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Beyond Billionaires: Small Business, Taxes, and Who’s Rich in America
Join the Center for American Progress for a conversation on business ownership as the main path to wealth in America, and what that means for the future of tax policy and the American Dream.
A Google co-founder is spending $100 million to defeat California’s wealth tax. It could become one of his best investments
Google co-founder Sergey Brin has funneled just over $100 million to a group trying to defeat a one-time state tax on California’s billionaires this November.
Temple Health posted a $22.7 million operating profit in fiscal 2026
The North Philadelphia nonprofit's revenue climbed to $3.6 billion from $3.3 billion.
University of Pittsburgh launches health sciences startup incubator in Oakland
Pitt trustees approved the incubator on the same day the university announced a $3 billion fundraising campaign to support university initiatives further.
University of Pittsburgh launches health sciences startup incubator in Oakland
Pitt trustees approved the incubator on the same day the university announced a $3 billion fundraising campaign to support university initiatives further.
Scientists Say Earth Needs to Shrink by Billions of People By 2200. But I Think We’re Already Screwed.
Fossil fuels have hidden the true cost of 8 billion people. Here’s what could happen when the illusion ends.
How ocean chemistry helped life keep breathing
Scientists have helped solve a longstanding mystery about how Earth remained habitable after oxygen first accumulated in its atmosphere more than 2 billion years ago.
Princeton Equity Group Raises $1.3 Billion Fund III at Hard Cap
PRINCETON, N.J. & DALLAS--(BUSINESS WIRE)--Sep 29, 2026--
Long Lake, the World’s First AI Holding Company, Completes $6.3 Billion Acquisition of American Express Global Business Travel
Long Lake, the World’s First AI Holding Company, Completes $6.3 Billion Acquisition of American Express Global Business Travel
He Picked Up Trash For $4 An Hour. Now He Runs A $1 Billion Construction Business
How a 12-year-old’s door knock connected him with now billionaire mentor —and launched a fast-growing construction empire powering tech giants like Google, Apple and Microsoft.
FTSE 100 rises as AstraZeneca lifts healthcare sector
London's FTSE 100 rose on Tuesday, lifted by pharmaceutical stocks after AstraZeneca agreed to take a $2 billion stake in Summit Therapeutics to advance cancer research.
Inside the drama dogging Corgi, the $5 billion insurance startup
Corgi reached a $5 billion valuation. Internal messages and documents reveal the drama dogging the insurance startup.
Analysis | Democrats coalesce around a message about the cost of corruption
Their message accuses Republicans of flagrant corruption, tying the attack to the billions President Donald Trump has made during his second term.
Not the GPUs. This Overlooked Piece of Nvidia's Business Could Matter Most for the Stock's Next Leg Up.
Nvidia sees this area as a $200 billion opportunity.
Deloitte Model Explores $527 Billion Growth Opportunity in US Women's Health Through Health Promotion, Prevention and Early Detection
/PRNewswire/ -- Key takeaways Prevention could expand health span: Under a prevention and improved disease-management scenario, women's health span could...
Not the GPUs. This Overlooked Piece of Nvidia's Business Could Matter Most for the Stock's Next Leg Up.
Nvidia sees this area as a $200 billion opportunity.
Indonesia to inject $1.1 billion into health insurer BPJS Kesehatan
Indonesia's government will inject 20 trillion rupiah ($1.11 billion) into health insurer BPJS Kesehatan to help the state agency cover its deficit in 2026, according to a government statement.
Indonesia to inject $1.1 billion into health insurer BPJS Kesehatan
JAKARTA, Sept 29 () - Indonesia's government will inject 20 trillion rupiah ($1.11 billion) into health insurer BPJS Kesehatan to help the state agency cover its deficit in 2026, according to a government statement.
Billionaire tax is dividing California healthcare system it's designed to support
California's proposal to tax billionaires more, known as Proposition 40, is dividing the healthcare system, which it is supposed to help.
