Please ensure Javascript is enabled for purposes of website accessibility

HCA plans $260M hospital in Chesterfield County


SUMMARY:

  • plans to build a $260 million, 60-bed in
  • It aims to open by 2029–2030, pending zoning and state approval
  • Local leaders support it to avoid overcrowded hospitals and long EMS transport times

Virginia plans to construct a new $260 million hospital in Chesterfield County, citing the county’s growing population.

In a July filing with the , the health system detailed a plan to build a 60-bed acute care hospital — known as Magnolia Hospital — on an approximately 24-acre property in , located at 16100, 16300, and 16500 Hull Street Road.

Magnolia Hospital would contain 54 medical/surgical beds, six intensive care unit beds, four general-purpose operating rooms and one MRI scanner. HCA says it anticipates adding approximately 360 full-time workers, including 142 registered nurses, to staff the new facility.

The new HCA hospital would be at a “highly accessible” location at the epicenter of population growth in the county, HCA said in its application to the state health department. In an area of high population growth where traffic congestion can hinder timely access to , HCA contends, the new hospital would meaningfully improve health care access for patients.

Gaining more than 30,000 residents since 2020, Chesterfield County has led the state in population growth in recent years. HCA’s application for the hospital noted that the county’s population is approaching 400,000, with continued growth projected into the coming decade.

Shaila Menees, chief development officer of ‘s capital division, told Virginia Business that the goal of the new hospital is to be as close to people’s homes as possible, thereby reducing the travel time necessary for them to receive health care.

“We are thrilled to be able to put this kind of an asset in this area,” she said. “I think the intent is to meet the community where they are and to provide services that are desirable for those that are in the community today and will be in the community in the future.”

The land for Magnolia Hospital, currently zoned by the county for a mix of agricultural and general business uses, will need to be rezoned to Community Business District. Attorney Andy Condlin of firm Roth Jackson is representing HCA in its rezoning request.

The health system is under contract to purchase property for the hospital from limited liability company Nunnally Village, depending on whether the site gets zoning approval and a state certificate of public need. The state health commissioner hadn’t yet decided whether to grant HCA’s request for Magnolia Hospital; Menees says it will likely be nine to 12 months before a decision is made.

In addition to helping underserved areas of Chesterfield, Magnolia Hospital will also be an asset for Amelia and Powhatan counties, as the hospital will be located near an expansion of Powhite Parkway planned to open in 2030.

In HCA’s state application, the project received support from Chesterfield County Administrator Joseph Casey, the Powhatan County Fire & Rescue Department and Amelia County.

Chesterfield County Fire and Emergency Medical Services said that patients are often transported outside of the county’s boundaries due to existing county hospitals being at capacity. “This results in significantly increased patient transport times and keeps ambulances away from their primary service areas longer and unable to respond to the next emergency,” the agency wrote.

Casey wrote, “The need for Magnolia is clear. Placing these resources closer to where patients live and work will incentivize patients to obtain needed care sooner before their medical conditions worsen, which will speed recovery, reduce costs, and result in a healthier and more productive community.”

According to HCA’s application with the state, HCA’s Chippenham Hospital, located just outside the county border in Richmond, was established in 1972, when the county’s population was 86,000. In 1980, relocated from Richmond to Chesterfield to meet the needs of the county’s growing population, which at the time was 141,000. However, the application notes that Chesterfield’s population had grown to 394,825 as of July 2024 and is projected to reach 407,000 by 2030.

The exact timeline for when Magnolia Hospital could open isn’t set in stone, but Menees said it will likely be 43 months following state approval of the certificate of public need, so the new hospital would likely be ready to open in 2029 or 2030.

Part of Nashville-based HCA Healthcare, HCA Virginia operates 14 hospitals, 26 outpatient centers, eight freestanding emergency rooms and is affiliated with more than 3,100 physicians. With more than 300,000 employees, HCA Healthcare has 190 hospitals and approximately 2,400 ambulatory sites of care in 20 states and the United Kingdom. It reported $70.603 billion in 2024 revenue.

Judge orders Averett dispute to arbitration


SUMMARY:

    • Federal judge compels to enter with ex- and investment firm
    • Averett alleges $20M was mismanaged from its endowment fund
    • University cited financial hardship as reason to avoid arbitration

A federal judge on Wednesday ordered Averett University to hash out its differences with its former investment firm and former chief financial officer through arbitration.

The financial plight of the private university first came to light in summer 2024 when the university announced staff furloughs and other cost-cutting measures over alleged mismanagement of the school’s finances. The picture became clearer in March when Averett filed a lawsuit in U.S. District Court for the Western District of Virginia, alleging that the university’s former CFO, Donald Aungst, who was hired in 2020, and Arizona-based Global Strategic Investment Solutions (GSIS) “surreptitiously drained Averett’s endowment of almost $20 million.”

