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Bitcoin tops $118,000 for the first time, and keeps on going

Summary

  • price hits record high above $118,000
  • Surge fueled by spot bitcoin ETF inflows and Trump’s crypto-friendly stance
  • Senate passes , first stablecoin regulation bill
  • Act sets consumer protections and guardrails for
  • House vote expected next week as crypto’s influence in D.C. grows

Bitcoin has reached an all-time high, surpassing $118,000 as a flood of money moves into spot bitcoin , which have opened up investing to millions.

A soft and the digital currency friendliness of ‘s administration has also helped to push the price of bitcoin to unprecedented levels recently.

Last month the Senate passed legislation that would regulate a form of cryptocurrency known as stablecoins, the first of what the industry hopes will be a wave of bills to bolster its legitimacy and reassure consumers.

The fast-moving legislation comes on the heels of a 2024 campaign cycle in which the crypto industry ranked among the top political spenders in the country, underscoring its growing influence in Washington and beyond.

Known as the GENIUS Act, the bill would establish guardrails and consumer protections for stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar. The acronym stands for “Guiding and Establishing National Innovation for U.S. Stablecoins.”

Next week the House of Representatives will be considering the GENIUS Act as part of Congress’ efforts to strengthen the country’s crypto position.

Trump plans to hike tariffs on Canadian goods to 35%

Summary

  • Trump raises on Canadian goods to 35%, up from 25%
  • PM says will keep negotiating a new trade deal
  • Move deepens strain in U.S.-Canada alliance
  • Trump’s tariff letter followed months of threats
  • futures slip on tariff concerns

WASHINGTON (AP) — said in a letter that he will raise taxes on many imported goods from Canada to 35%, deepening a rift between two North American countries that have suffered a debilitating blow to their decades-old alliance.

The Thursday letter to Canadian Prime Minister Mark Carney is an aggressive increase to the top 25% tariff rates that Trump first imposed in March after months of threats. Trump’s tariffs were allegedly in an effort to get Canada to crack down on fentanyl smuggling despite the relatively modest trafficking in the drug from that country. Trump has also expressed frustration with a trade deficit with Canada that largely reflects oil purchases by America.

“I must mention that the flow of Fentanyl is hardly the only challenge we have with Canada, which has many Tariff, and Non-Tariff, Policies and Trade Barriers,” Trump wrote in the letter.

The higher rates would go into effect Aug. 1, creating a tense series of weeks ahead for the global as recent gains in the stock index suggest many investors think Trump will ultimately back down on the increases. But stock market futures were down early Friday in a sign that Trump’s wave of tariff letters may be starting to generate concern among investors.

In a social media post, Carney said Canada would continue to work toward a new trade framework with the U.S. and has made “vital progress to stop the scourge of fentanyl.”

“Through the current trade negotiations with the United States, the Canadian government has steadfastly defended our workers and business,” Carney said.

While multiple countries have received tariff letters this week, Canada — America’s second largest trading partner after Mexico — has become something of a foil to Trump. It has imposed retaliatory tariffs on U.S. goods and pushed back on the president’s taunts of making Canada the 51st state. Mexico has also faced 25% tariffs because of fentanyl, yet it has not faced the same public pressure from the Republican U.S. president.

Carney was elected prime minister in April on the argument that Canadians should keep their “elbows up.” He has responded by distancing Canada from its intertwined relationship with the U.S., seeking to strengthen its links with the European Union and the United Kingdom.

Hours before Trump’s letter, Carney posted on X a picture of himself with British Prime Minister Keir Starmer, saying, “In the face of global trade challenges, the world is turning to reliable economic partners like Canada.” Implied in his statement was that the U.S. has become unreliable because of Trump’s haphazard tariff regime, which has gone through aggressive threats and reversals.

When Carney went to the White House in May, the public portion of their meeting was cordial. But Trump said there was nothing the Canadian leader could tell him to remove the tariffs, saying, “Just the way it is.”

Daniel Beland, a political science professor at McGill University in Montreal, said Trump’s latest move will make it more difficult for Canada and the U.S. to reach a trade deal, Beland said.

“It doesn’t mean a new trade deal between Canada and the United States is impossible, but it shows how hard it is for the Canadian government to negotiate with a U.S. president who regularly utters threats and doesn’t appear to be a reliable and truthful interlocutor,” he said.

