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Virginia aims to boost university startups

SUMMARY:

  • , Virginia’s six R1 universities launching initiative to double spinning out
  • Lab-to-Launch initiative includes standardized agreement favorable to founders
  • Program also offers opportunities for private sector involvement

A new initiative between Virginia Innovation Partnership Corp. and Virginia’s six 1 (R1) universities aims to double the number of startups coming from the latter annually.

The Lab-to-Launch initiative aims to help technology breakthroughs quickly enter the marketplace, according to a news release from the governor’s office this month. The initiative’s components will be launching throughout the upcoming school year.

Lab-to-Launch has two core pillars, said VIPC President and CEO : The first is creating a standardized fast-track license agreement to commercialize university research. The other is expanding private sector collaboration with Virginia university commercialization.

“Over the next three years,” he said, “we think across all … six R1s, [Lab-to-Launch] could literally double the number of startups that launch out of universities.”

Virginia’s six R1 universities are , Old Dominion University, the University of Virginia, Virginia Commonwealth University, Virginia Tech and William & Mary. The highest research activity classification in the Carnegie Classification of Institutions of Higher Education, R1 indicates high research activity as measured by the number of research/scholarship doctorates awarded and the amount spent on .

“All the universities recognize this is an important initiative, a huge opportunity [that could] have transformative impact, and we are locking arms. We are locking arms to plant a flag on the map for Virginia here that is really going to differentiate [them] from every other university out there,” Benevento said.

The Virginia Fast-Track License will launch during the upcoming school year, Benevento said. It’s expected to reduce the time it takes for new products to enter the market from about six to 12 months to one to three months by standardizing financial terms in university license agreements with founders.

“By basically standardizing the agreement and its key terms, that streamlines that whole IP licensing process to make it easier and faster, more transparent,” and likely less costly, as a faster process could reduce administrative costs, Benevento said.

Under the Virginia Fast-Track License, university tech transfer offices will have less than 3% equity in startups and a less than 3% royalty rate of future sales.

By comparison, the Carolina Express Exclusive License Agreement offered by The University of North Carolina at Chapel Hill takes 5% equity up to a ‘s first $2 million raised and takes a 2%, 3% or 5% royalty depending on the product or service.

A 2022 database analysis including data from Columbia University, Harvard College and Stanford University from Spinout, which compiles data for university inventors, found that the included U.S. universities took an average 5.9% equity rate upon founding.

According to a 2018 analysis of eight U.S. research universities (Harvard College, MIT, Stanford University, Ohio State University, University of Arizona, Texas A&M University, University of Wisconsin and University of Kansas) from ktMINE, an IP transactions data and analytics provider, the eight universities received average royalties of between 3.5% and 4.6%.

The license’s founder-friendly standardized terms will lower the barriers for existing faculty researchers to bring research breakthroughs into the market, attract talent to Virginia universities, and facilitate early-stage capital investment, Benevento said.

“This will plant a flag for Virginia and our leading world-class research universities that Virginia is the best place to conduct research and to translate breakthrough discoveries and technologies into the marketplace, where they can then have a huge impact on society and on people’s lives,” he said.

For investors, the standardized licensing process provides speed and certainty, making the involved startups more appealing investments, Benevento said.

Startups that spin off from universities using the Virginia Fast-Track License are eligible for an up to $50,000 grant from VIPC toward upfront out-of-pocket university commercialization costs.

The program also intends to grow private sector collaboration with university commercialization, helping connect talent, capital and data from the private sector with university researchers via several means.

Regarding talent, Lab-to-Launch will start an entrepreneur-in-residence program to connect entrepreneurs and executives with business experience to university researchers and inventors with technical knowledge. Each university can have multiple entrepreneurs-in-residence.

As part of Lab-to-Launch, universities will create digital databases with online catalogs to search university IP, making data available online to potential investors and interested entrepreneurs.

The program will also evaluate potential partnership opportunities using VIPC’s Virginia Invests program, through which VIPC invests in fund managers that run early-stage venture capital funds. VIPC will explore potential public-private partnership opportunities and potential connections, particularly with out-of-state venture capital funds that could be drawn into the Virginia startup ecosystem.

University partners will also share best practices. VIPC will measure statewide university commercialization outcome metrics against historical baselines and national peers.

“Virginia is home to world-class research university institutions and with Lab-to-Launch and the Virginia Fast-Track License, we are moving at the speed of business to accelerate commercialization pathways for university technology startups,”  said in a statement. “Virginia is leading the way, and I look forward to seeing the transformative discoveries that go from ‘lab to launch’ and enhance people’s lives, not only in Virginia but throughout the country.”

Trump says Intel agreed to give US a stake in its company

Summary

  • Trump says to give U.S. a 10% ownership stake
  • Deal follows Trump’s meeting with CEO Lip Bu Tan
  • Trump previously urged Tan to resign over
  • Official announcement expected later Friday

WASHINGTON (AP) — President said that Intel has agreed to give the a 10% stake in its business.

