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Tysons company acquired in $5B wireless tech deal

Casa del Fuego Family Office and Trust, an investment and asset management firm, has acquired -based , which provides to optimize radio frequency signals. The all-stock transaction is valued at $5 billion, according to a Tuesday announcement.

The acquisition is a 100% stock purchase, and DGS will operate independently as a subsidiary with its leadership team unchanged.

The acquisition will help to speed “the deployment of next-generation wireless capabilities across government, commercial and civilian networks,” according to the announcement.

“This marks a transformative chapter for DGS,” said Fernando Murias, chairman and CEO of DGS. “Joining gives us the strategic backing and global resources to fulfill our mission of redefining wireless networks through intelligent RF Awareness. We remain focused on enabling self-optimizing, autonomous networks powered by our patented AI-driven platform.”

Casa del Fuego is an investment entity led by CEO Oliver Patterson, a Canadian entrepreneur and founder of esports businesses Meta Game and Shockwave Holdings, according to his LinkedIn page. Casa del Fuego, which was started in 2024, has more than $30 billion in assets under management, including Oeno Group, a high-end line of wine and whiskeys.

“DGS’s unmatched technology and extensive patent portfolio make it a cornerstone of future wireless innovation,” Patterson said in a statement. “Together, we will set the standard for intelligent and deliver cutting-edge solutions to both public and private wireless ecosystems.”

Earlier this year, the company announced it had 361 issued and allowed patents and 124 pending. As of September 2024, Digital Global Systems’ patent portfolio was independently valued at about $2 billion, according to a company announcement, and it has 43 staff members.

In May, DGS announced Lewis C. Merletti, a former director of the U.S. Secret Service and a U.S. Army Green Beret, had joined the company’s advisory board.

US stocks hang near their record as Wall Street takes a breath following two big days

Summary

NEW YORK (AP) — U.S. stocks are hanging near their all-time high on Wednesday as financial markets catch a breath following two big days bolstered by hopes that the Israel-Iran war will not disrupt the global flow of crude oil.

The S&P 500 was 0.2% higher in early trading and sitting just 0.7% below its all-time high. The Industrial Average was virtually unchanged, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.6% higher.

In the oil market, which has been the center of much of this week’s action, crude prices stabilized after plunging by roughly $10 per barrel in the last two days. Benchmark U.S. crude rose 0.7% to $64.81 per barrel, though it still remains below where it was before the fighting between Israel and Iran broke out nearly two weeks ago.

A fragile ceasefire between the two countries appears to be holding, at least for the moment.

On Wall Street, companies involved in the cryptocurrency industry jumped to some of the bigger gains as the price of bitcoin continued to steam ahead with investors willing to take on more risk. Coinbase Global, the crypto exchange, rose 7%, and Robinhood Markets gained 4% as bitcoin topped $107,000.

They helped offset a 5.3% drop for FedEx. It reported stronger profit and revenue for the latest quarter than analysts expected, but it gave a forecast for profit in the current quarter that fell short of expectations.

General Mills, the company behind Pillsbury and Progresso soups, fell 2.8% after reporting weaker revenue for the latest quarter than analysts expected, though its profit topped forecasts. It also said an underlying measure of profits could fall by 10% to 15% this upcoming fiscal year.

In the bond market, Treasury yields were holding relatively steady, and the yield on the 10-year Treasury rose to 4.32% from 4.30% late Tuesday.

Yields had dropped a day before after the chair of the said it is waiting for the right moment to resume cutting interest rates. By lowering rates, the Fed could help give the economy a boost, but it could also offer additional fuel for inflation.

Fed Chair told a House of Representatives committee on Tuesday that he wants to wait and see how President Donald Trump’s tariffs affect the economy and inflation before committing to its next move. Powell will speak before a Senate committee later Wednesday morning.

In stock markets abroad, indexes fell modestly in Europe after rising across much of Asia.

Stocks jumped 1.2% in Hong Kong and 1% in Shanghai for two of the larger moves.

“The world can now move on to face other difficult choices like tariffs and things like that,” said Frances Lun, CEO of GEO Securities in Hong Kong. “So I think the market is well on its way to rebound and could again reach new levels.”

___

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Google buys $14M parcel for Botetourt data center


SUMMARY:

  • purchased 312 acres at for $14.06M.
  • Company pledges $4M over five years for local community projects.
  • Google will not need rezoning to move forward with project.

Google has purchased a 312-acre parcel for $14.06 million at ‘s Botetourt Center at Greenfield industrial park for development, county officials announced Tuesday.

Additionally, the Menlo Park, California-based Big Tech company has pledged to give $4 million over the next five years to support community projects in Botetourt, which encompasses suburbs and rural farmland.