Ranking Member Markey: SBA Administrator Loeffler, Trump Administration are Refusing to Answer to America’s 36+ Million Small Businesses and Workers, Leaving Main Street Behind
Loeffler canceled her scheduled Sept. 30 appearance before the Senate Small Business Committee, has not appeared before SBC in more than a year (Washington, September 28) – Ranking Member Edward J. Markey (D-Mass.) today released the following statement after Small Business Administration (SBA) Administrator Kelly Loeffler canceled her scheduled Wednesday appearance before the Small Business and Entrepreneurship Committee. Administrator Loeffler has not appeared before the committee in more than a year and has consistently refused to provide substantial answers to committee members in person, in writing, or via requested briefings. In June, Ranking Member Markey led every Democratic member of the committee in calling on Administrator Loeffler to appear before the committee to answer for the Trump administration’s cruel attacks on American small businesses, entrepreneurs, and workers. The Democratic lawmakers still have not received a response from Administrator Loeffler. “It is unacceptable that Administrator Loeffler chose to cancel her appearance before the Senate Small Business and Entrepreneurship Committee. The Trump administration is once again ignoring the more than 36 million American small businesses, entrepreneurs, and workers who drive our economy and enrich our communities by refusing to answer questions about this administration’s reckless economic policies. It has been more than a year since Administrator Loeffler has appeared before our committee and answered questions from both Democrats and Republicans. Since then, the Trump administration’s attacks on Main Street have only worsened. “Small businesses are facing record high gas and diesel prices, skyrocketing healthcare costs, and never-ending uncertainty from Trump’s trade war with the world. Trump has terrorized Main Streets across the country with violent ICE raids, destroying families, communities, and local economies. Meanwhile, Administrator Loeffler and the Trump SBA have been in a Witness Protection Program, ignoring the Pain on Main Street that they have created. They have chosen to make drastic cuts to SBA funding and essential, bipartisan programs, including the closure of the SBA office in Springfield and removal of the SBA office from Boston; directly attacked immigrant small business owners and destroyed the promise of the American Dream; and proposed shortsighted small business size rules that would benefit billion-dollar businesses over actual small businesses. “It’s clear that Administrator Loeffler, President Trump, and their CEO billionaire buddies want to turn the Small Business Administration into the Big Business Administration, tear down our economy, and abandon Main Street. If that is indeed this administration’s goal, Administrator Loeffler must answer to the millions of small businesses, workers, and families in Massachusetts and across the country that this administration is leaving behind.” ###
Trump unveils $15B planned Iowa steel project
Mesabi Metallics plans a $15 billion steel mill in Iowa using iron ore from its Minnesota mine, creating thousands of jobs and boosting us manufacturing.
Opioid settlement funds could bridge some health gaps
Back when now-Gov. Maura Healey was the Massachusetts attorney general, in July 2021, she sued opioid distributors, manufacturers, and pharmacies for their prescription practices, which the state argued contributed to a national opioid crisis. What resulted was a settlement of more than $1 billion from opioid-makers Johnson and Johnson and opioid-distributors McKesson, Cardinal, and AmerisourceBergen. […]
McDonald's is putting third-party ads on drive-thru screens, eyes $1 billion business
The chain launched a pilot at 450 company-owned U.S. restaurants in August and hopes the business will eventually reach $1 billion
An Old Paper Really Did Suggest A Mathematical "Doomsday" On 13 November 2026, But There's No Need To Worry
The paper, written in 1960, suggests "doomsday" will occur on 13 November 2026. But unless there are billions of secret pregnancies out there, you shouldn't be all that concerned.
Jackson says Trump ‘owns’ Collins
Specifically, Jackson mentioned Collins’ vote to let the “big, beautiful bill” advance to the Senate floor, her support for $70 billion in funding for Immigration and Customs Enforcement and the war in Iran.
President Trump to announce $15 billion steel plant in eastern Iowa
Republican President Donald Trump will announce that Mesabi Metallics will invest $15 billion into building a steel plant in eastern Iowa.
Scientists Pinpoint a Possible “Sweet Spot” for Life’s Origins 4.33 Billion Years Ago
By simulating a billion years of Earth’s history, researchers have identified a possible window for life’s earliest chemistry around 4.33 billion years ago. During its first few hundred million years, Earth was a hostile target. Asteroids, comets, and leftover planetesimals, smaller bodies remaining from planet formation, relentlessly battered the planet, generating intense heat that could
Nvidia announces the biggest share buyback in history
Nvidia said on Monday that it would it expand its overall buyback program to $235 billion, the biggest in stock market history.
They discover a lava-covered exoplanet that could reveal what Earth was like billions of years ago
A group led by a scientist from the University of Chicago announced that a "lava world" was discovered.
Trump uses ‘contested’ power to cut more funding to HHS
Late Friday night, the Trump administration clawed back nearly $1 billion in spending approved by Congress, targeting several HHS programs focused on immigrants and diversity
Columbus hospitals are spending billions on buildings. See what's new in 2026
All four health systems have repeatedly pointed to central Ohio's population growth as a key consideration in their construction over the years.
AMC Entertainment (AMC) Plans $3.97 Billion Refinancing. Can It Buy More Time?
AMC Entertainment Holdings, Inc. (NYSE:AMC) launched a $2 billion offering of first-lien notes due 2031 and an $850 million first-lien term-loan syndication on September 21. It also secured a conditional commitment for a $1.12 billion second-lien term loan, dependent on completion of the first-lien financing and other conditions. The proposed $3.97 billion package would replace […]
“Avengers: Endgame Encore” bows at No. 1, Robert Pattinson’s “Primetime” catches $20 million at global box office
With the Marvel superhero film’s reissue, “Avengers: Endgame” has now surpassed $2.885 billion internationally.
In 1980, His Business Became The Fastest Company In History To Reach $1 Billion In Sales. Today, His Heirs Sit On Top a $453 Billion Combined Fortune. Here’s How Sam Walton Built the Biggest Retail Empire in America’s History
Sam Walton opened a single discount store in rural Arkansas in 1962 with no obvious path to greatness. What he built in the decades that followed rewrote every assumption about how fast a retail empire could grow and how much wealth one family could accumulate.
