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Fed’s Fifth District economy stays the course
Economic activity in the Federal Reserve’s Fifth District was little changed in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released March 6. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions gathered from the nation’s 12 Feder[...]
Critical minerals co. reactivates Petersburg operation
Petersburg-based Atlantic Strategic Minerals will invest more than $50 million to restore and reopen a mining operation in Dinwiddie County and a concentrator plant and mineral separation plant in Sussex County, producing critical minerals that are used in various supply chains, the governor’s office announced Monday. The project is expected to create 71 jobs at […]
Alliance for Building Better Medicine receives $1M award
The Alliance for Building Better Medicine — a group of public and private pharmaceutical manufacturers and research organizations in Richmond and Petersburg — will receive a $1 million award from the U.S. National Science Foundation. Richmond-based innovation incubator Activation Capital, which convened the alliance four yea[...]
Leidos receives $158M Air Force contract
Reston-based Fortune 500 contractor Leidos won a follow-on contract valued up to $158 million to develop and expand the Air Force’s Command and Control Incident Management Emergency Response Application, a government-owned software application system, the company announced Thursday. Kessel Run, a division within the Air Forc[...]
Dominion closes sale of East Ohio Gas for $6.6B
Richmond-based Fortune 500 utility Dominion Energy closed on its sale of East Ohio Gas to Canadian pipeline and energy company Enbridge in a $6.6 billion deal, the utility announced Thursday. The sale was first announced in September 2023 as part of a deal for Dominion to sell its three natural gas distribution companies. The Pu[...]
Youngkin: Va. Senate making ‘colossal mistake’ in rejecting arena
After news broke Wednesday that Virginia lawmakers had dropped all mention of the proposed Alexandria sports arena authority in their amended 2024-26 state budget, Gov. Glenn Youngkin responded Thursday by blasting the Democratic-controlled Virginia State Senate’s leadership, which has killed every opportunity for a floor [...]
Modine will invest $18.1M in Rockbridge County expansion
Modine Manufacturing, a manufacturer of cooling equipment for data centers, will invest $18.1 million to expand its Rockbridge County operation, creating an estimated 211 jobs, Gov. Glenn Youngkin announced Tuesday. Wisconsin-based Modine, which builds thermal management systems and components, saw $2.3 billion in net sales in fiscal year 2023, a 12% increase over the previous […]
JLL: NoVa is still nation’s top data center market
Northern Virginia remains the country’s largest data center market, according to a report released Monday by real estate company JLL. The 581 megawatts of capacity leased by energized — or built-out — data centers in Northern Virginia for 2023 represented a new record, according to the JLL report. Data centers leased 1[...]
New president and CEO named for Herndon’s Deltek
Deltek announced Tuesday that Bob Hughes will become the Herndon-based software company’s president and CEO in April when current leader Mike Corkery moves to an operating group executive role at Roper Technologies, Deltek’s Florida-based parent company. Previously, Hughes worked as an executive at Kronos, a workforce [...]
Liberty University fined $14M for underreporting campus crime
The U.S. Department of Education has fined Liberty University a record penalty of $14 million for underreporting crime on campus, in a Clery Act settlement announced Tuesday. The amount far outstrips the department’s previous highest-ever fine, $4.5 million, assessed in 2019 against Michigan State University for the gymnas[...]
McLean’s Iridium to purchase Satelles
McLean-based Iridium Communications, a global satellite communications company, has entered into an agreement to acquire Satelles, a Reston-based provider of satellite-based time and location services that serve as a backup for GPS and other global navigation satellite systems (GNSS), Iridium announced Monday. Satelles’ po[...]
Virginians bet nearly $653M on sports in January
Virginians bet more than $652.87 million on sports in January, up 27.2% from January 2023, according to data released Friday by the Virginia Lottery. January’s handle is a 3.11% increase from December 2023, when Virginians bet about $633 million on sports. Virginia bettors won more than $578.5 million in January and more than [...]
