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Defense Department accepts Boeing 747 from Qatar for Trump’s use

WASHINGTON (AP) — Defense Secretary has accepted a luxury 747 aircraft from for President to use as Air Force One, the said Wednesday, despite ongoing questions about the ethics and legality of taking the expensive gift from a foreign nation.

The Defense Department will “work to ensure proper security measures” on the aircraft to make it safe for use by the president, Pentagon spokesman Sean Parnell said. He added that the plane was accepted “in accordance with all federal rules and regulations.”

Trump has defended the gift, which came up during his recent Middle East trip, as a way to save tax dollars.

“Why should our military, and therefore our taxpayers, be forced to pay hundreds of millions of Dollars when they can get it for FREE,” Trump posted on his social media site during the trip.

Others, however, have said Trump’s acceptance of an aircraft that has been called a “palace in the sky” is a violation of the Constitution’s prohibition on foreign gifts. Democrats have been united in outrage, and even some of the Republican president’s GOP allies in Congress have expressed concerns.

They also have noted the need to retrofit the plane to meet security requirements, which would be costly and take time.

“Far from saving money, this unconstitutional action will not only cost our nation its dignity, but it will force taxpayers to waste over 1 billion in taxpayer dollars to overhaul this particular aircraft when we currently have not one, but two fully operational and fully capable Air Force One aircraft,” said Sen. Tammy Duckworth, D-Ill.

She said during a hearing Tuesday that it is a “dangerous course of action” for the U.S. to accept the aircraft from the Qatari ruling family.

Air Force Secretary Troy Meink told senators that Hegseth has ordered the service to start planning how to update it to meet needed standards and acknowledged that the plane will require “significant” modifications.

The Air Force, in a statement, said it is preparing to award a contract to modify a Boeing 747 aircraft, but that any details are classified.

Trump was asked about the move Wednesday while he was meeting in the Oval Office with South African President Cyril Ramaphosa. “They are giving the United States Air Force a jet,” Trump said, bristling at being questioned about the gift by a reporter.

Trump said it was given “not to me, to the United States Air Force, so they could help us out” and noted that “Boeing’s a little bit late, unfortunately.”

Ramaphosa, who was sitting next to Trump in the Oval Office and has been working to repair his relationship with the president, said, “I’m sorry I don’t have a plane to give you.”

“If your country was offering the United States Air Force a plane, I would take it,” Trump said.

Trump has presented no national security imperative for a swift upgrade rather than waiting for Boeing to finish new Air Force One jets that have been in the works for years.

He has tried to tamp down some of the opposition by saying he wouldn’t fly around in the aircraft when his term ends. Instead, he said, the plane would be donated to a future presidential library, similar to how the Boeing 707 used by President Ronald Reagan was decommissioned and put on display as a museum piece.

Virginia housing sales drop again, but listings spike 35.5%

SUMMARY:

  • Home sales in Virginia declined for the third consecutive month in April, despite a 35.5% surge in
  • Regional sales trends were mixed, with decreases in and surrounding areas, but increases in , Charlottesville and
  • Economic uncertainty and high mortgage rates are likely contributing to slower sales, with rising unemployment claims and job cuts linked to federal spending reductions under the Trump administration

Virginia’s home sales have slowed down for the third month in a row, according to April’s statewide sales data released Wednesday by .

The trade association reports that the state’s active listings jumped 35.5% in April, the biggest year-over-year gain since 2019. But closed sales dipped 0.8%, with 9,334 homes sold last month — 74 fewer than a year ago. Furthermore, the year’s sales activity through April is 3.1% lower than last year’s.

The report specifically notes a slowdown in sales in Southwest Virginia, the New River Valley, and Dan River regions. On the other hand, Northern Virginia, the greater Richmond region, Charlottesville region and the greater Piedmont area, which includes Culpeper, Madison, Rappahannock and Fauquier counties, saw increased sales in April.

Data accessed May 15, 2025, shows changes in home sales by region from 2024 to 2025. Image courtesy Virginia Realtors

In a statement, Virginia Realtors Chief Economist Ryan Price noted that sales are “trailing” 2024 levels.

“This could be a reflection of uncertainty with the employment landscape in some parts of the state, as well as mortgage rates which have hovered in the upper 6% range so far this year,” he said.

The state’s pending sales increased for a second consecutive month, with 9,962 pending in April — a 5.6% increase from March and a 1.5% increase over April 2024. The association says the March increase reflects a typical spring market bump with more buyers and sellers entering the market.

