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Tarley is new president-elect of Virginia State Bar

Williamsburg attorney Susan Bradford Tarley was chosen the 2025-26 president-elect of the  on June 13 during the organization’s annual meeting in Virginia Beach.

Tarley is a partner at , where she focuses her practice on real estate, business matters and creditors’ rights. She has also served as an adjunct professor at the College of William & Mary Law School and as a substitute judge for the Ninth Judicial Circuit.

“I stand before you incredibly honored, deeply grateful, and only mildly terrified to accept the role of president-elect,” Tarley said after her election.

Tarley’s service to the VSB includes time on VSB Council, the Clients’ Protection Fund Board and as co-chair of the Common Interest Community subcommittee of the Real Property Section.

During her career, Tarley has received multiple honors, including being named to Virginia Lawyers Weekly’s inaugural Leaders in the Law class in 2006 and as a 2023 inductee of the Virginia Lawyers Hall of Fame. She was tapped as a Fellow earlier this year.

“We are stronger, wiser, and more just when every voice has a seat at the table,” Tarley said. “If you’ve ever been a person who didn’t get a seat at the table, you know how important it is to have your voice heard. We are better equipped to solve our profession’s challenges when ideas are shared and welcomed.”

Tarley is a graduate of Penn State University and the George Mason School of Law. She practices law alongside her husband, John Tarley Jr.

PACE Equity announces Richmond leader

Wisconsin-based , which specializes in commercial property assessed (C-PACE) financing for development projects, expanded its team this month with the addition of Steve Farbstein as ‘s .

PACE Equity announced Farbstein’s appointment in May, and he began his new role on June 9. He is the company’s first representative for the Richmond area. In this role, he will manage its portfolio in the region, working closely with developers and ensuring that projects progress.

Farbstein has more than 30 years of experience in the banking industry, and most recently was the chief revenue and development officer at Blue Ridge Bank in Richmond, where he led the bank’s fee income lines of business following its merger with Bay Banks of Virginia.

“Steve’s leadership will help strengthen PACE Equity’s role as a national leader in commercial PACE financing,” Beau Engman, the company’s president and founder, said in a statement. “His passion for leadership and community impact as well as deep industry expertise will help grow PACE Equity’s presence in the Richmond area.”

Farbstein’s previous senior leadership roles include vice president of business development at Cornerstone RPO and head of mortgage banking at both Park Sterling Bank (now South State Bank) and StellarOne Bank.

Headquartered in Milwaukee, PACE Equity has funded C-PACE projects nationwide and helped spur over $6.3 billion in energy-efficient commercial development while eliminating more than 1.4 million metric tons of carbon.

EY names 5 Virginians Mid-Atlantic Entrepreneurs of the Year

SUMMARY:

  • Five Virginia CEOs were named 2025 EY Mid-Atlantic winners for achievements in tech, security and sports business
  • Honorees include leaders from , Patriot Group International, , Winners Alliance and Xcelerate Solutions
  • Winners will be considered for the Entrepreneur of the Year national awards

Five Virginia business leaders have been named winners of ‘s Mid-Atlantic Entrepreneur of the Year Award for 2025.

The winners, named Wednesday by the Big Four global professional services company, are:

  • Jeff Beck, CEO and co-founder of AnswersNow in
  • Greg Craddock, CEO of Patriot Group International in
  • Shubhi Mishra, founder and CEO of Raft in
  • Ahmad Nassar, CEO of Winners Alliance in
  • Mark Drever, founding partner and CEO of Xcelerate Solutions in McLean

The five are among the 12 mid-Atlantic winners EY recognized, honoring entrepreneurs and businesses from Virginia, Maryland and Washington, D.C. An independent panel of past winners, top CEOs and business leaders chose the regional winners, who will now to on to compete for the national awards later this year.

The candidates were judged on long-term value creation, entrepreneurial spirit, commitment, significant growth and impact. EY founded its EOY award in 1986. While the program has expanded to nearly 60 countries globally, in the U.S. the award is divided into 17 regions.

According to EY, Beck was chosen for revolutionizing virtual applied behavior analysis therapy for children with autism — slashing wait times from over a year to just five days. AnswersNow uses a proprietary digital platform and a network of Ph.D. and master’s-level therapists in centralized locations.