Trump has sent a series of tariff letters to 23 countries. Those form letters became increasingly personal with Canada as well as a Wednesday note that put a 50% tariff on Brazil for the ongoing trial of its former President Jair Bolsonaro for trying to stay in office after his 2022 election loss. Trump was similarly indicted for his efforts to overturn his 2020 election loss to Democrat Joe Biden.

officials have said that Trump was seeking to isolate its geopolitical rival China with the tariffs, but the latest tariffs have undermined that message. Brazil’s largest trading partner is China, not the U.S., and Chinese government officials have framed his import taxes as a form of bullying.

“Sovereign equality and non-interference in internal affairs are important principles of the U.N. Charter and basic norms governing international relations,” said Mao Ning, the Chinese Foreign Ministry spokesman. “Tariffs should not be used as a tool for coercion, bullying and interference in the internal affairs of other countries.”

The letters reflect the inability of Trump to finalize the dozens of trade frameworks that he claimed would be easy to negotiate. Shortly after unveiling his April 2 “Liberation Day” tariffs, a financial market selloff caused Trump to announce a 90-day negotiating period during which a 10% baseline tariff would be charged on most imported goods.

But Trump has indicated that the 10% tariff rates are largely disappearing as he resets the rates with his letters.

“We’re just going to say all of the remaining countries are going to pay, whether it’s 20% or 15%,” Trump said in a phone interview with NBC News.

Trump has announced trade frameworks with the U.K. and Vietnam, as well as a separate deal with China to enable continued trade talks. Trump jacked up import taxes on Chinese goods to as much as 145%, but after talks he has said China faces total tariffs of 55%.

In June, Trump said he was suspending trade talks with Canada over its plans to continue its digital services tax, which would hit U.S. technology companies. A few days later, talks resumed when Carney rescinded the tax.

Under the current tariff structure, the 2020 United States Mexico Canada Agreement has protected eligible goods from Trump’s tariffs. But a review of the pact is scheduled for 2026.

George Mason President Gregory Washington deserves to stay

SUMMARY:

  • George Mason’s enrollment, , and research profile have grown under Washington’s presidency
  • Critics fear political pressure could lead to his removal amid federal probe
  • Faculty warn that ousting Washington would threaten academic independence

When began its search for a new president in fall 2019, Tom Davis was serving as rector of the board of visitors. Davis was a well-known former Republican congressman who chaired the influential House Government Reform Committee and led the National Republican Congressional Committee during the 2004 election cycle. No one ever questioned his conservative credentials. He kept out of board governance.

The presidential search committee was co-chaired by James W. “Jimmy” Hazel, the vice rector, and a seasoned GOP lobbyist and adviser. Like his late father, the developer and George Mason founding father John “Til” Hazel Jr., he has been a significant figure in the conservative business community.

It was under Davis and Hazel’s leadership that was selected in 2020 as George Mason’s eighth president. “We were determined to find someone who was both a strategic thinker with the vision to see our future and a mobilizer with the ability to inspire our community,” Davis said at the time. “Dr. Gregory Washington stood out in a highly competitive search. He showed tremendous vision for the future of our region and how [George Mason] fit in and demonstrated the ability to motivate and inspire our community.” Hazel echoed similar praise for Washington.

By most university metrics, Washington has been a highly successful leader. Mason’s enrollment has grown, even as many other universities face declines. Its undergraduates are the most academically qualified in the university’s history, with 25% of new first-year students earning a GPA of 4.0 or higher. Mason’s rankings among public universities have risen considerably. Mason is one of the few R1 research universities to be designated as a Carnegie Opportunity College and University. Fans of Mason athletics are no doubt thrilled that this past year, Mason won five Atlantic 10 championships, including titles in women’s and men’s basketball.

But, like so many university leaders nationwide, Washington has faced serious challenges, including navigating the campus response to the Hamas attack on Oct. 7, 2023, and growing claims of antisemitism. While some campuses faced protests and encampments, Mason’s administration used its full authority to ban encampments and crack down on demonstrations.

The administration changed university policy to include the International Holocaust Remembrance Alliance’s working definition of antisemitism. While many faculty (including us) did not fully support all these moves, under Washington’s leadership, the campus has not experienced the kinds of turmoil others have. And Jewish organizations in the region have recognized Washington’s administration for its response to antisemitism.

Yet, despite this record, we worry that, following Jim Ryan’s ouster at the , President Washington will be pressured to resign or possibly even threatened with dismissal. As we wrote in Inside Higher Ed, Mason’s governing board, all of which is appointed by , has become increasingly politicized, shedding any pretense of commitment to shared governance and academic independence. The days of Davis and Hazel are gone.

On July 10, the federal Department of Education’s Office of announced it was investigating George Mason for racial discrimination, singling out President Washington.

