Virginia’s unemployment rate continued to edge lower in February, dropping from 5.3% in January to 5.2% last month, Gov. Ralph Northam announced Friday. However, the state saw a decrease of 3,700 nonfarm payroll jobs and a decline in employed people during February.
The nation’s seasonally adjusted unemployment rate was 6.2% in February, and the state’s jobless rate last month was 2.7% higher than in February 2020, when it stood at 2.5%. The number of employed Virginians fell by 8,808 to 4 million in February.
According to Megan Healy, the state’s chief workforce development adviser, the last time the state saw an unemployment rate of 5.2% was in 2014, as Virginia’s economy was recovering from the 2008-09 Great Recession. “Looking ahead to our recovery in 2021, the Virginia Employment Commission will continue working to help people gain employment or enter training programs that match their skills and career goals, focusing resources to align with the emerging opportunities we are seeing in post-pandemic job market trends.”
“While our unemployment rate is moving in the right direction, the economic impacts of this pandemic continue to challenge workers and businesses in Virginia and across the country,” Northam said in a statement. “Our administration remains committed to providing additional relief to those most in need, helping Virginians return to the workforce, and making targeted investments to build back key sectors of our economy.”
From February 2020 to February 2021, the private sector lost 161,600 jobs, while the public sector lost 35,700 jobs.
Herndon-based national security contractor Peraton Inc. has been awarded a potential $360.4 million contract to assess safety risks of the U.S. Air Force’s intercontinental ballistic missile software, an agreement that could extend 18 years.
According to the U.S. Department of Defense announcement Thursday, the company will support nuclear safety analysis and evaluation in Utah and California, with work set to be completed by March 2039. The first two task orders of $2.1 million in operation and maintenance funds and $5.4 million in missile procurement funds will be due at the time of the award from the Air Force Nuclear Weapons Center at Hill Air Force Base in Utah.
Peraton has made two major purchases in recent months, including its $7.1 billion acquisition of Chantilly-based federal contractor Perspecta Inc. and Northrop Grumman’s integrated mission support and IT solutions business for $3.4 billion, now known as Peraton Remotec, a Tennessee-based subsidiary.
In 2017, the former government services business Harris Corp. became Peraton after it was acquired by Veritas Capital. Peraton, through the U.S. federal contracts, provides systems development and mission capability integration.
The cities of Hampton and Newport News opened a new low-interest loan program for COVID-affected businesses on Thursday. Known as the Peninsula Cares Act Fund, it will lend a total of $1.5 million in amounts ranging from $7,500 to $375,000.
Eligible businesses can use the funds for purchase and installation of machinery and equipment, building rehabilitation costs, refinancing of certain existing loans, facility remediation and cleanup, gap financing, infrastructure, marketing, working capital and other costs contributing to the value of a project’s fixed assets.
The relief fund, with money provided through a federal CARES Act Recovery Assistance Grant, will be distributed through direct loans with flexible rates and terms. According to the city of Newport News, the fund makes fixed interest loans generally between 0% and 2% (only applicable until all funds have been disbursed or June 30, 2022, whichever occurs first). The maximum term is 10 years for fixed asset loans and four years for working capital loans.
Pitch Preview’s first event is scheduled April 29 from 1-3 p.m. via Zoom. Participants commit to 30-minute time slots with a 15-minute pitch, and for those not ready to take that step, the Central Virginia SBDC will soon offer a preparation and practice session. Other Pitch Preview events are scheduled July 29 and Sept. 30 and may be virtual and in-person, hosted in Charlottesville. Five applicants will be selected for each event.
“The number of startups in America doubled from Q4 2019 to Q4 2020,” Rebecca Haydock, director of the CVSBDC, said in a statement. “That trend is clear in Virginia as we see more valuable innovation-based startups seeking funding. Unfortunately, too many don’t succeed because their pitches aren’t adequately prepared or delivered. Offering feedback from experienced angel investors is a win-win as CAN members get to meet bright entrepreneurs early in the process, while the entrepreneurs hone their skills for successful fundraising.”
Blacksburg-based Torc Robotics has hired Eddie Amos, a former Microsoft and GE Digital executive and software developer, as its chief transformation officer, the company announced Thursday.
In a statement, Amos said his new job is to “translate the lessons learned in 35 years of software disruption into best practices for commercializing self-driving trucks.” Torc is an independent subsidiary of Daimler Trucks, a division of Daimler Group, that is working toward bringing automated trucks to the commercial market. In August, Torc announced it was planning to invest $8.5 million and create 350 jobs in Montgomery County, near its Blacksburg Industrial Park location.
