiment at just 0.2 on the index – the weakest reading since Liz Truss’s disastrous mini-budget in 2022.The “dramatic drop” in confidence was likely driven by record concerns over the impact of new tax burdens and weaker sales growth, the Institute of Chartered Accountants in England and Wales said.Alan Vallance, ICAEW’s chief executive, said: “It’s little surprise that business confidence has fallen considerably.“The costs of October’s Budget fell almost solely on business and, as this survey makes clear, our members have expressed concerns about measures that place additional costs on those they support and the wider economy.”Companies taking part in the ICAEW’s Business Confidence Monitor (BCM) survey also reported that they expect investment growth to slow in the year ahead.Drops in confidence were recorded in every sector of the economy, with sentiment moving into negative territory in three areas.Retail and wholesale businesses were hardest hit, marking -6.2 on the index, followed by transport and storage at -0.3 and property at -0.2.By business size, confidence among small and medium-sized enterprises (SMEs) fell into negative territory for the first time since quarter four (Q4) of 2022, recording a drop from 12.8 to -4.7.Large companies fared better, with sentiment remaining positive.The number of businesses reporting the tax burden as a growing challenge hit a record high of 41% in Q4, up from 29% in Q3. This was also the first time that tax worries were the most cited challenge in the BCM’s history.Concerns were partly reflected in changes to employers’ National Insurance (NI) rates in the Chancellor’s Budget, which ICAEW members said would negatively impact margins.ICAEW said that the reduction in the NI threshold also came as a particularly unwelcome surprise.Starting in April, larger businesses will face increased employer National Insurance Contributions (NICs), with thresholds dropping from £9,100 to £5,000 and rates rising from 13.8% to 15%. According to the British Retail Consortium, this change is estimated to cost British retailers £2.33billion a year.The ICAEW said the Government should prioritise measures to boost business and ensure Britain is the best place to invest and to start, run and grow a business.Suren Thiru, economics director at ICAEW, said: “Our data suggests that the UK economy endured a rather traumatic end to 2024 as slowing domestic activity and the aftershocks from a difficult budget caused business confidence to nosedive.“While this significant slide in sentiment was broad-based, retailers suffered a particularly difficult time, reflecting their greater exposure to the impact of October’s budget, including the looming increase in national insurance.”He added: “The economy is in a challenging period with stagflation a live risk and there is little in our key forward-looking indicators of sales and investment activity to suggest that a meaningful improvement is likely anytime soon.”The report indicates slowing selling price and wage inflation, which could make it “likely” that the Bank of England will introduce another Base Rate cut in February.However, Mr Thiru said: “Rising expectations for business costs in the year ahead mean policymakers will remain cautious.”

Climate Science Digest: January 14, 2025

Science and Health

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US bans Chinese and Russian tech in cars citing national security concerns

Technology

The United States has announced a new rule prohibiting the use of Chinese and Russian technology in passenger cars sold within the country, citing national security concerns. According to a report by AFP, the decision targets both software and hardware from these nations and is part of wider efforts to limit China’s influence in key industries.Related ArticlesThe rule is a move by outgoing President Joe Biden to tighten controls on technology linked to China and Russia, following a lengthy regulatory process. It builds on recent discussions regarding the restriction of drones and other technologies from adversary nations. Commerce Secretary Gina Raimondo noted that modern cars increasingly rely on technology such as cameras, microphones, GPS systems, and internet connectivity, which could be exploited for spying or interference if developed using foreign technologies. “This is a targeted approach to keep Chinese and Russian-manufactured tech off American roads,” Raimondo explained.

Currently, the ban applies to passenger vehicles weighing under 10,001 pounds, with plans to extend the restrictions to include commercial vehicles like buses and trucks in the near future. The new rules specifically prevent manufacturers with strong ties to China or Russia from selling cars containing hardware or software for internet connectivity or autonomous driving. The restrictions will be implemented in two phases: a software ban starting with the 2027 model year and a hardware ban commencing with the 2030 model year. Additionally, imports of such technology from China or Russia will be restricted.