Virginia Realtors notes in the report that the U.S. economy shrank in the first quarter of the year, amid uncertainties surrounding President ‘s and shifting consumer sentiment. It also said the decline in gross domestic product at the beginning of the year mainly was because businesses rushed to shore up their reserves before imposed by Trump went into effect.

The report also notes that consumers are reining in their spending. While total employment levels increased in Virginia, the also increased. Virginia Works reported that for the week ending May 10, there were 18,144 continued claims, 14.5% higher than the comparable week of last year (15,847). Old Dominion University Economist Bob McNab told Virginia Business last week that he believes at least some of the unemployment numbers can be attributable to the Trump administration’s cutting federal contracts and tens of thousands of federal jobs.

Data accessed May 15 comparing Virginia home sales from 2021 to 2025. Image Courtesy Virginia Realtors
Virginia home sales from 2021 to 2025. Image courtesy Virginia Realtors

The Virginia market had 21,739 active listings at the end of April, a significant 35.5% jump from last year. The association says the inventory growth offers buyers some supply-side relief, but elevated mortgage rates and climbing prices are creating affordability challenges, especially for first-time buyers.

Virginia’s median home prices rose in nearly 70% of the state’s local markets compared to last year. The statewide April median sales price was $425,000, up $8,453 — a 2% increase — from last April.

The association reports that prices were higher in parts of the Greater Piedmont, Greater Augusta and Southern Piedmont regions, but the median prices in the Dan River region dropped compared to last year.

Due to home price growth, Virginia Realtors says the sold dollar volume in Virginia increased from last year’s level despite a slowdown in sales activity. The association reports about $5.1 billion of sales statewide in April, an increase of about $136 million or 2.7% from April 2024.

On average, homes took a little over a week to sell in Virginia, with the median days on market being 10 days, increasing from 7 days last April.

“While homes are staying on the market slightly longer than they were last year, the current days on market is still quite low by historical standards,” Virginia Realtors President Lorraine Arora said in a statement.

Based in Glen Allen, Virginia Realtors represents about 35,000 Realtors and is the state’s largest trade association.

Virginia congressman dies from cancer

SUMMARY:

  • U.S. Rep. Gerry has died from cancer during his ninth term in Congress representing
  • Connolly announced in April that his esophageal cancer had returned and that he would be stepping back as ranking Democrat on the House Oversight Committee, as well as this being his last term in office
  • Connolly was formerly a Fairfax County supervisor
  • He endorsed Fairfax Supervisor James Walkinshaw in the Democratic primary election to succeed him

, a nine-term Democrat representing Virginia’s 11th congressional district, has died, his family announced Wednesday morning.

Connolly was 75, and in April, he announced that his esophageal cancer had returned and that this would be his last term in Congress. He represented the city of Fairfax and most of Fairfax County, and before being elected to Congress in 2008, he served on the Fairfax County Board of Supervisors from 1995 to 2009.

His family issued a statement Wednesday, saying that Connolly “passed away peacefully at his home this morning surrounded by family.

“Gerry lived his life to give back to others and make our community better. He looked out for the disadvantaged and voiceless,” the statement said. “He always stood up for what is right and just. He was a skilled statesman on the international stage, an accomplished legislator in Congress, a visionary executive on the Fairfax County Board of Supervisors, a fierce defender of democracy, an environmental champion, and a mentor to so many. But more important than his accomplishments in elected office, Gerry lived by the ethos of ‘bloom where you are planted.’ From the Silver Line to the Oakton Library, Mosaic District to the Cross County Trail and beyond, his legacy now colors our region.”

U.S. Sen. Mark Warner issued a statement after the announcement: “I’ve known Gerry for more than 35 years. To me, he exemplified the very best of public service. Just this past Sunday, I was honored to join his wife Smitty, daughter Caitlin, and the Fairfax community in celebrating his decades of service. While Gerry couldn’t be there in person, his presence was felt throughout the room. He was there in spirit, as he always is when people come together in the name of service and progress.”

Gov. Glenn Youngkin said in a statement on X, “We are deeply saddened by the passing of Congressman Gerry Connolly. His decades of public service reflect a deep commitment to Virginia. Suzanne and I send our heartfelt prayers to his family, friends and all who mourn his loss.”