Speaking with reporters on Friday, Trump said the deal came out of a meeting last week with Intel CEO Lip Bu Tan — which came days after the president called for Tan to resign over his past ties to China.

“I said, I think it would be good having the United States as your partner,” Trump said. “He agreed, and they’ve agreed to do it.”

The official announcement is expected to come later Friday, according to a official who was not authorized to speak publicly ahead of an announcement and spoke on condition of anonymity.

What’s happening?

The has been in talks to secure a 10% stake in Intel in exchange for converting government grants that were pledged to Intel under President Joe Biden. If the deal is completed, the U.S. government would become one of Intel’s largest shareholders and blur the traditional lines separating the public sector and private sector in a country that remains the world’s largest economy.

Why would Trump do this?

In his second term, Trump has been leveraging his power to reprogram the operations of major computer chip companies. The administration is requiring Nvidia and Advanced Micro Devices, two companies whose chips are helping to power the craze around artificial intelligence, to pay a 15% commission on their sales of chips in China in exchange for export licenses.

Trump’s interest in Intel is also being driven by his desire to boost chip production in the U.S., which has been a focal point of the trade war that he has been waging throughout the world. By lessening the country’s dependence on chips manufactured overseas, the president believes the U.S. will be better positioned to maintain its technological lead on China in the race to create artificial intelligence.

Didn’t Trump want Intel’s CEO to quit?

That’s what the president said August 7 in an unequivocal post calling for Intel CEO to resign less than five months after the Santa Clara, California, company hired him. The demand was triggered by reports raising national security concerns about Tan’s past investments in Chinese tech companies while he was a venture capitalist. But Trump backed off after Tan professed his allegiance to the U.S. in a public letter to Intel employees and went to the White House to meet with the president, who applauded the Intel CEO for having an “amazing story.”

Why would Intel do a deal?

The company isn’t commenting about the possibility of the U.S. government becoming a major shareholder, but Intel may have little choice because it is currently dealing from a position of weakness. After enjoying decades of growth while its processors powered the personal computer boom, the company fell into a slump after missing the shift to the mobile computing era unleashed by the iPhone’s 2007 debut.

Intel has fallen even farther behind in recent years during an artificial intelligence craze that has been a boon for Nvidia and AMD. The company lost nearly $19 billion last year and another $3.7 billion in the first six months of this year, prompting Tan to undertake a cost-cutting spree. By the end of this year, Tan expects Intel to have about 75,000 workers, a 25% reduction from the end of last year.

Would this deal be unusual?

Although rare, it’s not unprecedented for the U.S. government to become a significant shareholder in a prominent company. One of the most notable instances occurred during the Great Recession in 2008 when the government injected nearly $50 billion into General Motors in return for a roughly 60% stake in the automaker at a time it was on the verge of bankruptcy. The government ended up with a roughly $10 billion loss after it sold its stock in GM.

Would the government run Intel?

U.S. Commerce Secretary Howard Lutnick told CNBC during a Tuesday interview that the government has no intention of meddling in Intel’s business, and will have its hands tied by holding non-voting shares in the company. But some analysts wonder if the Trump administration’s financial ties to Intel might prod more companies looking to curry favor with the president to increase their orders for the company’s chips.

What government grants does Intel receive?

Intel was among the biggest beneficiaries of the Biden administration’s CHIPS and Science Act, but it hasn’t been able to revive its fortunes while falling behind on construction projects spawned by the program.

The company has received about $2.2 billion of the $7.8 billion pledged under the incentives program — money that Lutnick derided as a “giveaway” that would better serve U.S. taxpayers if it’s turned into Intel stock. “We think America should get the benefit of the bar

Consumer watchdog ends investigation into buy now, pay later company linked to Donald Trump Jr.

Summary

  • ends investigation into , tied to Trump Jr.
  • Agency calls earlier probe politically motivated
  • Credova offers buy now, pay later financing, including firearms
  • Public Square subsidiary has faced consumer complaints, settlements

WASHINGTON (AP) — The Consumer Financial Protection Bureau has dropped an investigation into a buy now, pay later company with close ties to ‘s son , saying the investigation was conducted in a biased manner and based off politics.

The CFPB on Tuesday notified Credova Financial, a subsidiary of , where Trump Jr. is a board member and investor, that it was no longer under investigation. Public Square is a directory of businesses that sell American-made products, including financing for firearms and family pets, that market to conservative-leaning customers. Credova provides buy now, pay later services to Trump Jr.’s GrabAGun firearms marketplace, which went public this year.

The agency says the investigation, initiated during Democrat Joe Biden’s presidency, was politically motivated against firearms companies and Trump Jr. However, the company has a record of dozens if not hundreds of consumer complaints and settlements over state consumer protection violations.

