Portsmouth Mayor Shannon Glover revealed the plans for The Landing Hotel Portsmouth during his annual State of the City address Friday. The eight-story hotel will be located directly adjacent to the casino, overlooking the property’s water feature. It will have 106 guest rooms, including 32 suites ranging from roughly 400 to 800-plus square feet.
A lobby bar will be located near the reception area on the hotel’s first floor, where two private executive boardrooms and other amenities will also be available. Hotel guests will have immediate access to the casino’s event center, along with eight on-property restaurants and lounges, a poker room and the full-service gaming floor.
A rendering of The Landing Hotel Portsmouth’s lobby. Image courtesy KOO Architecture & Interiors of Chicago and Rush Street Gaming
“Portsmouth is on the move — and we’re winning,” Glover said in a statement. “The Landing Hotel Portsmouth is more than just a beautiful new addition to our skyline. It’s a symbol of Rivers Casino’s positive impact on Portsmouth and our continued rise as a regional entertainment destination.”
The casino and Rush Street Gaming say the project will create roughly 200 temporary construction jobs and 60 permanent positions.
The hotel is expected to open in early 2027.
“A hotel was always part of the casino’s master plan, and we’re excited to be moving forward as expected,” Rush Street Gaming CEO Tim Drehkoff said. “The Landing Hotel Portsmouth will be Rush Street’s fourth casino hotel, custom-designed for the greater Hampton Roads market.”
Chicago-based KOO Architecture & Interiors is the project’s architect.
Rivers Casino Portsmouth opened as Virginia’s first permanent casino in January 2023. The casino earned $309.5 million in adjusted revenue in 2024, compared to $250 million in 2023.
First strike since 2001, with negotiations on wages, retirement and job security having broken down
RTX could face a $850 million hit if tariffs stay in place
EAST HARTFORD, Conn. (AP) — About 3,000 labor union members went on strike early Monday at jet engine maker Pratt & Whitney in Connecticut, as negotiations over wages, retirement benefits and job security broke down.
The manufacturer is a subsidiary of Arlington County-based RTX, a Fortune 500 aerospace and defense contractor.
Members of the International Association of Machinists and Aerospace Workers were picketing at manufacturing locations in East Hartford and Middletown, after about 77% of nearly 2,100 union members voted to approve their first strike since 2001, union officials said. Their contract expired late Sunday.
“Pratt and Whitney is a powerhouse in military and commercial aerospace products because our membership makes it so,” David Sullivan, the union’s eastern territory vice president, said in a statement. “This offer does not address the membership concerns, and the membership made their decision — we will continue to fight for a fair contract.”
Picketing workers lined and crossed streets near the entrances to the East Hartford and Middletown plants on a rainy Monday morning. Many of the signs said “I am on strike! against Pratt & Whitney,” while some read “Solidarity for Security” and “Together We Rise.”
Some workers said they were concerned that the company may move jobs and manufacturing out of the state to its plants in Georgia.
“They’re not giving us job security. We need time to be here,” union member Scott Westberg told WFSB-TV. “We want to be in Connecticut a long time. They’re trying to deteriorate the middle class, which is what we are. We are the blue collar.”
The company called its latest wage and retirement proposal competitive, and said its workforce is among the most highly compensated in the region and industry.
“Our message to union leaders throughout this thoughtful process has been simple: higher pay, better retirement savings, more days off and more flexibility,” the company said in a statement. “We have no immediate plans to resume negotiations at this time and we have contingency plans in place to maintain operations and to meet our customer commitments.”
The strike comes as RTX faces a potential $850 million hit on profits this year because of tariffs imposed by President Donald Trump, if the tariff rates remain the same through the year. During its first-quarter earnings call on April 22, the company said its Pratt & Whitney and Collins Aerospace subsidiaries would each shoulder just over $400 million of the potential tariffs hit.
RTX is predicting $83 billion to $84 billion in adjusted sales companywide in 2025. The company’s first-quarter earnings were $1.5 billion. Pratt & Whitney’s adjusted operating profit in the quarter was $590 million.
The company said its latest contract proposal included an immediate 4% wage increase, followed by a 3.5% increase in 2026 and a 3% increase in 2027. It also included a $5,000 contract ratification bonus and enhanced pension and 401k plan benefits.
Pratt & Whitney makes engines for commercial and military jets, including the GTF line for Airbus commercial jets and the F135 for the military’s F-35 Lightning II fighter aircraft fleet.
Connecticut Gov. Ned Lamont and Lt. Gov. Susan Bysiewicz, both Democrats, issued a statement urging the company and union to continue negotiating. Members of Connecticut’s all-Democratic congressional delegation and Democratic state lawmakers said they were supporting the union workers.
Fed expected to keep rates at 4.3% amid political pressure
Trump demands cuts, falsely claims inflation is over
Inflation remains above Fed’s 2% target at 3.6%
Tariffs seen as key risk that could raise prices further
Powell aims to protect Fed’s independence amid criticism
WASHINGTON (AP) — The Federal Reserve will likely keep its key short-term interest rate unchanged on Wednesday, despite weeks of harsh criticism and demands from President Donald Trump that the Fed reduce borrowing costs.
After causing a sharp drop in financial markets two weeks ago by saying he could fire Fed Chair Jerome Powell, Trump subsequently backed off and said he had no intention of doing so. Still, he and Treasury Secretary Scott Bessent have said the Fed should cut rates.
They argue that inflation has steadily cooled and high borrowing costs are no longer needed to restrain price increases. The Fed sharply ramped up its short-term rate in 2022 and 2023 as pandemic-era inflation spiked.
Separately, Elon Musk, the head of Trump’s Department of Government Efficiency, last Wednesday suggested that DOGE should look more closely at the Fed’s spending on its facilities.
The heightened scrutiny shows that even as the Trump administration backs off its threats to fire Powell, the Fed is still subject to unusually sharp political pressures, despite its status as an independent agency.
Even so, the Fed will almost certainly leave its key rate unchanged at about 4.3% when it meets Tuesday and Wednesday. Powell and many of the other 18 officials that sit on the Fed’s rate-setting committee have said they want to see how Trump’s tariffs affect the economy before making any moves.
Trump, however, on Friday said on the social media platform Truth Social that there is “NO INFLATION” and claimed that grocery and egg prices have fallen, and that gas has dropped to $1.98 a gallon.