While we haven’t always agreed with President Washington — at times, we’ve been outspoken critics — there is no denying Mason’s accomplishments under his leadership. He has transformed the university into Virginia’s fastest growing and most academically competitive institution, elevating Mason’s national profile in both rankings and reputation. President Gregory Washington has exceeded the expectations set by Tom Davis and Jimmy Hazel.

Suppose the federal government or the board of visitors tries to remove Washington at this critical moment. In that case, we can only assume it’s a political hit job, revealing the true motives of anyone leading this effort as ideological and political in nature. We are writing this as a warning to those who have invested so much in making Mason a truly outstanding university. Do not allow another leader, especially one of Virginia’s most effective university presidents, to be removed. Any attempt to do so should concern everyone who values academic integrity, independence, public accountability, and the role of public institutions in supporting our democracy.

If this campaign to oust Washington succeeds, it won’t be a win for oversight — it will be a win for ideological extremism over evidence, for political loyalty over public leadership, and manufactured outrage over measurable progress.

George Mason University deserves better than that. And President Gregory Washington deserves to stay.

James Finkelstein is Professor Emeritus of Public Policy at George Mason University. Bethany Letiecq is Professor of Education and Human Development and President of the George Mason University Chapter of the American Association of University Professors. Tim Gibson is Associate Professor of Communication at George Mason and President of the Virginia Council of the American Association of University Professors.

Wall Street is higher and airlines surge on a stronger outlook from Delta

Summary

  • U.S. stocks gain as companies report Q2 earnings
  • S&P 500 up 0.4%, Dow up 277 points, rises 0.2%
  • Delta Air Lines rallies on upbeat 2025 outlook
  • soars after $3.1B acquisition deal
  • Copper prices climb; S&P and Nasdaq near record highs

U.S. stock indexes rose in afternoon trading Thursday as Wall Street sized up quarterly results from several companies including Delta Air Lines, which led a rally in airline stocks after releasing a solid outlook for the rest of this year.

The S&P 500 was up 0.4%. The benchmark index was on pace to surpass the record it set last week after a better-than-expected June jobs report.

The Industrial Average was up 277 points, or 0.6%, as of 2:05 p.m. Eastern time, and the Nasdaq composite was up 0.2%, within striking distance of topping its own new high for the second day in a row.

Delta surged 13.2%, bringing other airlines along with it, after beating Wall Street’s revenue and profit targets. The Atlanta airline also gave a more optimistic view for the remaining summer travel season than it had just a couple months ago.

Delta and other major U.S. carriers had pulled or slashed their forecasts in the spring, citing macroeconomic uncertainty amid President ‘s tariff rollouts, which have consumers feeling uneasy about spending on travel.

Delta’s encouraging report boosted the entire airline sector. United jumped 16.4%, American climbed 13.9% and JetBlue gained 11.9%.

Most of the sectors in the S&P 500 were up, with banks and consumer-focused companies accounting for much of the gains. JPMorgan rose 1.4% and McDonald’s was 2.5% higher.

Communication services stocks were the only laggard. Netflix fell 3%.

Shares of WK Kellogg vaulted 30.7% after Italian candy maker Ferrero agreed to acquire the cereal company in a deal valued at roughly $3.1 billion. The transaction includes the manufacturing, marketing and distribution of WK Kellogg Co.’s portfolio of breakfast cereals across the United States, and the Caribbean.

In economic news, the Labor Department reported Thursday that applications for unemployment benefits, a proxy for , fell last week, remaining in the historically healthy range they’ve been in the past couple of years.

It’s been a choppy week for the stock market as Wall Street monitors the latest developments in ‘s renewed push to use threats of higher on goods imported into the U.S. in hopes of securing new trade agreements with countries around the globe.

Wednesday was initially set as a deadline by Trump for countries to make deals with the U.S. or face heavy increases in tariffs. But with just two trade deals announced since April, one with the United Kingdom and one with Vietnam, the window for negotiations has been extended to Aug. 1.

Shares in mining company Freeport-McMoRan rose 3.9% after Trump said a 50% tariff on copper would take effect on Aug. 1. The price of copper rose 1.9% to $5.59 per pound.

Wall Street analysts predict that companies in the S&P 500 will deliver 5% growth in second-quarter earnings, according to FactSet. That would mark the lowest rate since the fourth quarter of 2023.

Conagra Brands fell 3.3% Thursday after the maker of Slim Jim, Swiss Miss and other food products reported earnings and revenue that fell short of Wall Street’s estimates. The company also lowered its earnings outlook, saying it expects continued cost increases due to tariffs.

Helen of Troy, the company behind Hydro Flask water bottles and OXO kitchen tools, sank 23% after its latest quarterly results came in below Wall Street’s forecasts. The company said it would not be providing a fiscal year 2026 outlook, citing uncertainty over tariff policy and the economy.