In June, GSIS filed a motion to compel arbitration, pointing out that university leaders had signed a contract with an arbitration provision.

In an opposition to GSIS’s motion, Averett unsuccessfully argued that “the costs associated with arbitration would impose upon Averett such financial hardship as to render arbitration both unjust and prohibitively expensive.” Averett went on to note that GSIS is “grossly underinsured,” with only $2 million in coverage, including defense costs. “Every dollar GSIS spends to pay for arbitration is one less dollar available to satisfy a judgment,” the filing from Averett stated.

In addition to compelling arbitration between the parties, U.S. District Judge Thomas Cullen also ordered the parties to notify the court within 14 days following the completion of arbitration, and “the court will evaluate any remaining disputes.”

An Averett spokesperson said Thursday that the university would not comment on the pending legislation. However, in a July 25 interview with Virginia Business, Averett President Thomas H. Powell, who joined the university in May, indicated then that the dispute going to arbitration wouldn’t be the end of the world. 

“Arbitration might be good because from what I understand … arbitration may be more private than public. Going to court is very public,” Powell said. “I know the board is concerned about what’s our ability to have what was mismanaged set right by the investment firm and by the former CFO.”

In a statement, GSIS co-founder and Managing Partner Curt Thompson said his firm is pleased with the “court’s prompt and well-reasoned decision to compel Averett University to honor the express terms of an arbitration clause found within the parties’ governing investment advisory contract.”

GSIS, he added, “continues to vehemently deny the allegations brought by Averett and now looks forward to vindicating itself before an independent arbitration panel.”

Francisco E. Mundaca, the Maryland-based attorney representing Aungst, said in a statement Thursday that “we are pleased the court has rejected Averett University’s attempts to avoid the arbitration agreement it voluntarily entered into, which demonstrates that institutions cannot simply ignore their obligations when it becomes inconvenient.”

Mundaca went on to say that he believes Aungst will be vindicated.

“Mr. Aungst dedicated over four years of his career to helping Averett navigate unprecedented financial challenges, only to have the university unfairly blame him for institutional problems that existed long before his arrival,” Mundaca said in the statement. “We are now evaluating all available legal remedies to protect Mr. Aungst’s reputation and hold accountable those who have damaged his distinguished 36-year career in .”

Since Averett announced its financial difficulties, university leaders have cut programs, implemented a hiring freeze and sold properties. In July, Powell confirmed the president’s home had been sold to an out-of-state buyer for $650,000. An auction with furnishings from the house and other items raised an additional $70,000, according to the president.

The university estimates that about 1,356 students will enroll for Averett’s fall semester,  about 100 fewer than last year.

“Certainly all of the problems have not helped,” Powell said in July of the enrollment challenges. “The other thing that I think was a blunder … the No. 1 thing that got cut out was [$1 million] worth of marketing that has been long-standing, and if you don’t tell people you’re here in a very competitive market, you lose that market share. So we’ve got to go back and rebuild that out.”

Powell became Averett’s 16th president. He replaced David Joyce, who stepped down in April after serving just three months, citing his wife’s health. Tiffany Franks, Averett’s president of 17 years, retired in January.

This summer, Averett is trying to locate enough bondholders to make a request for a covenant default waiver for about $15 million worth of bonds owed by the university. Although Averett has never missed a payment on the bonds, the university is technically in default due to failing to comply with the debt service coverage ratio and the liquidity covenant, according to a June 27 filing by U.S. Bank Trust, trustee of the bonds.

A July 7 call managed to attract only about 40% of the bondholders instead of the 50% required, according to Powell. “There are over 240 bondholders,” he said in July, “and there’s no directory of where these people are.”

Stocks mixed as Trump tariffs take effect worldwide

Summary

  • S&P 500 slips 0.1%, Dow drops 330 points, Nasdaq gains 0.4%
  • ‘s new on dozens of countries take effect
  • Investors weigh tariff damage against strong earnings, rate cut hopes
  • Global stock indexes rise in Asia and Europe; steady

Stocks are drifting in mixed trading on Wall Street Thursday after President Donald Trump’s latest tariffs took effect on dozens of countries.

The S&P 500 edged down by 0.1% after climbing earlier in the day to the edge of its record, which was set late last month. The Industrial Average was down 330 points, or 0.7%, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 0.4% higher.

Worries are still high that Trump’s tariffs are damaging the economy, particularly after last week’s worse-than-expected report on the job market. But hopes for coming cuts to interest rates by the and a torrent of stronger-than-expected profit reports from big U.S. companies are helping to offset the concerns, at least for now. Lower interest rates can give the economy and investment prices a boost, though the downside is that they can also push higher.