The closure of the investigation also comes when the CFPB, a watchdog agency that helps oversee the nation’s banks and financial services companies, has been undoing rulemaking, dropping other cases and ending enforcement work that was done under previous administrations, including Trump’s first term.

The CFPB in Trump’s second term determined the Credova investigation “exemplifies the type of weaponization against disfavored industries and individuals” that Trump and the agency’s acting director, Russell Vought, are committed to ending, according to a letter sent to the chief counsel of Public Square Holdings. The CFPB during Biden’s term ratcheted up settlement demands on the company the day Trump Jr. joined Public Square’s board of directors, the letter said.

Former CFPB employees, from during Biden’s term, declined to speak about the decision, saying they’re not permitted to discuss investigations.

Previous claims against Credova

Michael Seifert, chairman and CEO of Public Square, said in a statement that the closure of the CFPB investigation “confirms the strength and integrity of our company and validates the trust our merchants and consumers place in us” and is ”a win for our entire company, our board, our customers, and a 2nd Amendment community that has seen years of government attempts to regulate businesses like ours out of existence.”

However, the firm had for years been accused of charging junk fees to customers or violating state consumer protection rules.

In 2021, Credova and another Nevada-based finance firm reached a settlement with the Massachusetts attorney general’s office to waive balances totaling more than $126,000 to resolve allegations they illegally leased dogs in violation of the Massachusetts Consumer Protection Act.

In January 2024, Credova and the California Department of Financial Protection and Innovation entered into a consent order to resolve allegations the firm failed to disclose potential third-party fees to consumers. As a result, Credova was required to pay a $50,000 penalty and disclose potential third-party convenience fees to consumers in the future.

There have also been more than 50 consumer complaints filed against Credova to the CFPB, a search of the database shows. Many of the complaints relate to debt collection practices.

A search of the Better Business Bureau Database shows 134 complaints have been filed against the company in the past three years, with 21 closed in the past 12 months. A review of many of those complaints relate to customers being charged undisclosed junk fees.

Trump Jr.’s ties to the company

Trump Jr. joined the board of directors for Public Square’s parent company, PSQ Holdings, in December 2024.

Andy Surabian, a spokesman for Trump Jr., said in a statement Trump Jr. “had nothing what so ever to do with this and it’s a classic cheap media tactic to imply otherwise when the AP knows that they have no evidence to the contrary.” Trump Jr. owns 697,403 shares in Public Square, which are worth roughly $1.1 million.

Donald Sherman, the executive director and chief counsel of Citizens for Responsibility and Ethics in Washington, said the CFPB’s dropping of the case against Credova is “emblematic of the toxic stew of corruption” associated with administration officials assisting allies.

“It’s not just that this particular company has ties to the president’s son, who has along with his father sought to monetize and profit off of the presidency at every step of the way,” Sherman said. “It’s also that this administration has taken aggressive actions to use every aspect of federal law enforcement to benefit its perceived political allies and harm its enemies.”

Canada will match US tariff exemptions under USMCA trade pact, Prime Minister Carney says

Summary

  • Canada ends on U.S. goods
  • Move aligns with U.S. exemptions under trade deal
  • Prime Minister says it resets trade talks
  • USMCA is up for review in 2026

TORONTO (AP) — Canada is dropping retaliatory tariffs to match U.S. tariff exemptions for goods covered under the United States-Mexico-Canada , Prime Minister Mark Carney announced Friday.

Carney said Canada will include the carve-out that the U.S. has on Canadian goods under the 2020 free trade deal that shields the vast majority of goods from the punishing duties.

“Canada currently has the best trade deal with the United States. And while it’s different from what we had before, it’s still better than that of any other country,” Carney said.

Carney and U.S. spoke on the phone Thursday, and Carney met with his Cabinet on Friday before making the announcement.

“We had a very good call,” Trump said Friday in the Oval Office. “We are working on something. We want to be very good to Canada. I like Carney a lot. I think he’s a very good person.”

“I am fighting for the United States, and Canada and Mexico have taken a lot of our business over the years,” Trump said.

Carney said Trump told him that lifting the tariffs would reset trade negotiations.

The USMCA is up for review in 2026, and Carney called the trade pact a unique advantage for Canada at a time when it is clear that the U.S. is charging for access to its market.

Carney said the commitment of the U.S. to the core of USMCA means that over 85% of Canada-U.S. trade continues to be free of tariffs. He said the U.S. average tariff rate on Canadian goods is 5.6% and remains the lowest among all its trading partners.

Canadian and Mexican companies can claim preferential treatment under the USMCA.

Canada and China are the only countries that have retaliated against Trump in his trade war. Canada imposed 25% tariffs on a long list of American goods in March, including oranges, alcohol, clothing and shoes, motorcycles and cosmetics.

