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Union Pacific, Norfolk Southern shareholders OK merger

Summary

  • Nearly 99% of both railroads’ shareholders approved the proposed $85 billion merger.
  • The deal would create the first coast-to-coast U.S. rail network with 50,000 miles of track.
  • The must still approve the merger after a rigorous review.
  • Supporters include major unions and shippers, while chemical makers and BNSF warn of competition risks.

OMAHA, Neb. (AP) — Shareholders of and backed the railroads’ proposed $85 billion merger to create the nation’s first coast-to-coast rail network.

Roughly 99% of both railroads’ shareholders voted to support the largest in history Friday, but the U.S. Surface Transportation Board must still approve it before the deal can be completed.

Union Pacific CEO said, “Our shareholders see the value and understand this merger will unlock new opportunities to enhance service, growth and innovation.”

Vena has said that he hopes to file the formal merger application either in late November or early December, and that will initiate the lengthy review process.

The merger has picked up the support of the largest rail union and hundreds of shippers, but chemical manufacturers and competing railroad BNSF have raised concerns about whether the merger would hurt competition and lead to higher rates. President said after meeting with Vena in the Oval Office that the deal sounds good to him.

Vena has argued that the merger is great for America because it would enable the railroad to deliver goods more quickly and help the companies that rely on its deliveries of raw materials and finished products.

The proposed merger announced this summer was designed to link Union Pacific’s vast rail network in the West with Norfolk’s rails that crisscross the Eastern United States. The combined railroad would include more than 50,000 miles of track in 43 states with connections to major ports on both coasts.

The railroads argued that this merger would streamline deliveries of raw materials and goods nationwide by eliminating delays when shipments are handed off between railroads.

The STB will closely scrutinize the merger to determine if it can meet the very high bar the board established for railroad deals after previous consolidation in the industry led to massive backups and snarled traffic.

Many investors believe that if the deal is approved, CSX will need to find a merger partner so it will be able to compete effectively. But the other major railroads — BNSF, CPKC and Canadian National — have all said they believe forging cooperative agreements between railroads makes more sense than a merger. But CSX still went out and hired a new CEO with a background in mergers this fall to lead their railroad.

Vena and Norfolk Southern CEO have both said they are optimistic that this deal will get approved under Trump’s pro-business administration. The Surface Transportation Board is supposed to be indenpendant, but Trump fired the only board member who opposed Canadian Pacific’s acquisition of Kansas City Southern railroad two years ago. That should allow Trump to appoint two new members of the five-person board although Robert Primus has sued to challenge his firing.

Union Pacific offered $20 billion cash and one share of its stock to complete the deal. Norfolk Southern shareholders would receive one UP share and $88.82 in cash for each one of their shares as part of the deal that values NS at roughly $320 per share. Norfolk Southern closed at just over $260 a share earlier this month before the first reports emerged speculating about the deal that includes a $2.5 billion breakup fee.

Texas judge weighs Paxton bid to block Kenvue dividend

Summary

  • Texas AG asks a judge to block ‘s $398 million dividend and restrict marketing.
  • Kenvue argues the request is unprecedented and lacks legal basis.
  • Paxton alleges Tylenol poses risks during pregnancy; medical groups dispute the claim.
  • Kenvue and J&J say the injunction would damage business operations and exceed Texas jurisdiction.

Carthage, Texas (Reuters) -A Texas judge on Friday began considering state Attorney General Ken Paxton’s bid to block Kenvue from paying a $398 million dividend to its shareholders and from marketing Tylenol as safe for pregnant women.

Paxton, a Republican who is running for a U.S. Senate seat in 2026, sued Kenvue on October 28, accusing it of concealing the risks to children when pregnant women use the popular medication.

Judge LeAnn Rafferty in the Panola County courthouse in Carthage, Texas, near the Louisiana border, opened the hearing by allowing Kenvue’s lawyer to present the first statement.