Shares in AZZ jumped 7.3% after the electrical equipment maker’s latest quarterly earnings topped analysts’ forecasts.

The corporate earnings season gets into high gear next week with JPMorgan Chase, Wells Fargo and Citigroup among the big banks due to report their results on Tuesday.

Bond yields were mostly higher. The yield on the 10-year Treasury was at 4.35%, up from 4.34% late Wednesday.

European stock indexes were mixed Thursday following an uneven finish in Asian markets.

Tokyo’s Nikkei 225 fell 0.4%, weighed down by selling of exporters’ shares amid the yen’s appreciation, which cuts profits from exports, and dampened sentiment because of the lack of progress in the Japan-U.S. trade talks.

White House budget director accuses Fed chair of violating building rules in renovation

Summary

  • WH budget director targets Fed Chair
  • Calls $2B Fed HQ renovation “ostentatious” and misleading to Congress
  • Part of broader Trump admin effort to pressure Powell to resign early
  • Powell has refused to lower amid tariff-driven fears
  • Powell’s term runs through May 2026

 

WASHINGTON (AP) — White House budget director Russell Vought suggested in a Thursday letter that Chair Jerome Powell is in violation of government building rules in the renovation of the Fed’s headquarters.

Vought, in a letter he shared on social media, called the initial renovation plans featuring rooftop terrace gardens, VIP dining rooms and premium marble an “ostentatious overhaul.” Vought also suggested that Powell misled Congress by saying the headquarters had never had a serious renovation, saying that a 1999-2003 update of its roof and building systems counts as a “comprehensive” renovation.

It appears part of a larger pressure campaign by the to pressure the Fed chair into departing before his term ends in May 2026. Powell has declined to reduce interest rates until the U.S. central bank has a better understanding of the impact that ‘s import tax hikes could have on inflation.

Fed officials did not respond to an email seeking a response to the White House letter. Powell said in Senate testimony last month that some of the elements in the 2021 plan such as the dining rooms and rooftop terraces are no longer part of the project for the 90-year-old Marriner S. Eccles Building.

The Supreme Court said in May that it could block any attempts by the White House to dismiss Powell, noting as part of a separate ruling that the Fed “is a uniquely structured, quasi-private entity.”

Trump said at Tuesday’s Cabinet meeting that Powell “should resign immediately” and be replaced by someone who would lower rates, as the U.S. president believes that high inflation is no longer a risk to the U.S. .

As Trump sees it, a rate cut would reduce the costs of government borrowing in ways that make mortgages, auto loans and other forms of consumer debt cheaper. But a rate cut could also lead to more money flowing into the economy and push up inflation, worsening affordability as the financial markets ultimately determine the interest charged on the national debt.

In Thursday’s letter, Vought sent Powell a series of questions about whether the renovation project complies with federal standards. Vought said that Powell’s testimony about changes to the 2021 plan “appears to reveal” that the renovation is not in compliance with the National Planning Capital Act.

The Fed sees political independence as an essential value for setting , allowing it to act without the interests of elections and focus instead on its dual mandate of stabilizing prices and maximizing employment.

Trump has repeatedly berated Powell on his social media site Truth Social, nicknaming the Fed chair “Too Late.” On June 30, Trump sent Powell a handwritten note saying that his decision to hold rates steady had “cost the USA a fortune” in the form of higher servicing costs on the national debt.

The risk of prematurely lowering rates is that higher inflation could be ignited. The Fed’s preferred measure of inflation, the personal consumption expenditures price index, is at 2.3%, slightly higher than the Fed’s 2% target.

Inflation has fallen after spiking to a four-decade high in June 2022, but the uncertainty on the size and impact of Trump’s and how they flow through the U.S. economy has caused the Fed to pause after multiple rate cuts last year.

Army says TRADOC won’t fully relocate from Fort Eustis to Texas

SUMMARY:

  • and Army Futures Command to merge into new Army command.
  • Full relocation from to Austin is not planned.
  • Army Execution Order expected in August will clarify personnel impacts.
  • Civilian job cuts and relocation figures remain undetermined.

The announced Thursday that there will not be a full-scale relocation of all U.S. Army Training and Doctrine Command (TRADOC) personnel and functions from Fort Eustis in to Austin, Texas.

In May, Army Chief of Staff Gen. Randy George told the House Appropriations Defense Subcommittee that TRADOC would be merged with the Army Futures Command (AFC) in Austin to form a new command — the Army Transformation and Training Command. The planned follows a directive from Secretary of Defense to transform and streamline the military, eliminating “wasteful spending.”