Former Prime Minister Justin Trudeau initially put on retaliatory tariffs in response to U.S. tariffs, but before the U.S. tariffs were applied the exempted goods covered by the free trade deal.

Most imports from Canada and Mexico are still protected by the USMCA, but U.S. Commerce Secretary Howard Lutnick has said, “I think the president is absolutely going to renegotiate USMCA.”

Preserving the free trade pact will be critical for Canada and Mexico. More than 75% of Canada’s exports go to the U.S. while more than 80% of Mexico’s exports go there.

Trump has announced some sector-specific tariffs that do apply for Canada despite the USMCA — known as 232 tariffs — which are having an impact on the Canadian economy. There is a 50% tariff on steel and aluminum imports, for example.

“Canada and the United States have reestablished free trade for the vast majority of our goods,” Carney said. “Canada will retain our tariffs on steel, aluminum and autos as we work intensively to resolve the issues there.”

Carney previously rescinded Canada’s plan to tax U.S. technology firms after Trump said he was suspending trade talks with Canada over those plans, which he called “a direct and blatant attack on our country.”

The prime minister disputed any notion that Canada is appeasing Trump, noting that Canada is matching what the U.S. is doing.

“The president and I had a long conversation,” Carney said. “There is a review of the in the spring. We’re starting our preparations.”

Lana Payne, president of Unifor, Canada’s largest private sector union, characterized Carney’s announcement as Canada backing down, and said the country shouldn’t back down unless the U.S. drops all punitive tariffs.

“Trump’s attacks on auto, steel, aluminum, and forestry sectors are hurting Canadian workers in real time,” she posted on social media. “Walking back counter-tariffs isn’t an olive branch. It only enables more U.S. aggression.”

U.S. Department of Education finds GMU violated civil rights law

SUMMARY:

George Mason University has been found in violation of federal civil rights law, the U.S. Department of Education announced Friday, laying blame on President Gregory Washington’s shoulders.

The public university, Virginia’s largest by enrollment, violated Title VI of the Civil Rights Act of 1964 by “illegally using race and other immutable characteristics in university practices and policies, including hiring and promotion,” the DOE said in a news release, citing Washington’s policies that the federal department sees as biased toward people of color and discriminatory against white employees.

“In 2020, university President Gregory Washington called for expunging the so-called ‘racist vestiges’ from GMU’s campus. Without a hint of self awareness, President Washington then waged a universitywide campaign to implement unlawful DEI policies that intentionally discriminate on the basis of race. You can’t make this up,” Acting Assistant Secretary for Civil Rights Craig Trainor said in a statement. “Despite this unfortunate chapter in Mason’s history, the university now has the opportunity to come into compliance with federal civil rights laws by entering into a resolution agreement with the Office for Civil Rights.”

To resolve the matter — and maintain federal funding at George Mason — Washington is required to “personally issue a statement to all university students and employees that GMU will conduct all recruitment, hiring, promotion and tenure decisions in compliance with Title VI, and disseminate information to the campus community explaining how to submit a discrimination complaint,” and that the statement must include a personal apology by Washington.

The university also must review its policies and revise documents regarding hiring and promotions to comply with Title VI, as well as conduct annual training of employees involved in recruitment, hiring, promotion and tenure decisions, and maintain all records necessary to demonstrate compliance with an agreement.

The DOE has given George Mason 10 days to voluntarily resolve the violations.

It is not clear if the university is still under investigation for allegedly not protecting Jewish students and staff from antisemitism, the subject of a July 1 probe by the DOE’s Office of Civil Rights. The DOE’s press office did not immediately respond to a request for information. The Title VI probe was opened July 10, becoming the second federal investigation into Mason.

The Department of Justice’s civil rights division also is conducting two investigations into George Mason employment practices that the claims may be discriminatory to benefit women and people of color.

Critics, including Virginia Democratic lawmakers and George Mason faculty members, say that the university and Washington himself are under attack by the and have accused the federal government of overreach in an attempt to drive Washington out of the presidency.

The George Mason Board of Visitors issued a statement Friday addressing the Department of Education’s finding of violations: “The board is reviewing the specific resolution steps proposed by the Department of Education. We will continue to respond fully and cooperatively to all inquiries from the Department of Education, the Department of Justice and the U.S. House of Representatives and evaluate the evidence that comes to light. Our sole focus is our fiduciary duty to serve the best interests of the university and the people of the commonwealth of Virginia.”

Washington has not issued a public statement as of Friday afternoon about the DOE finding, and the university referred Virginia Business to the BOV’s statement when asked for comment.

In addition to the four federal investigations, Washington has been called to testify before a congressional committee controlled by Republicans. He survived a potential ouster at the Aug. 1 university board meeting where board members, all appointed by Republican , discussed Washington’s job performance in closed session. Instead, Washington received a 1.5% raise.