That’s not entirely true: Grocery prices have jumped 0.5% in two of the past three months and are up 2.4% from a year ago. Gas and oil prices have declined — gas costs are down 10% from a year ago — continuing a longer-running trend that has continued in part because of fears the economy will weaken. Still, AAA says gas prices nationwide average $3.18 a gallon.
Inflation did drop noticeably in March, an encouraging sign, though in the first three months of the year it was 3.6%, according to the Fed’s preferred gauge, well above its 2% target.
Without tariffs, economists say it’s possible the Fed would soon reduce its benchmark rate, because it is currently at a level intended to slow borrowing and spending and cool inflation. Yet the Fed can’t now cut rates with Trump’s broad tariffs likely to raise prices in the coming months.
Vincent Reinhart, chief economist at BNY, said that the Fed is “scarred” by what happened in 2021, when prices rose amid supply snarls and Powell and other Fed officials said the increase would likely be “transitory.” Instead, inflation soared to a peak of 9.1% in June 2022.
This time they will be more cautious, he said.
“That’s a Fed that is going to have to wait for evidence and be slow to adjust on that evidence,” Reinhart said.
Plus, Trump’s badgering of Powell makes it harder for the Fed chair to cut rates because doing so anytime soon would be seen as knuckling under to the White House, said Preston Mui, an economist at Employ America.
“You could imagine a world where there isn’t pressure from the Trump administration and they cut rates … sooner, because they feel comfortable making the argument that they’re doing so because of the data,” he said.
For his part, Powell said last month that tariffs would likely push up inflation and slow the economy, a tricky combination for the Fed. The central bank would typically raise rates — or at least keep them elevated — to fight inflation, while it would cut them to spur the economy if unemployment rose.
Powell has said that the impact of the tariffs on inflation could be temporary — a one-time price increase — but most recently said it “could also be more persistent.” That suggests that Powell will want to wait, potentially for months, to ensure tariffs don’t sustainably raise inflation before considering a rate cut.
Some economists forecast the Fed won’t cut rates until its September meeting, or even later.
Yet Fed officials could move sooner if the tariffs hit the economy hard enough to cause layoffs and push up unemployment. Wall Street investors appear to expect such an outcome — they project that the first cut will occur in July, according to futures pricing.
Separately, Musk criticized the Fed Wednesday for spending $2.5 billion on an extensive renovation of two of its buildings in Washington, D.C.
“Since at the end of the day, this is all taxpayer money, we should certainly look to see if indeed the Federal Reserve is spending $2.5 billion on their interior designer,” Musk said. “That’s an eyebrow raiser.”
Fed officials acknowledge that the cost of the renovations have risen as prices for building materials and labor have spiked amid the post-pandemic inflation. And former Fed officials, speaking on background, say that local regulations forced the Fed to do more of the expansion underground, rather than making the buildings taller, which added to the cost.
Meanwhile, Kevin Warsh, a former Fed governor and a potential candidate to replace Powell as chair when Powell’s term expires next year, said recently that the Fed has attracted greater scrutiny because of its failure to keep prices in check.
“The Fed’s current wounds are largely self-inflicted,” he said in a speech during an International Monetary Fund conference in late April, in which he also slammed the Fed for participating in a global forum on climate change. “A strategic reset is necessary to mitigate losses of credibility, changes in standing, and most important, worse economic outcomes for our fellow citizens.”
Powell, for his part, said last month that “Fed independence is very widely understood and supported in Washington, in Congress, where it really matters.”
Investors reassured by Buffett’s continued leadership
Abel praised for his disciplined, hands-on management style
Berkshire holds $348 billion in cash, seeking future opportunities
OMAHA, Neb. (AP) — Billionaire Warren Buffett will remain chairman of the board at Berkshire Hathaway when vice chairman Greg Abel takes over for Buffett as CEO at the start of 2026.
The board of directors at the cash-rich conglomerate voted Sunday to keep the legendary 94-year-old investor as head of the board, a decision likely to relieve investors worried about maintaining Berkshire’s remarkable winning streak as U.S. and global economies are beset by tariff shocks, financial turmoil and a growing risk of recession.
The board in the same meeting also approved Buffett’s chosen successor as CEO, veteran Berkshire executive Greg Abel, 62. In a surprise announcement Saturday, Buffett said he would step down from that top spot at the end of the year.
Berkshire Class B shares fell 4% Monday morning after hitting an all-time high Friday.
Macrae Sykes, portfolio manager at Gabelli Funds, praised the company’s transparency after Buffett announced the succession and does not believe Buffett is going anywhere.
“I think it gives Warren a little more bandwidth instead of running this conglomerate,” Sykes said in an interview with The Associated Press. “It gives Greg more transparency on the opps with also Warren still being his mentor as chairman,”
Unmatched track record of success
In six decades at the helm, Buffett turned a Massachusetts textile company into a sprawling but nimble conglomerate that owns everything from Daily Queen and See’s Candies to BNSF Railway and massive insurance companies. As the company grew, Warren’s reputation grew with it as shares of Berkshire Hathaway climbed steadily, exceeding major indexes by wide margins and returning an average 19.9% each year to investors versus 10.4% for the Standard & Poor’s 500.
The decision to continue with the Oracle of Omaha, as Buffett is known, as head of the board differs from the succession plans laid out in the event of Buffett’s death. The billionaire has long said that Howard Buffett, the second-born of the investor’s three children, should become chairman when he is gone to protect Berkshire’s culture.
Abel will take over in a precarious time as the U.S. launches trade wars against friend and foe alike, which Buffett has called a mistake. But Abel has managed all of Berkshire’s non-insurance businesses since 2018.
So much money, so few places to put it
Then there is Berkshire’s $348 billion in cash.
Buffett says he doesn’t see many bargains to invest that money in now, not even Berkshire’s own stock, but he assured some of the estimated 40,000 attendees of the company’s annual meeting in Omaha, Nebraska, over the weekend that one day the company would be “bombarded with opportunities.”
Abel, a low-key Canadian with a love a hockey, is a more hands-on manager than Buffett, asking managers tough questions and encouraging them to collaborate with other subsidiaries when it makes sense. He will now take on oversight of the insurance businesses and responsibility for investing the company’s cash. Vice Chairman Ajit Jain, 73, will stay on for now to help manage the insurance businesses that include Geico and massive reinsurers like General Re.