The lawsuit was filed five weeks after Republican President and U.S. Health and Human Services Secretary Robert F. Kennedy Jr. repeated the scientifically unproven claim that using Tylenol during pregnancy can cause autism.

It is unusual for a local court, applying state law, to exercise power over issues fundamental to a multinational company’s business model, including its ability to communicate with the public and pay shareholders.

Kenvue has repeatedly said Tylenol is safe. The dividend payout is scheduled for November 26.

A source familiar with the matter said Kenvue is preparing for the court to grant the temporary restraining order on the dividend and plans to seek a mandamus – an emergency appeal used to correct a “grievous error” – at an appellate court to stay it. He said the appeal could be granted in as little as 24 hours.

“The state is asking you to do something totally unprecedented today. What they’re asking you to do is something that no judge anywhere in the country has ever done before,” Kenvue lawyer Kim Bueno told the court.

PAXTON IS ALIGNED WITH TRUMP’S AGENDA

Paxton has aligned himself with Trump’s agenda, and is challenging incumbent John Cornyn in next year’s Republican primary for a U.S. Senate seat.

Republicans traditionally presented themselves as preferring smaller governments that were less likely to interfere in the decisions of businesses and consumers. That stance has shifted somewhat during the Trump era, with Republican officials wading more aggressively and regularly into decisions on health and tariffs, for instance.

Paxton is also suing , which made Tylenol for six decades, accusing it of spinning off Kenvue in 2023 to shield itself from liability.

J&J has also defended Tylenol’s safety, and doctors and medical societies view acetaminophen products such as Tylenol as the best option for treating fever and pain during pregnancy.

Concerns about Tylenol have been an overhang for Kimberly-Clark’s planned $40 billion takeover of Kenvue, which was announced six days after Paxton sued.

That merger would let the maker of Kleenex and Huggies diapers expand into higher-margin categories such as skin care and pain relief, by acquiring Kenvue brands including Band-Aid, Johnson’s Baby shampoo, Listerine and Neutrogena.

‘TSUNAMI OF ILLEGALITY’ IF PAXTON WINS

In court papers, Paxton said Kenvue must conserve cash because it risked insolvency if forced to pay billions of dollars in Tylenol cases and international lawsuits claiming that baby powder containing talc causes cancer.

Paxton said the public interest supports an injunction because of “the wealth of evidence demonstrating that prenatal Tylenol exposure causes autism and ADHD.”

He also said the U.S. Constitution supports restricting Kenvue from touting Tylenol’s safety, because the First Amendment lets states regulate “misleading” commercial speech.

In September, the U.S. Food and Drug Administration told doctors to alert patients to what it said was growing evidence linking Tylenol to autism. Medical societies dispute a Tylenol link to autism.

The agency is considering new labels for Tylenol and generic versions.

Kenvue and J&J contended in court filings that giving Paxton what he wants “would constitute a tsunami of illegality that would tarnish the credibility of .”

They said Rafferty has no jurisdiction over the spinoff because it occurred outside Texas and involved two New Jersey companies, and cited a May decision from the Texas Supreme Court that said state laws generally don’t apply elsewhere.

The companies also said paying a dividend would not irreparably harm Texas because Kenvue is not insolvent.

Paxton, they added, cited no court that ever blocked manufacturers from talking about and selling products the FDA deemed safe, or blocked public companies from paying regular dividends.

“The state’s motion is a thinly veiled attempt to prop up a politician’s unfounded claims that lie well outside the mainstream of scientific thought, resurrect the Tylenol product liability litigation, generate headlines and ultimately enrich private plaintiffs’ lawyers,” the companies said.

Kenvue and J&J were likely referring to Keller Postman, a law firm helping Paxton in the Tylenol case.

