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Over 80% of small businesses concerned about inflation under Biden

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In a June survey from Goldman Sachs, small businesses expressed their concerns about the economy under President Biden. Most of the 10,000 small businesses surveyed believe that Biden’s policies could either negatively impact them.

82% of business owners reported concern about inflation. Meanwhile, 83% saw increases in operation costs and subsequently 48% raised their prices.

A majority of small businesses approve of Biden’s American Jobs Plan and American Families Plan, but only 13% say that the proposed tax policies will have a positive impact on them.

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Economy

Chevron downsizes global San Fran headquarters, paying for employees to move to Texas office

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Oil giant Chevron made a huge announcement saying it will be closing its current global headquarters in San Ramon, California. Even more telling, its encouraging employees to move to Houston, Texas.

The San Francisco Gate reported “the oil company will cover relocation costs for those voluntarily leaving for the Texas office, which has been growing and employs nearly 6,000 people. Meanwhile, the San Ramon office buildings have experienced dwindling numbers in recent years.”

Although the company is not leaving the state completely, “company leadership has pushed for a permanent move to Texas in the past” adds SFGATE. Chevron, which has had “deep roots” in California going back to the late 1800s, will vacate its 100-acre campus in 2023.

The Wall Street Journal reports the business hopes to move into a smaller space in San Ramon, which will remain its headquarters. A company spokesperson told SFGATE “the current real estate market provides the opportunity to right-size our office space to meet the requirements of our headquarters-based employee population.”

“The move is expected to occur during the third quarter of 2023” they continued. “Chevron will remain headquartered in California, where the company has a 140-year history and operations and partnerships throughout the state.”

The SFGATE notes Chevron is one of “the East Bay’s legacy companies joining the trend” to move their headquarters out of the area in recent years. Tech companies such as startups like Coinbase to industry pioneers like Hewlett Packard and Oracle have all vacated, with Elon Musk having been “one particularly outspoken voice decrying California’s business conditions.”

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