Abel said Saturday that he wouldn’t change the Berkshire’s approach to investing, which he learned from Buffett. Maintaining Berkshire’s fortress-like balance sheet will always be a priority, he said.
Eventually, Berkshire might have to consider paying a dividend, which Buffett always resisted because he believed he could deliver better returns by reinvesting the cash. For now, Buffett and Abel want to keep building cash, so they are prepared when opportunities arise.
High praise for Abel
Buffett endorsed Abel, vowing to keep all of his shares that give him control of 30% of Berkshire Hathaway.
“It’s way better with Greg than with me because I didn’t want to work as hard as he works and I can get away with it because we’ve got a basically good business — a very good business,”” Buffett said.
He also said Abel brings new strengths to the company.
“The fact that you can do pretty well doesn’t mean you couldn’t do better, and Greg can do better at many things,” he said.
The CEOs of Berkshire subsidiaries who report to Abel have praised his management style of personal accountability, but also autonomy. See’s Candy CEO Pat Egan worked with Abel at Berkshire’s utility unit for years before he took over six years ago and said Abel makes sure he’s considered every contingency.
“He’s allowed me to make a lot of decisions that he may or may not have agreed with, but he’ll support us at the end of the day, no matter what as long as we’re operating with integrity and principles and the long game,” Egan said.
But Morningstar analyst Greggory Warren wrote that Buffett’s succession announcement left him with plenty of questions and Abel will have to prove himself.
“Abel, in our view, will be held to a different standard than Buffett, with a greater focus on how well Berkshire is performing—especially with it being likely that there will be some churn in the company’s shareholders as we move past the end of an era for the firm,” Warren said.
Buffett’s philanthropy continues
Buffett has always delegated the decisions about how to distribute his fortune, worth nearly $170 billion, to others through annual share donations to the Gates Foundation and four family foundations run by his children.
The Gates Foundation has received the biggest donations worth more than $40 billion since he started giving away his fortune in 2006.
He said last summer that his three children will decide how to distribute his remaining fortune after his death, but donations to the Gates Foundation will end. Buffett has said he expects it to take a decade to give away all his shares after his death, ensuring extended support for Abel from the family.
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AP Business writer Bernard Condon is in New York City. AP Business Writer Michelle Chapman contributed to this report from New York City.
A coalition of state attorneys general filed a lawsuit Monday against President Donald Trump’s attempt to stop the development of wind energy.
Attorneys general from 17 states and Washington, D.C., are challenging an executive order Trump signed during his first day in office, pausing approvals, permits and loans for all wind energy projects both onshore and offshore. They say Trump doesn’t have the authority to unilaterally shut down the permitting process, and he’s jeopardizing development of a power source critical to the states’ economic vitality, energy mix, public health and climate goals.
They’re asking a federal judge to declare the order unlawful and stop federal agencies from implementing it.
“This arbitrary and unnecessary directive threatens the loss of thousands of good-paying jobs and billions in investments, and it is delaying our transition away from the fossil fuels that harm our health and our planet,” New York Attorney General Letitia James, who is leading the coalition, said in a statement.
Trump vowed during the campaign to end the offshore wind industry if he returned to the White House. His order said there were “alleged legal deficiencies underlying the federal government’s leasing and permitting” of wind projects, and it directed the Interior secretary to review wind leasing and permitting practices for federal waters and lands.
The lawsuit was filed in federal court in Massachusetts. One of the federal agencies named in it, the Bureau of Ocean Energy Management, said it does not comment on litigation.
The Biden administration saw offshore wind as a climate change solution, setting national goals, holding lease sales and approving nearly a dozen commercial-scale projects. Trump is reversing those energy policies. He’s boosting fossil fuels such as oil, natural gas and coal, which cause climate change, arguing it’s necessary for the U.S. to have the lowest-cost energy and electricity in the world.
The Trump administration took a more aggressive step against wind in April when it ordered the Norwegian company Equinor to halt construction on Empire Wind, a fully permitted project located southeast of Long Island, New York, that is about 30% complete. Interior Secretary Doug Burgum said it appeared the Biden administration rushed the approval.
Equinor went through a seven-year permitting process before starting to build Empire Wind last year to provide power to 500,000 New York homes. Equinor is considering legal options, which would be separate from the complaint filed Monday. The Norwegian government owns a majority stake in Equinor.
Wind provides about 10% of the electricity generated in the United States, making it the nation’s largest source of renewable energy. The attorneys general argue that Trump’s order is at odds with years of bipartisan support for wind energy and contradicts his own declaration of a “national energy emergency,” which called for expanding domestic energy production.
The coalition includes Arizona, California, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, New York, Oregon, Rhode Island, Washington and Washington, D.C. They say they’ve invested hundreds of millions of dollars collectively to develop wind energy and even more on upgrading transmission lines to bring wind energy to the electrical grid.
New York Gov. Kathy Hochul said the executive order sows chaos, when businesses need clear regulations to effectively operate.
Large, ocean-based wind farms are the linchpin of state plans to shift to renewable energy, particularly in populous East Coast states with limited land. The nation’s first commercial-scale offshore wind farm opened a year ago, a 12-turbine wind farm east of Montauk Point, New York. A smaller wind farm operates near Block Island in waters controlled by the state of Rhode Island.
Massachusetts has three offshore wind projects in various stages of development, include Vineyard Wind. The state has invested in offshore wind to ensure residents have access to well-paying green jobs and reliable, affordable energy, Massachusetts Attorney General Andrea Campbell said.
The Trump administration has also suspended federal funding for floating offshore wind research in Maine and revoked a permit for a proposed offshore wind project in New Jersey.
Elsewhere, political leaders are trying to rapidly increase wind energy. U.K. Prime Minister Keir Starmerannounced a major investment in wind power in April while hosting an international summit on energy security. Nova Scotia plans to offer leases for five gigawatts of offshore wind energy by 2030, Nova Scotia Premier Tim Houston said in Virginia last week at an Oceantic Network conference.
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The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.
Center includes 18 private inpatient rooms and four new operating rooms
Bon Secours on Tuesday will officially open its new $80 million, 100,000 square-foot Harbour View Medical Center in Suffolk.
The three-story addition adjoins the existing Bon Secours Health Center at Harbour View campus. Bon Secours broke ground on the hospital in October 2022, and construction wrapped up on March 31. On Monday, hospital leaders and Suffolk officials gathered for a ribbon-cutting ceremony to celebrate the center’s opening.