(Reporting by Jonathan Stempel and Sheila Dang; Additional reporting by Patrick Wingrove in New York and Tom Hals in Wilmington, Delaware; Editing by Noeleen Walder, Bill Berkrot and Paul Simao)

 

US House report accuses China of minerals market interference

Summary

  • alleges manipulates global prices.
  • Report recommends price controls, oversight of reporting agencies and a minerals czar.
  • Lawmakers cite risks to U.S. jobs, miners and .
  • China denies accusations, saying it supports stable global supply chains.

(Reuters) -China has sought to manipulate global critical minerals prices for decades, using its control as an economic weapon to expand its sector and its geopolitical influence, a U.S. House of Representatives committee said on Wednesday.

The allegations, contained in a 50-page report from the bipartisan U.S. House Select Committee on China and reviewed by Reuters, add to a series of missives from Washington criticizing Beijing’s sway in critical minerals markets.

President and his predecessor, Joe Biden, have in recent years sought to crimp China’s dominance in the critical minerals sector.

COMMITTEE RECOMMENDATIONS INCLUDE MINERALS PRICE CONTROLS

The committee’s legislative report aims to codify presidential orders into law with an array of recommendations including price controls and expanded government oversight of price reporting agencies.

In a statement to Reuters, the Chinese Embassy in Washington said “there is nothing credible about the committee,” adding that China is committed to “upholding the security and stability of global production and supply chains.”

“We hope the relevant U.S. politicians view China in an objective and reasonable light, proceed from the common interests of China and the U.S., head toward the same direction with China and promote the development of the China-U.S. relations based on mutual respect, peaceful coexistence and win-win cooperation,” said spokesperson Liu Pengyu.

China had previously accused the U.S. of distorting and exaggerating Beijing’s export controls and of stirring up panic over the issue.

“China has a loaded gun pointed at our economy, and we must act quickly,” said Congressman John Moolenaar, a Michigan Republican and chair of the committee.

A chemist by training who previously worked at Dow Chemical, Moolenaar added that Beijing’s practices had “caused American job losses, driven American miners out of business, and jeopardized national security.”

The report, compiled by committee staff, was also endorsed by the ranking Democrat, Congressman Raja Krishnamoorthi of .

It alleges that China’s role as the world’s largest processor of many critical minerals has made it nearly impossible for the United States and allies to determine the true price of certain metals, including rare earths.

The report also suggests that the London Metal Exchange, where many minerals are traded, is susceptible to influence from Beijing, as it is owned by the Hong Kong Exchanges and Clearing.

“The LME advertises itself as showing prices that ‘properly reflect global supply and demand.’ However, with the (Chinese government) looking over HKEC’s shoulder, it is difficult to determine whether the prices it publishes accurately reflect global supply and demand.”

The LME said it is subject to the laws and regulations of the United Kingdom, where it is based.

“All of the LME’s key prices are determined on the basis of transparent trading activity from an international participant base,” a spokesperson said.

REPORT ALLEGES CHINA TARGETS PRICING OF RARE EARTHS

The House committee’s report, based on published reports and data, also alleges that China has specifically targeted the lithium and rare earths industries, raising and lowering prices to bolster its own economy.

“Each time lithium prices rose, the PRC government took action to bring lithium prices back down,” the report said.

The Trump administration cited issues with pricing in September when it sought an equity stake in Lithium Americas.

The report offers 13 policy recommendations, some of which Trump has already taken. It also aims to spark broader dialogue about China’s presence in the minerals markets rather than seek to address every concern.

“One single policy will not completely address the serious challenge the United States faces on critical minerals, so we must simultaneously pursue multiple policy prescriptions,” it said.

One of those recommendations, the creation of a “critical minerals czar,” was instituted by Trump earlier this year. The report also suggests the creation of a U.S. minerals stockpile, which the administration has indicated it is open to.

(Reporting by Ernest Scheyder in Houston and Pratima Desai in London; Editing by Veronica Brown and Edmund Klamann)

 

Walmart CEO Doug McMillon to Retire; John Furner to Lead

(Reuters) – CEO will retire next year after more than a decade at the helm, capping a period when he reshaped the big-box retailer into a technology-driven powerhouse whose shares have consistently outperformed the broader market.

