Latest news with #economicimpact
CBS News
2 hours ago
- Business
- CBS News
Benicia prepares for possible closure of Valero refinery, its largest employer and top taxpayer
The city of Benicia is bracing for a major economic shift as it prepares for the possible closure of the Valero Refining Company, the city's largest employer and primary source of tax revenue. "Valero represents in direct contributions to our economy between $10 and $12 million a year," said Benicia Mayor Steve Young. That amount accounts for roughly 20% of the city's $60 million annual budget. If Valero shutters its operations next year, the financial hit could be even greater, as other businesses that depend on the refinery, such as restaurants, hotels, and service providers, may also be forced to close. "They'll be impacts to restaurants and hotels," Young said. "Charitable contributions — they give a couple of million bucks a year to non-profits, sports teams." With potential cuts to city programs and staff on the horizon, Mayor Young is working to explore alternatives to replace the lost revenue. He's also lobbying to delay the refinery's closure. "What I'm trying to do is buy some time," he explained. "If we can delay this closure for three years and give ourselves a chance to start talking about what comes next and what type of development would be best to try to replace what's happening here and continue to operate and give us some revenue in the meantime, that would be the best of all worlds. But it's sort of out of our hands." Benicia is not alone in its complex relationship with the oil industry. Like other refinery communities such as Richmond and Martinez, Benicia residents have long balanced economic benefits with concerns about environmental and public health risks. Marilyn Bardet, a founding member of the Good Neighbor Steering Committee and the Benicia Community Air Monitoring Program, has spent years holding Valero accountable to environmental regulations. "I believe there will be pain," Bardet acknowledged. "But I believe that out of that situation comes really strong feelings for what is our community about." Bardet believes the refinery's closure could ultimately benefit public health. "Our community will be healthier," she said. "Our children will not have as much asthma. The cancer rates may, over a generation, begin to decrease." Still, many in the community are worried about the economic consequences of losing hundreds of high-paying jobs. Some blame city officials and environmental advocates for pushing Valero out. "[Valero is] a benefit for the area," said supporter William Fisher. "And also, there's going to be quite a bit of job loss involved." Mark Felsoci, a longtime worker at the refinery, said in April that many employees have been able to support their families and send their children to college thanks to their jobs at Valero. "Some people just are going to be out of a job because there's not enough places to fill the gaps," Felsoci said. Mayor Young said he's in conversations with both state officials and Valero in hopes of finding a solution, but he is also preparing the city for what lies ahead. "We're a vibrant and resilient community. And we are going to get through this," he said. "We're not going to be declaring bankruptcy or do anything like that." Valero isn't the only oil company planning to shut down operations in California. Phillips 66 has also announced its intention to close its Los Angeles refinery by the end of this year. Experts warn that refinery closures could contribute to higher gas prices across the state. Governor Gavin Newsom and the California Energy Commission are currently working with both companies to explore compromises that would minimize disruptions for both drivers and local economies. The developments follow increasing regulatory pressure on the oil industry. Last year, the Bay Area Air Quality Management District issued its largest-ever penalty against Valero's Benicia facility — an $82 million fine for repeated toxic chemical releases and other violations.