The Bank of England cut its main interest rate on Thursday in hopes of bolstering the sluggish U.K. economy.

The U.S. tariffs that took effect Thursday morning were also already well known, as well as lower than what Trump had initially threatened. Some countries are still trying to negotiate down the tax rates on their exports, and continued uncertainty seems to be the only certainty on Wall Street. All the while, the U.S. faces criticism that it’s climbed too far, too fast since hitting a bottom in April and left prices looking too expensive.

The latest reports on the U.S. economy came in mixed, meanwhile, which left Treasury yields relatively stable in the bond market.

One said that slightly more U.S. workers applied for unemployment benefits last week. That could be an indication of rising layoffs, but the number remains within its recent range.

“There is nothing to see here!” according to Carl Weinberg, chief economist at High Frequency Economics. “These are not nearly recession readings.”

A separate report said that productivity for U.S. workers improved by more during the spring than economists expected. That could help the U.S. economy grow without adding more pressure on inflation. And that’s particularly important when Trump’s tariffs look set to increase prices for all kinds of things that U.S. households and businesses buy.

On Wall Street, Apple helped lead the market amid hopes that its massive size can help it navigate Trump’s economy. Its stock rose 3% after its CEO, Tim Cook, joined Trump at the White House on Wednesday to say it’s increasing its investment in U.S. manufacturing by an additional $100 billion over the next four years.

Trump also announced a 100% tariff on imported , but he added “if you’re building in the United States of America, there’s no charge.”

“Large, cash-rich companies that can afford to build in America will be the ones to benefit the most,” said Brian Jacobsen, chief economist at Annex Wealth Management. “It’s survival of the biggest.”

DoorDash climbed 4.8% after the delivery app topped Wall Street’s profit expectations for the latest quarter. It attracted new customers and saw the total number of orders increase.

Duolingo, the language-learning app, soared 28.9% after it crushed Wall Street’s expectations. The company said its subscription revenue grew 46% over the same period last year.

They helped offset a drop for Eli Lilly, which fell 14.7% even though the drugmaker reported a stronger profit for the latest quarter than analysts expected. Analysts said some investors were disappointed with results that Lilly provided for a late-stage study of its potential pill version of the popular weight-loss drug Zepbound.

sank 3% after Trump called for its CEO to resign, while accusing him of being “highly CONFLICTED,” though he gave no evidence.

Crocs tumbled 25.2% even though the footwear company reported a stronger profit for the latest quarter than analysts expected. It said it expects revenue to fall between 9% and 11% in the current quarter from a year earlier, while tariffs are dragging on its profitability. The company cited “continued uncertainty from evolving policy and related pressures around the consumer.”

In stock markets abroad, indexes rose across much of Europe and Asia.

Stocks climbed 0.2% in Shanghai and 0.7% in Hong Kong after China reported that its exports picked up in July, helped by a flurry of shipments as businesses took advantage of a pause in Trump’s tariff war with Beijing.

Japan’s Nikkei 225 rose 0.6%. Toyota Motor’s stock fell after it cut its full-year earnings forecasts largely because of President Donald Trump’s tariffs, but Sony rose after the entertainment and electronics company indicated it’s taking less damage from the tariffs than it had expected.

In the bond market, the yield on the 10-year Treasury remained at 4.22%, where it was late Wednesday.

Average rate on a 30-year mortgage drops to lowest level since April

Summary

  • 30-year mortgage rate falls to 6.63%, lowest since April
  • Weekly drop reflects decline in long-term
  • Rates still near this year’s high of around 7%
  • High financing costs continue to slow home sales

The average rate on a 30-year U.S. mortgage has fallen to its lowest level in four months, welcome news for prospective who have been held back by stubbornly high home financing costs.

The long-term rate fell to 6.63% from 6.72% last week, mortgage buyer said Thursday. A year ago, the rate averaged 6.47%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell. The average rate dropped to 5.75% from 5.85% last week. A year ago, it was 5.63%, Freddie Mac said.

Elevated mortgage rates have helped keep the U.S. in a sales slump that began in early 2022, when rates started to climb from the rock-bottom lows they reached during the pandemic. Home sales sank last year to their lowest level in nearly 30 years.

For much of 2025, the average long-term mortgage rate has remained relatively close to the 7.04% high for this year that it reached in mid-January.

This is the third week in a row that rates have come down. The latest average rate on a 30-year mortgage is now just shy of 6.62%, the low point for this year set April 10.

Mortgage rates are influenced by several factors, from the ‘s interest rate policy decisions to bond market investors’ expectations for the economy and .