Shift4 Payments (FOUR): A Stock Priced for Trouble, a Business Still Compounding Underneath
Back in August, Shift4 Payments, Inc. (NYSE:FOUR) lowered its full-year outlook, cutting expected gross revenue less network fees to $2.48 billion – $2.53 billion from $2.5 billion – $2.6 billion and adjusted earnings per share to $5.15 – $5.35 from $5.50 – $5.70, citing roughly $25 million from Middle East travel disruption and $20 million […]
Trump Offered to Sell Arms to China, U.S. Ambassador Says
President Trump made the offer to Xi Jinping, China’s leader, said David Perdue, the U.S. ambassador to China. Trump is withholding a $14 billion arms package to Taiwan.
Scientists Blasted Water With Light 10 Billion Times Brighter Than Sunlight. It Still Didn't Evaporate Faster.
Illuminating one of recent science's most intriguing mysteries.
The longevity boom is getting ahead of the science
Billions are pouring into anti-ageing biotech, but manipulating ageing has risks we are only beginning to understand.
California voters to decide on Props 41 and 42, challenging the billionaire tax
California voters will face two ballot measures this November—Propositions 41 and 42—that aim to challenge the proposed billionaire tax and other future taxes like it.
This weather threat costs us billions. And it’s about to get worse.
Scientists are chasing hail to understand what’s happening to these dangerous projectiles.
Was Dolly Parton country music’s richest singer? The answer might surprise you
The richest singer in country music has a net worth of more than $1 billion.
White House Claim of Finding $250 Billion in Fraud Uses Questionable Numbers
The ledger used by a task force created by President Trump is difficult to verify and includes cases that were identified and went to trial during the Biden administration.
That fresh cleaning smell could be filling your home with nanoparticles
Researchers found that scented cleaners can react with ozone indoors to create billions or trillions of invisible nanoparticles that can penetrate deep into the lungs. The pollution forms within minutes and, in some cases, may produce an inhaled particle dose comparable to or greater than standing near heavy traffic.
Scientists may have misread a 2-billion-year-old clue about Earth
Scientists have found that a famous 2-billion-year-old chemical signature, once thought to record a massive global change in Earth’s carbon cycle, may instead have been produced by local magma, hydrocarbons, and methane-eating microbes. The discovery raises new questions about what was really happening as oxygen transformed the young planet.
NWA EDITORIAL | Region’s business behemoths, families keep investing in Northwest Arkansas
They could be called fly-on-the-wall meetings. After all, we'd imagine when billionaire individuals and billionaire companies get together to chat about taking a big step, it's bound to be interesting.
Trump cancels nearly $1 billion in spending approved by Congress, a move some lawmakers called illegal
Bill Gates warns AI could lead to 'a billion deaths'
The cofounder of Microsoft made grave predictions about AI and voiced support for government regulation of the sector.
HBO’s Billionaire Divorce Drama War Doesn’t Know What It’s Trying to Say
The glossy series has all the elements of prestige TV but no perspective on the world it's depicting
McDonald’s may get into the advertising business
The fast-food giant is testing a commerce media network, saying it could be a $1 billion business.
$3 billion benefits broker club: decade of dominance revealed
DOL Form 5500 data reveals a three-way race - and a lead that changed hands three times
Pioneer of China NewCo model sued in US over trade secret misuse, double-dealing
A legal feud unfolding in New York is putting a spotlight on the work of a business development veteran who is credited for pioneering one of biopharma’s hottest dealmaking mechanism: the China “NewCo” model. In a lawsuit originally filed in New York state court and recently moved to federal court, China’s Lepu Medical Technology has alleged that biopharma business development consultant Su Zhang, who was hired to help shop its GLP-1 weight-loss candidates to Western partners, engaged in corporate double-dealing and trade secret leaks. According to the complaint, while acting as Lepu’s primary dealmaking liaison for a group of obesity and metabolic disease drug candidates, Zhang was secretly double-dipping as the acting chief business officer for a direct competitor, BrightGene Pharmaceutical. “She never adequately disclosed the role, never sought Lepu’s consent, and never proposed any safeguard,” Lepu alleged in its complaint, which was filed in July after Zhang’s consulting firm, CoDevCo, sought certain transaction-based success fees from its angry customer through an arbitration process in Singapore. Lepu, the parent company of Lepu Biopharma, has asked Zhang to pay back its $500,000 retainer and disgorge all benefits she received during the alleged breaches of fiduciary duty, plus other damages and relief. The company has also requested the court grant injunctions to protect Lepu’s trade secrets. The ill-fated partnership officially kicked off in December 2024, when Lepu tapped CoDevCo as its “exclusive business development mechanism” to identify collaborators for the company’s drug candidates. According to Lepu’s complaint, Zhang personally negotiated and signed the agreement as managing director for CoDevCo, which used her home address. Before the Lepu deal, Zhang made a name following a short stint as the global head of business development for Hengrui Pharmaceuticals. It was during her tenure that Hengrui signed a landmark deal granting exclusive rights for a portfolio of GLP-1 assets to Hercules, which was at that time newly established by a group of private equity and venture capital firms. In addition to the regular upfront and milestone payments, Hengrui also gained an equity stake in Hercules, which later became Kailera Therapeutics. The Hengrui-Hercules deal opened a new paradigm, where a Chinese biopharma company spins off certain early-stage assets to investors for