On Tuesday, Connolly and U.S. Rep. James Comer, R-Kentucky, introduced the bipartisan Esophageal Cancer Awareness Act to commission a federal study on gaps in screening and prevention of esophageal cancer. Connolly announced last November that he had been diagnosed with the cancer.

In April, Connolly stepped back as ranking Democratic member of the House’s Oversight Committee after the return of his cancer. He assumed the role in January after an intraparty battle, and with the return of President to the White House, Connolly was outspoken in his criticism of layoffs of federal workers and the role of Elon Musk’s Department of Government Efficiency, or DOGE, in gaining access to sensitive government information and firing civil servants.

In March, Connolly said that he had initiated more than 150 investigations and inquiries into DOGE’s activities as ranking member of the committee, which acts as a watchdog for abuse, waste and fraud.

“We will continue to use every tool at our disposal to expose DOGE and stop its corrupt, dangerous and illegal wrongdoing,” Connolly said.

Earlier this month, The Washington Post reported that Connolly had endorsed his former chief of staff, Fairfax County Supervisor James Walkinshaw, in Walkinshaw’s bid for the Democratic nomination to succeed Connolly in Congress. State Sen. Stella Pekarsky also is running for the Democratic nomination in the deep blue congressional district.

A Boston native, Connolly considered becoming a priest but decided instead to devote himself to public service, working for nonprofit organizations and later as a U.S. Senate staffer. He later worked for SRI International as the R&D nonprofit’s vice president of economic policy, and as vice president of community relations for defense contractor SAIC.

According to the Post, Connolly was president of a neighborhood association in Fairfax County when 375,000 gallons of petroleum leaked from a storage facility in 1991 and put his neighborhood’s water supply at risk, along with other environmental harm. Connolly negotiated a settlement with the business, and he worked with the county to provide safe water to residents and for the fire department to run tests on the water later. After this crisis, he won his first election to the county board of supervisors.

Target sales drop in 1st quarter and retailer warns they will slip for all of 2025

SUMMARY:

  • reports bigger-than-expected Q1 sales decline
  • Forecasts lower sales for 2025 due to economic pressure
  • Customer boycotts and backlash impact performance
  • Shares dropped over 4% pre-market on Wednesday

NEW YORK (AP) — Target’s challenge to revive sales and its status as a cheap chic retailer just got more complicated.

The discounter announced on Wednesday that sales fell more than expected in the first quarter, and the retailer warned they will slip for all of 2025 year as its customers, worried over the impact of and the economy, pull back on spending.

Target also said customer boycotts did some damage during the latest quarter. The company, long a fierce corporate advocate for the rights of Black and + people, scaled back many diversity, equity and inclusion initiatives in January after they came under attack by conservative activists and the White House. Target’s retreat created another backlash, with more customers angered by the retailer’s reduction of LGBTQ+-themed merchandise for in June of 2023.

Shares fell 3.5% in midday trading Wednesday.

Quarterly sales fell 2.8% from last year to $23.85 billion, and that was short of the $24.23 billion expected, according to FactSet. Target earned $1.04 billion, or $2.27 per share, for the period ended May 3. That compares with $942 million, or $2.03 per share, in the year-ago period.

Target cut its annual sales projections Wednesday. The company now expects a low-single digit decline for 2025 after projecting a 1% increase for sales in March.

It also forecast annual per-share earnings of $7 to $9, excluding gains from legal settlements this year.

For the year, analysts expect earnings per share of $8.34 on sales of $106.7 billion, on average.

Comparable store sales, those from established stores and online channels, fell 3.8%. That includes a 5.7% drop in store sales and a 4.7% increase in online sales. That reverses a comparable store sales increase of 1.5% in the previous quarter.

The number of transactions across online and physical stores fell 2.4%, and the average ticket dropped 1.4%. Target said it couldn’t reliably estimate the individual impact of each of the factors that were hurting its business.

Target is setting up a new office to be led by Chief Operating Officer Michael Fiddelke focused on faster decision-making to help accelerate sales growth. The company said that current Chief Strategy and Growth Officer Christina Hennington is stepping down from her position and will be in a strategic role until Sept. 7.

Neil Saunders, managing director of GlobalData Retail, said Hennington had been considered a potential successor to Cornell.

“This is a tacit admission that Target isn’t doing a good enough job in some areas, so we welcome it as a potential way to engineer change,” Saunders wrote in a note published Wednesday. “But we caution that it can only accomplish its goals if the closed and defensive culture at Target changes for the better.”