“It was 10 years ago that I was able to participate in some of the very early strategy planning sessions that imagined a hospital here at Harbour View,” the hospital’s inaugural president, Andy Spicknall, said during the ceremony. “The vision for this facility was championed by many of the people that are standing here in this lobby who saw the need for expanded access to health care within this community. So to stand here now celebrating the realization of that vision with all of you is incredibly rewarding.”
The new medical center includes 18 private inpatient rooms and four new operating rooms, a freestanding emergency department and on-site laboratory and imaging services including CT, MRI and X-ray capabilities. Spicknall noted that area patients would no longer have to travel long distances or travel to another city to receive care.
The center also features Bon Secours’ first “smart” hospital rooms, which utilize AI-powered technology that integrates with patients’ electronic medical records, so the records stay up to date. Each of the hospital’s inpatient rooms has an electronic whiteboard that displays information including the patient’s care plan, medications and tests that their physicians have ordered, as well as when results are available.
Andy Spicknall cuts a ribbon to celebrate the opening the Harbour View Medical Center in Suffolk. Photo by Josh Janney
“Beyond the whiteboard, we’ve implemented sensors within our patient rooms that are all designed around improving patient safety,” Spicknall said. “These sensors will alert our nurses in real time to potential safety risks. So, for example, if a patient who is a high fall risk is attempting to get out of bed without assistance, our nurses will be notified in real time and will be able to respond to the needs of the patients and help keep them from falling.”
Spicknall said the hospital also implemented new communications technology that will connect patients directly with their nursing team, regardless of where their team is located on the unit.
“And we are building towards a future where this technology will aid our nurses and physicians and documentation to reduce the amount of time that they spend in front of a computer, allowing them to spend more time with their patients,” he said.
Bon Secours brought on board about 100 staff members to serve the new hospital, Spicknall said.
Charlie Fairchild, vice chair of Bon Secours’ Hampton Roads Board of Directors, praised Bon Secours staff, saying the advanced technology the center uses would be “nothing without compassionate caregivers using it.”
“It’s not just about smarter rooms,” Fairchild said. “It’s about stronger relationships. It’s about creating an environment where people feel seen, heard and valued from the moment they walk through our doors, whether it’s a woman seeking breast cancer screening, an older adult undergoing joint replacement or anyone needing emergency services.”
Bon Secours operates four hospitals and medical centers and one outpatient facility in Hampton Roads, and the Bon Secours Richmond Health System offers a network of seven acute hospitals, primary and specialty care practices, ambulatory care sites and continuing care facilities across a 24-locality region.
NEW YORK (AP) — Stocks fell in morning trading on Wall Street Monday and oil prices fell to a four-year low as the OPEC+ group announced plans to increase output.
The S&P 500 fell 0.3%. The benchmark index is coming off of its ninth straight gain.
The Dow Jones Industrial Average rose 52 points, or 0.1%, as of 10:59 a.m. Eastern time. The Nasdaq composite fell 0.5%.
There were more gainers than losers within the S&P 500 index, but the market was weighed down by losses in technology stocks and other big companies. Apple slumped 3.1%, while chipmaker Nvidia fell 0.8%. Tesla fell 3.7%.
Berkshire Hathaway fell 4.8%. Legendary investor Warren Buffett announced over the weekend that he would step down as CEO by the end of the year after six decades at the helm. Buffett will still be chairman of the board of directors.
The OPEC+ group of eight oil producing nations announced over the weekend that it will raise its output by 411,000 barrels per day as of June 1. U.S. benchmark crude oil fell as much as 4% overnight before moderating.
U.S. crude oil prices fell 2.6% to $56.75 per barrel. Many producers can no longer turn a profit once oil falls below $60. Prices are down sharply for the year over worries about an economic slowdown. Energy companies fell. Exxon Mobil lost 2.6%.
Markets are coming off another winning week as they absorb the shock of tariffs and a growing trade war. President Donald Trump has imposed tariffs on a wide range of imports, sparking global retaliation. Many of the more severe tariffs that were supposed to go into effect in April were delayed by three months, with the notable exception of tariffs against China.
The delays have provided some relief to Wall Street, though uncertainty about the impact from current and future tariffs continues to hang over markets and the economy. That uncertainty will overshadow the Federal Reserve’s meeting this week.
The Fed is expected to hold its benchmark interest rate steady on Wednesday. It cut the rate three times in 2024 before taking a more cautious stance. The central bank was concerned that inflation, while easing, was still stubbornly hovering just above its target rate of 2%. Concerns about inflation reigniting have only grown amid the global trade war sparked by Trump’s tariff policy.
The economy has shown some signs that it is feeling the impact from tariffs and the uncertainty over Trump’s policy. The U.S. economy shrank 0.3% in the first quarter, marking the first drop in three years.
There is still some resiliency in the broader economy. Consumers have grown more cautious, but still continue to spend. Economic activity in the services sector continued expanding in April, according to a survey from the Institute for Supply Management.
The services sector survey and the latest consumer confidence updates also reflect growing concerns over the economy’s direction. Trump’s rapidly shifting policies on trade have kept the Fed and markets on edge.
Tariffs have been imposed, only to be pulled or delayed, sometimes on a daily basis. The on-again-off-again approach has left businesses, households and economists at a loss in trying to forecast where the economy might be headed and planning accordingly.
The latest salvo in the trade war from Trump came Sunday night in a post on his Truth Social platform. He said he has authorized a 100% tariff on movies that are produced outside of the U.S. The impact is unclear, as it is common for films to include production at multiple locations around the world.
Netflix slumped 1.8% and Warner Bros. Discovery fell 1.1%.
Treasury yields rose. The yield on the 10-year Treasury rose to 4.35% from 4.31% late Friday.
Homes.com averaged 104 million monthly unique visitors in Q1 2025.
CoStar Group has invested $1 billion in Homes.com since 2021.
Homes.com’s unaided brand awareness has surpassed Trulia, Redfin, and Realtor.com.
Homes.com averaged 104 million monthly unique visitors in Q1 2025.
For the second year running, CoStar Group‘s Richmond-based Homes.com division is the nation’s No. 2-ranked portal for residential real estate listings based on monthly unique visitors, CoStar CEO Andy Florance said during an earnings call last week.