further development through the creation of a new company abroad. The “NewCo” model quickly came into vogue as it allows Western investors to access high-potential assets originating from China at an early stage while giving the Chinese licensors an opportunity to reap long-term benefits through equity stakes in the new firms. The NewCo model proved its value when Kailera staged a record-breaking $625 million IPO on Nasdaq this April, merely two years into the Hengrui deal. Related Kailera CEO 'knew we were in a good spot' before obesity biotech's record-breaking $625M IPO On her LinkedIn page, Zhang described her work at Hengrui as “[b]uilding team and capability from the ground up,” forming NewCo and major pharma partnerships worth billions of dollars. Lepu clearly wanted that kind of track record to help boost its own cardiometabolic portfolio, which includes a range of assets for obesity, Type 2 diabetes, fatty liver disease and muscle preservation during weight loss treatment. “Lepu’s pipeline is very valuable, but only if Lepu could secure the right international partner to expand into the overseas market during the available commercial window,” the company argued in its complaint. The Chinese biotech said it had little knowledge of U.S. laws, customs or business practices in the business development field, and therefore “needed to rely entirely” on the expertise of Zhang and her team as the firm’s first engagement of a U.S.-based BD consultant. “Zhang’s dominating influence on the business development strategy is further evidenced by the fact that she personally controlled the business-development communications on behalf of Lepu with potential partners,” Lepu said in its complaint. After entering the deal, Zhang introduced Lepu to her four associates. According to Lepu’s version of events, all of them were allegedly employed at different time points to perform similar jobs at other Chinese companies that Lepu described as its competitors, while having access to Lepu’s confidential information. As such, Lepu described Zhang’s team as “a roster of individuals whose primary professional loyalty, by virtue of their concurrent full-time employment, ran to Lepu’s competitors.” As well as the specific examples set out in the case, a look at Lepu’s deals over the period suggests Zhang may have been involved in at least one transaction. During their partnership, Lepu, through its subsidiary Shanghai Minwei Biotechnology, also out-licensed its GLP-1/GIP/FGF21 agonist MWN105 to a NewCo called Sidera Bio in the fall of 2025. The deal included an upfront and near-term payment of $35 million, up to $1.01 billion in milestones, and a 9.99% stake in the Danish startup. It seems likely that Zhang facilitated the Minwei deal given that Lepu is on record as having used CoDevCo as its “exclusive business development mechanism.” The big shock for Lepu came in the form of a news article on June 25, 2025. The article, reporting on phase 2 data for BrightGene’s GLP-1/GIP receptor agonist BGM0504, identified Zhang as acting chief business officer of the Lepu rival. Blindsided by her association with BrightGene, Lepu confronted Zhang in July 2025. “Lepu was given assurances that there was nothing to be concerned about and told that Zhang would explain the matter to Lepu,” Lepu alleged in its complaint. “Zhang never did.” Lepu claimed that Zhang had the motive and opportunity to steer potential prospective partners toward BrightGene or other competitors. Later, in February 2026, one of Zhang’s associates joined BrightGene as the vice president for global business development, according to the complaint. Around the same time, Lepu sent written demand letters asking Zhang to account for her BrightGene role, identify what confidential data were shared with the rival firm, and provide any conflict-of-interest or firewall policies during the engagement. According to Lepu, neither CoDevCo nor Zhang answered the questions in their responses. Related Novo vs. KBP: How a $1.3B deal turned into a fraud accusation and an international legal fight In a motion to dismiss filed with the U.S. District Court in the Eastern District of New York on Sept. 4, Zhang’s legal team argued that Lepu’s agreement was signed with CoDevCo, and that an employee of the contractor does not owe fiduciary duties to the client. In its complaint, Lepu said: “That CoDevCo was the contracting entity does not insulate Zhang from personal liability for duties she personally undertook and personally breached.” Taking the argument one step further, the defending party argued that the consulting agreement “does not create a fiduciary relationship even between CoDevCo and Lepu; instead, it identifies CoDevCo as an independent contractor retained to market Lepu’s business to potential western partners.” Although CoDevCo was Lepu’s exclusive business-development contractor, there were no terms stipulating that the consulting firm should serve only Lepu, Zhang’s lawyer noted. As to Lepu’s claims that Zhang misappropriated trade secrets, the defendant argued that Lepu authorized the use of the information so Zhang’s team could perform their service per the agreement. In a rebuttal filed on Sept. 11, Lepu’s lawyer set out why they believe the Chinese biotech satisfied New York law’s misappropriation definition by alleging that the defendant used a trade secret “in breach of a duty or through improper means.” As an alternative to dismissing the suit, the defendant suggested the action should be stayed pending outcomes from the arbitration of a separate case in Singapore. While NewCo pioneer Zhang is defending her business arrangements, momentum behind the NewCo trend has continued unabated into 2026. Through August, Chinese biotech assets have spurred 15 NewCo deals this year, according to local trade publication PharmaDJ.
Why the U.S. Chamber Shows Up at UNGA: Connecting American Business to the World
Motorcades, boardrooms, and billion-dollar conversations: the U.S. Chamber of Commerce's Chief International Affairs Officer reflects on what the UN General Assembly really means for American business and global growth.