The rule may impact Chinese electric vehicle giant BYD, which has a manufacturing facility in California producing buses and other vehicles. There is concern in the US that connected vehicles with foreign-built technology could lead to the misuse of sensitive data or interference with critical systems. National Economic Advisor Lael Brainard stated that China is attempting to dominate the future of the auto industry, emphasising the importance of protecting US-made cars from foreign influence.

This new rule is part of a broader plan to strengthen domestic industries and reduce reliance on foreign technologies. On the same day, Biden issued an executive order to accelerate the development of artificial intelligence infrastructure in the US. “We will not let America fall behind in building the technology that will define the future,” Biden said.

As Biden leaves office, these measures will now be implemented by incoming President-elect Donald Trump, who is set to take office next Monday. It remains uncertain how Trump will approach these policies, but significant changes to government strategies are expected under his administration.

Famous Fossil a Forgery? These Scientists Think It’s Possible

Science and Health

When phosphate miners in Morocco accidentally uncovered a fossil in 2021, it seemed too good to be true.
Nick Longrich, a paleontologist from the University of Bath, examined the jawbone and four teeth, then wrote a paper describing the fossil as belonging to a new species of mosasaur — a large carnivorous marine reptile that lived during the Cretaceous period. He published his paper in 2021, and it made waves in paleontology circles.
Unfortunately, things that seem too good to be true usually are. That could be the case with the mosasaur fossil, according to a study published last month in the journal The Anatomical Record. 
In the 2021 paper, Longrich and his co-authors pointed to the unique arrangement of the fossil’s teeth as evidence that it belonged to an unknown species of mosasaur. Longrich dubbed the find Xenodens calminechari. Every other known mosasaur fossil has one tooth per tooth socket. X. calminechari has two teeth per socket.
A graphic from Sharpe’s paper compares and contrasts the Xenodens calminechari fossil with a known forgery. Photo: Longrich et al., Sharpe et al.

A second look
This odd fact, combined with the jaw’s discovery in a region known for producing fossil forgeries, prompted Henry Sharpe, a researcher at the University of Alberta, to do a little additional peer review.
A final troubling note — two of the teeth have a little extra bone material intruding on them, a feature called “medial overlap.” That’s not typical for mosasaurs at all, Sharpe’s team noted in its paper.
“The fact that there’s that medial overlap is a huge indicator” of a possible forgery, Mark Powers, study co-author, told Live Science.
Fake fossils are big business in Morocco. It has some of the world’s richest fossil beds, and more than 50,000 people make a living in the fossil trade.
As Sharpe and his team point out, there’s a relatively simple way to prove the fossil is legit — subject it to a computed tomography (CT) scan. But Longrich wasn’t too happy about that prospect.
This graphic from Sharpe’s paper uses a photograph from TK’s paper to demonstrate potential clues about the fossil’s possible forging. Photo: Longrich et al, Sharpe et al.

Extremely gauche
According to Sharpe, Longrich asked him if his team was writing a paper on the fossil, and “if so, what’s the angle of that paper?” Then he denied Sharpe’s request for a CT scan.
Longrich’s reaction “raised immediate red flags,” Sharpe said. Sharpe was especially upset because the Morocco fossil is a new species. In scientific circles, it’s considered extremely gauche to withhold access to new species.
“That’s totally unethical that he would even request that,” Sharpe said.
Sharpe and his co-authors finish their paper by formally suggesting the Morocco fossil be subjected to a CT scan. As to whether pressure from the scientific community will cause Longrich to change his mind — that remains to be seen.