Zillow continues to retain its crown as the largest real estate website in the United States, ranked by visitor traffic.
CoStar, a real estate data and analytics company with headquarters in Arlington County, previously announced Homes.com’s No. 2 ranking in April 2024.
Homes.com, which is based out of CoStar’s Richmond campus, averaged 104 million monthly unique visitors for the first quarter of 2025, according to the company.
In 2024, CoStar announced it had invested $1 billion in Homes.com since purchasing the platform in 2021.
“The new Homes.com offers a completely different business model than do competing U.S. residential portals,” Florance said during Tuesday’s earnings call. “The new Homes.com is based on the premise that the most important thing a portal can do is to market a property for sale. This is in harmony with all the most successful and highly profitable portals around the world outside the U.S., which are all based upon this market the property, not an agent lead gen business model.”
CoStar Group’s investment in Homes.com includes a substantial, star-studded advertising budget via California ad agency RPA. “We recruited talent like Dan Levy, Heidi Gardner, Morgan Freeman, Lil Wayne and Jeff Goldblum to create memorable and effective spots for the new Homes.com,” Florance said. “We have run 32,000 commercials and digital placements.”
Before launching a marketing campaign in early 2024, only 4% of Homes.com’s “target audience of several hundred million home shoppers” identified Homes.com as a home shopping online brand. Now, it has 36% brand recognition, according to Florance.
“Early last year, our unaided awareness surpassed Trulia,” he said Tuesday. “Last summer, we surpassed Redfin’s unaided awareness. And last month, we crossed Realtor.com. When we began, Zillow was 64 points above our unaided awareness. We’ve closed the gap to 24 points and are still improving.”
In July, CoStar Group plans to launch a new marketing offering for homebuilders. New construction, Florance said during the earnings call, represents 20% of all homes sold in a year.
“Building a site with full inventory of available new homes would be a very valuable option for both consumers and the industry, and it would allow Homes.com to capture a piece of the estimated $3 billion annual marketing spend by America’s homebuilders,” he said.
CoStar has more than 6,800 employees across 72 offices in 13 countries. The company established a global operations center in Richmond in 2016 and has since grown that office to over 2,350 employees, becoming one of the area’s larger employers. CoStar announced it will complete a 1 million-square-foot Richmond campus redevelopment project along the James River in May 2026 that will house 3,500 employees. This year, the company moved its headquarters from Washington, D.C., to Arlington.
Winners span industries like tech, manufacturing, and racing.
Businesses have at least four employees and four years of operation.
Leaders share insights on capital challenges and career pivots.
In this feature, Virginia Business recognizes a stellar group of 28 majority women-owned, women-run businesses that employ at least four full-time employees and have been in business for at least four years.
Winners were selected from a pool of nominations from our readers and editors. Many of our winning CEOs, founders and presidents answered questions about how they beat the odds in attaining capital and keeping their companies going during difficult times, as well as the values they pass on to their employees. Often, these businesses represent pivots after long careers in the private and public sectors, sometimes after a layoff or a change in their personal lives. All these businesses — whether tech startups, government contractors, manufacturers or a Southern Virginia racetrack — are certainly worth knowing about and celebrating.
Congratulations to these varied businesses and the strong women owners and founders who have made them successes!
Bowker
Amivero
Founder and CEO Olivia Trivisani Bowker, Reston
Amivero, a federal IT contractor started in 2018, won a $100 million prime federal contract with the Department of Homeland Security and increased its revenue by 21.5% in 2024. Bowker was named one of Inc.’s Female Founders 500 this year.
How I support women: Within Amivero, we maintain 50% female employment and prioritize internal advancement opportunities. I have mentored first-year female CEOs and speak at women’s leadership conferences.
Top accomplishments: We’ve built four proprietary technical frameworks while expanding into new markets. Our $100 million contract with DHS beat 26 bidders. We’ve secured three sole-source contracts, added the Department of Transportation to our client list and obtained $44 million in awards over 18 months.
Manoj
AttainX
President and CEO Sheryll Manoj, Herndon
Launched in 2008, AttainX is a federal contractor that specializes in defense and civilian tech work, including cybersecurity, IT, artificial intelligence and business services. In December 2024, Gov. Glenn Youngkin announced that AttainX planned to invest $175,000 to expand its operations in Fairfax County and create 32 jobs, with the support of the Virginia Jobs Investment Program.
“With this support, we’re poised to attract and employ talent in Fairfax County, contributing to the economic and technological growth of Virginia,” Manoj said in a statement. Among AttainX’s customers are the Air Force, the Department of Energy and the Department of Agriculture, which awarded the company a $107 million contract in 2023 to modernize its farm loan programs.
Reddix
ARDX
Founder and CEO Angela Reddix, Norfolk
Founded in 2006, ARDX provides health care management and IT solutions and employs more than 100 people. In 2022, Reddix sold the company to her employees through an employee stock ownership plan (ESOP), making it a 72% women-owned business. She remains its CEO.
How I support women: Through the ARDX Foundation, we’ve hosted the Women’s Wellness Celebration for about 15 years, serving 200-plus women annually with powerful educational sessions to make mental wellness a top priority.
Keys to success: An early investment in quality and continual improvement. We’ve created a safe space for reporting weaknesses. Our entire workforce is trained on how to identify and eliminate inefficiencies and waste.
Petrazzuolo
Avanti
President and CEO Lynn Petrazzuolo, Alexandria
Founded in 1990, Avanti provides environmental science and engineering services to federal and state clients. It employs 30 people and reported $6.9 million in revenue last year.
Challenges I’ve faced: It took a while to get a seat at the table with the large, male-run companies in our field, and for male counterparts to deal directly with me. Even the banks wanted my husband involved in lending discussions.
Top accomplishments: Avanti had our largest growth year ever in 2024, with over 50% growth in staff and revenue. We successfully implemented an Environmental Protection Agency $3.5 million pilot project to help 20 communities find, inventory and secure funding for the replacement of lead drinking water lines.
Oberoi
C2 Technologies
CEO Dolly Oberoi, McLean
A tech business that provides online learning services for aerospace and defense clients, C2 is a prominent government contractor that has won several industry awards and secured more than 200 contracts worldwide. Oberoi herself was a regional finalist for Ernst & Young’s Entrepreneur of the Year award in 2011.