Xi’s Visit and the China-Egypt Strategic Partnership
China’s annual trade volume with Egypt, which stood at approximately $0.9 billion in 2000, reached approximately $20.8 billion by 2025.
Future of Marketing Briefing: Imagining the ad business hiding inside Meta’s Muse
Meta built its $243 billion ads business on human attention. Agents could be next in line.
Imprisoned tech fraudster Elizabeth Holmes to be moved to halfway house
Elizabeth Holmes, the disgraced onetime youngest self-made billionaire whose health care startup Theranos turned out to be a fraud, will be moved from her current minimum-security prison to a halfway
Reality Check: “Fifteen” attack ad on Ford raising taxes
The Better Nevada PAC’s assertion that Ford supported 15 tax hikes totaling over $3 billion is largely inaccurate. Several alleged tax increases were actually extensions of previous legislation or involved
Akamai Stock Surges On Anthropic AI Computing Agreement
It's an $11 billion agreement for computing infrastructure.
Governor Stein Announces $5 Million to Strengthen Small Businesses in Western North Carolina
(RALEIGH) Today in Lansing, Governor Stein announced $5 million in new infrastructure grants to support small business recovery in western North Carolina through the Small Business Infrastructure Grant Program. Two years since Hurricane Helene struck western North Carolina, Governor Stein continues to advocate for a $10 billion appropriation from Congress to support the next phase …
Maryland forecasts $28 billion in revenue amid budget pressures
BALTIMORE — Maryland is projected to collect more revenue in fiscal year 2028, but the increase won’t be enough to close the state’s projected $3.1 billion budget shortfall, according to
Governor announces another $54.6 million in rural health grants
Gov. Sarah Huckabee Sanders announced an additional $54.6 million in federal funding to bolster rural healthcare on Thursday, the latest allocation from the state's share of a $50 billion fund established by Congress last year.
House Science Leaders Introduce a $10 Billion Fusion Bill
The bipartisan proposal from the House Science Committee comes with the backing of the Fusion Industry Association.
Buses mean business
Heavy-duty transit buses are a critical component of America's public transportation system, carrying approximately 3.8 billion passenger trips annually and representing nearly half of all public transit trips in the United States.
Parking meter sale heads to full City Council after aldermen wring $75M from deal
A $2.53 billion transfer of Chicago’s parking meter system is poised for a final City Council vote after aldermen secured an upfront payout and a share of future profits.
Caesars stockholders approve $6 billion merger with Fertitta
Caesars Entertainment shareholders have approved a multibillion-dollar merger with Fertitta Gaming
Generic, Biosimilar Medicines Saved US Health Care $496B in 2025
The Association for Accessible Medicines report, prepared with the IQVIA Institute, also reports $25.4 billion in biosimilar savings for the year.
Energy Department will spend nearly $2 billion to squeeze more electricity from the nation's aging power grid
The money will go toward 31 projects across 26 states that are expected to produce more than 23 gigawatts of additional electricity capacity — enough to power 16 million homes.
SBA Loan Defaults Surged at 2 Nonbank Lenders. $1.3 Billion Entered Liquidation
The Small Business Administration stopped non-bank lender exams just one week before lifting a nearly 40-year moratorium on admitting more of them into the program.
Businesses shocked in Kiryat Shmona: State demands $68 million return
Blow to northern businesses: Out of nearly $1.7 billion transferred to the city, the Tax Authority is demanding hundreds of millions back.
NHL’s Texas expansion may be on ice
NHL Commissioner Gary Bettman stated that the league is in no rush to decide between Houston and Austin for a potential expansion team following an agreement with Texas billionaire Dan Friedkin.
Energy Department will spend $2 billion for more electricity from power grid
The money will go toward 31 projects across 26 states
Energy Department will spend $2 billion for more electricity from power grid
The money will go toward 31 projects across 26 states
A reclusive GOP billionaire pulls back his money from Senate Republicans
The donor gave nearly $200 million to support President Donald Trump and other Republicans in the 2024 election. Only Elon Musk donated more.
Fossil-fuel firms in line for billions in benefits after answering Trump’s donation call
Senators’ report says taxpayers face higher bills after ‘bargain’ between president and major polluters
Is metascience being co-opted?
