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With their government contracts in limbo, small businesses await a historic shutdown’s end

With their government contracts in limbo, small businesses await a historic shutdown’s end

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By MAE ANDERSON, AP Business Writer

NEW YORK (AP) — The end of the longest U.S. government shutdown in history would be a relief for small businesses that depend on federal contracts or funding. For seven weeks, they’ve been reducing spending, weighing layoffs and looking for stable work while trying to reach shuttered government offices, according to several contractors.

House lawmakers are returning to Washington on Wednesday to vote on compromise legislation that would fund the government through Jan. 30. A majority of Democrats are expected to vote against the bill, which is likely to win approval in the Republican-led chamber.

Small business owners with government contracts say the shutdown has caused payment delays and the cancellation of some projects, and they will be working to make up for lost time and money, if the government reopens.

FILE – Veteran and business owner Jackson Dalton arranges protective... FILE – Veteran and business owner Jackson Dalton arranges protective gear at the Black Box Safety offices, Thursday, Nov. 7, 2024, in El Cajon, Calif. (AP Photo/Gregory Bull, File) FILE – Veteran and business owner Jackson Dalton gestures towards... FILE – Veteran and business owner Jackson Dalton gestures towards protective gear at the Black Box Safety offices, Thursday, Nov. 7, 2024, in El Cajon, Calif. (AP Photo/Gregory Bull, File) FILE – Veteran and business owner Jackson Dalton walks along... FILE – Veteran and business owner Jackson Dalton walks along a hallway at the Black Box Safety offices, Thursday, Nov. 7, 2024, in El Cajon, Calif. (AP Photo/Gregory Bull, File)

1 of 3 FILE – Veteran and business owner Jackson Dalton arranges protective gear at the Black Box Safety offices, Thursday, Nov. 7, 2024, in El Cajon, Calif. (AP Photo/Gregory Bull, File)

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Uncertainty on projects

Jackson Dalton, owner of Black Box Safety, a maker of personal protective equipment, was awarded a $1.9 million federal contract for flashlights the day before the shutdown started on Oct. 1. read more

Diverse and resilient energy production is needed to meet future demand, global report says

Diverse and resilient energy production is needed to meet future demand, global report says

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By ALEXA ST. JOHN, Associated Press

Electricity demand will rise much faster than overall energy growth in the coming decades, underscoring the need for diversified energy sources, according to an analysis released Wednesday.

The report by the International Energy Agency said renewable energy, led by solar power, will grow faster than any other major source in the next few years. One scenario the agency anticipates is coal and oil demand peaking globally by the end of this decade — but the group also said global oil and gas demand could continue growing until 2050. The report noted that many natural gas projects were approved in 2025, due to changes in U.S. policy, indicating worldwide supply will rise even as questions remain about how it will be used. Meanwhile, global nuclear power capacity is set to increase by at least a third by 2035 after being stagnant for years.

The release of the annual World Energy Outlook coincided with U.N. climate negotiations in Brazil this week where global leaders are calling for ways to curb the planet’s warming. read more

7 Central Florida restaurants were shut down last week

7 Central Florida restaurants were shut down last week

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The Department of Business and Professional Regulation shut down seven Central Florida restaurants for health code violations during the week from Nov. 2-8.

Brevard

Hangry Joe’s Melbourne at 1630 S. Wickham Road in West Melbourne shut down on Nov. 4. Inspectors found 29 violations, four of which were high priorities. Those violations included an employee drying their hands on a soiled towel, an employee failing to wash their hands before working with food, rodent activity and an improperly stored toxic substance. A second inspection occurred on Nov. 5. Inspectors found six violations, but none was a high priority. The restaurant met inspection standards.

Orange

Sizler Tandoori LLC. at 7511 International Dr. in Orlando shut down on Nov. 5. Inspectors found 19 violations, two of which were high-priority violations for an employee failing to wash their hands before working with food and raw food not properly separated from ready-to-eat food. A second inspection occurred on Nov. 6. There were five violations, but none was a high priority. The restaurant requires a follow-up inspection, but no longer poses an immediate threat to the public. read more

Wall Street drifts around its records as AMD rallies

Wall Street drifts around its records as AMD rallies

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By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks drifted around their records in a mixed day of trading Wednesday.

The S&P 500 added 0.1% and neared its all-time high set a couple weeks ago. The Dow Jones Industrial Average jumped 327 points, or 0.7%, to set a record for the second straight day, while the Nasdaq composite slipped 0.3%.

Advanced Micro Devices was at the front of the market. It rallied 9% after CEO Lisa Su said the chip company is expecting better than 35% of annual compounded revenue growth over the next three to five years. She credited “accelerating AI momentum.”

Stocks benefiting from the artificial-intelligence frenzy have been shaky recently, as investors question whether how much more they can add to already spectacular gains.

Their sensational performances have been one of the top reasons the U.S. market has hit records despite a slowing job market and high inflation. Their prices have shot so high, though, that critics say they’re reminiscent of the 2000 dot-com bubble, which ultimately burst and dragged the S&P 500 down by nearly half. read more

Atlanta Fed president Bostic to retire in February, opening seat on key committee

Atlanta Fed president Bostic to retire in February, opening seat on key committee

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By CHRISTOPHER RUGABER, AP Economics Writer

WASHINGTON (AP) — Raphael Bostic, president of the Federal Reserve Bank of Atlanta, will retire at the end of his current term in February, opening up a new seat on the Fed’s interest-rate setting committee at a time that President Donald Trump is seeking to exert more control over the central bank.

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As president of one of the Fed’s 12 regional banks, Bostic, 59, serves on the 19-member committee that meets eight times a year to decide whether to change a key short-term interest rate that influences borrowing costs throughout the economy. Only 12 of the 19 participants vote on rates at each meeting. The regional Fed presidents rotate as voters, and the Atlanta Fed’s president will next vote in 2027. read more