McMillon, 59, will be replaced by U.S. division chief CEO , 51, a veteran with three decades at the company, Walmart said.

Walmart’s shares fell 1.7% in morning trading, in part due to concerns McMillon’s decision to step down came sooner than anticipated, though his tenure at the time of his expected Jan. 31 retirement makes him one of the longest-serving CEOs in company history.

“Given that Mr. McMillon was unequivocally Walmart’s best CEO since the company’s founder in Sam Walton … the announcement will likely cause some anxiety by shareholders, particularly since the change was a bit earlier-than-anticipated,” said Chuck Grom, an analyst with Gordon Haskett.

In a video on the company’s website, McMillon said, “this is the right time to retire because the company is in such great shape, and John is more than ready to lead this company through another set of transformations.”

Walmart said in a statement McMillon’s retirement was a planned transition.

McMillon took over from Mike Duke in February 2014, when the company was facing competition from online sales giant Amazon.com.

Since he took the job, Walmart’s value has more than tripled to its current $817 billion as he ramped up efforts. When he took over, the company’s global ecommerce sales had just surpassed $10 billion; in its most recent fiscal year ended in January, that figure had surpassed $120 billion.

“Walmart has performed very well under Doug’s tenure,” said Neil Saunders, Managing Director of Retail at GlobalData. “It has become a way more influential ecommerce player, has integrated new technologies to improve efficiency, and has pushed into new areas like retail media.”

McMillon, who joined Walmart in 1984 as an hourly associate, has served in leadership roles at all three Walmart divisions: U.S., International and Sam’s Club. He rose through the ranks to become CEO of Walmart in February 2014, replacing Mike Duke.

McMillon will continue as an adviser through Jan. 31, 2027. The Bentonville, Arkansas-based retailer’s stock has risen 323% since he took over, outperforming the S&P 500 index .

‘POWERHOUSE FUELED BY TECHNOLOGY’

The list of people who have held Walmart’s top job since its 1962 founding is a short one; Furner will be only the sixth person to lead the company, with each of the previous CEOs lasting six years or more.

“Doug McMillon has been a terrific CEO, leading Walmart’s transformation into an even bigger and stronger retail powerhouse fueled by technology,” said Joseph Feldman, an analyst with Telsey Advisory Group. “John Furner is the logical choice to be the next CEO. He is a lifer at Walmart who started as an hourly associate in 1993, so he is a good cultural fit.”

The move is the latest in a string of leadership changes sweeping through retail as companies tackle tariff pressures, an uncertain economy and choppy consumer spending. Kohl’s , Kroger, and Target have named new CEOs this year.

Furner has been CEO of Walmart U.S. since 2019. He joined as an hourly associate around three decades ago, and has held leadership roles across merchandising, operations and sourcing, the company said. He previously served as president and CEO of Sam’s Club.

Walmart reports quarterly results next week.

(Reporting by Juveria Tabassum and Savyata Mishra in Bengaluru and Siddharth Cavale in New York; Editing by Savio D’Souza, Anil D’Silva and Nick Zieminski)

 

SAIC shakes up leadership further after CEO’s departure

Reston-based Fortune 500 federal contractor () is consolidating its five business groups into three, and three of its executives are leaving, the company announced Thursday.

Following on the heels of former CEO Toni Townes-Whitley’s departure in October, SAIC’s executive vice presidents of its Army sector and its Space and Intelligence group, Josh Jackson and David Ray, as well as Chief Innovation Officer Lauren Knausenberger, will leave “to pursue other opportunities,” the company announced.

Effective Jan. 31, 2026, the current Army and Navy business groups will be combined as ANG, and the Air Force and Space and Intelligence (AFSI) business groups will be consolidated. Current Executive Vice President Barbara Supplee will lead the Army Navy group, while Executive Vice President Vinnie DeFronzo will lead AFSI. The civilian business group will stay the same, and Executive Vice President Srini Attili will remain its leader.