Target is also intensifying efforts to entice customers nervous about the economy. The retailer will offer 10,000 new items starting at $1 — with the majority under $20.

“We’re not satisfied with these results, so we’re moving with urgency to navigate through this period of volatility,” Target CEO Brian Cornell told reporters on a call Tuesday. “We’ve got to drive traffic back into our stores or visits to our site.”

Out of 35 merchandise categories that the company tracks, it’s gaining or maintaining market share in only 15. The company reported some market share gains in women’s swimwear, infant and toddler clothing, and active wear.

The latest results underscore Target’s ongoing struggle in recent years to revive sales, particularly in nonessentials like fashion and home furnishings, as competition grows more fierce.

Back in March, Target had outlined to investors how it was going to bring back its “Tarzhay” magic— defined by affordable but trendy offerings — by expanding its store label brands and shortening the time it takes to get products to the shelves from conception. That will help the company stay close to trends, company executives said.

But it’s been a complicated feat even without the tariff trade wars. Target’s shares have fallen more than 37% in the past 52 weeks.

Target rival Walmart reported strong quarterly sales last week. The nation’s largest retailer said it’s already raised prices on some items due to tariffs and that more price hikes are on the way this summer when the back-to-school shopping season goes into high gear. For example, car seats made in China that sell for $350 at Walmart will likely cost customers another $100, executives said.

Target didn’t offer specifics on tariffs’ impact on prices, but said that it was looking at different ways to offset those costs like shifting sourcing. It said it should be able to offset the majority of the impacts from tariffs.

“We look at competition,” Cornell told reporters. “We make adjustments literally each and every week, so we’re constantly adjusting pricing. Some are going up. Some will be reduced.”

‘s threatened 145% import taxes on Chinese goods were reduced to 30% in a deal announced May 12, with some of the higher tariffs on pause for 90 days.

Walmart was able to dodge some of the tariff damage other retailers are suffering because groceries account for about 60% of its U.S. business. Target is more reliant on discretionary items like clothing and accessories, with less than a quarter of its sales coming from groceries.

The company has reduced the number of its store-label products sourced from China to 30% now from 60% in 2017. The company says is on its way to reducing that to 25% by the end of next year. Target is shifting sourcing to Guatemala and Honduras and is looking to sourcing in the U.S.

Target is being pressured on other fronts as well.

The company in January said it would phase out a handful of DEI initiatives, including a program designed to help Black employees advance their careers and promote Black-owned businesses. Conservative activists and have sought to dismantle DEI policies in the , schools, and at private businesses.

The pastor of a Georgia megachurch who led a nationwide 40-day of Target stores in response called last month for a continuation of that effort.

The Rev. Jamal Bryant is seeking a reinvigorated commitment from Target on diversity, and he wants more support from Target for Black-owned banks and businesses.

Target operates nearly 2,000 stores nationwide and employs more than 400,000 people.

US stocks drift lower as mixed profit reports from retailers and higher Treasury yields weigh

SUMMARY:

  • S&P 500, Nasdaq, and Dow futures dropped ahead of market open
  • warns of lower sales amid and weak consumer demand
  • rose nearly 1% on reported Israeli threats to Iran
  • Market rattled by geopolitical and economic uncertainty

NEW YORK (AP) — Most U.S. stocks are falling on Wednesday after some of the country’s biggest retailers gave mixed forecasts for where they see their profits heading under the uncertainty caused by ‘s .

The S&P 500 was down 0.2% in afternoon trading and on track for a second straight drop after breaking a six-day winning streak. The Dow Jones Industrial Average was down 338 points, or 0.8%, as of 12:56 p.m. Eastern time, while gains for Google’s parent company and a handful of other influential tech stocks sent the Nasdaq composite 0.3% higher.

Stocks were also feeling pressure from higher Treasury yields in the bond market. Such rises in yields can push down prices of all kinds of investments, and yields have been climbing in part because of concerns that tax cuts under consideration in Washington could pile trillions of more dollars onto the U.S. government’s debt.

Target slumped 4.1% after the retailer reported weaker profit and revenue than analysts expected for the start of the year. The company said it felt some pain from boycotts by customers. It had scaled back many diversity, equity and inclusion initiatives early this year following criticism by the White House and conservative activists, which drew its own backlash.