San Francisco expecting better tourism year with more conventions lined up

Travel

People from all over the Bay Area, the country, and the world, come to see John Jeide and the rest of the bartenders at The Buena Vista Café make their world-famous Irish Coffees.Jeide estimates he’s made around 3 million of them over the course of 16 years at The Buena Vista.”That’s a rough guestimate,” he said, smiling.He thinks he’ll add many, many more in 2025.”These last few weeks, we’ve been really crazy busy,” he said.He and the rest of the team at The Buena Vista think 2025 will be a big year for San Francisco’s tourism rebound.Larry Silva is the General Manager of the business that has stood strong on the corner of Hyde and Beach for over 110 years.”We had a very good holiday this year. It looks like it’ll continue for us,” he said. “I know we’ll do great. I’m hopeful that the neighbors do better.”San Francisco’s tourism sector has been slow to recover since the pandemic. The past few years haven’t been easy for any business to navigate, especially those in areas that cater to tourists, like Fisherman’s Wharf.

“The area is struggling. The cable car is doing good. Jefferson Street, they need a turnaround. Hopefully, if the tourists come up, that will help,” he said.If you ask Anne Marie Presutti, the CEO of SF Travel, she’ll tell you there are reasons to be confident that 2025 will be a good year for the city’s tourism sector.”We have a very robust convention calendar,” she said. “We have over 35 conventions in the city this year. So, it’s going to be a much, much better year than we had in 2024.”That means a higher hotel occupancy rate, and Presutti said there are already over 200,000 more hotel rooms on the books for 2025 than there were in 2024.”The biggest contributor to the general fund is the hotel taxes, right? When the hotels are full and the occupancies are high, the city does better,” she said. “2024 was just difficult all the way around. Tourism was down, international travel was down.”SF Travel estimates around 23 million visitors in 2025, with visitor spending reaching around $10 billion.Presutti’s job is to effectively, sell San Francisco to visitors and those who will bring events to the city.

“We joined into a partnership with United Airlines where we were able to bring out customers to A, give us a first look, or B, give us a second look. If you haven’t been here in a while, it’s probably time for you to come back and actually experience it for yourself. That worked wonders for us last year, us being able to get people into the city,” she said. “What we kept hearing, time and time again, as we got towards the end of the year, ‘This is nothing like what I saw on television, this is nothing like what people were talking about.'”CBS News Bay Area had a chance to speak with Christopher Young, the Chief Program Officer of DECA, formerly the Distributive Education Clubs of America, that just inked a deal to bring two international conferences to San Francisco in the coming years.”San Francisco is one of those cities that you’ve probably heard a lot about recently. But once you’re here, you see the city, you see the energy, you understand the tech scene and the startup community – I think it’ll be such a great location for our emerging leaders and entrepreneurs to experience,” Young said. “The walkability, the hotels, the things to do in the city, the Moscone Center – all of those components will be a great opportunity for our high school students to experience an iconic city and to be able to show off their business skills in such a fabulous location.”With all eyes on San Francisco this year, hosting marquee events including the NBA All-Star Game in February, Presutti said the city needs to be on its best game.”We have to show up, and we have to look our best and be our best,” she said.Jeide said he’s seeing proof that the outside perception of San Francisco is changing.”I mean, I had a guy here from Iowa the other day who said, ‘You know what, I’ve been here four days John. I’m really impressed with this town. I’d heard a lot about it, but I’m really impressed with it,'” he said. “He was good and that was good to hear that. I had positive thoughts, finally.”

Home Town’s Erin Napier Finally Answers The Book-Related Question Fans Have Been Asking About Forever: ‘This May Be The First Time'” target=”_self”…