EY selected Craddock for being a key player in national security and government services, with a spokesperson saying he demonstrated “resilience and growth in a competitive sector.” Patriot Group International delivers mission support services for clients in the intelligence, defense and private sectors.

Mishra was honored for her “leadership in innovative solutions.” Raft is a defense tech company that specializes in autonomous data fusion, agentic artificial intelligence and legacy system modernization. Its work solves challenges for the U.S. and national security agencies, aiding decision-making across air, land, sea, space and cyber domains.

Nassar’s Winners Alliance represents and commercializes the group name, image and likeness rights of professional athletes worldwide. The organization creates group licensing, sponsorship, content and investment opportunities.

Drever was recognized for spearheading growth in cybersecurity consulting and safeguarding federal clients. Xcelerate Solutions is a national security company that helps federal agencies defend themselves from evolving cyber threats.

“All of these entrepreneurs are on a mission to solve problems and shape the future, and their journeys are truly inspirational,” Steve Canaras, program co-director of EOY Mid-Atlantic, said in a statement. “It’s an honor to give them the recognition they deserve through our program.”

The winners will now move on to be considered for the Entrepreneur of the Year national awards, set to be presented in November.

General Dynamics wins $987M submarine contract modification

General Dynamics Electric Boat, the shipbuilding unit of -based aerospace and defense giant , won a $987 million contract modification from the U.S. , the company announced this week.

The modification will allow additional component development, class lead yard support and Industrial Base development in the production of new submarines for the U.S. .

“This contract modification funds important shipyard and supply chain work essential to achieving the necessary growth in output and supports our efforts to accelerate submarine delivery,” Mark Rayha, president of , said in a statement. “The ongoing support for the shipyards and our supply base from the Navy, Congress and the administration is appreciated and necessary for us to meet the Navy’s current and future demand for submarines.”

According to the announcement, most of the work will be completed in Groton, Connecticut — Electric Boat’s headquarters — and about 15% will be performed in . The remaining 15% will be done in Rhode Island. The work is expected to be finished by December 2031, and the Naval Sea Systems Command is the contractor.

Experts urge Boeing 737 Max engine fix after bird strikes

SUMMARY:

  • urges urgent engine changes to 737 Max jets
  • Bird strikes caused smoke in cabins
  • , Boeing previously issued guidance on the issue
  • and Chinese jets may face similar engine risks

Safety experts recommended Wednesday that the engines on Boeing’s troubled 737 Max airplanes be modified quickly to prevent smoke from filling the cockpit or cabin after a safety feature is activated following a .

The problem detailed by the National Transportation Safety Board emerged after two bird strikes involving Southwest Airlines planes in 2023 — one in Havana, Cuba, and another in New Orleans. The Federal Aviation Administration and Boeing already warned airlines and pilots about the problem and the engine maker has been working on a fix.

The NTSB said that the engines CFM International makes for the Boeing plane can inadvertently release oil into the hot engine when the safety feature, called a load reduction device, is activated after a bird strike or similar engine issue. The resulting smoke feeds directly into either the cockpit or passenger cabin depending on which engine was struck.

Similar engine models with the same safety feature are also used on Airbus A320neo planes and C919 planes made by the Commercial Aircraft Corporation of China. The NTSB urged European and Chinese aviation safety regulators to evaluate those engine models to determine if they could also be susceptible to the smoke problem.

Safety device solved one problem but created another

The new safety device that CFM added to its engines solved one problem by limiting damage when an engine starts to come apart, but created a new problem by releasing the oil that burns and generates smoke.

“This is a case of an unintended consequence of a new and innovative safety idea where if the fan gets unbalanced that this is a way to alleviate the load and thereby doing less damage to the engine, the engine pylon, all of that,” said aviation safety expert John Cox, who is CEO of the Safety Operating Systems consulting firm.

CFM said in a statement that it is “aligned with the NTSB’s recommendations and the work is already underway, in close partnership with our airframers, to enhance the capability of this important system.” The company, which is a joint venture between GE Aerospace and Safran Aircraft Engines, confirmed it is working on a software update for the 737 Max’s engines and said it is evaluating similar engine models.