The Guardian
16 hours ago
- Business
- The Guardian
Natural disasters cost Australia's economy $2.2bn in first half of 2025, new Treasury analysis shows
Six months of natural disasters in 2025 have cost the economy $2.2bn, largely in slower retail and household spending, according to new federal Treasury analysis. Wild weather has repeatedly battered the Australian east coast this year. The analysis period covers Cyclone Alfred, the first cyclone to hit south-east Queensland in 50 years, and associated flooding. Sign up for Guardian Australia's breaking news email It also includes the impact of last month's severe flooding in New South Wales's Hunter and mid-north coast regions. The disaster left about 10,000 buildings with flood damage, with an estimated 1,000 uninhabitable, and claimed five lives. Outback and north Queensland also flooded this year. Treasury expects most of the immediate loss in economic activity to take place in the March quarter. Partial data for the March quarter has shown that retail trade and household spending have been the most significantly impacted as a result of the disasters. Nominal retail trade in Queensland fell 0.3% in February and 0.4% in March, according to Treasury analysis. Household spending was flat, with a 0.2% drop in Queensland. Full March quarter national accounts will be released on Wednesday. 'The human impacts matter to us most, but the economic cost is very significant too, and we'll see that in Wednesday's national accounts,' said the treasurer, Jim Chalmers. 'The government will be there for people in disaster-hit regions, just like they're there for each other. 'We've activated disaster assistance to the Hunter and mid-north coast regions of NSW, just as we did earlier in the year in Queensland and northern NSW.' The treasurer said the economic progress Australians had made lowering inflation, debt and unemployment meant 'we're in a stronger position to provide support when communities need it most'. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion The federal government has activated several rounds of disaster payments. The minister for emergency management, Kristy McBain, said the government planned to fund projects designed to improve preparedness and resilience in order to protect communities when disasters strike. 'We are committed to funding support to increase resilience, adaptability and preparedness,' she said. 'Our disaster ready fund initiative will provide another $200m of investment in 2025-26.' McBain said she had been on the ground in NSW, where she saw 'first-hand the effects a disaster can have', and had been meeting with small businesses and primary producers that had been 'hit hard'. 'It is my priority to work closely with all levels of government to ensure support is provided as quickly as possible,' she said. McBain said the federal government would 'continue to work with NSW on any other funding requests'. 'For a lot of these people, it's the cumulative impact of a number of events, and we understand that,' she said. 'That's why recovery isn't going to be over the next couple of days when cameras and lights are on the area. It's going to be days, weeks and months that we'll walk with these communities.'
News.com.au
16 hours ago
- Business
- News.com.au
Natural disasters cost Australia $2.2 billion in first six months of 2025
The Treasury has flagged GDP figures may be lower than expected this quarter due to a huge economic loss from natural disasters so far in 2025. New analysis by the Treasury has estimated the immediate loss of economic activity from natural disasters so far in 2025 is $2.2 billion. The huge costs of disasters this year, include the impacts of flooding in the NSW Hunter and mid-North Coast regions, as well as Cyclone Alfred and flooding in western Queensland and Far North Queensland. Most of the loss will affect the March quarter, the Treasury said, which is to be reflected in National Accounts released on Wednesday. The natural disasters have also had an impact on retail trade and household spending, data from the March quarter suggests. Retail trade in Queensland dropped 0.3% in February and 0.4% in March. Household spending was flat nationally, with a 0.2% drop in Queensland contributing. Treasurer Jim Chalmers highlighted the dual focus on human and economic costs, with continued disaster assistance. 'Our government's first priority is helping to fund the recovery and rebuild for communities hit hard by all the heavy weather we're seeing more and more frequently,' he said in a release. 'The human impacts matter to us most, but the economic cost is very significant too and we'll see that in Wednesday's National Accounts. 'The Government will be there for people in disaster hit regions, just like they're there for each other.' Mr Chalmers added they have activated disaster assistance to the Hunter and mid-North Coast regions of NSW. 'Because of the progress Australians have made together in the economy, with inflation down, debt down and unemployment low, we're in a stronger position to provide support when communities need it most,' he said. Meanwhile, Minister for Emergency Management Kristy McBain stressed the importance of preparedness and long-term recovery, with an extra $200 million to be invested via the Disaster Ready Fund in 2025–26. 'Our Government is committed to preparedness and resilience in order to protect communities when disasters strike,' she said. 'We are committed to funding support to increase resilience, adaptability and preparedness. Our Disaster Ready Fund initiative will provide another $200 million of investment in 2025-26.' Ms McBain said she has recently been on the ground in NSW, and has seen first hand the effects a disaster can have. 'We have activated multiple disaster payments and we will continue to work with NSW on any other funding requests and I have been meeting with small business and primary producers who have been hit hard,' she said. 'For a lot of these people, it's the cumulative impact of a number of events and we understand that. 'That's why recovery isn't going to be over the next couple of days when cameras and lights are on the area. It's going to be days, weeks and months that we'll walk with these communities.'