In July, the White House released a report that argued academia is deeply dysfunctional and in need of radical reform.Science: A New Golden Age sets out a litany of problems many academics will recognise: interminable waits for grants; short-term funding rather than support for longer, more ambitious projects; ballooning administrative requirements; pressure to publish, and many more. “The scientific machine is getting bogged down,” it says. At least on the face of it, Science: A New Golden Age is a triumph for the metascience movement, a loose-knit, global group of academics, philanthropists and think tankers that want far more testing and experimentation in how we fund public research and innovation. The report tells US research funders to set up internal metascience units to do just this. But it has also set alarm bells ringing that metascience is being conveniently deployed to help justify the defunding of US universities, which US vice president JD Vance has openly labelled “the enemy.” “Just because you have an issue with your plumbing in your house doesn't mean you light the entire house on fire and burn it to the ground,” said Colette Delawalla, chief executive of Stand Up for Science, a group campaigning against what it says are attacks on scientists by the Trump administration. No one is arguing that academia doesn’t need reform, but there’s debate over how far and how fast the system should be shaken up. Does public R&D need slow and steady evidence-based adjustment, or radical new experiments?One of the key arguments in Science: A New Golden Age is that there’s not enough funding for what it calls “mid-level” science: engineering-heavy projects that require tens of millions of dollars, involve ten to a hundred people, and last around five years. Such a project might develop a brain-computer interface for people with Alzheimer's disease, for example. As such, the US National Science Foundation (NSF) has already announced $1.5 billion to set up so-called X-Labs, effectively new research organisations to pursue breakthroughs in areas such as quantum sensing and new scientific instruments. Funding divertedBut there’s a catch: this money has squeezed NSF budgets for more traditional, fundamental research grants, Science reported in June, likely meaning less cash for university-based scientists. Science: A New Golden Age also makes various swipes at universities, accusing them of extracting overheads from scientists to fund administrative bloat. “We have become dependent on a narrow set of legacy institutions,” it says. The report doesn’t mention it, but the US government is simultaneously seeking greater powers over federal funding, which would allow political appointees at funding agencies to screen or cancel research grants mid-project. The White House is also seeking to slash the NSF’s budget by more than half in 2027, although similar cuts proposed for 2026 were blocked by Congress. Convenient hookThis has worried some that the metascience agenda could be misused as a kind of smokescreen to further weaken universities. James Wilsdon, executive director of the Research on Research Institute at University College London, said that the report contains lots of “interesting ideas” and agrees that in places, academia is a “pretty broken system.” But the risk is that metascience is being deployed as a “convenient hook” to support cuts and a “political land grab” to transfer grant power from scientists to political appointees in US funding agencies.So far, the metascience agenda hasn’t been seized on by radical right parties in Europe. But Wilsdon worries it will cross the Atlantic, politicising research reform efforts and making them more difficult to carry out. The report is already making some in Europe sceptical of the entire idea. “The system is not without flaws, but the metascience discussion is not likely to improve the system but rather to generate munition to undermine it,” said Claes de Vreese, a professor of AI and society at the University of Amsterdam. Peter Thiel protégéOfficially, Science: A New Golden Age has just one named author: Michael Kratsios, the director of the Office of Science and Technology Policy and a former chief of staff to Silicon Valley mogul Peter Thiel. He also served as chief financial officer of Thiel’s Clarium Capital Management. Since the 1990s, Thiel has criticised US universities for moving away from teaching what he views as the classic works of western civilisation, and drifting towards “anti-Western zealotry.” And since 2011, he has offered two-year fellowships of $250,000 to young people to skip or drop out of university, and instead start companies or pursue scientific research. “College can be good for learning about what’s been done before, but it can also discourage you from doing something new,” according to the Thiel Fellowships website. In other areas, the Trump administration has promoted academics with a longstanding interest in metascience. For example, the head of the National Institutes of Health, Jay Bhattacharya, in 2020 co-authored a study arguing the funder backs overly conservative proposals, although he achieved wider prominence as a critic of pandemic lockdowns. Careless talk costs fundingEven before the Trump administration embraced the metascience agenda, some metascientists privately wondered whether they should be careful not to overstate dysfunctions in academia, in case this gets used as ammunition against universities. But others think being cautious with criticism is pointless. After all, last year, the Trump administration sought to cut funding from US universities on an entirely different premise: supposed antisemitism on campus. “I don't think these governments need a technical metascientific excuse to attack the universities, they will want to do so anyway,” said Will Stone, a researcher at Science Works, a new think tank advocating for a “metascience revolution” in the UK. “I think researchers should report what they find, even when the findings may be used to advance policies they disagree with,” echoed Russell Funk, a researcher at the University of Minnesota, who in 2023 co-authored a highly influential paper that argued scientific papers were becoming less disruptive over time. No justificationThat said, Funk thinks that metascientific research certainly doesn’t justify a weakening