However, the announcement raised questions about how many military and civilian staff would be impacted and which TRADOC operations would relocate to Austin.

In an attempt to provide clarity, the Army announced on Thursday that it’s moving forward with the planned merger of TRADOC and AFC to create a new Army command.

A media advisory released by Maj. Chris Robinson, a TRADOC spokesperson, says that an Army execution order officially directing the merger is anticipated in early August and will provide additional details regarding the transformation.

According to the announcement, the merger process is expected to begin around Oct. 1 and continue “well into” 2026.

Robinson said recent reports suggesting a full-scale relocation of TRADOC personnel or functions from Fort Eustis to Austin are inaccurate. While the new command will have its four-star headquarters in Austin, Robinson says this will not involve relocating all TRADOC personnel or operations.

He added that both TRADOC and AFC will soon be inactivated to create the new command. TRADOC in its current form will not be moving to Austin.

It is still unclear what percentage of Army and civilian personnel will relocate. TRADOC, established on July 1, 1973, trains over 750,000 soldiers and service members annually. Its headquarters have been based at Fort Eustis since 2011. Robinson previously said the command has more than 35,000 military and civilians worldwide. Of this, approximately 2,000 are based at Fort Eustis, and of those, about 800 personnel are tied to the headquarters component of TRADOC.

“When units inactivate or change mission, a move for military personnel is not automatic,” Robinson’s email stated. “Several factors — such as rank, current position, and stabilization, among other factors — determine whether a soldier will relocate. There may even be opportunities for soldiers to transfer to a different unit on Fort Eustis. Each soldier can work with the Army to explore assignment options that support their career goals and family needs. In most cases, Army personnel will stay at one assignment for two or three years.”

The Army has also not publicly revealed if any civilian could be expected from the merger.

Last month, a bipartisan delegation that wrote a letter seeking more information on the merger stated that it had heard that TRADOC’s G-2 section at Fort Eustis, comprising approximately 250 positions, may be eliminated as part of the consolidation. Delegation members were also told that the Center for Initial Military Training at Fort Eustis may be folded under a staff directorate and that the headquarters staff of the three-star general at Fort Eustis may be reduced to 20 to 25 soldiers, with ongoing general staff reductions projected to be between 20 and 80 personnel.

In his advisory, Robinson wrote, “Should any civilian positions be impacted by the TRADOC/AFC merger, leadership is committed to working closely with supervisors and affected personnel to identify and pursue open opportunities across Fort Eustis.”

He was unable to confirm the delegation’s previously stated number of layoffs, saying, “That level of detail has not been determined yet and falls outside the scope of what has been officially released.” He also could not say how many personnel would be likely to remain in Newport News and how many would be relocated to Texas, saying, “We don’t have a precise number for any potential personnel changes right now.”

“The Army Execution Order, expected in early August, will provide the detailed guidance our planning teams need to design the new command,” Robinson said in an email. “We will have more fidelity on personnel decisions after that and will share updates as they become available.”

The Army, he added, will release comprehensive details on the merger once more information becomes available.

Trump administration investigating GMU for racial discrimination

Summary

  • is under by Trump’s Department of Education
  • DOE says professors complained that people of color are given advantage in hiring, promotions
  • President specifically mentioned in complaint for “directives” that emphasize diversity

The ‘s Office for is investigating George Mason University for racial discrimination, it announced Thursday. According to the DOE, several George Mason professors alleged in a complaint that the university has favored employees of underrepresented races in hiring and promotions, thus creating “a racially hostile environment.”

Mason President Gregory Washington, who became the university’s first Black president in 2020, is specifically mentioned in the professors’ complaint, according to the DOE announcement, saying that he has directed the university to “develop specific mechanisms in the promotion and tenure process” in part based on whether an employee is a person of color, and that the university would base some hires “on the basis of a candidate’s ‘diversity … even if that candidate may not have better credentials than the other candidate.'”

This announcement comes on the heels of federal scrutiny of the and its president, Jim Ryan, who announced his resignation last week under pressure from a similar investigation by the U.S. Department of Justice. ‘s administration has stated its aim to purge diversity, equity and inclusion initiatives from universities, including the threat of pulling federal funding for research and student financial aid.

The complaint accuses George Mason leadership of promoting and adopting “unlawful policies” from 2020 through the present in efforts to advance antiracism.

“This kind of pernicious and widespread discrimination — packaged as ‘antiracism’ — was allowed to flourish under the Biden administration, but it will not be tolerated by this one,” said acting Assistant Secretary for Civil Rights Craig Trainor in a statement.