Perhaps more worryingly for , Target also cut its forecast for profit over the full year.

Lowe’s fell more modestly after after reporting a profit for the latest quarter that edged past analysts’ expectations. The home-improvement retailer also said it’s sticking with its forecasts for sales and profit over the full year, even with “near-term uncertainty and headwinds,” according to CEO Marvin Ellison.

Its stock was most recently down 1.6%.

Carter’s, which sells apparel for babies and young children, sank 9.9% after cutting its dividend. New CEO Doug Palladini said the company made the move in part because of investments it anticipates making in upcoming years, as well as the possibility that it “may incur significantly higher product costs as the result of the new proposed tariffs on products imported into the United States.”

On the winning side of Wall Street was Keysight Technologies, which not only topped analysts’ expectations for profit and revenue in the latest quarter but also raised its forecast for growth over its full fiscal year. The hardware, software and services company rose 3.2%.

Homebuilder Toll Brothers climbed 2.6% after beating analysts’ forecasts for profit and revenue in the latest quarter. It stood by its forecast for how many homes it will deliver this fiscal year, as a shortage of housing nationwide helps offset what it called a “softer demand environment.”

Gains for a handful of influential tech stocks also helped limit the market’s overall losses, even though four out of five stocks within the S&P 500 were falling. Alphabet rose 4.4%, and chip company Advanced Micro Devices climbed 1.6%.

A growing number of companies have recently said tariffs and uncertainty about the economy are making it difficult to guess what the upcoming year will bring. Others, including Walmart, have said they’ll have to raise prices to offset Trump’s tariffs.

U.S. stocks have recently recovered most of their steep losses from earlier in the year as Trump has delayed or rolled back many of his stiff tariffs. Investors are hopeful that Trump will lower his tariffs more permanently after reaching trade deals with other countries.

In the bond market, the yield on the 10-year Treasury rose to 4.54% from 4.48% late Tuesday and from just 4.01% early last month. That’s a notable move in the bond market.

Such yields effectively show how much in interest governments are having to pay investors in order to borrow money, and they’ve been on the rise for developed economies around the world. That’s partly because governments are continuing to borrow more cash to pay their bills, while central banks like the Federal Reserve have cut back on their own investments in government bonds.

Moody’s Ratings became the last of the three major ratings agencies late last week to downgrade the U.S. government’s credit rating on concerns that it may be heading toward an unsustainable amount of debt.

“We do not think that the downgrade matters by itself,” Bank of America strategists wrote in a BofA Global Research report, “but it has served as a wake up call for those investors who had been ignoring the ongoing fiscal discussion.”

In stock markets abroad, indexes were mixed amid mostly modest movements across Europe and Asia

London’s FTSE 100 rose 0.1% after a report said inflation in the United Kingdom spiked to its highest level for more than a year in April.

Tokyo’s Nikkei 225 fell 0.6% after a report said Japan’s exports have slowed due to tariffs

___

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Notes: Eds: UPDATES: trading.

Trump lifts Empire Wind pause, offshore project resumes

SUMMARY:

  • Trump administration lifts pause on construction
  • ‘s $2.5B project to power 500,000 NY homes
  • Over 1,500 construction jobs saved with project’s resumption
  • NY leaders, labor groups, and Norway backed project’s revival

 

The Trump administration is allowing work on a major offshore wind project for New York to resume. 

The developer, the Norwegian energy company Equinor, said Monday it was told by the federal Bureau of Ocean Energy Management that a stop-work order has been lifted for the Empire Wind project, allowing construction to resume. 

Work has been paused since Interior Secretary Doug Burgum last month directed the Bureau of Ocean Energy Management to halt construction and review the permits. Burgum said at the time that it appeared former President Joe Biden’s administration had “rushed through” the approvals. Equinor spent seven years obtaining permits and has spent more than $2.5 billion so far on a project that is one-third complete. 

Equinor President and CEO Anders Opedal thanked President for allowing the project to move forward, saving about 1,500 construction jobs and investments in U.S. . He also expressed appreciation to New York’s governor, New York City’s mayor, members of Congress and labor groups, as well as Norwegian officials who worked to save the project. The Norwegian government owns a majority stake in Equinor. 

“We appreciate the fact that construction can now resume on Empire Wind, a project which underscores our commitment to deliver energy while supporting local economies and creating jobs,” Opedal said in a statement. 