Founded in 1989, C2 employs more than 500 people and has operations in more than 37 locations around the globe. Clients include the Department of Defense, international military forces and other federal agencies.
Speaking with Virginia Business in 2023, Oberoi said, “If you are confident in your domain expertise and ability to lead, there shouldn’t be barriers.”
Lennick
Creative
Owner and CEO Debbie Lennick, Ashland
A commercial furniture and tech solutions company, Creative was started in 1995 and employs 88 people. Keys to success: Surround yourself with smart, innovative people. Share your ideas and perspectives regularly and create that reciprocal relationship with those on your team. We are not built off the back of one person, but of many.
Do women founders receive enough support? I believe there is still significant opportunity for greater resources for female leaders. The value of mentorship, shared experienced and collaboration among female leaders is immense, but the space to foster those deep, meaningful connections often feels limited.
Gupta
Electrosoft Services
CEO Sarbari Gupta, Reston
A cybersecurity firm with federal civilian and defense customers, Electrosoft was founded in 2001 by Gupta and recorded $55.1 million in revenue last year. Electrosoft employs 192 people.
How I support women: I’ve mentored women via the Women in Technology Mentor-Protégé program and students through the Girls in Technology mentorship program. I’ve served as a STEM and computer science teacher, volunteering for programs targeting children from low-income families.
Why I decided to start my business: My early career positioned me in leading technology companies founded by bold entrepreneurs. At that time, founding my own firm seemed like a pipe dream. Several years later, a voluntary but unplanned break in employment inspired me to establish a business. I gave myself two years to succeed.
Franco
Global Metal Finishing
President and CEO Tamea Franco, Roanoke
Specializing in aluminum anodizing and coating, Global Metal Finishing was started in 1987 and employs more than 40 people.
Keys to success: I’m a driver and a hard one at that. People who have worked with me see how important it is to make sound decisions and make them quickly.
Why I started my business: I devised an idea to anodize and color aluminum components, sheets, tubes, wire shapes and discs to sell to metal artists. I courted two leading distributors to present my product line, and they shot me down. East West DyeCom was born in my basement, and 15 years later, I redesigned the company to become a leading supplier to industries in the mid-Atlantic.
Baum
GuernseyTingle
Principal and Board Chairman Kristin Baum, Williamsburg
Started in 1983, GuernseyTingle is a top architecture and design firm in Hampton Roads, co-owned by seven principals that include four women.
What it means to lead a women-owned business: It is an opportunity to drive meaningful change in a historically male-dominated industry. It means fostering an inclusive culture where diverse voices are valued, and women have a clear path to leadership.
Top accomplishments: We earned Women-Owned SWaM certification in 2024. We’ve secured high-profile projects, won design awards and strengthened our legacy of community-focused architecture. Our revenue and client base continue to grow, and we’ve launched initiatives like GT Gives Back to further support nonprofits.
Snyder
KlariVis
Founder and CEO Kim Snyder, Roanoke
A former Valley Bank chief financial officer, Snyder started KlariVis, a banking software company, in 2019. Noting that small community banks like the one where she worked “grapple with a daunting data dilemma, navigating through vast amounts of siloed data in disparate systems,” Snyder has raised $25 million in capital and hired more than 60 employees at her startup.
Speaking with Virginia Business last year, Snyder said, “Being a woman in fintech and banking requires creativity and resilience.”
Wilson
Naborforce
Founder and CEO Paige Wilson, Richmond
In 2018, Wilson started Naborforce, a platform that connects seniors to “nabors” who can be hired for light tasks and companionship. It employs 11 full-time workers and 1,500 contractors.
Why I started my business: I launched Naborforce after my experience caring for my aging mother. Twelve years ago, she broke her hip and started needing little bits of help — simple things like getting to the beauty parlor. I started to look for backup, only to find there was a big gap.
Growth strategies: Our goal is to become a trusted national brand, and we are well on our way. We’ve built a highly scalable technology platform and have developed solid, repeatable processes.
Pollack
Nightingale Ice Cream
President, CEO and Co-founder Hannah Pollack, Richmond
A gourmet ice cream sandwich company, Nightingale was co-founded in 2016 by Pollack and husband Xavier Meers, both chefs. Now their products are sold in Kroger nationwide.
What it means to lead a woman-owned business: I love this company and take immense pride in leading our incredible team with heart, purpose and passion every day. Being a woman at the helm allows me to champion inclusivity and empower others.
A business mistake I learned from: As we were planning our growth, an adviser gave bad advice that I took. I’ve learned to dream big, trust my gut and go after what I know this company can achieve.
Top accomplishments: We grew from $50,000 in sales our first year to $20 million this year, and from one employee to a team of 100. We’ve expanded nationwide, launched new product lines and exceeded growth goals year-over-year.
Saleh
Oryx Dental Software
Founder and CEO Dr. Rania Saleh, McLean Saleh is a dentist who founded her cloud-based dental practice management company in 2015, helping other dentists run their businesses with analytics and AI tools.
Why I started my business: I was a practice owner and dental surgeon when I became pregnant with twins, which put me on bed rest. During this time, I realized that the systems and workflow I had implemented weren’t being maintained during my leave. That’s when I envisioned Oryx, a system designed to keep practices running smoothly, even when you have to step away.
Challenges for women founders: Disparities in access to funding and resources compared to their male counterparts. To change this, there should be greater investment in women-led businesses, more inclusive networks and mentorship programs.
Hardesty
Poppy
Founder and CEO Cameron Hardesty, Charlottesville
A digital-first wedding florist business, Poppy was founded in 2019 by Hardesty and employs 25 people.
Challenges I’ve faced: Investors back problems they understand, and many women-led solutions aren’t obvious to them. For example, wedding planning is a major pain point, but if an investor hasn’t experienced it firsthand, they may overlook its market potential.
Top accomplishments: Since March 2021, we’ve grown bookings revenue 16.6 times and recently hit our biggest sales day ever with $320,000 in bookings. We’ve vetted 1,000-plus independent floral designers, expanding our network. Plus, we’ve significantly improved our gross margin year over year, nearly reaching our 2024 goal.
McCann
Procure Impact
Co-founder and CEO Lauren McCann, Falls Church
Started by McCann and two business partners, President Jen Collins and Managing Director Laura DeFrancesco Ross, Procure Impact is a B2B marketplace that lets hospitality businesses purchase responsibly made goods from vendors from underserved populations, including people with disabilities, trafficking survivors and veterans. Named one of Inc.’s Female Founders 500 in March, McCann has guided her company to 200% revenue increases year-over-year.