The main barometer is the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The yield was at 4.23% at midday Thursday, up slightly from 4.22% late Wednesday.

The yield is well below where it was last week, before Friday’s weaker-than-expected report on the U.S. job market ignited worries that the  administration’s  are stalling hiring plans by employers.

Last Wednesday, the central bank’s policymaking committee voted to hold its main interest rate steady. And Fed Chair Jerome Powell pushed back on expectations that the Fed could cut rates at its next meeting in September, noting that inflation remained above the Fed’s 2% target and the job market was “in balance.”

But the latest jobs report may shift that stance. Traders on are now betting heavily that the Fed will need to cut next month, something President Donald Trump has been demanding the Fed, and Powell specifically, to do.

A cut in rates could give the job market and overall economy a boost, but it could also fuel inflation just as Trump’s tariff policies risk raising prices for U.S. consumers.

“While both buyers and sellers welcome lower mortgage rates, it’s not clear whether rates will continue to fall,” said Lisa Sturtevant, chief economist at Bright MLS. “A weaker economy could lead to lower mortgage rates, but the risks of higher inflation could keep rates elevated.”

Intel’s stock tumbles after Trump says its CEO must resign

Summary:

  • urges CEO to resign immediately
  • Sen. Tom Cotton cites Tan’s ties to Chinese chip firms
  • Concerns raised over links to Chinese Communist Party, PLA
  • Intel board asked to clarify Tan’s investment divestitures

Shares of Intel slumped Thursday after President Donald Trump said in a social media post that the chipmaker’s CEO needs to resign.

“The CEO of Intel is highly CONFLICTED and must resign, immediately,” Trump posted on Truth Social. “There is no other solution to this problem. Thank you for your attention to this problem!”

Trump made the post after Sen. Tom Cotton sent a letter to Intel Chairman Frank Yeary expressing concern over CEO Lip-Bu Tan’s investments and ties to semiconductor firms that are reportedly linked to the Chinese Communist Party and the People’s Liberation Army, and asked the board whether Tan had divested his interests in these companies to eliminate any conflicts of interest.

Intel did not immediately respond to a request for comment, so it is not immediately clear if Tan has divested his interests in the companies.

“In March 2025, Intel appointed Lip-Bu Tan as its new CEO,” Cotton wrote in the letter. “Mr. Tan reportedly controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced-manufacturing and chip firms. At least eight of these companies reportedly have ties to the Chinese People’s Liberation Army.”

Tan, who took over as CEO in March, previously launched the venture capital firm Walden International in 1987 to focus on funding tech start-ups, including chip makers. ‘s state media has described Tan as “actively” devoted to Chinese and Asian markets, having invested not only in the Taiwan Semiconductor Manufacturing Company but also China’s state-owned enterprise SMIC, which seeks to advance China’s chipmaking capabilities.

The demands made by Trump and Cotton come as economic and political rivalries between the U.S. and China increasingly focus on the competition over chips, AI and other digital technologies that experts say will shape future economies and military conflicts.

Cotton, the chairman of the Senate Intelligence Committee, has raised concerns that Chinese spies could be working at tech companies and defense contractors, using their positions to steal secrets or plant digital backdoors that give China access to classified systems and networks.

On Thursday the Arkansas Republican wrote to the Department of Defense urging Defense Secrectary Pete Hegseth to ban all non-U.S. citizens from jobs allowing them to access DoD networks. He has also demanded an investigation into Chinese citizens working for defense contractors.

“The U.S. government recognizes that China’s cyber capabilities pose one of the most aggressive and dangerous threats to the United States, as evidenced by infiltration of our critical infrastructure, telecommunications networks, and supply chains,” Cotton wrote in an earlier letter calling on the Pentagon to conduct the investigation.

officials have linked China’s government to hacking campaigns targeting prominent Americans and critical U.S. systems.

“U.S. companies who receive government grants should be responsible stewards of taxpayer dollars and adhere to strict security regulations,” Cotton wrote on the social platform X.

Intel had been a beneficiary of the Biden administration’s CHIPS Act, receiving more than $8 billion in federal funding to build computer chip plants around the country.

Shares of the California company slid 3.5%, while markets, particularly the tech-heavy , gained ground.

Founded in 1968 at the start of the PC revolution, Intel missed the technological shift to mobile computing triggered by ‘s 2007 release of the iPhone, and it’s lagged more nimble chipmakers. Intel’s troubles have been magnified since the advent of artificial intelligence — a booming field where the chips made by once-smaller rival Nvidia have become tech’s hottest commodity.

Intel is shedding thousands of workers and cutting expenses — including some domestic semiconductor manufacturing capabilities — as Tan tries to revive the fortunes of the struggling chipmaker.