of universities. Instead, scientists need “time, resources and stability to pursue unfamiliar ideas,” he said. “Taking away those conditions works against the very goal the reforms are supposed to achieve.”The Institute for Progress, a Washington DC-based innovation policy think tank that has championed X-Labs and metascience units, also says that reforms should complement, not supplant, universities. “Unpredictable, unreliable, and reduced federal funding to researchers is destabilising to the very foundations of research and development and is bad,” said Jenn Gustetic, the institute’s director of metascience and R&D policy.Evolution or revolution?This points to a much bigger divide in the metascience community: how far and how fast should public R&D be shaken up? Does it need evolution or revolution? For example, Science: A New Golden Age says the science system relies too heavily on traditional “workhorse” project grants, the type that pay out around $250,000 a year to fund “hypothesis-driven science by small teams on tractable questions.” However, in criticising project grants, the report “decisively picks one side of a debate that is far from settled,” David Hilmer Rex, a metascientist based in Denmark, has written. In June, Pierre Azoulay, a metascientist at the Massachusetts Institute of Technology, defended project grants, saying that the alternative of X-Labs “merits scepticism.”A-B testingOne challenge in metascience is that it’s easier to generate evidence for some types of change than others. Most straightforwardly, research funders can run A-B tests on different ways of awarding money. For example, Germany’s Volkswagen Foundation recently trialled distributed peer review, where applicants rate each other’s proposals, and measured its results against traditional review panels. Distributed peer review made quicker decisions, although awarded money to largely different ideas. However, much of the focus of the metascience movement has been on founding fast-moving and free-acting new research organisations and funders, in contrast to the alleged stodginess of mainstream academia or public innovation grants. A culture of speed and freedom are the animating principles behind Germany’s Sprind or the UK’s Advanced Research and Invention Agency (Aria).Related articlesViewpoint: it's time to experiment with how Europe funds science European researchers sound the alarm that Trump rule changes will hit cooperationHowever, while it’s possible to closely study previously successful bodies, such as the US Defense Advanced Research Projects Agency (Darpa), for historical clues to their secret sauce, it’s impossible to guarantee in advance that the likes of Sprind or Aria will actually work as hoped. But advocates of new organisations say this inherent uncertainly shouldn’t stop us trying. “If we wait for definitive proof that something will work before we try it, I don't know where your proof is coming from,” said Stone. Trade-offsUp until now, experiments in metascience haven’t generally come with hard trade-offs over money. In the US, new ideas such as focused research organisations have often been funded by billionaire philanthropists. In Europe, new innovation agencies such as Sprind and Aria, or the Netherland’s new National Agency for Disruptive Innovation, haven’t needed explicit cuts elsewhere in the research system. But with the $1.5 billion establishment of X-Labs by the NSF, the trade-offs are becoming clearer. Some metascientists privately wonder whether a smaller pilot would have been more appropriate, given that the idea is untested. The Institute for Progress counters that the $1.5 billion X-Labs budget is spread out over a decade, so will account for less than 2% of the NSF’s annual budget. “It’s important to remember that [Darpa] was once an institutional experiment as well. Now it’s one of the most cited innovative funding models in the world,” said Gustetic.As for Europe?The US isn’t the only country placing metascience at the heart of its research strategy. Science: A New Golden Age looks admiringly at the UK, which in 2024 set up a Metascience Unit to scrutinise how it funds research. In Brussels, it’s more of a mixed picture. In 2018, the EU set up the European Innovation Council to funnel grants and equity to start-ups, although it’s sometimes criticised for awarding money too slowly. Recently, the council has started experimenting with challenges, where teams of inventors compete to overcome a technological challenge. The European Commission also wants to experiment with partially randomising grant winners, to cut down on bureaucracy. However, the Commission’s own advisers have said the EU’s own research schemes are too conventional. They want the Commission to establish a new dedicated unit to scrutinise and experiment with funding. But there’s no sign of a such unit emerging in Brussels’ plans for the next Horizon Europe programme, which from 2028 is set to distribute more than €160 billion over seven years. Sam Bogerd, director of breakthrough innovation at the Brussels-based Arq Foundation, an AI-focused think tank that also looks at metascience, says that Europe might have the opposite problem to the US: universities and basic research funding are still reasonably well supported, but there’s not enough experimentation. “We're not taking a close enough look at where this money can achieve the most, and I am worried that the good ideas around metascience will be tainted politically by their association with the Trump administration,” he said. He’s still lobbying for the Commission to set up an experimental unit. But in the meantime, the Arq Foundation plans to do its own research, and is currently hiring two metascience researchers to run the rule over how Brussels spends research funding.
FC Dallas planning to billion-dollar entertainment district around Toyota Stadium
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$75 million deal clears path for parking meter transfer vote today
Chicago aldermen are set to vote on the $2.53 billion parking meter transfer after securing a $75 million payment and a share of future revenue.
$75 million deal clears path for parking meter transfer vote today
Chicago aldermen are set to vote on the $2.53 billion parking meter transfer after securing a $75 million payment and a share of future revenue.