The university’s chapter of the American Association of University Professors, which has been critical of the federal government’s investigations and the university’s board of visitors, sent out a statement that “categorically condemns” both the Office of Civil Rights’ findings and the proposed remedy. The statement calls for George Mason’s board to “resist the Trump administration’s pressure campaign” and defend the university’s values.

“From the beginning, the purpose of this investigation has clearly been to provide a pretext for displacing GMU’s current leadership with the political allies of Gov. Youngkin and the Trump administration,” the statement says. “It also seems abundantly clear that the OCR’s politicized investigation is only one small part of the Trump administration’s larger project to bring American under the administration’s direct political and ideological control.”

Powell signals Fed may cut rates soon even as inflation risks remain

Summary

JACKSON HOLE, Wyo. (AP) — Chair on Friday opened the door ever so slightly to lowering a key interest rate in the coming months but gave no hint on the timing of a move and suggested the central bank will proceed cautiously as it continues to evaluate the impact of tariffs and other policies on the economy.

In a high-profile speech closely watched at the White House and on Wall Street, Powell said that there are risks of both rising unemployment and stubbornly higher inflation. Yet he suggested that with hiring sluggish, the job market could weaken further.

“The shifting balance of risks may warrant adjusting our policy stance,” he said, a reference to his concerns about weaker job gains and a more direct sign that the Fed is considering a rate cut than he has made in previous comments.

Still, Powell’s remarks suggest the Fed will proceed carefully in the coming months and will make its rate decisions based on how inflation and unemployment evolve.

“The stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance,” Powell said. That suggests the Fed will continue to evaluate jobs and inflation data as it decides whether to cut rates, including at its next meeting Sept. 16-17.

The jumped in response to Powell’s remarks, with the broad index rising 1.4% in early trading.

Powell spoke with the Fed under unprecedented public scrutiny from the White House, as President Donald Trump has repeatedly insulted Powell and has urged him to cut rates, arguing there is “no inflation” and saying that a cut would lower the government’s interest payments on its $37 trillion in debt.

While Powell spoke, Trump told reporters in Washington, D.C. that he would fire Federal Reserve Governor Lisa Cook if she did not step down over allegations from an administration official that she committed mortgage fraud.

If Cook is removed, that would give Trump an opportunity to put a loyalist on the Fed’s governing board. The Fed has long been considered independent from day-to-day politics.

Powell spoke at the Fed’s annual economic symposium in Jackson Hole, Wyoming, a conference with about 100 academics, economists, and central bank officials from around the world. He was given a standing ovation before he spoke.

In his remarks, the Fed chair underscored that tariffs are lifting inflation and could push it higher in the coming months.

“The effects of tariffs on consumer prices are now clearly visible. We expect those effects to accumulate over coming months, with high uncertainty about timing and amounts,” Powell said.

Inflation has crept higher in recent months though it is down from a peak of 9.1% three years ago. Tariffs have not spurred inflation as much as some economists worried but are starting to lift the prices of heavily imported goods such as furniture, toys, and shoes.

Consumer prices rose 2.7% in July from a year ago, above the Fed’s target of 2%. Excluding the volatile food and energy categories, core prices rose 3.1%.

Regarding the job market, Powell noted that even as hiring has slowed sharply this year, the unemployment rate remains low. He added that with immigration falling sharply, fewer jobs are needed to keep unemployment in check.

Yet with hiring sluggish, the risks of a sharper downturn, with rising , has risen, Powell said.

Powell added that higher prices from tariffs could cause a one-time shift to prices, rather than an ongoing bout of inflation. Other Fed officials have said that is the most likely outcome and as a result the central bank can cut rates to boost the job market.

Powell, however, suggested it is largely up to the Fed to ensure tariffs don’t lead to sustained inflation.

“Come what may, we will not allow a one-time increase in the price level to become an ongoing inflation problem,” he said.

Powell also suggested the Fed would continue to make its decisions free from political pressure.

Fed officials “will make these decisions, based solely on their assessment of the data and its implications for the economic outlook and the balance of risks. We will never deviate from that approach.”

Wall Street rallies and the Dow soars 700 points on hopes for lower interest rates

Summary

  • jumped 1.4%, erasing weekly losses
  • surged 716 points toward record high
  • climbed 1.6% on tech strength
  • Powell signals Fed’s next move may be a

NEW YORK (AP) — is rallying on Friday after the head of the Federal Reserve indicated the cuts to that investors and have been craving so much may be coming soon, though he gave no clear clue about when.

The S&P 500 jumped 1.4% and erased all of its loss for the week. That’s following five straight modest losses after it set an all-time high last week.

The Dow Jones Industrial Average soared 716 points, or 1.6%, and was on track to blow past its own all-time high, which was set in December. The Nasdaq composite was up 1.6%, as of 10:25 a.m. Eastern time.