Boeing said it is working with CFM on the update and the planemaker supports NTSB’s recommendations. Boeing also updated some of the checklists pilots rely on to help them take appropriate actions.

The NTSB investigated a December 2023 incident in which a Southwest Airlines plane struck a bird while taking off from New Orleans and had to land quickly after thick smoke filled the cockpit — even making it hard for the pilot to see the instrument panel or his copilot.

In an incident nine months earlier involving another Southwest 737 Max, smoke filled the cabin after a bird strike after takeoff in Havana.

Air from the left engine on a 737 Max flows directly into the cockpit while air from the right engine flows into the passenger cabin.

FAA says it will require airlines to implement a permanent fix when it’s available

While these incidents were both bird strikes, the NTSB said this could happen in certain other circumstances.

The FAA said in a statement that it agrees with the NTSB recommendations and when “the engine manufacturer develops a permanent mitigation, we will require operators to implement it within an appropriate timeframe.”

Pilots can act to limit smoke in the plane by manually cutting off airflow from the engines, but smoke can quickly start to fill the cabin within a few seconds. The engine manufacturer is working on a software update that should do that automatically, but that’s not expected to be ready until sometime in the first quarter of next year.

The NTSB said in its report that several pilots who fly Boeing 737s told investigators they weren’t aware of these incidents despite the efforts Boeing and the FAA have made. The NTSB said “it is critical to ensure that pilots who fly airplanes equipped with CFM LEAP-1B engines are fully aware of the potential for smoke in the cockpit.”

Airbus didn’t immediately respond to a request for comment.

A Southwest spokesperson said the airline has been in close contact with the FAA, Boeing and the engine maker since the incidents and notified its pilots after they happened. The spokesperson said the airline continues to address the issue through its training and safety management systems.

Persistent troubles for the 737 Max

The planes have been the focus since they were involved in both incidents, and there has been a history of other problems with that plane.

The Max version of Boeing’s bestselling 737 airplane has been the source of persistent troubles for Boeing after two of the jets crashed. The crashes, one in Indonesia in 2018 and another in Ethiopia in 2019, killed 346 people.

The problem in those crashes stemmed from a sensor providing faulty readings that pushed the nose down, leaving pilots unable to regain control. After the second crash, Max jets were grounded worldwide until the company redesigned the system.

Last month, the Justice Department reached a deal to allow Boeing to avoid criminal prosecution for allegedly misleading U.S. regulators about the Max before the two crashes.

Worries about the plane flared up again after a door plug blew off a Max operated by Alaska Airlines, leading regulators to cap Boeing’s production at 38 jets per month. The NTSB plans to meet next Tuesday to discuss what investigators found about that incident.

Aflac finds suspicious activity on US network that may impact Social Security numbers, other data

SUMMARY:

Aflac says that it has identified suspicious activity on its network in the U.S. that may impact Social Security numbers and other personal information, calling the incident part of a against the insurance industry.

The company said Friday that the intrusion was stopped within hours.

“We continue to serve our customers as we respond to this incident and can underwrite policies, review claims, and otherwise service our customers as usual,” Aflac said in a statement.

The company said that it’s in the early stages of a review of the incident, and so far is unable to determine the total number of affected individuals.

Aflac Inc. said potentially impacted files contain claims information, health information, Social Security numbers, and other personal information, related to customers, beneficiaries, employees, agents, and other individuals in its U.S. business.

The Columbus, Georgia, company said that it will offer free credit monitoring and identity theft protection and Medical Shield for 24 months to anyone that calls its call center.

Cyberattacks against companies have been rampant for years, but a string of attacks on companies have raised awareness of the issue because the breaches can impact customers.

United Natural Foods, a wholesale distributor that supplies Whole Foods and other grocers, said earlier this month that a breach of its systems was disrupting its ability to fulfill orders — leaving many stores without certain items.

In the U.K., consumers could not order from the website of Marks & Spencer for more than six weeks — and found fewer in-store options after hackers targeted the British clothing, home goods and food . A on Co-op, a U.K. grocery chain, also led to empty shelves in some stores.