Amos, who came out of retirement to join Torc, has been part of the GO Virginia Region 2 Council since 2019, helping with their efforts to bring more high-tech jobs to Roanoke and the New River Valley region.
He previously served as chief technology officer at Meridium, a startup company later purchased by GE Digital. After its acquisition, Amos was named GE’s senior vice president of digital engineering.
“The Torc team is one of the smartest sets of people I’ve ever worked with in my life,” Amos said in a statement. “The world’s going to be amazed at what this group of individuals is going to do.”
The number of initial unemployment claims filed during the week ending March 20 were 60% lower than they were this week a year ago when the COVID-19pandemic‘s impact first began to be reflected in Virginia’s unemployment statistics.
The Virginia Employment Commission reported Thursday that 17,560 people filed initial claims last week, an increase of 2,035 from the previous week. Continued claims totaled 58,233, a 2.9% decrease from the previous week but 36,605 higher than continued claims a year ago. People receiving unemployment benefits through the VEC must file weekly unemployment claims in order to continue receiving benefits.
U.S. Sen. Mark R. Warner wrote a letter to Gov. Ralph Northam on Thursday, urging him to speed up benefits to Virginia unemployment claimants now that the federal $1.9 trillion American Rescue Plan has been passed. The act includes compensation for long-term unemployed people, self-employed and gig workers, as well as a new category that targets people with mixed sources of income.
“It is my understanding that, following earlier passage of congressional legislation to extend these programs in December, constituents in Virginia faced many delays and communication problems with the Virginia Employment Commission (VEC),” Warner wrote. “With the knowledge that these benefit systems were originally set to expire on Dec. 26, I worked with a bipartisan and bicameral group of lawmakers in the U.S. Congress to pass a relief package shortly before Christmas because it was understood that loss of benefits at this time of the year would be particularly cruel. Now, several months later, I hope you can agree that for constituents still experiencing delays the lack of pandemic unemployment insurance is unconscionable.”
Citing constituents that have called his office with complaints, Warner asked in the letter for the VEC to report on its plans on how to disburse the new federal funding for unemployed Virginians, as well as how the commission plans to improve communication efforts with claimants and employers.
“From Newport News to Henrico to Alexandria, constituents are contactingmy officefrom every corner of the commonwealth with desperate requests for relief,” Warner wrote. “Some of them have waited three months, others have waited 11 months, and many are struggling to feed their children and keep a roof over their heads.”
More than half of the claimants who filed for benefits last week (and the prior four weeks) reported being in the accommodation/food service, administrative and waste services, retail trade and health care and social assistance industries, according to the VEC.
The regions of the state that have been most impacted continue to be Northern Virginia, Richmond and Hampton Roads.
Below are the top 10 localities, listed by number of initial unemployment claims, for the week ending March 20:
Nationwide, the advance figure for seasonally adjusted initial claims last week was 684,000, a decrease of 97,000 from the previous week’s revised level, according to the U.S. Department of Labor. There were 2,920,162 initial claims during the same week last year.
Arlington-based Leonardo DRS Inc., a subsidiary of Italian defense contractor Leonardo SpA, is hitting the brakes on its initial public offering, its parent company announced Wednesday. No future IPO date was announced.
The company attributed its decision to “adverse market conditions” that “did not allow an adequate valuation of DRS,” according to a news release. “DRS remains a core part of Leonardo’s business portfolio and the IPO will potentially be revisited when market conditions are more favorable and a successful IPO at an appropriate valuation for this strategic business can be achieved.”
The company added that it has filed a registration statement with the Securities and Exchange Commission but that it has not yet become effective, meaning that the securities cannot be sold until it goes into effect.
Earlier this month, Leonardo announced it would list a minority stake of Leonardo DRS on the New York Stock Exchange, with the IPO valued at $2.54 billion. Leonardo US would remain the majority shareholder of Leonardo DRS, and the company was expected to enter a proxy agreement with the U.S. Department of Defense to allow Leonardo DRS to continue to compete and perform on classified programs.
Leonardo DRS is the largest U.S. subsidiary of the Italian defense/aerospace conglomerate and is a military defense tech contractor with $2 billion in annual revenue. The company works with customers including the U.S. Army, Navy and intelligence community. In 2020, the company won a $120 million U.S. Navy contract to provide engineering design and software testing for aircraft protection systems.
The city of Richmond has rejected three of its six casino proposals. The Pamunkey Indian Tribe, Golden Nugget Hotels & Casinos and Wind Creek Hospitality are no longer in the running, the city confirmed Wednesday night.