In partnership with the American Hotel and Lodging Association, Procure Impact launched the Dignity of Work Pledge to create shift work for people with barriers to employment. It also was named one of Fast Company’s World’s Most Innovative Companies in March.
Rabbitt
Rand Construction
Founder and Executive Chairman Linda Rabbitt, Alexandria
Founded in 1989, Rand is a national general contractor with $608 million in revenue in 2024 and 356 employees. Rabbitt started the firm after co-founding a construction company in 1985.
Challenges I’ve faced: It took time for the industry to accept a woman who had two college degrees but none in a construction-related field. But nothing was more difficult than the tragic passing of our president, Jon Couch, 10 years ago, who was to be my successor.
Growth strategies: Our growth has always been a result of our drive to be the very best in each of our local markets, with an eye toward continued national expansion. Our ability to foster long-term partnerships is due to our culture of extraordinary client service.
Thomas
RMT Construction & Development Group
President and Chief Financial Officer Starlena Thomas, Chesterfield County
RMT is a construction management and development firm that was started in 2007. It employs 25 people and reported $22 million in revenue in 2024.
Challenges I’ve faced: Earning trust in a male-dominated field means proving expertise through results, not assumptions. Access to key networks and opportunities requires persistence and strategic relationship-building.
Top accomplishments: RMT has achieved notable growth, completing 100-plus projects annually while expanding our team and increasing revenue every year. In 2022, we made national news for building Virginia’s first 3D-printed home, constructed in Richmond. In 2024, we partnered with Breeden Construction on a $40 million parking deck at U.Va.
Kincaid
RVA Hospitality
CEO Liz Kincaid, Richmond
Started in 2010, RVA Hospitality is a restaurant conglomerate that owns four Richmond-area restaurants and employs 180 people. In 2024, it reported $7.1 million in revenue.
How I support women: Whether it’s sharing real profit and loss numbers, owning up to performance gaps or just grabbing coffee with another woman founder, I believe in honest, ongoing connection. Do women founders receive enough support? I don’t think they do. There are so many great programs out there now — from accelerators to SBA or SBSD business courses — but you have to know they exist and be willing to jump in. Joining a women-led group within your industry or seeking out peer networks can be a gamechanger.
Ropp
SFS Tools and Safety
President Danielle Ropp, Harrisonburg
Founded in 1983 as Special Fleet Service, SFS tests protective rubber for commercial power line workers, as well as selling specialized tools for the electric utility industry. Ropp is the daughter of SFS’ original owner and bought the business in 2019.
A business mistakeI learned from: Using national companies for services. The best change we’ve made is to source all things locally. Small local businesses thrive when they support each other.
How I support women: Our company is made up of almost 50% women, most of whom are mothers. It’s important to me to give them a company that understands the challenges they face and helps them keep a successful career while being able to be a present mother.
Spurrier
Spurrier Group
Founder and CEO Donna Spurrier, Richmond
A media marketing business founded in 1996, Spurrier Group employs 20 people and recorded $6.9 million in revenue in 2024. It has twice been named to the Inc. 5000 list of the nation’s fastest-growing businesses.
Why I started my business: I was the media director at an agency that invented and was handling all the Toyotathon business in the U.S. I went to the creative team and asked them what the motivation was for them to put a Toyota in their driveway. I was told to go back to my corner and buy the media. It was at that moment that I realized there was a better way — a way the creative and media could both benefit from a more collaborative approach.
Bowe
STEMBoard
FOUNDER AND CEO Aisha Bowe, Arlington County
Bowe literally flew into the stratosphere in April as one of six female crew members on Blue Origin’s New Shepard spaceflight program. A Bahamian-American entrepreneur and former NASA engineer, Bowe started STEMBoard, a tech company that advises federal agencies, in 2013. In 2020, it landed on the Inc. 5000 list of the nation’s fastest-growing companies. In 2022, Bowe launched Lingo, a self-paced coding kit that’s used by more than 5,000 students in 10 countries.
In addition to its headquarters in Arlington, STEMBoard has operations in Maryland, Florida, New Mexico and Washington, D.C.
Robertson
TECHnista
CEO Kelsey Robertson, Pittsylvania County
Started in 2021, TECHnista is a K-12 defense manufacturing curriculum developer that is establishing a national training and tech center in Southern Virginia, part of a five-year Department of Defense contract.
Top accomplishments: Over the past year, TECHnista has grown exponentially. The business went from operating out of a spare room in my home to a 12,000-square-foot facility with 11 full-time employees, with plans to continue to grow.
Why I started my business: I decided to start my business after leaving my teaching career to focus on my growing family. I realized there was an opportunity to combine my passion for education with a desire for more flexibility.
Stuart
Top Guard Security
President Nicole Stuart, Norfolk
Started in 1996, Top Guard employs 1,000 security professionals and support staff. It has been recognized for hiring military veterans, and Stuart received a 2024 Virginia Women in Leadership Award from Virginia Business.
Top accomplishments: Surviving in an industry with only a few mammoth firms, breaching the 900- and then 1,000-staff member marks, and doing it all without having purchased or acquiring another firm.
Secret to finding good employees: Your immediate supervisor has the single greatest effect on how a person feels about their employment. Supporting leaders at all levels of the company is truly the single greatest factor in retaining wonderful staff.
Vasques
Tribal Tech
Owner and Chairwoman Victoria Vasques, Alexandria
A Native American-owned small business, Tribal Tech provides professional services to federal, state, local, tribal and private sector businesses. It was founded in 2010 and employs 150 people.
Top accomplishments: A successful acquisition of Cowan & Associates in 2019. Cowan serves the national security and defense sectors. Since then, Tribal Tech has increased our staff, revenue and capabilities.
Keys to success: Our guiding principles are people, performance and partnership. We create an environment where our employees can thrive professionally, and our clients can fully benefit from our expertise and capabilities.
Simkins
Velvet Suite
President and CEO Melissa Dawn Simkins, Reston
Started in 2006, Velvet Suite is a firm that advises clients on hiring and developing talented leaders. An Inc. 5000 honoree, it has four full-time employees and 10 contractors.