Yahoo
a day ago
- Business
- Yahoo
Report: Airbnb brought $900M to Louisiana in 2024
BATON ROUGE, La. (Louisiana First) — A new report shows that Airbnb travel created over $90 billion in economic activity across the U.S. in 2024. Louisiana felt a big part of that impact. In the state alone, Airbnb helped generate approximately $900 million last year. The report said guest spending supported around 12,000 jobs, $495 million in wages and over $256 million in tax revenue. Airbnb also said that the average guest in Louisiana spent around $860 on restaurants, shopping, entertainment, and other local businesses on their trip. The report said that the spending benefited communities, especially those without major hotel infrastructure. According to a news release, Airbnb also backed House Bill 374 during the 2025 legislative session. The bill lets Airbnb and similar short-term rental sites collect and send taxes straight to state and local governments. Bill would create hotel tax district in St. Francisville to redevelop blighted property 'This bill will make it easier for communities across Louisiana to capture the full economic benefits of tourism from short-term rentals,' Airbnb said. Airbnb said guests contributed $25 billion to total tax revenue across the nation, which includes $2.4 billion from tourism-related taxes. Baton Rouge man accused of helping New Orleans inmate arrested on drug charges Air traffic controller says its 'safe to fly' but 'avoid Newark' Man sues Walt Disney World over Florida water slide's 'exhilarating speeds' Turmoil, worry swirl over cuts to key federal agencies as hurricane season begins Report: Airbnb brought $900M to Louisiana in 2024 Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Forbes
2 days ago
- Business
- Forbes
Top AI Degrees That Will Future-Proof Your Career
Artificial intelligence is reshaping our entire economic landscape at a pace that would have seemed impossible just a few years ago. The United Nations Conference on Trade and Development projects the global AI market will soar from $189 billion in 2023 to $4.8 trillion by 2033—a staggering 25-fold increase in just a decade. But here's what makes this revolution different from previous technological shifts: it's not just creating new industries, it's fundamentally changing how almost every industry operates. While about one-third of roles in advanced economies face automation risks, 27% of jobs stand to be enhanced, not eliminated, by AI according to the World Economic Forum. You'd naturally assume that computer science and engineering graduates would be the safest bets in an AI-driven world, right? The latest data from the Federal Reserve Bank of New York tells a more complex story that should make every student and parent reconsider their assumptions. Computer science is actually experiencing unemployment rates well above the national average. Anthropology, physics, and commercial art are showing some of the highest unemployment rates among recent graduates. Meanwhile, majors like nutrition sciences, special education, civil engineering, and nursing are enjoying low unemployment rates, some under 1.5%. This paradox reveals something crucial about our AI-driven future: The most valuable skills aren't always the most obvious ones. The $1.1 trillion annual loss our economy suffers from skills gaps shows a fundamental misalignment between what graduates are prepared for and what the economy actually needs. The following is a list of majors that offer the best combination of opportunity, stability, and AI readiness. Each represents a different pathway into our AI-enhanced future. My recommendation is to pair a technology-driven major with a non-technology driven major to build technical competencies alongside domain expertise. Computer science remains the foundational discipline for AI development, but here's the reality check: despite being at the heart of the AI revolution, computer science graduates are facing unemployment rates above the national average, likely due to AI taking the work of entry level computer science graduates. Facebook has even announced plans for replacing mid-level engineers. The field covers programming languages, algorithms, data structures, software engineering, and increasingly, machine learning and artificial intelligence fundamentals. Students develop critical thinking skills, mathematical reasoning, and the ability to solve complex problems systematically. Who should consider this path? Students who genuinely enjoy problem-solving, have strong analytical skills, and aren't deterred by increased is also wise to choose colleges that are incorporating AI into their curricula This is where the skills gap becomes apparent: employers aren't just looking for programmers anymore. They need computer scientists who can bridge the gap between technical capability and real-world application; who understand both the code and the context in which it operates. Those who combine computer science with domain expertise in healthcare, finance, or other fields are finding significantly better opportunities so I would recommend a double major in computer science and another subject such as systems engineering, business, or healthcare. Data science sits at the intersection of statistics, computer science, and domain expertise, and unlike pure computer science, it's experiencing strong job market performance. According to the U.S. Bureau of Labor Statistics, employment of data scientists is projected to grow 36% from 2023 to 2033, much faster than the average for all occupations. This difference highlights something crucial about the skills gap: employers need people who can bridge technical capability with practical application, not just coding ability. Students learn to extract insights from large datasets using statistical methods, machine learning algorithms, and data visualization techniques. The