“We’re making these changes to ensure that we are well positioned to capitalize on opportunities for growth and value creation, and to align our investments more closely with those opportunities,” interim CEO Jim Reagan said in a statement. “By optimizing our organization for speed, flexibility and efficiency, we expect that we will be able to better serve our customers and accelerate growth.”

He thanked Jackson, Knausenberger and Ray for their work. According to a Securities and Exchange Commission filing Thursday, Ray will step down immediately from his post and depart from SAIC on Jan. 30, 2026. He will receive severance compensation, along with a two-year non-compete agreement.

Townes-Whitley’s departure was announced in October, after she joined the company in 2023 as its CEO. Before leaving, she was one of only two current Fortune 500 CEOs who are Black women. Reagan, Leidos’ former chief financial officer and an SAIC board member since 2023, was immediately installed as interim CEO.

Jackson, who led SAIC’s Army business group, which employs 3,500 people, joined SAIC in 2002 as a program manager. Before leading the Army group, he led SAIC’s Navy business, according to his company bio.

The Space and Intelligence group leader, Ray joined SAIC in 2021 after serving as president of thermal imaging systems manufacturer FLIR Systems’ government and defense business, as well as multiple roles in management and business development at Raytheon. CIO Knausenberger, also an executive vice president, was previously chief information officer of the U.S. Department of the Air Force before joining SAIC in 2023.

The company has annual revenues of $7.4 billion and about 24,000 employees.

30-year mortgage rate edges up to 6.24%

Summary

  • Average 30-year U.S. mortgage rate rises to 6.24%
  • Still near lowest level of 2025 after July decline
  • 15-year rate slips slightly to 5.49%
  • Lower rates spark uptick in homebuying, refinancing activity

The average rate on a 30-year U.S. mortgage edged higher for the second week in a row, though it remains near its low point so far this year.

The average long-term mortgage rate ticked up to 6.24% from 6.22% last week, mortgage buyer said Thursday. A year ago, the rate averaged 6.78%.

Just two weeks ago, the average rate was at 6.17%, its lowest level in more than a year.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their , edged lower this week. The rate averaged 5.49%, down from 5.5% last week. A year ago, it was 5.99%, Freddie Mac said.

are influenced by several factors, from the ‘s interest rate policy decisions to bond market investors’ expectations for the economy and . They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.

The 10-year yield was at 4.10% at midday Thursday, up slightly from a week ago.

When mortgage rates rise they reduce homebuyers’ purchasing power. The average rate on a 30-year mortgage has been stuck above 6% since September 2022, the year mortgage rates began climbing from historic lows. The has been in a slump ever since.

Sales of previously occupied U.S. homes sank last year to their lowest level in nearly three decades. Sales have been sluggish this year, but accelerated in September to their fastest pace since February as mortgage rates eased.

“Lower rates could finally be prompting some buyers to get into the market, which could lead to a surprisingly busy November and December, a time of the year when activity usually slows,” said Lisa Sturtevant, chief economist at .

Applications for loans to buy a home jumped nearly 6% last week to their strongest pace since September, even as mortgage rates ticked higher, according to the Mortgage Bankers Association.

The late-summer pullback in mortgage rates has also benefited homeowners eager to refinance their current home loan to a lower rate. Applications for mortgage refinancing loans accounted for about 56% of all mortgage applications last week, down slightly from the previous week.

Mortgage rates began declining in July in the lead-up to the Federal Reserve’s decision in September to cut its main interest rate for the first time in a year amid growing concern over the U.S. labor market. The Fed lowered its key interest rate again last month, but Fed Chair Jerome Powell cautioned that further rate cuts weren’t guaranteed.

Wall Street traders have reduced their bets that the Fed will cut its main interest rate at its next meeting in December, now seeing a 53% of that, down from nearly 70% a week ago, according to data from CME Group.