Trump imposes 100% tariff on imported computer chips

Summary

  • to impose 100% tariff on imported
  • U.S. chipmakers and investors like likely spared
  • Tariff could drive up prices for electronics, cars, and appliances
  • Chip shortage during pandemic previously fueled

WASHINGTON (AP) — President Donald Trump said Wednesday that he will impose a 100% tariff on computer chips, raising the specter of higher prices for electronics, autos, household appliances and other essential products dependent on the processors powering the digital age.

“We’ll be putting a tariff of approximately 100% on chips and semiconductors,” Trump said in the Oval Office while meeting with Apple CEO Tim Cook. “But if you’re building in the United States of America, there’s no charge.”

The announcement came more than three months after Trump temporarily exempted most electronics from his administration’s most onerous .

The Republican president said companies that make computer chips in the U.S. would be spared the import tax. During the COVID-19 pandemic, a shortage of computer chips increased the price of autos and contributed to higher inflation.

Investors seemed to interpret the potential tariff exemptions as a positive for Apple and other major tech companies that have been making huge financial commitments to manufacture more chips and other components in the U.S..

Big Tech already has made collective commitments to invest about $1.5 trillion in the U.S. since Trump moved back into the White House in January. That figure includes a $600 billion promise from Apple after the iPhone maker boosted its commitment by tacking another $100 billion on to a previous commitment made in February.

Now the question is whether the deal brokered between Cook and Trump will be enough to insulate the millions of iPhones made in and India from the tariffs that the administration has already imposed and reduce the pressure on the company to raise prices on the new models expected to be unveiled next month.

certainly seems to think so. After Apple’s stock price gained 5% in Wednesday regular trading sessions, the shares rose by another 3% in extended trading after Trump announced some tech companies won’t be hit with the latest tariffs while Cook stood alongside him.

The shares of AI chipmaker Nvidia, which also has recently made big commitments to the U.S., rose slightly in extended trading to add to the $1 trillion gain in market value the Silicon Valley company has made since the start of Trump’s second administration.

The stock price of computer chip pioneer , which has fallen on hard times, also climbed in extended trading.

Inquiries sent to chip makers Nvidia and Intel were not immediately answered. The ‘s main trade group, the Semiconductor Industry Association, declined to comment on Trump’s latest tariffs.

Demand for computer chips has been climbing worldwide, with sales increasing 19.6% in the year-ended in June, according to the World Semiconductor Trade Statistics organization.

Trump’s tariff threats mark a significant break from existing plans to revive computer chip production in the U.S. that were drawn up during the administration of President Joe Biden.

Since taking over from Biden, Trump has been deploying tariffs to incentivize more domestic production. Essentially, the president is betting that the threat of dramatically higher chip costs would force most companies to open factories domestically, despite the risk that tariffs could squeeze corporate profits and push up prices for mobile phones, TVs and refrigerators.

By contrast, the bipartisan CHIPS and Science Act that Biden signed into in 2022 provided more than $50 billion to support new computer chip plants, fund research and train workers for the industry. The mix of funding support, tax credits and other financial incentives were meant to draw in private investment, a strategy that Trump has vocally opposed.

Trump’s broad tariffs go into effect just as US economic pain is surfacing

Summary

  • raises import on goods from 60+ countries
  • Markets in Asia, Europe and U.S. futures remain mostly positive
  • Tariffs aim to reduce U.S. trade deficit and boost investment
  • Economists caution against long-term impacts like and slower hiring

WASHINGTON (AP) — President Donald Trump began imposing higher import taxes on dozens of countries Thursday just as the economic fallout of his monthslong tariff threats has begun to cause visible damage to the U.S. economy.

Just after midnight, goods from more than 60 countries and the European Union became subject to tariff rates of 10% or higher. Products from the EU, Japan and South Korea are taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh are taxed at 20%. Trump also expects the EU, Japan and South Korea to invest hundreds of billions of dollars in the United States.

“I think the growth is going to be unprecedented,” Trump said Wednesday. He said the U.S. was “taking in hundreds of billions of dollars in tariffs,” but did not provide a specific figure for revenues because “we don’t even know what the final number is” regarding the rates.

Despite the uncertainty, the White House is confident that the onset of his tariffs will provide clarity about the path for the world’s largest economy. Now that companies understand the direction the U.S. is headed, the Republican administration believes it can ramp up new investments and jump-start hiring in ways that can rebalance America as a manufacturing power.

So far, however, there are signs of self-inflicted wounds to the U.S. as companies and consumers brace for the impact of the new taxes.