curriculum typically covers programming in Python and R, statistical analysis, database management, and machine learning. The field develops analytical thinking, statistical reasoning, and crucially, the ability to communicate complex findings to non-technical audiences. This communication component is where many technically skilled graduates fall short, contributing to the skills gap even in high-demand fields. Data science addresses the skills gap by producing graduates who understand both the technical and business sides of AI implementation. Every AI system relies on quality data and proper analysis, but more importantly, it needs people who can translate AI insights into actionable business decisions. Graduates find themselves building datasets that train AI models, developing algorithms that power recommendation systems, and creating analytics frameworks that measure AI system performance. Nursing represents one of the most striking examples of how unemployment data reveals hidden opportunities. With unemployment rates consistently under 1.5%—among the lowest of any field—nursing graduates are entering a market that desperately needs their skills. The curriculum covers anatomy, physiology, pharmacology, patient care, and increasingly, health informatics and AI-powered diagnostic tools. Students develop clinical skills, critical thinking under pressure, empathy, and the ability to make quick decisions with incomplete information. Healthcare transformation through AI-powered diagnostics, predictive analytics, and telehealth technologies requires nurses who understand these tools without losing the human touch. They're the ones ensuring AI recommendations enhance rather than replace clinical judgment, filling a critical role in our AI-enhanced healthcare future. Here's another field where the unemployment data tells a powerful story. Special education and early childhood education majors enjoy unemployment rates well below the national average, often under 2%. This reflects a critical skills gap that AI is actually widening rather than closing—we need more educators who can use AI to personalize learning while maintaining the human connection that makes education effective. The curriculum covers child development, learning theories, classroom management, and increasingly, educational technology and AI-powered personalized learning tools. Students develop patience, creativity, communication skills, and the ability to adapt teaching methods to different learning styles. Aerospace engineering combines complex technical challenges with cutting-edge AI applications. Students learn aerodynamics, propulsion, materials science, and control systems, along with AI-driven autonomous systems and design optimization techniques. The curriculum develops advanced mathematical skills, systems thinking, and the ability to work with incredibly complex, high-stakes projects. Students learn to balance multiple engineering constraints while maintaining absolute precision and safety standards. This field attracts students fascinated by flight and space exploration, who excel in mathematics and physics, and can handle the pressure of working on systems where failure isn't an option. You need attention to detail, strong analytical skills, and the ability to think in three dimensions. AI is revolutionizing aerospace through autonomous flight systems, predictive maintenance, optimized design algorithms, and advanced manufacturing processes. Engineers who understand both traditional aerospace principles and AI applications are developing the next generation of aircraft and spacecraft. Philosophy might seem like an unusual choice for an AI-focused career, especially given that some humanities fields like anthropology are showing higher unemployment rates among recent graduates. However, philosophy represents a different kind of opportunity that addresses a critical gap in AI development that most people don't even realize exists. Students study logic, ethics, critical thinking, and argumentation. The curriculum develops analytical reasoning, ethical decision-making, and the ability to think clearly about complex, abstract problems. Philosophy majors learn to identify assumptions, construct logical arguments, and consider multiple perspectives on difficult questions. The unemployment challenges in some humanities fields often stem from graduates not understanding how to translate their skills into AI-relevant careers. Philosophy graduates who can articulate their value in AI contexts—ethics, logical reasoning, policy development—find significantly better opportunities than those who don't make these connections explicit. This addresses a massive component of the skills gap: as AI systems become more powerful and widespread, we desperately need people who can think clearly about their ethical implications, societal impact, and proper governance. Philosophy graduates are uniquely positioned to work on AI ethics, policy development, and ensuring AI systems align with human values—roles that didn't exist five years ago but are becoming critical. Choosing your degree in an AI-driven world isn't about picking the "safest" option or chasing the highest starting salary. It's about understanding how your interests and strengths can contribute to a world where human and artificial intelligence work together. The most successful professionals will be those who build versatile skill portfolios—combining technical competency with creative thinking, ethical reasoning, and deep domain expertise. They'll be the ones who see AI not as a threat to human capability, but as a tool that amplifies what makes us uniquely human. The AI revolution is just beginning, and the opportunities it creates will go to those prepared not just to use AI, but to shape how it develops and integrates into society. Your degree choice today is your first step into that future.