Healey proposes new Health Care Stabilization Fund
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Prudential renames U.S. advice business as Prudential Wealth Advisors
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Why are trading cards surging again? Average collectors, wealthy investors seeing value
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Oklahoma oil executive Harold Hamm commits $150M to advance health education, research
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McDonald’s is spending billions to make major changes
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Trump SBA to Extend Comment Period After Ranking Member Markey Leads Effort to Rescind SBA Policy that Reclassifies Billion-Dollar Businesses as “Small Businesses”
Trump admin policy would reclassify 114,000 larger businesses as “small” to access small business resources and win federal contracts meant for small businesses Letter (PDF) (Washington, September 23) – This week, the Small Business Administration (SBA) announced its plans to extend the deadline to submit comments on its controversial proposed rule regarding small business size standards until November 20. The Trump SBA’s announcement came shortly after Ranking Member Edward J. Markey (D-Mass.), alongside 12 of his Senate colleagues, sent a letter to Administrator Kelly Loeffler demanding that the Trump SBA rescind a harmful policy that would dramatically redefine what a small business is. The Administration’s proposed policy would change the small business size standard to designate 114,000 larger companies some with annual revenue above $1 billion—as small businesses, giving these businesses access to small business resources and federal contracts typically set aside for actual small businesses. In the letter, Ranking Member Markey and the lawmakers emphasized that small businesses will be shut out of the federal contracting space as government agencies award contracts to larger businesses, causing small businesses to lose revenue, lay off workers, or close their businesses entirely. “For more than 70 years, SBA’s mission has been clear: promote and protect the interests and viability of small businesses. By proceeding with this proposed methodology and rule, SBA moves further away from its mission of facilitating healthy small business participation in the U.S. economy. We urge SBA to rescind these proposals, meet in earnest with small businesses across the country, and discuss the proposal and methodology with congressional committees of jurisdiction. SBA must be committed to developing measured increases to the size standards that do not reward large, billion-dollar companies but instead helps our small businesses survive, grow, and thrive.” The lawmakers highlighted the following points in their letter: Under the Trump SBA’s new size standards, the highest receipts-based standard would exceed $1 billion in annual revenue—more than 20 times the current $47 million maximum—and the highest employee-based standard would reach 3,600 employees—more than twice the current 1,500 employee maximum. Specific increases include an increase in size of nearly 492% for banks, 1,500% for law firms, and more than 2,051% for private equity firms. Of the 114,000 businesses that would be newly classified as small, more than 37,000 of these businesses have collectively won more than 100,000 federal contracts worth approximately $71 billion in Fiscal Year 2025 alone without a small business designation. If SBA included the awards won by these 37,000 businesses in its Fiscal Year 2025 analysis, small business contracts would have accounted for 38% of all federal contracts, instead of the 27% that SBA announced this summer. The letter was co-signed by Senators Mazie Hirono (D-Hawaii), Angela Alsobrooks (D-Md.), Richard Blumenthal (D-Conn.), Christopher Coons (D-Dela.), Elissa Slotkin (D-Mich.), Chris Van Hollen (D-Md.), Jacky Rosen (D-Nev.), Elizabeth Warren (D-Mass.), Tim Kaine (D-Va.), Brian Schatz (D-Hawaii), Mark Warner (D-Va.), and Ruben Gallego (D-Ariz.). Ranking Member Markey is fighting to protect small businesses in Massachusetts and across the country from the Trump SBA’s harmful policies that put big businesses and billionaires over American small businesses, workers, and families. In August, Ranking Member Markey slammed the Trump SBA’s proposal to overhaul its small business size standards to benefit big businesses over small businesses. In July, Ranking Member Markey and House Small Business Committee Ranking Member Nydia M. Velázquez (D-NY-7) introduced a Congressional Review Act (CRA) resolution to rescind the Trump administration’s policy that bans green card holders from accessing essential Small Business Administration (SBA) loans to start and grow their businesses. Also in July, Ranking Member Markey and Senator Hirono submitted a comment letter to the Small Business Administration (SBA) opposing a proposed rule change by Trump’s SBA to the 8(a) Business Development Program that would harm underserved small business owners and entrepreneurs. In June, Ranking Member Markey released a new report highlighting Trump’s drastic reduction in federal contracting dollars awarded to American small businesses. ###
Healey proposes new health care stabilization fund
Gov. Maura Healey filed a $2.24 billion supplemental budget Wednesday that would establish a new health care fund as the state prepares for federal funding cuts.
NRF: 2026 Halloween spending expected to rise 3.82%
Despite higher gasoline prices, consumers are expected to spend $13.5 billion on Halloween-related items, up 3.82%, according to the National Retail Federation’s annual survey report. The percentage gain is not...
‘I miss old Google’: readers tell us how they search the internet in the age of AI
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Billionaire's political contributions make the Epstein files a focus of Ohio's US Senate race
16 industries that have made America's richest people
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McDonald’s to spend $8.5B on revamping restaurants, tech and franchise support
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Microsoft plans $10 billion-plus Gulf investment with focus on resilience
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Billion-dollar entertainment district planned around FC Dallas's Toyota Stadium
A nine-story hotel with nearly 300 rooms and 40,000 square feet of convention space is part of the plan near Toyota Stadium.
Billionaire's political contributions make the Epstein files a focus of Ohio's US Senate race
COLUMBUS, Ohio (AP) — Billionaire Les Wexner has long been a magnet for political campaigns seeking contributions — especially in his native Ohio, where the retail tycoon directed a generous portion of his giving to candidates from both parties. Then came the Epstein files.
Billionaire's political contributions make the Epstein files a focus of Ohio's US Senate race
Convicted sex offender Jeffrey Epstein's relationship to the rich and powerful has surfaced in congressional contests across the country. In Ohio, it’s an issue that has figured prominently in the...
Billionaire's political contributions make the Epstein files a focus of Ohio's US Senate race
Convicted sex offender Jeffrey Epstein's relationship to the rich and powerful has surfaced in congressional contests across the country. In Ohio, it’s an issue that has figured prominently in the
Billionaire's political contributions make the Epstein files a focus of Ohio's US Senate race
Convicted sex offender Jeffrey Epstein's relationship to the rich and powerful has surfaced in congressional contests across the country
Billionaire's political contributions make the Epstein files a focus of Ohio's US Senate race
Convicted sex offender Jeffrey Epstein's relationship to the rich and powerful has surfaced in congressional contests across the country.