The hope among investors had been that would hint in his highly anticipated speech at a central bankers’ symposium in Jackson Hole, Wyoming, that cuts to interest rates may be imminent. Wall Street loves lower rates because they can give a boost to the economy and to investment prices, even if they risk worsening at the same time.

Trump has angrily been calling for lower rates, often insulting Powell while doing so. And a surprisingly weak report on job growth this month pushed many on Wall Street to assume cuts may come as soon as the Fed’s next meeting in September.

Powell did say Friday that risks are rising about a weakening job market, but he also did not not commit to any kind of timing. The Fed’s two jobs are to keep the job market healthy and to keep a lid on inflation, and it often has to prioritize one because it has just one tool to fix either. Helping one one by moving interest rates often means hurting the other.

Powell said the job market looks OK at the moment, even if “it is a curious kind of balance” where fewer new workers are chasing after fewer new jobs. Inflation, meanwhile, still has the potential to push higher because of Trump’s tariffs.

In sum, Powell said that “the stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance.”

Treasury yields tumbled in the bond market after the release of the text of Powell’s speech.

The yield on the 10-year Treasury fell to 4.26% from 4.33% late Thursday. The two-year Treasury yield, which more closely tracks expectations for what the Fed will do with its main interest rate, sank to 3.69% from 3.79%. That’s a notable move for the bond market.

On Wall Street, Ross Stores rose 0.8% after the retailer reported a stronger profit for its latest quarter than analysts expected. CEO Jim Conroy said sales trends picked up at the end of the quarter in July following a lull in June.

Shares of Nio, a Chinese electric-vehicle maker, that trade in the United States climbed 12.4% after it began pre-sales of its flagship premium SUV model, the ES8.

Nvidia rose 0.8% to trim its loss for the week. The company, whose chips are powering much of the world’s move in to artificial-intelligence technology, has seen its stock struggle recently amid criticism that it and other AI superstars shot too high, too fast and became too expensive.

Nvidia’s CEO, Jensen Huang, said Friday that the company is discussing a potential new computer chip designed for China with the . The chips are graphics processing units, or GPUs, a type of device used to build and update a range of AI systems. But they are less powerful than Nvidia’s top semiconductors today, which cannot be sold to China due to U.S. national security restrictions.

In stock markets abroad, Germany’s DAX returned 0.4% after government data showed that its economy shrank by 0.3% in the second quarter compared with the previous three-month period.

Indexes rose across much of Asia, with stocks climbing 1.4% in Shanghai and 0.9% in South Korea.

Jefferson Lab seeks voluntary 7% workforce reduction

SUMMARY:

  • is seeking voluntary resignations from 7% of its workforce (about 65 employees)
  • Restructuring emphasizes emerging fields like data science and artificial intelligence
  • , Secretary of Energy Chris Wright visited lab to promote ‘s “One Big Beautiful Bill”

 

Jefferson Lab Director confirmed Thursday that the lab wants 7% of its workforce to voluntarily resign by the end of August.

WHRO reported last week that Dilling told employees that the , commonly known as Jefferson Lab, would need to reduce its workforce as part of a restructuring plan necessary for its future. The Newport News-based research facility is seeking approximately 65 workers to agree to resign by Tuesday.

During a press conference held after Gov. Glenn Youngkin and U.S. Secretary of Energy Chris Wright toured the lab, Dilling confirmed that WHRO’s report was accurate. The lab opened a “voluntary separation program,” he said, and it will take “full advantage of the people that are ready to step up.”

“There’s still time left for people to step up,” Dilling said. “It is a time where people are talking. We’re taking every single one of those people serious. It’s not about statistics; it’s about people. So it’s a case-by-case discussion, but it is going OK.”

If the lab doesn’t reach its goals by the end of August, WHRO reported, its leadership will implement a plan for employee layoffs in January. Dilling, who took over the lab director role from Kimberly Sawyer on June 30, said the restructuring includes a focus on emerging fields such as data science and artificial intelligence, according to the report.

DOE contract decisions

Also at the conference, Wright elaborated on the decision the made earlier this year to cancel its search for a new operator and manager of the facility, stating that it was part of a broader push towards efficiency.

Jefferson Science Associates, the current operator, was initially supposed to have its contract expire at the end of May. In February 2024, under President Joe Biden, the DOE initiated a competition for the selection of a management and operating contractor for Jefferson Lab and issued requests for proposals in July 2024. According to a presentation from an informational meeting in March 2024, the Energy Department had hoped to award the contract in early March.

But the DOE canceled the contract search in February. “The cancellation is necessary because key elements of the solicitation’s statement of work and evaluation criteria do not adequately reflect or align with the priorities of the current administration, as outlined in several executive orders issued by President Trump,” the notice read, without specifying which orders. Since taking office Jan. 20, the president has issued hundreds of executive orders, many of which roll back Biden’s priorities, including initiatives involving DEI and renewable energy.