The complaint also criticizes a task force on antiracism and inclusive excellence, and said that the university’s DEI office was renamed the Office of Access, Compliance and Community in March, after the university’s board of visitors voted to dissolve George Mason’s DEI functions. Other Virginia public universities, including U.Va., did the same following Trump’s executive orders and comments regarding universities who accept federal funding.

George Mason was already under investigation by the DOE’s civil rights office, which accused the university administration of failing “to respond effectively to a pervasively hostile environment for Jewish students and faculty from October 2023 through the 2024-25 academic year.” A similar complaint was made against U.Va.’s Ryan, whose last day as president is Friday.

Mason released the following statement Thursday: “George Mason University () received a new Dept of Education letter of investigation this morning as it was simultaneously released to news outlets, which is unprecedented in our experience. As always, we will work in good faith to give a full and prompt response. 

“George Mason University again affirms its commitment to comply with all federal and state mandates. The university consistently reviews its policies and practices to ensure compliance with federal laws, updated executive orders, and on-going agency directives.

“George Mason does not discriminate on the basis of race, color, religion, ethnic national origin (including shared ancestry and/or ethnic characteristics), sex, disability, military status (including veteran status), sexual orientation, gender identity, gender expression, age, marital status, pregnancy status, genetic information or any other characteristic protected by law.”

George Mason’s board is made up entirely of appointees by Republican , who named multiple members with high-profile conservative positions, including Rector Charles “Cully” Stimson, a former deputy assistant secretary of defense for detainee affairs under President George W. Bush, and now a senior legal fellow and manager of the National Security Law Program at the Heritage Foundation.

Stimson is one of three rectors being sued by nine state Senate Democrats to prevent the seating of eight rejected appointees to their boards. George Mason’s appointees who were not confirmed by a Senate committee in a party-line vote were former Virginia Secretary of Commerce and Trade Caren Merrick, Florida attorney Charles J. Cooper, former U.S. deputy secretary of education William D. Hansen and former Federal Trade Commission chair Maureen Ohlhausen.

Sen. Adam Ebbin, D-Alexandria, said that there has been a “disturbing pattern of conduct” on George Mason’s board since spring 2024 during the committee hearing, including a moment in a March meeting when board member Robert Pence, a former U.S. ambassador to Finland during Trump’s first term, made a comment some viewed as offensive.

Ebbin said that Pence asked Washington “how it would feel to hear, ‘Get a rope and hang them all’ invoked as free speech. Sadly, it appears that some of the visitors do not seem to be there for academic or even university governance purposes. They seem to be there … to disrupt and, if they can, to destroy.” A video of the meeting showed the statement made by Pence.

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

James H. Finkelstein, professor emeritus of public policy at George Mason, said that university presidents “with moderate to liberal values” face pushback even if they lead schools in blue states. “Even if you have an extraordinarily supportive governor and you think you’ll be safe there, you’re not,” because of the federal government’s power to withdraw funding and student visas.

Finkelstein, who has specialized in studying university presidents’ contracts, notes that Washington — while “charismatic, smart, well-informed” — was hired by a board dominated by Democratic gubernatorial appointees at the height of COVID and racial justice protests.

“The values that he was hired to advance — this board has a different set of values,” Finkelstein said.

Former Gov. Doug Wilder issued a statement saying that Washington “is being assailed and publicly maligned for promoting antisemitism … without a scintilla of evidence from his accusers to substantiate the claims.

“He is not the only person of color heading our colleges and universities being subjected to specious and questionable charges. Cedric Wins, [former superintendent] of VMI, was also subjected to undue criticism.”

Wins was ousted earlier this year by Virginia Military Institute’s board of visitors, which did not renew his contract. Like Washington, Wins was his institution’s first Black leader.

Virginia Business Deputy Editor Kate Andrews contributed to this story.
 

CV International taps new CFO

Norfolk-based international logistics company and its subsidiary, , announced Tuesday that it has appointed finance executive Jeff Underwood as .

Underwood succeeds Michael King, who retired at the end of June after serving as of CVI and Capes for more than 17 years.

Underwood has more than 30 years of finance experience and was most recently the ‘s vice president of finance and analytics. He began his career in public accounting with PricewaterhouseCoopers before joining Maersk in 2002.

Underwood has expertise in marine terminal operations, U.S. flag vessel management and federal contracting, according to CVI, and has led initiatives in financial reporting, budgeting, compliance, mergers and acquisitions integration, strategic planning and implementing financial systems.