New York Gov. Kathy Hochul said it took countless conversations with Equinor and White House officials, and the involvement of labor and business interests, to emphasize the project’s importance and get Empire Wind back on track. Equinor is building Empire Wind south of Long Island, New York, to provide power in 2026 for more than 500,000 New York homes. 

“New York’s economic future is going to be powered by abundant, that helps our homes and businesses thrive. I fought to save clean energy jobs in New York — and we got it done,” Hochul said in a statement Monday. 

The Interior Department said Tuesday the pause on the project was lifted while a review of the permits continues. 

Large offshore wind farms have been making electricity for three decades in Europe and, more recently, in Asia. But the industry has struggled to grow in the U.S. due to high costs, difficulties growing a supply chain for materials and the lengthy permitting process. 

Trump has prioritized fossil fuels and moved against since returning to the White House. One of his first acts was ordering a pause of offshore wind lease sales in federal waters and the issuance of approvals, permits and loans for all wind projects. But the administration’s targeting of Empire Wind, a project already underway, took that a step further. 

White House spokesperson Taylor Rogers said in a statement Friday that while unleashing America’s energy dominance, Trump “paused certain wind projects that are detrimental to our beloved wildlife including birds and whales.” 

There are no known links between large whale deaths and ongoing offshore wind activities, according to the National Oceanic and Atmospheric Administration. While wind turbines can pose a risk to birds, wildlife conservation organizations say they support the responsible development of offshore wind because is a bigger threat. 

Senate Democratic Leader Chuck Schumer of New York said Monday that lifting the stop-work order is welcome news. Empire Wind will greatly benefit the economy on Long Island and the environment for all New Yorkers, he said in a statement. 

Offshore wind advocates also celebrated the decision. It’s a win for workers, the industry and companies in places like Louisiana, South Carolina and Pennsylvania, helping to build projects in the Northeast, the Oceantic Network said in a statement. 

Equinor said on May 9 it would be forced to abandon Empire Wind within days unless the administration relented on its order that stopped construction. Equinor was spending up to $50 million per week and had 11 vessels on standby. 

Equinor finalized the federal lease in March 2017, during Trump’s first term. The approved the construction and operations plan in February 2024. 

New York aims to obtain 70% of its electricity from renewable sources by 2030 and 9 gigawatts of offshore wind by 2035. New York is getting some from the nation’s first commercial-scale offshore wind farm, a 12-turbine wind farm called South Fork that opened a year ago, operated by different companies east of Montauk Point, New York. 

Virginia Western Community College president named

Laura Treanor will be the fifth president of ‘s , succeeding , the school’s leader since 2001.

Treanor, who earned a doctorate in education at , was selected from 61 candidates, according to a Tuesday afternoon announcement from the Virginia Community College System. She will assume the role on July 1.

Currently, Treanor works as provost, senior vice president for instructional services and dean of faculty at Vincennes University in Indiana. She’s worked there since 2018.

At Baker College in Michigan, Treanor held several roles, including system associate vice president for institutional effectiveness.

“Dr. Treanor is an experienced educational leader well-equipped to take the college to new heights in regional workforce development through academic, training and credentialing excellence,” Todd Putney, chair of the local advisory board for Virginia Western Community College, said in a statement.

In March, two finalists in addition to Treanor were named for the position: Daryl L. Minus, vice president of enrollment management and student success at Southside Virginia Community College, and Jamonica Rolle, college provost and senior vice president of academic affairs and college operations at Broward College in Florida.

In Tuesday’s announcement, , chancellor of the Virginia Community College System, referenced the significant impact Sandel had at VWCC.

Man wearing a blazer and tie stands in front of windows.
Robert H. Sandel will retire as president of Virginia Western Community College in June 2025. Photo courtesy VWCC.

“Succeeding Dr. Robert Sandel, who has led Virginia Western for more than two decades of transformative service, Dr. Treanor will have a hard act to follow,” he said in a statement, “but I am confident that she will build on VWCC’s outstanding history of serving its communities and its diverse student populations.”

Sandel previously served as president of Mountain Empire Community College in Big Stone Gap. Earlier this month, he received an honorary Doctor of Humane Letters from . The citation for the honor called him an innovator and said, “Sandel has transformed in the region, expanding access, promoting workforce and economic development, fostering community engagement and establishing regional partnerships.”