In March, Wright approved a 12-month extension of the contract for Jefferson Science Associates to continue managing and operating the Jefferson Lab in Newport News. And in July, Jefferson Lab issued a new competitive solicitation for the operator of the lab, with offers due Oct. 3.

Wright was asked on Thursday what was in the original proposal that did not align with the ‘s goals. Wright said he “won’t speak to the details of that,” adding that the goal of the administration is to make science “more efficient.”

“Government just tends to do things less efficient than the private sector, and we’re here to change that,” Wright said. “The first thing I did in my first two weeks in the new role was have all the lab directors come to D.C. and talk to them, and then they prepared a list for me. What are the things I can do to remove bureaucracy and make your decision-making more efficient?”

He spoke of wanting to bring “business principles” to the lab’s operation, and said lab directors “have embraced [the approach] and run with it.” While it’s essential to “deeply cut” government spending, he added, “you won’t see any meaningful cuts to national labs across the country.”

Touting Trump’s agenda

Youngkin and Wright’s visit to Jefferson Lab also served a political purpose — to promote President Donald Trump’s One Big Beautiful Bill Act, which was signed into in July. Youngkin discussed the legislation with manufacturing and energy business leaders during a roundtable discussion, most of which was closed to media.

Secretary of Energy Chris Wright speaks with business leaders in the Hampton Roads region during a roundtable at Jefferson Lab. Photo by Josh Janney

The promotion of the bill is part of a broader recent effort by Republican lawmakers to sell voters on the new law, which is Trump’s most significant legislative accomplishment.

The Journal conducted a nationwide poll in July, which showed that a majority of voters oppose the bill —with 52% against and 42% in favor. Most respondents said they believed the legislation benefits wealth and larger corporations, but hurts the economy, the middle class and poor. These respondents include people relying on programs like Medicaid and food assistance, which had funding cuts made to offset the law’s tax cuts.

Youngkin’s visit focused on the benefits of the legislation. He touted its 100% expensing of manufacturing and construction costs, which he said is a “giant incentive for folks to build today,” citing AstraZeneca’s recently Virginia development plans as an example.

What’s next?

According to WHRO, Jefferson Lab will make final decisions on voluntary resignations of lab employees by Sept. 24, and those approved to resign will exit by Oct. 15. Those who leave — either voluntarily or involuntarily — will receive severance pay of up to $50,000, depending on their length of service with the organization. According to the report, Dilling said the plan was developed internally and not tied to federal .

“This voluntary separation gives us the opportunity to focus on the things that are most important to us — [to] support our mission [and] support the administration,” Dilling said Thursday. “And it is going very well.”

Walmart helps pull Wall Street to its 5th straight loss

Summary

  • slipped 0.4%, fifth straight decline
  • dropped 152 points, fell 0.3%
  • Walmart profit report pressured markets
  • rose after weak business activity data

fell to a fifth straight loss on Thursday, hurt by a drop for Walmart and dampened hopes for coming cuts to .

The S&P 500 slipped 0.4%. All its losses have been relatively modest, but it has not risen since setting an all-time high last Thursday. The Dow Jones Industrial Average dropped 152 points, or 0.3%, and the Nasdaq composite fell 0.3%.

Walmart was one of the market’s heaviest weights and dropped 4.5% after reporting a profit for the spring that came up short of analysts’ expectations, while Nvidia and other Big Tech stocks held a bit steadier following two days of sharp swings.

The moves were stronger in the bond market, where Treasury yields rose after a report forced Wall Street to scale back hopes that the may soon deliver relief by cutting interest rates.

The report suggested growth in U.S. business activity is accelerating and hit its fastest rate so far this year. That’s good news for the economy, but the preliminary data from S&P Global also said tariffs helped push up average selling prices at the fastest rate in three years. That’s a discouraging sign for .

Taken all together, such data has historically aligned more with the Federal Reserve considering a hike in interest rates, rather than a cut, according to Chris Williamson, chief business economist at S&P Global Market Intelligence.

No one expects a rate hike to happen, but the overwhelming expectation on Wall Street has been for coming cuts. Traders are betting on a nearly three-in-four chance that the Fed will lower its main interest rate at its next meeting in September, according to data from CME Group. The hope on Wall Street has been that Fed Chair may give hints on Friday that easier rates may be coming.

He will be speaking in Jackson Hole, Wyoming, at an annual conference of central bankers that’s been home to big policy announcements in the past.

A cut in interest rates would be the first of the year, and it would give investment prices and the economy a boost by potentially making it cheaper to borrow to buy cars or equipment. But it could also risk worsening inflation.

The Fed has been hesitant to cut interest rates this year out of fear that President ‘s tariffs could push inflation higher, but a surprisingly weak report on job growth earlier this month suddenly made the job market a bigger worry. Trump, meanwhile, has angrily pushed for cuts to interest rates, often insulting Powell while doing so.