“What drew me to CVI and Capes was the entrepreneurial culture — grounded in expertise, focused on creating value, and driven by a clear appetite for growth,” said Underwood in a statement. “I’ve spent much of my career helping organizations expand operations, and I look forward to bringing that experience to this role. My goal is to help guide the company’s financial strategy as it continues to scale and build the infrastructure to support long-term, sustainable growth. In today’s turbulent market, there are opportunities for organizations with the expertise and agility to help customers navigate complexity and deliver meaningful solutions.”

King, the outgoing CFO, will remain serving on CVI’s board of directors. CVI praised King for maintaining financial stability and guiding both companies through periods of growth and market disruption, especially in the years following the COVID-19 pandemic.

“We are grateful for Michael’s service to the company and are excited to welcome Jeff to the team,” said Mike Coleman, CEO and president of CVI and Capes, in a statement. “Jeff, and the expertise he brings, will be instrumental to our continued growth.”

Headquartered in , CVI provides forwarding, customs brokerage, supply chain visibility and compliance consulting services. In addition to its headquarters, the company has 11 branch locations throughout the United States. Capes provides vessel agency and cargo forwarding services across along the U.S. East and Gulf Coasts. Capes specializes in the dry bulk, liquid bulk, breakbulk and renewables sectors. CVI and Capes collectively employ 117 .

Ferrero to Acquire WK Kellogg in $3.1B Cereal Deal

Summary

  • buying for $3.1B in cash deal
  • Deal includes major cereal brands like Special K and Rice Krispies
  • WK Kellogg shares surged 30% in premarket trading
  • Acquisition expands Ferrero’s North American presence

Italian confectioner Ferrero, known for brands like and Kinder, is buying the century-old U.S. cereal company WK Kellogg in a deal valued at approximately $3.1 billion.

The Ferrero Group said Thursday it will pay $23 for each Kellogg share. The transaction includes the manufacturing, marketing and distribution of WK Kellogg Co.’s portfolio of breakfast cereals across the United States, and the Caribbean.

WK Kellogg’s shares were up 30% in premarket trading Thursday.

Kellogg, which was founded in Battle Creek, Michigan, in 1906, makes Fruit Loops, Special K, and Rice Krispies.

The current company was formed in 2023, when Kellogg’s snack brands like Cheez-Its and Pringles were spun into a separate company called Kellanova. M&M’s maker Mars Inc. announced last year that it planned to buy Kellanova in a deal worth nearly $30 billion.

Ferrero Group, which was founded in Italy in 1946, has been trying to expand its U.S. footprint. In 2018 it bought Nestle’s U.S. candy brands, including Butterfinger, Nerds and SweeTarts. And in 2022 it bought Wells Enterprises, the maker of ice cream brands like Blue Bunny and Halo Top.

The deal, which still needs approval from Kellogg shareholders, is expected to close in the second half of the year. Once the transaction is complete, Kellogg’s stock will no longer trade on the New York Stock Exchange and the company will become a Ferrero subsidiary.

Virginia falls to No. 4 among CNBC’s top states for business

Summary

  • Virginia, ranked first in ‘s annual report in 2024, has dropped to fourth place
  • CNBC weighted as primary factor this year
  • Due to federal job cuts and funding slashes, Virginia’s economy ranking fell to No. 14

Virginia lost its spot at the top of CNBC’s annual Top States for Business report, the cable business network announced Thursday. The commonwealth, which has been ranked No. 1 six times, an all-time record, fell to No. 4 this year.

North Carolina, which has won three times out of the past four years, took the coveted No. 1 ranking for 2025, with Texas coming in a close second. Florida ranked third in CNBC’s 19th annual business study.

The last time Virginia ranked this low on the study was 2018, when it also was No. 4.

Acknowledging that Virginia remained “a business powerhouse,” CNBC ranked the commonwealth first in the nation for education and it rose to second for infrastructure. But, the network said Thursday, “all that business might is no match for the mighty budget cuts coming from across the Potomac, not to mention the .” As a result, Virginia fell to 14th for overall economy, down from No. 11 in 2024.

CNBC continued to cite the disproportionate impact of the second Trump administration’s deep budget cuts and dismantling of federal agencies in explaining why Virginia lost its No. 1 ranking this year. As of last year, Virginia had about 144,000 federal workers and more than 150,000 more working for federal contractors, the business news network noted.

The state’s unemployment rate of 3.4% remains below the national average, but the ‘s Weldon Cooper Center for Public Service forecast that the state could lose up to 32,000 jobs this year and see an unemployment rate of about 3.9% later in the year. In 2026, that average could be 4.6%, the center said in May.