A security breach detected by Victoria’s Secret last month led the popular lingerie seller to shut down its U.S. shopping site for nearly four days, as well as to halt some in-store services. Victoria’s Secret later disclosed that its corporate systems also were affected, too, causing the company to delay the release of its first quarter earnings.

The North Face said that it discovered a “small-scale credential stuffing attack” on its website in April. The company reported that no credit card data was compromised and said the incident, which impacted 1,500 consumers, was “quickly contained.”

Adidas disclosed last month that an “unauthorized external party” obtained some data, which was mostly contact information, through a third-party customer service provider.

US stocks drift in a quiet return from the Juneteenth holiday

SUMMARY:

  • gained 0.4% after Juneteenth holiday
  • Dow rose 162 points; climbed 0.6%
  • Kroger stock jumped on better-than-expected earnings
  • up amid Middle East tension concerns

U.S. stocks are drifting higher on Friday in their return to trading following the Juneteenth holiday.

The S&P 500 was up 0.4% in early trading and adding to its modest gain for the week. The Industrial Average was up 162 points, or 0.4%, as of 9:35 am. Eastern time, and the Nasdaq composite was 0.6% higher.

Treasury yields were also edging higher in the bond market after President Donald Trump said he will decide within two weeks whether the U.S. military will get directly involved in Israel’s fighting with Iran. The window offers the possibility of a negotiated settlement over Iran’s nuclear program that could avoid increased fighting.

The conflict has sent oil prices yo-yoing because of rising and ebbing fears that it could disrupt the global flow of crude. Iran is a major producer of oil and also sits on the narrow Strait of Hormuz, through which much of the world’s crude passes.

On Wall Street, Kroger jumped 6.8% to help lead the market after the grocer reported a better profit for the latest quarter than Wall Street had forecast. It also raised its forecast for an underlying measure of revenue for the full year. Chief Financial Officer David Kennerley said it’s seeing positive momentum, but it’s still seeing an uncertain overall economic environment.

CarMax rose 4.6% after the auto dealer reported a stronger profit for the latest quarter than analysts expected. The company said it sold nearly 6% more used autos during the quarter than it did a year earlier.

On the losing end of Wall Street was Smith & Wesson Brands, the maker of guns. It tumbled 15.3% after reporting profit and revenue for the latest quarter that fell just shy of analysts’ expectations.

Chief Financial Officer Deana McPherson said “persistent , high , and uncertainty caused by tariff concerns” have been hurting sales for firearms, and the company expects demand in its upcoming fiscal year to be similar to this past year’s, depending on how inflation and Trump’s tariffs play out.

A spate of companies has been adjusting or even withdrawing their financial forecasts for the year because of all the uncertainty that tariffs are creating for their customers and for their suppliers. Everyone is waiting to see how big the tariffs will ultimately be.

It’s not just corporate America. The has been keeping its main interest rate on hold this year, with its latest such decision coming earlier this week, because it’s waiting to see exactly by how much tariffs will grind down on the economy and push up inflation.

In the bond market, Treasury yields edged higher. The yield on the 10-year Treasury rose to 4.41% from 4.38% late Wednesday. The two-year yield, which more closely tracks expectations for what the Fed will do, was holding at 3.94%.

In stock markets abroad, indexes rose across much of Europe after finishing mixed in Asia.

Tokyo’s Nikkei 225 index edged 0.2% lower after Japan reported that its core inflation rate, excluding volatile food prices, rose to 3.7% in May, adding to challenges for Prime Minister Shigeru Ishiba’s government and the central bank.

Schewels Home acquires 100-year-old Petersburg retailer

Furniture Today Top 100 Schewels Home announced that it acquired -based Butterworth’s , which has been in business since 1925.

The -based retailer, which has 52 locations in Virginia and surrounding states, took over operations in early June. Terms of the deal were not disclosed. Officials say the is a major milestone for Schewels Home as it continues its strategic growth plan.

Butterworth’s Furniture has been serving the Petersburg community for 100 years. With a 72,000-square-foot showroom and a 24,000-square-foot racked warehouse, it will become one of the largest stores in the Schewels Home chain. The acquisition also brings more than 25 experienced employees to Schewels Home.