In late February, the city announced that six casino projects had been submitted for consideration. Still under consideration are projects proposed by Rhode Island-based Bally’s Corp., Baltimore-based Cordish Cos., and a partnership between Colonial Downs and Maryland-based media company Urban One Inc.
“The Pamunkey Indian Tribe was extremely disappointed to learn directly from the city of Richmond that its casino proposal would not receive any further consideration in the Richmond casino selection process,” Pamunkey Chief Robert Gray said in a statement Wednesday evening released ahead of the city’s announcement. “The timing of the decision, which comes before the public comment period has even concluded, seriously undermines confidence in the selection process and suggests a predetermined outcome has been reached. The timing of this decision also suggests that public and community input will not be seriously considered in this process.
“Further, it appears that the city of Richmond did not afford the Pamunkey Indian Tribe the optional preference in state law that recognizes the Pamunkey Tribe‘s ancestral heritage in the region. The Pamunkey Indian Tribe submitted the only 100% minority-owned, Virginia-based proposal. We were shocked to learn of our early dismissal from a process occurring in our native region and state, particularly in light of the fact that the tribe was one of the first entities — if not the first — to talk to the city about gaming before commercial gaming was legalized in the commonwealth.”
Wind Creek Hospitality released the following statement Wednesday evening: “We are disappointed to learn that Wind Creek Hospitality will not be considered for the Richmond casino project. We strongly believe that Wind Creek sets itself apart from other operators by not only building casino resorts, but by building up the communities our properties are located within. We wish the best of luck to the other operators and to the city of Richmond as they continue through the selection process.”
A rendering of the proposed Richmond resort and casino provided by Pamunkey Indian Tribe, now out of consideration.
Richmond Mayor Levar Stoney’s office confirmed the narrowing of the field in a news release Wednesday night. “These proposals did not advance due to factors such as lack of site control, concerns about the feasibility of financial projections, lack of organizational experience and/or deficiency of the proposal,” according to the statement. “The top-ranked proposals stood out because the operators provided strong proposals with detailed financial and operational analyses to support their vision for a resort casino in Richmond. The evaluation panel will enter into the next phase of evaluation and begin negotiations with these operators, while continuing to engage the Richmond community.”
The mayor’s office named seven city employees and two Richmond City Council members earlier this year to serve as an advisory panel that will recommend one proposal, which will then be considered by the council and ultimately by city voters on the November ballot. The panel is expected to make its recommendation to City Council by late May or June, and has been holding virtual public meetings to answer questions and receive input from Richmond residents.
City Council is expected to select a preferred casino operator this summer but Richmond voters will have the final word in a November referendum, judging whether to grant approval to the casino to operate in Richmond. Voters in Bristol, Danville, Norfolk and Portsmouth overwhelmingly approved casinos in each of those cities in November 2020 local referendums.
With Wednesday’s news, the three remaining casino proposals are:
Bally’s $650 million, 1.6 million-square-foot casino with sportsbook, performance space, a hotel and dining and retail outlets on a 61-acre parcel of land south of the James River near the city’s western border, which also includes a $100 million one-time payment to the city. Former NFL linebacker Willie Lanier, a Richmond resident, and Reston entrepreneur Warren Thompson, the founder, president and chairman of Thompson Hospitality Corp., are also involved in the project.
Urban One’s $517 million ONE casino. Urban One owns and operates 55 radio stations and the TV One cable network, and it has paired with Peninsula Pacific Entertainment, Colonial Downs Group’s owner and the Rosie’s Gaming Emporium franchise owner. This project, including a sportsbook, 150 hotel rooms, a 3,000-seat theater, 90,000 square feet of gaming space, and 12 bars and restaurants, would be built on 100 acres owned by Altria Group Inc. on Richmond’s South Side, a largely industrial area.
Baltimore-based The Cordish Cos., which owns casinos in Baltimore, Philadelphia, Pittsburgh and Florida, proposed the $600 million Live! Casino & Hotel Richmond resort on Richmond’s North Side, near The Diamond baseball stadium on the current Movieland theater property. The resort would include a hotel with 300 rooms and 30 suites, a 4,000-seat entertainment venue and 250,000 square feet of gaming space.
Urban One CEO Alfred Liggins released this statement Wednesday night: “ONE is honored and excited to be selected as one of three finalists to develop a resort casino project in the city of Richmond. We are convinced our selection is based on having the absolute best location in an industrial area off Interstate 95 in South Richmond; having the most diverse group of more than 50 investors providing opportunity for minority ownership and wealth-building in the Richmond community; and offering the most robust amenities, including 50 acres of green space for Richmond to enjoy, a music venue and a first-class casino and hotel.”