, however, has touted the state’s continued job creation, and in February, he announced the creation of “Virginia Has Jobs,” an online portal to assist federal workers and other Virginians in finding new jobs. He said that he had “extraordinary empathy” for federal employees who found themselves suddenly out of work, but praised the Trump administration for “rooting out waste, fraud and abuse.”

Youngkin added at the time that the state had 250,000 open jobs across various industries, including manufacturing, health care, space, education and law enforcement, although some critics have said that these jobs come with lower pay than federal workforce positions. In the state’s budget amendments, Youngkin cut $900 million in spending to maintain a financial cushion in case of repercussions related to federal spending cuts and tariffs.

In a statement Thursday, Youngkin said that “CNBC’s new methodology this year is thrown off by a new subjective metric that mistakenly ascribes substantial risk to Virginia from the federal government’s presence in the Commonwealth. CNBC fails to recognize that our private sector growth has been at record levels, with $121 billion in business investment committed and record job growth, with 270,000 more Virginians working and roughly 200,000 open and unfilled jobs.”

The governor also pointed out that the state’s AAA bond rating was reaffirmed this year, and more federal funding has gone toward defense and national security projects, which are well represented in Virginia. “By the objective metrics, Virginia is still the best state to start or grow your business,” Youngkin said. “The facts are clear: Nearly 350,000 jobs created or in the pipeline, more than $121 billion in capital investment from companies expanding in Virginia or moving to the commonwealth, 15,000 high-growth startups, and more people moving to Virginia than away from the other 49 states for the first time in a decade.”

For the Top States study, CNBC ranks states on 10 categories, ranging from education to infrastructure to economy, with 135 metrics, worth a total of 2,500 points. North Carolina received 1,614 points this year, and Virginia received 1,578, while No. 2 Texas had 1,600 points and No. 3 Florida had 1,588.

Virginia’s category in the 2025  were as follows:

    • First place — Education

 

    • Second — Infrastructure

 

    • Seventh — Business friendliness

 

    • Eighth — Quality of life; Technology and innovation

 

    • 10th — Access to capital

 

    • 14th — Workforce; Economy

 

    • 21st — Cost of living

 

    • 31st — Cost of doing business

 

Each year, CNBC weighs categories differently based on the focuses of states’ economic development marketing pitches.

“In 2025, amid recession fears, more states than ever are touting their economic strengths,” CNBC said. “That makes economy this year’s most important category.”

Under the economy category, CNBC assessed GDP growth and job growth over the past year, as well as the residential real estate market, and new in 2025 was a measure of states’ tariff risks and survival rates of new businesses.

Last year, infrastructure was a major factor in Virginia’s win, with the state receiving kudos for the number of shovel-ready sites for industrial growth.

North Carolina has often sparred with Virginia for the top spot, having won CNBC’s rankings in 2022 and 2023, and No. 2 in 2021 and 2024, when Virginia landed on top.

The Virginia Economic Development Partnership released a statement Thursday noting the change in weighting of categories this year.

“It’s important to remember that Virginia is in a tight race each year with competitor states for economic development in general and for this ranking in particular,” the state economic development organization said. “In 2024, Virginia bested No. 2 North Carolina by only three points out of 2,500, so subtle changes in CNBC’s methodology or in Virginia’s relative performance can materially impact this ranking.” Virginia maintained its top ranking in education and improved from No. 3 to No. 2 in infrastructure, VEDP noted. 

U.S. Sen. Tim Kaine, who was governor when Virginia won its first CNBC ranking in 2007, released a statement that was critical of “the chaos and uncertainty caused by President Trump’s tariffs, the slashing of federal funding, and the politicizing and hollowing out of the federal workforce [that] are gut punches to Virginia’s economy. While I’m glad to see Virginia ranked first in the education category, I worry we won’t hang on to it for long if Trump keeps meddling in our universities. I will continue to do everything I can to protect Virginia’s economy and schools from this disastrous administration.”

Abigail Spanberger, the Democratic nominee for Virginia governor, said that the rankings “make clear that Virginia needs a governor who will build a more resilient economy, leverage our commonwealth’s strengths to attract new investment, prepare our workforce for 21st-century jobs, and stand up for our workers and small businesses in the face of ongoing threats.”

She attributed the drop in ranking to federal job cuts under President , and zinged Lt. Gov. Winsome Earle-Sears, her Republican opponent: “Unlike my opponent in this race, I won’t dismiss threats to our workforce, our economy and Virginia’s reputation.”

Earle-Sears did not immediately release a statement about the CNBC rankings. She has received criticism from Democrats over a recording released in late March in which Earle-Sears is heard downplaying federal job losses, saying that are common and that “the media is making it out to be this huge, huge thing.”