How I support women: I’m deeply committed to cultivating the next generation of leaders. Through our platform, She-Suite, we’ve supported the retention, development and advancement of thousands of women across more than 28 countries.
A turning point: Our first major breakthrough came when we partnered with the NFL to create the first-ever Player Brand University for NFL rookies. This program fused the mindset of elite athletes with the strategic insights of top business leaders — laying the foundation for a transformative approach to leadership development.
Nyholm
Virginia International Raceway
Co-owner and CEO Connie Nyholm, Alton
A Martinsville native, Nyholm helped resurrect the VIR racetrack in 1998 with business partner Harvey Siegel. Today, it’s one of the nation’s premier road courses and welcomed a record 350,000 fans last year.
What it means to lead a woman-owned business: Women-owned racetracks are nearly nonexistent, so it’s an honor to carry the flag. I get to create a space where everyone, regardless of gender, feels empowered to succeed.
Keys to success: Versatility is a major component to longevity when it comes to businesses. We will pass this grand lady to someone else one day, but I fully plan to continue my portion of VIR’s legacy and pass the torch when the time is right.
Whitney
Warren Whitney
Co-founder, Owner and Director Katherine Whitney, Henrico County
A finance, accounting and HR firm, Warren Whitney was started in 1989 and employs 31 people. Whitney co-founded the company
with Scott Warren, whom she worked with at RSM.
Strategies for growth: We invest heavily in marketing and business development, and we look for talented professionals who want to build practices they enjoy.
Do women founders receive enough support? I believe that they do now, but that may be because my career in business started not very long after women were first allowed to take out a loan without having a man sign for her. I am forever grateful for the women who made my career possible and easier than theirs was.
Banziger
xScion Solutions
Founder and CEO Alison Banziger, McLean
A company that has found customers by focusing on “regtech,” short for regulatory technology, xScion was started in 2002 after Banziger was laid off.
Today, the company has been named one of Virginia Business’ Best Places to Work for eight years running, and Banziger herself was a Virginia Business Women in Leadership Award winner in July 2024.
xScion specializes in agile, cloud and other IT products for clients in financial services, health care, associations and the public sector, and Banziger said in a 2024 interview with Virginia Business that the company set a goal of offering the value of Big 5 consultants without the price tag. ■
Abel has overseen major Berkshire subsidiaries since 2017.
Known for strategic thinking and integrity, Abel is Buffett’s chosen successor.
Abel plans to uphold Berkshire’s decentralized, trust-based culture.
OMAHA, Neb. (AP) — When Warren Buffett announced at his annual shareholder meeting Saturday that he is stepping down as CEO of Berkshire Hathaway at the end of the year, he elevated a low-key 62-year-old Canadian executive named Greg Abel who has long been one of his top lieutenants.
For the past seven years, Abel has been overseeing Berkshire’s BNSF railroad and its treat makers See’s Candies and Dairy Queen along with dozens of other manufacturing and retail businesses that Buffett acquired over the years.
He grew up in Canada as a hockey player and learned the value of hard work as he redeemed discarded bottles and worked for a small company filling fire extinguishers. Now he finds himself at the top of the food chain in the investment world.
Berkshire confirmed Abel as Buffett’s successor in 2021 after former Vice Chairman Charlie Munger let it slip at the annual meeting. Since then, Abel has largely remained in Buffett’s shadow although shareholders have had a chance to get to know him a bit when he appeared alongside Buffett at the annual meetings and in interviews.
Berkshire’s board will now vote on whether to formally approve Abel as the new CEO to take over at the end of 2025. At the annual meeting in Omaha, Buffett said he expects that to occur by a unanimous vote.
Abel will step forward to take responsibility for all of Berkshire’s eclectic assortment of businesses with their nearly 400,000 employees and the conglomerate‘s massive stock portfolio. Buffett and members of Berkshire’s board who for years have devoted much of their time to finding Buffett’s successor have praised Abel’s brilliance and knack for understanding all kinds of businesses.
Buffett once said Berkshire is “so damn lucky” to have Abel ready to take over, but he will have trouble coming close to Buffett’s remarkable track record of outpacing the market. Whereas Buffett grew Berkshire over the decades by making well-timed deals and stock investments at attractive prices, Berkshire’s massive size has made it that much harder lately to find anything big enough to change the conglomerate’s bottom line.
Abel has big shoes to fill, but no one expects him to match the accomplishments of Buffett that made him a billionaire many times over and one of the wealthiest investors of the past century. Longtime Berkshire board member Ron Olson said two days before the announcement that he believed Abel was ready to take over.
“Is he another Warren Buffett? No, there is no other Warren Buffett that I know. But he has so many of the fundamentals of Warren,” Olson said. “He is for sure high integrity. He is a hard worker. He is a strategic thinker.”
Buffett has said for years that Abel’s main job when he becomes CEO will be to preserve Berkshire’s unique decentralized culture built on independence, integrity and trust. In fact, Munger’s comment that gave away Abel’s future role was that “Greg will keep the culture.”
Executives at a diverse mix of Berkshire subsidiaries, including sneaker maker Brooks Running, flooring giant Shaw and Borsheims jewelry have said they all turn to Abel whenever they face tough questions in their businesses related to strategy or operating details, and he’s always available when they need him though he will challenge them.
“When I think about Greg, he not only has high business acumen, but he has really high business instincts,” Dairy Queen CEO Troy Bader said Friday. “The intuition is really important. And, you know, Warren has that intuition, but Greg has a lot of it as well.”
Abel has never done many interviews, though he put his detailed business knowledge on display at the Berkshire meetings when discussing utilities and the railroad. But he did offer a glimpse into his background to the Horatio Alger Association when that group honored him in 2018.
Abel’s family-oriented upbringing in Edmonton, Alberta, and lessons in hard work and perseverance were similar to what Buffett learned while working in his grandfather’s Omaha grocery store as a kid.
“I think hard work leads to good outcomes. In my schooling, in sports, and in my business positions, I learned that if I put in a lot of work and was well-prepared, then success would be more likely,” Abel said in 2018.
Abel lives about two hours from Buffett’s hometown in Des Moines, Iowa, where he has led Berkshire Hathaway Energy since 2011 and helped coach his kids’ hockey and soccer teams. He is expected to continue living there because Berkshire is so decentralized that there is little reason to move to its Omaha headquarters. Buffett only had a couple dozen people working in his office as he spent his days reading business reports and making the occasional phone call.
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