Lighthouse Labs rebrands to Lighthouse Network

SUMMARY:

  • has rebranded to to reflect its expanded focus beyond the traditional 11-week , offering broader and ongoing support to alumni .
  • The accelerator will now run only one per year, dedicating the rest of the year to supporting past participants with initiatives such as investor roadshows, mentor support, fundraising assistance and advanced curricula.
  • Lighthouse is testing new programs for more mature startups and launching a sales operations curriculum to help improve revenue generation, addressing key challenges faced by alumni.
  • A founder summit will debut later this year, gathering all alumni in for networking, mentorship reconnections and business development activities.

Richmond-based accelerator Lighthouse Labs last week announced it is expanding its services and rebranding itself as Lighthouse Network.

Since its founding in 2012, Lighthouse has supported 149 companies, raised over $350 million in capital, helped founders raise an average of $1.8 million each and created over 1,500 jobs. The accelerator’s 11-week program provides founders with support from mentors, industry experts and investors, and free office space.

Managing Director said the accelerator is rebranding to reflect various changes in its operations, including creating multiple initiatives and programs to help companies and founders who have already completed the 11-week program. She said this new effort is meant to continue to help companies grow post-acceleration.

While the accelerator will still offer an 11-week program, it will only be for one cohort a year instead of two, Irwin said.

“What that helps us to do is, on the second half of every year, we now get to dig into all of the founders who have ever gone through Lighthouse and make sure that they’re supported in the way they need to be supported,” Irwin said. “And so that’s giving them additional investor roadshow opportunities, giving them additional mentor support, helping them with their [fundraising] if they are raising, and then also building out additional curriculum that they can participate in based on the level of growth that they’re in.”

She said Lighthouse is currently testing a new program to support startups that are a little further along than the ones entering the 11-week program but still need the mentors and the connections that Lighthouse has. Several startups struggled with sales in their earlier days, she added, and Lighthouse is launching a sales operations curriculum — bringing in some of its best mentors — to conduct several sessions to help the startups improve their revenue and sales operations.

“So it gives us a much more robust service offering to the companies that we’re supporting, and really helps us go back to our mission of investing in the lives of founders, because now this support is very founder-centric and founder development-focused, rather than just like, ‘Let’s help the company accelerate for three months,’” Irwin said.

Later this year, Lighthouse will launch its first founder summit, inviting any founder who has ever gone through Lighthouse to come to Richmond for 2 1/2 days, Irwin said. The summit will allow alumni to know each other better, reconnect with mentors, reconnect with investors and work on their businesses.

Since most new programs and initiatives Lighthouse alumni, Irwin said they are not reflected on the new website. Lighthouse, which has three staff members, will contact alumni to inform them of the new programs it offers.

Home Depot says it doesn’t expect to boost prices because of tariffs

Home Depot doesn’t expect to raise prices because of , saying it has spent years diversifying the sources for the goods on its shelves.

Billy Bastek, executive vice president of merchandising, said during a conference call on Tuesday that Home Depot’s suppliers have shifted sourcing across several countries and that the company doesn’t expect any single country outside of the U.S. will represent more than 10% of its purchases 12 months from now.

“We don’t see broad based price increases for our customers at all going forward,” he said.

Other companies, domestic and foreign, have warned customers that price hikes are on the way due to a kicked off by the U.S.

Walmart said last week that it has already raised prices and will have to do so again in the near future. Late Monday, Subaru of America said it would raise prices on some of its most popular models by as much as $2,000.

President lambasted Walmart, saying on social media over the weekend that the retail giant should “eat” the additional costs created by his tariffs.

As Trump has jacked up import taxes, he has tried to assure a skeptical public that foreign producers would pay for those taxes and that retailers and automakers would absorb the additional expenses. Most economists are deeply skeptical of those claims and have warned that the trade penalties would worsen inflation.

Tariffs on materials like lumber are also a concern for both homebuilders and home buyers. A homebuyer now needs to earn at least $114,000 a year to afford a $431,250 home — the national median listing price in April, according to data released this month by Realtor.com

Additional housing material costs would put home ownership out of reach for more potential buyers, though Home Depot is somewhat insulated as it sources the majority of its lumber in the U.S.

Early last year, the company said that about 17% of its wood is sourced from Canada. The company would not say Tuesday if those import levels have changed though after negotiations, Canadian lumber was exempted from additional 25% U.S. tariffs.

During the first quarter, Home Depot’s revenue climbed as customers spent slightly more on smaller home projects.