“This is the largest acquisition in the 127-year history of Schewel Furniture,” said Matt Schewel, director of store operations. “It represents an exciting opportunity to expand into a new market while preserving the strong reputation and loyal customer base that Butterworth’s has built over nearly a century.”

The store will continue to operate under the Butterworth’s Furniture name for the time being. This decision honors the brand’s deep roots in the Petersburg community and supports a smooth transition for both employees and customers.

Butterworth’s focus on premium merchandise, custom orders and multiple financing options represent new growth opportunities for Schewels Home. Meanwhile, Schewels Home will bring its buying power, operational scale and proven strategies to enhance the store’s future success.

“This partnership allows us to combine the best of both companies,” said CEO Marc Schewel. “We’re confident that maintaining the Butterworth’s name and approach in the short term is the best way to ensure continuity, retain talent and respect the brand’s legacy, while introducing efficiencies and innovations that will benefit the store and its customers.”

Borrowers looking for lower costs will have to wait as the Fed is unlikely to cut rates

SUMMARY:

  • Fed likely to keep unchanged for fourth meeting.
  • Officials expected to forecast two for 2025.
  • Some economists believe cuts may be delayed until 2026.
  • Cooling may prompt more cuts if tariffs ease.

WASHINGTON (AP) — The inflation-fighters at the are expected to keep their key interest rate unchanged Wednesday for the fourth straight time. That’s likely to shift attention to how many interest rate cuts they forecast for this year.

It’s widely expected that the 19 Fed officials that participate in the central bank’s interest-rate decisions will project two rate cuts for this year, as they did in December and March. But some economists expect that one or both of those cuts could be pushed back to 2026.

The Fed will almost certainly keep the short-term rate it controls at about 4.3%, economists say, where it has stood since the central bank last cut rates in December. Since then, it has stayed on the sidelines while it evaluates the impact of President Donald Trump’s tariffs and other policy changes on the economy and prices.

Inflation has been cooling since January, and many economists say that without the higher import taxes, the Fed would likely be cutting its rate further. According to the Fed’s preferred measure, inflation dropped to just 2.1% in April, the lowest since last September. Core inflation — which exclude the volatile food and energy categories — was 2.5%.

Those figures suggest inflation is largely coming under control, for now. Yet the Fed’s short-term interest rate remains at an elevated level intended to slow growth and inflation. Some economists argue that with inflation cooling, the Fed could resume its rate reductions.

When the Fed reduces its rate, it often — though not always — leads to lower costs for consumer and business borrowing, including for mortgages, auto loans, and credit cards. Yet financial markets also influence the level of longer-term rates and can keep them elevated even if the Fed reduces the shorter-term rate it controls.

But Fed officials have said they want to see whether Trump’s tariffs boost inflation and for how long. Economists generally believe a tariff hike should at least lead to a one-time increase in prices, as companies seek to offset the cost of higher duties. Many Fed officials, however, are worried that the tariffs could lead to more sustained inflation.

“While theory might suggest that (the Fed) should look through a one-time increase in prices, I would be uncomfortable staking the Fed’s reputation and credibility on theory,” Jeffrey Schmid, president of the Fed’s Kansas City branch and a voting member of the Fed’s interest-rate setting committee, said earlier this month.

The Trump White House has sharply ramped up pressure on Powell to reduce borrowing costs, with Trump himself calling the Fed chair a “numbskull” last week for not cutting. Other officials, including Vice President JD Vance and Commerce Secretary Howard Lutnick, are also calling for a rate reduction.

Pushing the Fed to cut rates simply to save the government on its interest payments typically raises alarms among economists, because it would threaten the Fed’s congressional mandate to focus on stable prices and maximum employment.

One of Trump’s complaints is that the Fed isn’t cutting rates even as other central banks around the world have reduced their borrowing costs, including in Europe, Canada, and the U.K. On Tuesday, the Bank of Japan kept its key short-term rate unchanged at 0.5%, after actually raising it recently.

But the European Central Bank, Bank of Canada, and Bank of England have reduced their rates this year in part because U.S. tariffs are weakening their economies. So far the is mostly solid, with the unemployment rate low.