Bally’s President and CEO George Papanier said in a statement Wednesday night, “The Bally’s Richmond is truly a Richmond-first project, dedicated to supporting local businesses and minority organizations by driving job creation and developing sustained economic opportunities. We are confident that our proposal will provide incomparable economic benefits to the greater Richmond community, and we look forward to continuing our dialogue to prove to the city and its various stakeholders that Bally’s is for RVA.”
And Zed Smith, chief operating officer of The Cordish Cos., said in a statement Wednesday, “Live! Casino & Hotel Richmond will maximize jobs, tax revenues and community impacts for the city. The project will generate over $7.5 billion in overall economic benefits, $1.5 billion in tax revenue and over $200 million in incremental community benefit payments to the city over the first 15 years of the project. These payments will help fund critical community services such as infrastructure, education, healthcare, parks & recreation, workforce development and affordable housing.”
Out of the running
The Pamunkey tribe’s $350 million proposal, which included a 300-room, four-diamond hotel tower, a spa, pool, fitness center and several restaurants, was the least expensive of the projects submitted, and its proposed location was on the city’s South Side, off Interstate 95 and south of the Bells Road exit on 24.5 acres. Wind Creek, affiliated with the Poarch Band of Creek Indians, proposed its $541 million casino on Richmond’s South Side as well, with 100,000 square feet of gaming space, a 67,000-square-foot entertainment center, a spa, indoor pool and seven food and beverage locations. Golden Nugget’s $400 million proposal was for the same property as the Bally’s proposal, north of Powhite Parkway and east of Chippenham Parkway.
The Pamunkey project was the only one submitted by a Virginia-based entity, and it was the tribe’s second casino proposal, with construction set to begin on its $500 million Norfolk casino this year.
Golden Nugget did not respond to emails seeking comment.
The Ashburn-based NFL’s team owners are expected to approve a waiver next week that would allow Snyder to take on an additional $450 million in debt to pay the minority co-owners $875 million for their holdings. Snyder has been feuding with co-owners Dwight Schar, Robert Rothman and Frederick Smith, who bought into the team in 2003 but tried to sell their stakes last year, the Times reports. According to the Richmond Times-Dispatch, an NFL spokesman said the sale and the league’s investigation into sexual harassment and misconduct are “two separate matters,” and that an investigation by attorney Beth Wilkinson is continuing.
In December, The Washington Post reported that the team paid a female former employee $1.6 million in a confidential settlement in 2009 after she accused Snyder of sexual misconduct. According to the leaked report, the alleged incident occurred on Snyder’s private plane. December’s news came after bombshell allegations by 15 women who said they were sexually harassed when they worked for the team during Snyder’s tenure as majority owner since 1999. Several Washington Football executives were fired in the wake of the August report.
NFL Commissioner Roger Goodell decided a few days later, at the end of August, that the league would take over the investigation into the team, which launched its own third-party probe.
Also last August, Snyder went to court and accused Schar of spreading negative information about him to potentially force him to sell his majority stake in the team, which he purchased in 1999. In July 2020, the team bowed to corporate pressure and announced it would drop its former name, the Redskins, which was broadly seen as discriminatory and derogatory against Native Americans, and said it would choose a new name after months of discussion and public input.
Created by U.Va. Health Professor Steven L. Zeichner and Virginia Tech Distinguished Professor X.J. Meng, one vaccine targets a pig coronavirus that killed nearly 10% of U.S. pigs during a recent outbreak, and the other targets COVID-19. The pig vaccine prevented test pigs from becoming sick with the porcine coronavirus. The researchers found the inoculated pigs’ immune systems defended them from developing severe symptoms, and the scientists say it is reasonable to think that the COVID vaccine could do the same in humans, with further testing.
Zeichner has developed a new platform that targets specific DNA to instruct the immune system how to attack a virus, and he says this system could lead one day to a universal vaccine for coronaviruses, including some that could cause pandemics or that spread the common cold. It also would provide a way to produce lower-cost vaccines, Zeichner said. The scientists published their findings online, and they are now under peer review.
“Our new platform offers a new route to rapidly produce vaccines at very low cost that can be manufactured in existing facilities around the world, which should be particularly helpful for pandemic response,” Zeichner said in a statement.
According to the universities, additional testing — including human trials — would be necessary before the U.S. Food and Drug Administration could approve the COVID vaccine, but the scientists are pleased by the early results.
“Such a vaccine, if successful, would be of significant value against variant virus strains,” Meng said in a statement.
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