Arts & Culture, Books

If you are one of the millions of viewers who tune in for Home Town on a regular basis, you’ll know that Ben and Erin Napier are known for the houses they design. The couple is most fond of making over homes and other buildings in their town of Laurel, Mississippi, while paying special attention to keeping the many updates they make as historically accurate as possible, and overall enjoy giving their clients a cozy, somewhat vintage vibe to live in. Part of that look, however, has always included something that’s led to a book-related question from fans, but Erin Napier has finally answered that query.Ben and Erin Napier (who always speak out against mean-spirited commenters) have, as you might imagine, a lot of help rebuilding and designing homes as the busy working parents of two young daughters. This is especially because the Napiers have worked on other shows besides Home Town, with multiple spinoffs like Home Town Kickstart, and Erin even writing books and appearing solo for TV interviews. Speaking of books, any fan of HGTV shows has likely noticed that a well-curated bookshelf just isn’t complete without…every book spine facing the back of the shelf so that we can’t read it.Luckily, if you’ve wondered about that design choice, Erin’s recent Instagram post put the spotlight on a lovely Season 9 episode of Home Town which bucked that trend, and helped to explain why it happens. Observe:Alright, as we can see, the first three photos of the home/school the Napiers (who are “never apart”) worked on for the Unlimited Dreams Christian Learning Center have very clear shots of some gorgeously full bookshelves, and every single book spine can be read (if we zoom in or have amazing eye sight, anyway). There are even a few tomes where we can, shock of all shocks, see the actual front cover. So, why this sudden change? After a fan comment, Erin explained:Deana Challis: And this may be the first time you haven’t turned all the books around, hiding the spines.Erin Napier: Somehow we got permission from the legal folks!Ah, yes. Legal issues! Other fans noted in the comments that there are usually copyright issues when it comes to showing books in TV shows/movies, and HGTV’s former senior vice president of production and development, Betsy Ayala, confirmed that when she spoke with HGTV Insider. The legal team would have to get clearances for each and every book spine/cover shown in any series, so it’s generally just way easier to turn all those titles around and pretend that’s how people really put books on shelves.From Napier’s excited answer, she was surprised by legal allowing her and her design team to put those books out like regular people do, so it’s a wonder why this number of visible titles wasn’t an issue. All that really matters is that now we can see exactly what kinds of books are available at this school, because who doesn’t love being at least a little bit nosy?Your Daily Blend of Entertainment News

Europe’s defence tech landscape reshaping with new era of venture capital investment

Technology

Venture capital investments in defence tech start-ups within NATO countries and Europe saw a significant increase in 2024, reaching $3.9 billion – quadrupling since 2019 – with the United States leading the way.
The US accounted for 83 per cent of the total investment, while the European Union and the United Kingdom collectively represented 15 per cent. The figures emerged from “The State of Defence Investment 2024 – Resilience Builders in NATO & Europe” report by Dealroom.
According to the report, there is a growing interest in dual-use technologies –innovations applicable of use in both military and civilian contexts. This trend is particularly evident in sectors such as artificial intelligence (AI) and cybersecurity, where advancements can enhance defence capabilities and offer commercial applications.
The report discusses the impact of environmental, social, and governance (ESG) considerations on investment decisions, noting that while some investors remain cautious due to ethical concerns, there is a shifting perspective recognising the role of defence tech in safeguarding democratic societies.
It also addresses the challenges faced by defence tech start-ups, including navigating complex regulatory environments and lengthy procurement processes, while emphasising the importance of public-private partnerships and streamlined regulations to foster innovation and support the growth of these companies.
The establishment of NATO’s €1 billion innovation fund to support defence tech start-ups is highlighted as a significant initiative in this context. While incentives have been hard to resist, pressure from beyond the pond may have played an even more compelling role in boosting investments.
Trump anxiety
Several industry executives have linked this investment spur to Donald Trump’s return to the White House and his long-standing threats of withdrawing the US from NATO unless allies cough up.
Though not the sole driver behind the increase in financing defence tech start-ups, the Republican’s re-election in November has significantly influenced investments in drones, robotics, and quantum computing.
According to the Dealroom report, Germany, the UK and France dominated the investments, capturing 87 per cent of the total funding. These three counties have raised $2.2 billion between them since 2018.
Munich emerged as the major investment hub among all European cities, attracting most of the capital, followed by Bristol and Paris.
Helsing, a German AI start-up, which raised a whopping €450 million at a reported valuation of $5 billion, played an important role in nudging market confidence.
Despite Munich taking the crown, the UK is home to six of the top 10 European cities for defence tech investment in the Dealroom report – with London ranking fourth, Reading fifth, Oxford sixth, Leeds eighth, and Cambridge ninth.
The report counted 370 VC-backed defence tech start-ups in NATO countries, all of which have a combined enterprise value totalling $161 billion. Defence tech makes up for 1.8 per cent of European venture capital funding, tripling since 2022.
Ultimate weapon
Klaus Hommels, Chair of the NATO Innovation Fund (NIF), and Prof. Dame Fiona Murray, Vice Chair, emphasise the importance of transatlantic venture capital in fostering cooperation among NATO member nations.
The summit, marking the Alliance’s 75th anniversary in Washington, D.C. last year, highlighted the critical role of technology in securing the future of one billion NATO citizens, stressing the growing integration of civilian and military technologies.
Europe has positioned itself as a key player in the global tech landscape, despite a decline in US deep tech funding. European investment grew by 22.4 per cent from 2018 to 2022, with strong support from government initiatives.
Hommels and Murray argue space has become an essential strategic domain, with both civilian and military applications. The war in Ukraine has demonstrated the importance of space-based communications and sensors, reaffirming the strategic role of space in modern warfare.
The commercial space market is expected to reach $1.8 trillion by 2035, with lower launch costs and growing demand driving rapid growth.
To counter China’s rising space power, NATO must strengthen its transatlantic cooperation, leveraging dual-use technologies for both defence and diplomacy.
The officials argue that by bolstering investments in Europe’s advanced technologies, NATO can limit adversarial influence and ensure competitive advantages in strategic tech sectors. The collaboration will enhance military interoperability and defence strategies, enabling a more efficient approach to collective security.
[Edited By Brian Maguire | Euractiv’s Advocacy Lab ]