The Bank of England has cut its rate twice this year but is expected to keep it unchanged at 4.25% when it meets Thursday.

Chesapeake City Council rejects massive data center

SUMMARY:

  • unanimously denied a rezoning request that would have allowed a 350,000-square-foot in the Great Bridge area
  • Developer considering alternate sites
  • Residents voiced concerns about traffic, noise, pollution, environmental impact

Following an outcry from hundreds of residents, Chesapeake City Council unanimously voted Tuesday night to deny a rezoning request that would have allowed the construction of ‘ first major data center.

Developer Doug Fuller, president of Emerald Lakes Estates, wanted to build the 350,000-square-foot data center on a 22.6-acre property in the Great Bridge area of Chesapeake, on the west side of Centerville Turnpike, south of Etheridge Manor Boulevard. However, for the project to get off the ground, he needed the land rezoned from agricultural to light industrial use.

Had the project gone forward, the center would have been 35 feet tall, employed 30 to 50 people, and been manned 24 hours a day.

But after about two-and-a-half hours of citizens speaking against the project Tuesday night, the council decided to reject Fuller’s proposal, also declining a request to delay the vote until August. Mayor Rick West was absent, and council member Daniel Whitaker recused himself from the vote, saying he had provided professional services to Fuller.

On Wednesday, Fuller said via text that he is considering alternative sites for the project.

Calling it a “disappointment,” Fuller said that Chesapeake residents “spoke loud and clear that they oppose rezoning agriculture land to industrial. They want it to remain agriculture for now, and I will research and find what is the highest and best economic use for the property with its current A1 zoning.

“It is important for Hampton Roads have a commercial size data center and my goal was to bring one to our city so it could benefit from the millions of dollars in tax revenue. Since the denial, I have had two localities reach out to me and asked to be considered for a like project. I am considering all alternate site options at this point.”

Before voting, City Council member Amanda Newins asked Deputy City Manager Brian Solis if the city had offered to swap one of its properties, which would be more appropriate for a data center, with Fuller. Price said there may be potential to swap property, but that so far Fuller has not expressed interest in exploring that.

“The reason that I am not supporting this project is because I think it’s completely incompatible with the location,” Newins said. “I think there is viable use for that property outside of what’s being proposed that is not on top of residential property in that area. I think that’s been abundantly clear from the community that’s here today, that shared with us, that that is not compatible with the community.”

In the weeks leading up to Tuesday’s vote, the proposal had drawn fierce opposition from hundreds of residents, who spoke against it through petitions, emails and public hearings.

Complaints included concerns about increased traffic, noise, light pollution, the site being too close to residential homes and schools, disruptions caused by construction, lack of sufficient public input, loss of agricultural land and green space, environmental concerns and fears that the center might cause blackouts. Many also voiced worries that the city’s first data center would open the doors to more and other .

Resident Kelli Gossmann, who lives near the proposed data center site, said Tuesday night the data center would directly impact her. She added that residents in Northern Virginia, where the data center industry is booming, have repeatedly complained about data centers causing a myriad issues.

“For me, this means my favorite view of the sunrise will be permanently blocked by a massive industrial building,” Gossmann said of the proposal. “Words cannot express my personal shock and dismay.”

veteran Jennifer Anderson, who lives in a neighborhood near the site, said she chose her home for its beauty, the sound of birds chirping and the ability to look at the stars at night. However, she said she believed if the data center were approved, more would come, “and all of these things we love about our new home will either be reduced greatly or removed entirely.”

“Can you promise the light pollution from this one and the imminent building of more won’t drown out the stars,” she asked the council. “Can you promise the constant humming won’t make it unbearable to enjoy the park across the street or even our own front and backyard? Can you promise my children won’t develop health issues?”

The planning commission last month voted 6-1 to recommend denial of the rezoning, with several saying they wanted more time to study the long-term impact of the data center on the city.

Tuesday’s denial from the council drew loud applause and a standing ovation from many members of the audience.

“The people do not want it there,” said Councilor Patricia “Pat” King, when justifying her vote. “It is your community, and we are your voice, and you have requested that we not allow it. So I stand by you and your request.”