Risk of economic erosion

Hiring began to stall, inflationary pressures crept upward and home values in key markets started to decline after the initial tariff rollout in April, said John Silvia, CEO of Dynamic Economic Strategy.

“A less productive economy requires fewer workers,” Silvia said. “But there is more, the higher tariff prices lower workers’ real wages. The economy has become less productive, and firms cannot pay the same real wages as before. Actions have consequences.”

Many economists say the risk is that the American economy is steadily eroded.

“It’s going to be fine sand in the gears and slow things down,” said Brad Jensen, a professor at Georgetown University.

Trump has promoted the tariffs as a way to reduce America’s persistent trade deficit. But importers tried to avoid the taxes by bringing in more goods before the tariffs took effect. As a result, the $582.7 billion trade imbalance for the first half of the year was 38% higher than in 2024. Total construction spending has dropped 2.9% over the past year.

The economic pain is not confined to the U.S.

Germany, which sends 10% of its exports to the U.S. market, saw industrial production sag 1.9% in June as Trump’s earlier rounds of tariffs took hold. “The new tariffs will clearly weigh on economic growth,” said Carsten Brzeski, global chief of macro for ING bank.

Dismay in India and Switzerland

The lead-up to Thursday fit the slapdash nature of Trump’s tariffs, which have been rolled out, walked back, delayed, increased, imposed by letter and renegotiated.

Trump on Wednesday announced additional 25% tariffs to be imposed on India because of its purchases of Russian oil, bringing its total import taxes to 50%.

A leading group of Indian exporters said that will affect nearly 55% of the country’s outbound shipments to America and force exporters to lose long-standing clients.

“Absorbing this sudden cost escalation is simply not viable. Margins are already thin,” S.C. Ralhan, president of the Federation of Indian Export Organizations, said in a statement.

The Swiss executive branch, the Federal Council, was expected to meet Thursday after President Karin Keller-Sutter and other Swiss officials returned from a hastily arranged trip to Washington in a failed bid to avert a 39% U.S. tariffs on Swiss goods.

Import taxes are still coming on pharmaceutical drugs, and Trump announced 100% tariffs on . That could leave the U.S. economy in a place of suspended animation as it awaits the impact.

remains solid

The president’s use of a 1977 to declare an economic emergency to impose the tariffs is under a  challenge. Even people who worked with Trump during his first term are skeptical, such as Paul Ryan, the Wisconsin Republican who was House speaker.

“There’s no sort of rationale for this other than the president wanting to raise tariffs based upon his whims, his opinions,” Ryan told CNBC on Wednesday.

Trump is aware of the risk that could overturn his tariffs. In a Truth Social tweet, he said, “THE ONLY THING THAT CAN STOP AMERICA’S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!”

The stock market has been solid during the tariff drama, with the index climbing more than 25% from its April low. The market’s rebound and the income tax cuts in Trump’s tax and spending measure signed into law on July 4 have given the White House confidence that economic growth is bound to accelerate in the coming months.

Global financial markets took the new tariffs in stride, with Asian and European shares and U.S. futures mostly higher.

But ING’s Brzeski warned: “While financial markets seem to have grown numb to tariff announcements, let’s not forget that their adverse effects on economies will gradually unfold over time.”

Trump foresees an economic boom. American voters and the rest of the world wait, nervously.

“There’s one person who can afford to be cavalier about the uncertainty that he’s creating, and that’s Donald Trump,” said Rachel West, a senior fellow at The Century Foundation who worked in the Biden White House on labor policy. “The rest of Americans are already paying the price for that uncertainty.”

Virginia Beach solicits development proposals near convention center


Summary

The Virginia Beach government is seeking proposals from developers for a commercial or residential project near the city’s convention center — with the hope that new development will revitalize and boost the economy of that part of the city.

The site in question is a 1.73-acre property owned by the city, located on the eastern portion of 825 18th St. and at the southeast corner of 19th Street and Parks Avenue. The property is currently used as a lot and has 109 spaces.

An image of the site that Virginia Beach hopes to redevelop, as depicted in the request for proposals. Image courtesy Virginia Beach

The request for proposals calls for the construction of a public structured parking facility, as well as other complementary uses, which may include commercial, office, residential, restaurant or retail spaces.

Peter Gaytan, a planner with the city’s Department of Economic Development, notes that the city would like to see more parking, possibly as a multi-story garage, on the property.

Gaytan said the intent would be for the developer to own or lease the property, but the city would continue to manage the parking facilities on the site.

The “desires to unlock development potential within this area and is seeking a proposal that contributes to the city’s goal of creating a diverse, world-class, year-round coastal community for residents and visitors,” the states.

Developers have until 3 p.m. Oct. 20 to submit their proposals.