A number of U.S. companies have lowered or pulled financial guidance for investors as tariffs launched by the the Trump administration scramble world trade but on Tuesday, Home Depot stuck by earlier projections of sales growth at around 2.8%.

Shares of the Atlanta company dipped slightly on Tuesday.

Revenue rose to $39.86 billion from $36.42 billion a year earlier, beating the $39.3 billion that analysts polled by FactSet expected.

Sales at stores open at least a year, a key gauge of a retailer’s health, edged down 0.3%. In the U.S., comparable store sales climbed 0.2%.

anticipated a 0.1% decline in same-store sales.

Customer transactions rose 2.1% in the quarter. The amount shoppers spent climbed to $90.71 per average ticket from $90.68 in the prior-year period.

“Our first quarter results were in line with our expectations as we saw continued customer engagement across smaller projects and in our spring events,” Home Depot Chair and CEO Ted Decker said in a statement.

Home improvement retailers like Home Depot have been dealing with homeowners putting off bigger projects because of increased borrowing costs and lingering concerns about inflation.

The U.S. has been in a sales slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows.

Sales of previously occupied homes have dropped as elevated mortgage rates and rising prices discouraged home shoppers.

Existing home sales fell 5.9% in March from February to a seasonally adjusted annual rate of 4.02 million units, the National Association of Realtors said. The March sales decline was the largest monthly drop since November 2022, and marks the slowest sales pace for the month of March going back to 2009.

Sales of previously occupied U.S. homes fell last year to their lowest level in nearly 30 years.

“One of the central problems for Home Depot is the skittish housing market,” Neil Saunders, managing director of GlobalData, said in a statement. “While last quarter was robust, home sales declined by 3.1% year-over-year this quarter as consumers were deterred from moving by continued high interest rates and growing economic uncertainty. This lack of recovery makes it difficult to drive home improvement spending.”

For the three months ended May 4, Home Depot Inc. earned $3.43 billion, or $3.45 per share. A year earlier the Atlanta-based company earned $3.6 billion, or $3.63 per share.

Stripping out certain items, earnings were $3.56 per share. Wall Street was calling for earnings of $3.60 per share.

Expanded emergency dept. opens at Carilion Roanoke Memorial Hospital

Carilion Memorial Hospital’s expanded , billed as one of the largest in the state, opened at 7 a.m. Tuesday.

The department is the first facility to welcome patients in the Roanoke hospital’s new Crystal Spring Tower, a $500 million expansion for Roanoke Memorial that’s expected to fully launch this summer. The tower will also be home to Carilion’s Cardiovascular Institute, which will house all cardiac and vascular care, including three cardiothoracic surgery operating rooms. Contractors on the project are Alabama-headquartered Robins & Morton and Branch Builds, a Roanoke-based construction management firm.

The Roanoke hospital’s expanded emergency department includes a dedicated pediatric emergency waiting area, triage space and patient rooms, as well as the region’s first dedicated Level 1 bay.

Photo of pediatric waiting room in the expanded emergency department. Photo courtesy Carilion Clinic
Pediatric waiting room in the expanded emergency department. Photo courtesy

Carilion Roanoke Memorial has the region’s only Level 1 and pediatric trauma center. The designation means the facility is able to provide comprehensive trauma care for all injuries.

Other features of the expanded emergency room are four other trauma bays, an expanded observation unit and 125 emergency department beds, a 54-bed increase over the former emergency department.

A new also opened Tuesday to serve the health system’s three Carilion Life-Guard helicopters and other medevac teams, which bring patients from more than 65 other facilities, according to Hannah Curtis, a spokesperson for Carilion Clinic.

“The ED and helipad expanded access will help to meet growing community needs and offer a seamless entry for patients in need of acute care when seconds matter — like heart attack or stroke patients,” she said in a statement.

The facility also comes with a new entrance: the public can drop patients off at a traffic circle in front of the Crystal Spring Tower. Visitors also have the option of parking in a new Carilion garage at the corner of McClanahan Street and Jefferson Street.

Initially, the expanded emergency department had been slated to open April 15 but the opening was pushed back due to construction issues.

Based in Roanoke, Carilion Clinic is a nonprofit health care organization serving nearly 1 million people in Virginia through hospitals, outpatient specialty centers and primary care practices. It has more than 13,000 employees. Earlier this month, Carilion received the state’s blessing to move forward with a kidney transplant program.