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Dow drops 1,600 as US stocks lead worldwide sell-off after Trump’s tariffs cause a COVID-like shock
NEW YORK (AP) — Wall Street shuddered, and a level of shock unseen since COVID’s outbreak tore through financial markets worldwide Thursday on worries about the damage President Donald Trump’s newest set of tariffs could do to economies across continents, including his own. The S&P 500 sank 4.8%, more than[...]
NoVa govcon firm Mitre to lay off 442 employees, after DOGE cuts contracts
Federal contracting firm Mitre, which has dual headquarters in McLean and Massachusetts, expects to lay off 442 people in Virginia in two months. The cuts come after the Trump administration has announced more than $28 million in canceled contracts for the company. Mitre notified the state Wednesday of 442 job cuts in McLean, in[...]
TowneBank to acquire Old Point in $203M deal
Suffolk-based TowneBank announced plans Thursday to acquire Old Point Financial, parent company of The Old Point National Bank of Phoebus, in a deal valued at $203 million. The merger, which is expected to enhance TowneBank’s position as the bank with the most market share in Hampton Roads, follows the April 1 completion o[...]
Trump announces sweeping new tariffs to promote US manufacturing, risking inflation and trade wars
WASHINGTON (AP) — President Donald Trump declared on Wednesday a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States, threatening to upend much of the architecture of the global economy and trigger broader trade wars. Trump held up a chart [...]
Dominion Energy proposes hefty rate hikes
Fortune 500 utility Dominion Energy is proposing a fuel rate increase and additional base rate increases which, if approved, could raise monthly power bills for average residential customers by as much as $21.43 by 2027. The Richmond-based utility proposed new base and fuel rates in separate filings with the Virginia State Corpo[...]
Best Places to Work in Virginia 2025
For the 15th year, Virginia Business is pleased to present the Best Places to Work in Virginia list, produced in collaboration with Pennsylvania-based Best Companies Group, a division of our mutual parent company, BridgeTower Media. This year, 147 companies were chosen for inclusion in the 2025 Best Places to Work in Virginia co[...]
Take a look inside George Mason’s high-tech science and engineering labs
In a third-floor lab at George Mason University’s new, $107 million Life Sciences and Engineering Building in Manassas, students will dissect and study the effects of decomposition on human remains. A few floors away, their peers may dangle from harnesses while wearing sensors to research gaits while others test fly an aut[...]
Merrick leaving as state commerce secretary
Caren Merrick, Virginia’s commerce and trade secretary, said in a LinkedIn post that she is leaving Gov. Glenn Youngkin’s administration. According to a Washington Post story Thursday, Merrick turned down the job of state secretary of natural resources. The Post reported that Youngkin offered Merrick the natural reso[...]
Dollar Tree plans to sell Family Dollar to private equity firms for $1B
Chesapeake-based Fortune 500 discount retailer Dollar Tree has reached a deal with Brigade Capital Management, a New York-based global asset management firm, and Macellum Capital Management, an investment firm with headquarters also in New York, to acquire its Family Dollar brand for about $1 billion after a decade of trying to [...]
JMU introduces next president
James Madison University on Wednesday announced that University of Wisconsin-Eau Claire Chancellor James C. Schmidt will be the next president of Virginia’s fifth largest public university. The university’s board of visitors, who voted to affirm his appointment earlier in the day, announced Schmidt’s selection [...]
Company behind Chesterfield indoor farm files for bankruptcy
Plenty Unlimited, a San Francisco-based agricultural technology company that counts tech billionaires Jeff Bezos and Eric Schmidt among its investors, has filed for bankruptcy but plans to continue operating its vertical strawberry farm in Chesterfield County throughout the restructuring, according to a company announcement. [...]
Trump appointee fires Freddie Mac CEO
Bill Pulte, heir of one of the nation’s largest homebuilders, wasted little time launching a house cleaning campaign after being confirmed as director of the Federal Housing Finance Agency (FHFA) March 13. On Thursday, Pulte fired Freddie Mac CEO Diana Reid, according to news reports. The government-backed mortgage financi[...]