Afterward, a review committee will evaluate the proposals based on various criteria, including their anticipated fiscal impact. The committee will assess fiscal impact based on the respondent’s combined financial contribution to the project as well as the project’s financial and operational viability. The city aims to evaluate whether the proposal offers a realistic and well-structured financial model that ensures long-term success. The proposal must clearly state whether it hopes for the city government or VBDA to provide any contributions.

Other criteria the committee will evaluate include the number of public parking spaces and how quickly they could realistically be achieved, respondents’ credentials, compatibility of plans with a parking structure, and whether the proposal aligns with the city’s Central Beach Small Area Plan vision and adjacent ViBe Creative District.

The highest-ranking proposals’ backers may be shortlisted for interviews with the review committee, according to the RFP. Based on ranking and potential interviews, the review committee will make a recommendation to the VBDA and City Council.

As for when construction is likely to begin, Gaytan said that it depends on how many proposals the city receives and what the proposals entail, although he expects groundbreaking in 2026.

Southwest Virginia businessman and philanthropist McGlothlin dies

Summary

  • , a native and part-time , Virginia, resident, died at 85.
  • He built United Co., sold it in 2009 and backed the state’s first casino
  • McGlothlin and his wife, Frances, have been major art collectors and philanthropists

Jim McGlothlin, a former coal magnate, backer of Virginia’s first casino and a prominent philanthropist, has died at the age of 85.

A part-time resident of Bristol, Virginia, and a native of Buchanan County, McGlothlin was an attorney educated at and its school who purchased a Buchanan coal company at auction in 1970 with six partners. That developed into United Coal Co., which became a billion-dollar business by the time it was sold in 2009 to a Ukrainian billionaire.

After the coal mine sale, The United Co., where McGlothlin remained CEO, chairman and sole owner for more than a decade, diversified into a hospitality and wealth management company. Among other ventures, it held a stake in the Bristol-based Hard Rock Hotel & Casino, which opened in 2022 as a temporary resort at the Bristol Mall.

That was the state’s first casino to open after the legislature legalized casinos in 2020, and McGlothlin and business partner Clyde Stacy were instrumental in moving the previously reluctant state toward legalization. In November 2024, the permanent, $515 million casino opened its doors.

In addition to his business accomplishments, McGlothlin and his wife, Frances Gibson McGlothlin, became major art collectors specializing in 19th and 20th century American paintings, nearly 90 of which they donated to the in Richmond, a gift worth about $250 million. The McGlothlins made other large financial donations to the museum, including $30 million for its 2010 expansion and nearly $60 million in 2022 for a new wing.

The couple also has made generous donations to William & Mary, where they are both alumni, funding the McGlothlin Leadership Forum, which brings industry leaders as speakers to the Williamsburg campus.

The McGlothlins also donated millions to and Mountain Mission School, a private school in started in 1921 to house and educate children in need. Jim McGlothlin began volunteering there in 1966 as a young lawyer and was on its board of directors at the time of his death.

McGlothlin also was behind the founding of The Olde Farm golf course in Bristol, where a celebrity tournament drew such luminaries as golf legends Jack Nicklaus and Gary Player and NFL stars Peyton Manning and Dan Marino. In 2018, the tournament raised $56.6 million for Mountain Mission School, the largest single-day charitable gift in PGA Tour history.

He was named the 2022 Virginia Business Person of the Year, and in an interview with Virginia Business, McGlothlin said he and Stacy, whom he had known since high school, decided late last decade that Southwest Virginia needed something big to employ residents after coal mining jobs were quickly disappearing. That “something” turned out to be a casino, even though Virginia had not yet legalized them.

“We called it ‘the moonshot,’ and it had to be big,” McGlothlin said in 2022. “It couldn’t just be another place to employ 40 people [because] we were going downhill — anybody could testify our debt was just escalating. The political people were difficult, but as time went on, they began to see this could have a big effect on investment in tourism.”

The United Co. released a statement about McGlothlin on Wednesday, noting that his philanthropy extended to many other local causes through the company’s foundation, including The Soup Kitchen and Morrison School.

“As The United Co.’s founder, Mr. McGlothlin was the company’s driving force for over 50 years,” the company said in a statement. “Mr. McGlothlin’s love for his family, the company and its employees, and his Southwest Virginia community ran deep.” 

Jim Allen, chairman of Hard Rock International, issued a statement Wednesday commemorating McGlothlin. “On behalf of the entire Hard Rock family, we extend our deepest condolences to Mr. McGlothlin’s family and loved ones. His determination, integrity and generosity left a profound mark on all of us, and his legacy will live on through the incredible impact he made — in Bristol, across Virginia and in the lives of so many.”