The central bank doesn’t set mortgage rates, and even when it cuts its short-term rates that doesn’t necessarily mean rates on home loans will necessarily decline.

Last fall after the Fed cut its rate for the first time in more than four years, mortgage rates marched higher, eventually reaching just above 7% in January this year. At that time, the 10-year Treasury yield was climbing toward 5%.

Despite the pullback in mortgage rates from their 2025 highs at the start of the year, affordability remains a major hurdle for many aspiring homeowners following years of skyrocketing home prices. The Trump administration recently said it is considering backing a 50-year mortgage to help alleviate the crisis, though the announcement drew swift criticism from many economists and policymakers.

Boeing defense workers ratify new contract to end 3-month strike in the Midwest

Summary

  • approve new five-year
  • Deal includes 24% wage hike and $6,000 signing bonus
  • Strike halted production at defense plants in ,
  • Workers to return Sunday to build fighter jets and weapons

Several thousand Boeing machinists in the Midwest who assemble military aircraft and weapons voted Thursday to approve a new contract, ending a three-month strike that saw them reject four earlier offers from the company.

The breakthrough five-year labor agreement includes a 24% wage hike across the life of the contract and a $6,000 signing bonus, according to the union representing the 3,200 workers who walked off the job on Aug. 4.

“We’re proud of what our members have fought for together and are ready to get back to building the world’s most advanced military aircraft,” the International Association of Machinists and Aerospace Workers said in a statement.

With their new contract in hand, the machinists are set to return to work Sunday at plants in the Missouri cities of St. Louis and St. Charles, as well as in Mascoutah, Illinois. The workers build fighter jets, weapons systems and the U.S. Navy’s first carrier-based unmanned aircraft at those facilities.

Boeing said in a statement that it looks forward to “bringing our full team back together.”

While the strike was smaller than last year’s walkout by 33,000 Boeing workers who build commercial jetliners, it still threatened to slow the aerospace company’s efforts to regain its financial footing. Boeing’s Defense, Space & Security division makes up more than a third of its revenue.

Union leaders said talks broke down over pay and retirement benefits, while Boeing argued workers’ demands went beyond the Midwest’s cost of living. The breakdown in negotiations prompted the Congressional Labor Caucus to send a letter to Boeing CEO Kelly Ortberg, urging the company to return to the bargaining table.

“Boeing Defense workers produce planes and other defense equipment that the United States government and our men and women in uniform rely upon,” the letter said. “These workers are essential to the success of your company, and they deserve a fair contract that reflects their hard work and sacrifices.”

Tensions rose long before the strike, with the workers rejecting a proposed 20% raise over the contract’s term and $5,000 ratification bonuses. Boeing responded with an offer that kept the same pay increases but dropped a scheduling rule that limited overtime opportunities. Workers turned that down as well and went on strike the next morning, later rejecting two other company offers.

Amid those failed votes, the union drafted its own four-year contract, which members quickly ratified. And in a move that flipped the script on traditional bargaining practices, the union sent the pre-approved contract to Boeing for its consideration. The company rebuffed the union’s terms.

Last year’s strike, meanwhile, shut down Boeing’s factories in Washington state for more than seven weeks at a bleak time for the company. Boeing was under several federal investigations last year after a door plug blew off a 737 Max plane during an Airlines flight, an incident that renewed safety concerns surrounding that particular plane.

Two 737 Max jetliners crashed off the coast of Indonesia and in Ethiopia less than five months apart in 2018 and 2019, killing 346 people.

Trump administration finalizes plan to open pristine Alaska wildlife refuge to oil and gas drilling

Summary

  • Trump administration finalizes Arctic Refuge drilling plan
  • Move fulfills GOP pledge to expand U.S. energy production
  • communities oppose drilling on sacred lands
  • Conservationists vow lawsuits over environmental impact

JUNEAU, (AP) — The Trump administration on Thursday finalized plans to open the coastal plain of Alaska’s to potential oil and gas drilling, renewing a long-simmering debate over whether to drill in one of the nation’s environmental jewels.