The yield on the 10-year Treasury, which helps set rates for mortgages, rose to 4.32% from 4.29%. The two-year Treasury, which moves more on expectations for what the Federal Reserve will do with short-term interest rates, climbed to 3.78% from 3.74%.

On Wall Street, Walmart dropped even though it reported encouraging growth in revenue during the latest quarter and raised its forecast for profit over its full fiscal year.

Analysts said the market’s expectations were high coming into the report. The Bentonville, Arkansas, company’s stock came into the day with a gain of 13.5% for the year so far, more than the rest of the market.

Big Tech stocks are under even more pressure to deliver bigger profits amid criticism that their stock prices ran too high, too fast and have become too expensive because of the frenzy around artificial-intelligence technology.

Several AI superstar stocks have swung sharply this week, taking some shine off their skyscraping surges for the year, because of such criticism. But they held a bit steadier on Thursday.

Palantir Technologies, which at one point on Wednesday was on track to fall more than 9% for a second straight day before paring its loss, rose 0.1%. Nvidia, the chip company that’s become the poster child of the AI boom, edged down 0.2%.

Coty tumbled 21.6% after the beauty products company reported a loss for the latest quarter, when analysts expected a slight profit. The company, whose brands include CoverGirl and Joop!, said uncertainty about tariffs and the economy are making retailers cautious in their orders.

On the winning side of Wall Street was Nordson, which makes products and systems used for precision dispensing and other things. It delivered profit and revenue for the latest quarter that topped analysts’ expectations, and its stock rose 3%.

All told, the S&P 500 slipped 25.61 points to 6,370.17. The Dow Jones Industrial Average fell 152.81 to 44,785.50, and the Nasdaq composite sank 72.55 to 21,100.31.

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

Germany, Europe’s largest economy, saw its DAX return 0.1% after U.S. and European Union officials offered a framework for their trade deal.

Japan’s Nikkei 225 fell 0.6% after a survey showed Japan’s factory activity contracted again in August.

Trump administration is reviewing all 55 million foreigners with US visas in growing crackdown

Summary

WASHINGTON (AP) — The Trump administration said Thursday that it is reviewing more than 55 million people who have valid  for any violations that could lead to deportation, marking a growing crackdown on foreigners who are even permitted to be in the United States.

In a written answer to a question from The Associated Press, the State Department said all U.S. visa holders, which can include tourists from many countries, are subject to “continuous vetting,” with an eye toward any indication that they could be ineligible for permission to enter or stay in the United States.

Should such information be found, the visa will be revoked, and if the visa holder is in the United States, he or she would be subject to deportation.

Since President took office, his administration has focused on deporting migrants illegally in the United States as well as holders of student and visitor exchange visas. The State Department’s new language suggests that the continual vetting process, which officials acknowledge is time-consuming, is far more widespread and could mean even those approved to be in the U.S. could abruptly see those permissions revoked.

The department said it was looking for indicators of ineligibility, including people staying past the authorized timeframe outlined in a visa, criminal activity, threats to public safety, engaging in any form of terrorist activity or providing support to a terrorist organization.

“We review all available information as part of our vetting, including enforcement or immigration records or any other information that comes to light after visa issuance indicating a potential ineligibility,” the department said.

The administration has steadily imposed more restrictions and requirements on visa applicants, including requiring them to submit to in-person interviews. The review of all visa holders appears to be a significant expansion of what had initially been a process focused mainly on students who have been involved in what the government perceives as pro-Palestinian or anti-Israel activity.

Officials say the reviews will include all visa holders’ social media accounts, law enforcement and immigration records in their home countries, along with any actionable violations of U.S. law committed while they were in the United States.

“As part of the Trump Administration’s commitment to protect U.S. national security and public safety, since Inauguration Day the State Department has revoked more than twice as many visas, including nearly four times as many student visas, as during the same time period last year,” the State Department said.

The vast majority of foreigners seeking to come to the U.S. require visas, especially those who want to study or work for extended periods. Among the exceptions for short-term tourist or business visits are citizens of the 40 mainly European and Asian countries belonging to the Visa Waiver Program, which grants those nationals a stay of up to three months without having to apply for a visa.

But large swaths of the world — including highly populated countries like China, India, Indonesia, Russia and most of Africa — are not part of the program, meaning their citizens must apply for and receive visas to travel to the United States.

Earlier this week, the department said that since Trump returned to the , it has revoked more than 6,000 student visas for overstays and violations of local, state and federal law, the vast majority of which were assault, driving under the influence of alcohol or drugs and support for terrorism.

It said about 4,000 of those 6,000 were due to actual infractions of laws and that approximately 200 to 300 visas were revoked for terrorism-related issues, including providing support for designated terrorist organizations or state sponsors of terrorism.