William & Mary President Katherine Rowe also paid tribute to McGlothlin. “A distinguished William & Mary alumnus and innovator in business and law, Mr. McGlothlin sought to advance prosperity throughout the commonwealth. At his alma mater, Mr. McGlothlin served two terms on the board of visitors. Deeply committed to the success of others, he launched scores of talented students on their professional pathways.”

McGlothlin, who is survived by his wife, three children and six grandchildren, served on many corporate and organization boards, including Bassett Furniture, the PGA Tour, CSX and First Tee.

“Coming from humble beginnings and rising to a titan of industry, Jim embodied the American dream,” Gov. Glenn Youngkin said in a statement. “Alongside his wife, Fran, they used that success to dedicate their time and treasure to changing the lives of countless Virginians. Their commitment to the Virginia Museum of Fine Arts enriches the culture of our commonwealth. Their support for the Mountain Mission School in Grundy provided a beacon of hope to generations of children. Their support for William & Mary and VCU Health enables students to reach their dreams and have a daily impact on patient care and medical training.”

A rally for Apple leads Wall Street higher

Summary:

  • rose 6%, lifting and Nasdaq
  • S&P 500 up 0.7%; Dow adds 97 points; Nasdaq gains 1%
  • , , Arista Networks report strong
  • Super Micro, AMD, shares fall after mixed results
  • Fed rate cut hopes persist amid tariff concerns

is rising on Wednesday, led by a rally for Apple.

The S&P 500 was 0.7% higher in afternoon trading. The Dow Jones Industrial Average was up 97 points, or 0.2%, as of 1:09 p.m. Eastern time, and the Nasdaq composite was 1% higher.

Apple alone accounted for nearly half of the S&P 500’s gain. It rose 6% ahead of an announcement at the White House where it’s expected to increase its U.S. investments by an additional $100 billion over the next four years.

Trading elsewhere on Wall Street was mixed following a jumble of profit reports. McDonald’s and Shopify rose following their latest updates, while Super Micro Computer tumbled after its earnings and revenue came in below analysts’ expectations. The Walt Disney Co. fell after its earnings beat forecasts but its revenue fell short

Worries are still high that President Donald Trump’s  may be hurting the economy, but hopes for coming cuts to interest rates by the and a parade of stronger-than-expected profit reports from U.S. companies have helped steady the market.

Companies are under pressure to deliver bigger profits to justify the big gains their stock prices have made since the U.S. market hit a low point in April. The S&P 500 is just a bit below its record, which was set late last month, and the big rally fueled criticism that the broad market has become too expensive.

McDonald’s climbed 3% after reporting stronger profit and revenue for the spring than analysts expected. A meal tied to the “Minecraft” movie proved to be a hit for the restaurant chain.

Shopify jumped 19.5% after the company, which helps businesses sell on the internet, said it made more in revenue last quarter than expected. Analysts also said the company’s forecast for revenue in the current quarter suggests the strong trends are continuing.

Arista Networks was one of the stronger forces lifting the S&P 500 and leaped 18% after the networking company delivered a bigger profit for the latest quarter than expected. Its forecast for revenue in the current quarter also topped forecasts.

They helped offset a 21% slump for Super Micro Computer, which gave back some of the huge gains the server maker has made recently. Super Micro came into the day with a nearly 88% gain for its stock so far this year, but it reported weaker profit and revenue for the latest quarter than analysts expected. It also gave a forecast for profit in the current quarter that fell short of what Wall Street had penciled in.

Disney dropped 3% after its profit beat forecasts but its revenue fell short. Analysts said investors may have been looking for Disney to boost its profit forecast by a bigger amount.

The NFL also announced that it had entered into a nonbinding agreement with Disney’s ESPN, which will give the sports broadcaster the NFL Network, NFL Fantasy and the rights to distribute the RedZone channel. The NFL will get a 10% stake in ESPN in the proposed deal.

Chip company Advanced Micro Devices fell 6.6% after its profit for the latest quarter only matched analysts’ expectations. Analysts said the company’s financial forecasts for upcoming results also looked solid, but that may not have been enough for investors after its stock had already soared 44.3% for the year so far coming into the day.

In the bond market, Treasury yields held relatively steady.

The yield on the 10-year Treasury edged up to 4.24% from 4.22% late Tuesday. It’s still well below where it was last week, before Friday’s much weaker-than-expected report on the U.S. job market ignited worries that Trump’s tariffs are pushing employers to hold back on hiring.

That report has traders on Wall Street betting heavily that the Federal Reserve will need to cut interest rates at its next meeting in September. Such cuts can give the economy and investments prices a boost, but they also can push higher.

In stock markets abroad, indexes rose modestly across much of Europe and Asia.