U.S. Interior Secretary Doug Burgum announced the decision Thursday that paves the way for future lease sales within the refuge’s 1.5 million-acre ( 631,309 hectare) coastal plain, an area that’s considered sacred by the Indigenous Gwich’in. The plan fulfills pledges made by President and congressional Republicans to reopen this portion of the refuge to possible development. Trump’s bill of tax breaks and spending cuts, passed during the summer, called for at least four lease sales within the refuge over a 10-year period.

Burgum was joined in Washington, D.C., by Alaska Republican Gov. Mike Dunleavy and the state’s congressional delegation for this and other lands-related announcements, including the department’s decision to restore oil and gas leases in the refuge that had been canceled by the prior administration.

A federal judge in March said the Biden administration lacked authority to cancel the leases, which were held by a state corporation that was the major bidder in the first-ever lease sale for the refuge held at the end of Trump’s first term.

Leaders in Indigenous Gwich’in communities near the refuge consider the coastal plain sacred, noting its importance to a caribou herd they rely upon, and they oppose drilling there. Leaders of Kaktovik, an Iñupiaq community within the refuge, support drilling and consider responsible oil development to be key to their region’s economic well-being.

“It is encouraging to see decisionmakers in Washington advancing policies that respect our voice and support Kaktovik’s long term success,” Kaktovik Iñupiat Corp. President Charles “CC” Lampe said in a statement.

A second lease sale in the refuge, held near the end of President Joe Biden’s term, yielded no bidders but critics of the sale argued it was too restrictive in scope.

Meda DeWitt, Alaska senior manager with The Wilderness Society, said that with Thursday’s announcement the administration “is placing corporate interests above the lives, cultures and spiritual responsibilities of the people whose survival depends on the Porcupine caribou herd, the freedom to live from this land and the health of the Arctic Refuge.”

The actions detailed Thursday are consistent with those laid out by Trump on his return to office in January, which also included calls to speed the building of a road to connect the communities of King Cove and Cold Bay.

Burgum on Thursday announced completion of a land exchange deal aimed at building the road that would run through Izembek National Wildlife Refuge. King Cove residents have long sought a land connection through the refuge to the all-weather airport at Cold Bay, seeing it as vital to accessing emergency medical care. Dunleavy and the congressional delegation have supported the effort, calling it a life and safety issue.

Conservationists vowed a legal challenge to the agreement, with some tribal leaders worried a road will drive away migratory birds they rely on. The refuge, near the tip of the Alaska Peninsula, contains internationally recognized habitat for migrating waterfowl. Past land exchange proposals have been met with controversy and litigation.

The Center for Biological Diversity, an environmental group, said the latest land agreement would exchange about 500 acres (202 hectares) of “ecologically irreplaceable wilderness lands” within the refuge for up to 1,739 acres (703.7 hectares) of King Cove Corp. lands within the refuge boundaries. Tribal leaders in some communities further north, in Yup’ik communities in the Yukon-Kuskokwim Delta region, have expressed concerns that development of a road would harm the migratory birds important to their subsistence ways of life.

“Along with the Native villages of Hooper Bay and Paimiut, we absolutely plan to challenge this decision in court,” said Cooper Freeman, the center’s Alaska director.

U.S. Sen. Lisa Murkowski, a Republican, told reporters she has been fighting for the land access for King Cove throughout her tenure and has been to both the community and the refuge. She called the refuge a “literal bread basket” for many waterfowl and said it was in everyone’s interest to ensure that a road is built with minimal disturbance.

“I think it’s important to remember that nobody’s talking about a multi-lane paved road moving lots of big trucks back and forth,” she said. “It is still an 11-mile, one-lane, gravel, noncommercial-use road.”

___

A previous version of this report erroneously reported that about 1,739 acres involved were outside the Izembek National Wildlife Refuge. They are inside the refuge boundaries.