Have You Seen Betty White’s Horror Movie Set in Maine?

Arts & Culture, Film & TV

Movies Filmed in MaineMaine is a beautiful state with natural landscapes that make for picture-perfect movie backgrounds. Denzel Washington and Whitney Houston skated across the pond in Deering Oaks and a recent movie was filmed entirely right here in the Old Port. You won’t be surprised to see images of Camden popping up on the TV screen or scenes of our rocky shores with lobster boast cruising by.The state also has a lot of character, history, and old wives’ tales that make not only a good scenic backdrop but an interesting place to base a movie’s setting. I was surprised to recently learn about a Betty White movie that was entirely set in Maine because the title is “Lake Placid”, which, isn’t that in New York?Lake Placid, A Betty White Movie in MaineThe movie wasn’t actually filmed here in Maine but the entire setting of the movie is based in a fictional town with a lake called Black Lake in Aroostook County, Maine. According to IMDb, the movie was filmed in British Columbia, Canada, New York, and has scenes of Camden here in the Pine Tree State.The Rated R horror movie has a bit of action and comedy tied in and is essentially Jaws with a crocodile. The premise is pretty much just a man-eating crocodile terrorizing people in this Maine town but the main character, legend Betty White, has a bit of a secret and is an extremely interesting character. Our beloved actress is actually on the croc’s side, not the cops.Betty White’s CharacterThe beloved actress plays Mrs. Delores Bickerman, a widow on Black Lake who feeds the croc and has an interesting relationship with the 30-foot creature. I don’t want to give anything away in case you want to watch the film yourself but I will say it’s an extremely fun character to watch Betty White shine through.Mrs. Bickerman boasts everything we love about Betty’s acting: her sweet side, her naughty cursing side; she has a bit of a pottymouth while also putting on a sweet, innocent, motherly facade. It’s all sides of Betty White we love, adore, and miss.If you like the movie Jaws, then you would probably like this 1999 film. It’s only 1 hour and 22 minutes (as movies should be!!) and Betty White steals the show. There are also some other great actors you may recognize, like Bridget Fonda, Bill Pullman, and Oliver Platt, just to name a few.IMDb has it listed with a 5.7/10 rating but I’ll let you be your own judge.28 of the Best Movies Set In Maine RankedFavorite Movies Filmed in New England Did you know what a hot spot New England is for films? I was checking out a list of movies from the nhfilmfestival.com made in New England and a few surprised me.