Modine announces $19.6M Buena Vista expansion

Modine, a Wisconsin-based manufacturer of heating, cooling, and ventilation solutions, will invest $19.6 million through 2029 in planned capital expenditures to expand its operation in Buena Vista, creating 57 jobs, announced Thursday.

As part of the expansion, will move the headquarters of its heating division from Wisconsin to Buena Vista, where the company has operated a facility since 1963. Modine’s heating business manufactures energy-efficient gas-fired, electric, hydronic and oil-fired heating systems for commercial, industrial and residential spaces.

“Modine’s decision to relocate their heating division to Virginia is a powerful testament to what is possible when we foster an environment where businesses and families can thrive,” Youngkin said in a news release.

The investment will fund construction of a facility that will include warehouse, office and testing space. It will also cover new machinery and equipment transfers to support growth in Modine’s heating business.

“Modine is proud of our long partnership with the City of Buena Vista, having operated our manufacturing facility here for more than 60 years,” Matt Niebur, general manager of Modine Heating, stated in a news release. “We are excited to build on that legacy with this new investment in our operations and testing facilities.”

In March 2024, Youngkin announced Modine planned to invest $18.1 million to increase capacity for the production of data center cooling equipment at the company’s operation, creating 211 jobs.

Modine did not immediately respond to a request for comment Thursday.

At the end of October, Modine reported net sales of $738.9 million for the second quarter of fiscal year 2026, a 12% increase year-over-year. The company has more than 11,000 employees globally. As of March 2024, Modine employed 75 workers in Rockbridge County and more than 300 in Buena Vista.

The Virginia Partnership worked with Buena Vista and the to secure this project for Virginia. Youngkin approved a $300,000 grant from the Commonwealth’s Opportunity Fund to assist Rockbridge County with the project.

Modine will also receive support from the Investment Program, which provides consultative services and funding to companies creating new jobs.

Henrico appoints new EDA director

The Henrico announced Thursday that it has appointed the county’s chief of staff, , as its next executive director, effective Jan. 1.

Tretina succeeds , who is stepping down from the role on Jan. 16 after more than six years leading the county’s efforts. Tretina has been Henrico’s chief of staff since 2019 and also became a deputy county manager in 2022.

Tretina joined the county in 2013 and has held roles in Recreation & Parks, the Division of Fire, and the county manager’s office. A lifelong Henrico resident, she is a graduate of J.R. Tucker High School. She holds a bachelor’s degree in political science and public relations from Eastern Kentucky University and and has completed leadership programs through Harvard University, the Metro Richmond Public Safety Leadership Academy and the University of Virginia.

Tretina is currently leading the Best Products Reimagined project, for which the county government is seeking proposals for an arena-anchored development in the county’s West End. During her tenure, she has collaborated with the county on dozens of agreements and initiatives to attract jobs and investment to Henrico.

“Cari brings a wealth of experience and a proven track record of leadership and innovation,” said Edward Whitlock III, chair of the EDA board of directors, in a statement.

In a statement, Manager John A. Vithoulkas described Tretina as “an incredible talent whose energy is contagious,” adding that Tretina has worked on nearly every major redevelopment project and initiative the county has completed over the past six years.

​​Her achievements include helping establish Nourish Henrico during the pandemic, negotiating the county’s purchase of the historic 2,095-acre Varina Farms property, and occasionally serving as acting county manager.

“She has been a trusted copilot for me, and Cari is going to flourish in this role,” Vithoulkas said. “I relish the thought of watching her run laps around localities we compete against nationally. Cari has an incredible heart, but she also has a steel-trap mind that is going to benefit our county for years to come.”

The EDA works to attract business growth and investment in Henrico, which counts more than 353,000 residents, 25,000 businesses and 200,000 jobs. A 10-member board oversees the agency, which has a staff of 11 and a $2.6 million budget for fiscal 2025–26. Although the agency receives operating support from the county, it remains independent of Henrico’s government.