Botetourt County Administrator Gary Larrowe was not able to give an estimate of the number of jobs the project will create or a timeline for the construction. “All the details of this gigantic opportunity will not be provided today due to the fact that it’s not all known at this point,” he said.

Representatives from Google will make a separate announcement about the project at a later date, according to Larrowe.

Officials in Botetourt worked with the Roanoke Regional Partnership and the as well as with Appalachian Power, a subsidiary of Ohio-based American Electric Power Co., the Western Virginia Water Authority, the Virginia Department of Transportation and Roanoke Gas on landing the proposed data center, according to Larrowe.

“This project broadens our industrial mix and puts the area on the map in a sector that is increasingly becoming the foundation of the modern economy,” John Hull, executive director of the Roanoke Regional Partnership, said Tuesday. “Projects like this do not happen in isolation. They bring suppliers, service providers … [and] spin off opportunities over time.”

Across the state, Virginians, particularly in rural areas, have turned up at local government meetings to object to data center development, citing noise and the amount of resources required to run the facilities. But Hull doesn’t that expect to be a problem with the Google at Greenfield project because the industrial park is set away from residential areas. “It’s really the ideal solution for a quality investment,” he said.

Google will not have to go through a county zoning process to move forward with the project. “The property is designed for data center usage,” explained Larrowe.

Larrowe became county administrator in 2016. At the time, he recalled, Altec and a fish food storage company were the only businesses at Greenfield. “Today, we’re talking about it being full,” he said.

In March, Munters, an air treatment and climate control solutions company with its global headquarters in Sweden, announced plans to invest $29.95 million on a 200,000-square-foot expansion of its HVAC manufacturing facility at Greenfield. Its neighbors include Australian-based Pratt Industries, a corrugated packaging company, and Italy-based Eldor Corp. S.p.A, an auto parts company.

Larrowe became weepy Tuesday discussing the effort it’s taken to get the deal over the finish line since county officials first began talking with Google in January 2024. “I need to apologize to my family. To my friends, to even … citizens and the staff here, and that is for the absence of my time during this project,” he said. “It has taken 18 months of everything that we could do, pushing forward.”

On Tuesday, Larrowe shared a PowerPoint presentation on how the county plans to spend the money it is receiving from Google from the land sale and community funding, including $2 million for Botetourt County Schools, $162,966 to purchase two deputy vehicles; about $2.59 million for the Botetourt County Sheriff’s Office and the county commonwealth attorney’s office; and $3.6 million for a community events center.

When asked for comment, a spokesperson for Google said the company would not have a statement outside of Botetourt County’s press release on the development.

Charlottesville-based Apex Clean Energy announced in December 2024 that it had reached a deal for Google to purchase the full capacity of Rocky Forge Wind, a wind farm the Charlottesville renewable energy company has been working to develop in Botetourt since 2015.

“Google has invested significantly in the commonwealth, and I am proud that they have chosen Botetourt County as the site of their newest data center,” Virginia said in a statement released Tuesday. “Virginia is the data center capital of the world, and this latest investment reinforces our global leadership in the industry. Botetourt offers the space, infrastructure and skilled workforce that innovative companies like Google demand. This move signals the industry’s growing interest in expanding beyond Northern Virginia and highlights the county’s strong commitment to smart growth. I look forward to the positive effects this project will generate across the Roanoke region for years to come.”

Virginia Bankers Association names new chair

Thomas F. Cherry, president and CEO of -based and its parent company, has been named chairman of the , the organization announced Tuesday.

During its annual business meeting, the announced newly elected officers for its 2025-26 board of directors, including Cherry as chairman and CEO Sherri A. Sackett as chairman-elect.

Cherry, who is succeeding immediate past chairman Victor Branch, president of the Richmond market for Bank of America, began his career with C&F as chief accounting officer in 1996. He was named president of C&F Bank in 2014, appointed to the boards of directors of C&F Financial and C&F Bank in 2015, and became CEO in 2019.

He has a bachelor’s degree in business administration from Old Dominion University and an MBA from William & Mary.

The Virginia Bankers Association 2025-26 Chairman-Elect Sherri A. Sackett. Photo Courtesy Virginia Bankers Association

Sackett, who is slated to become VBA chairman in June 2026, is a founding member of -based Select Bank and has more than 25 years of experience in the banking industry. Before joining Select Bank, she was a senior executive at Community First Bank in Lynchburg before it was acquired by American National Bank, now Atlantic Union. Sackett was appointed to the boards of directors for Select Bank Financial and Select Bank in 2021 and became CEO in 2023.

Sackett has a degree from the University of North Carolina and graduated from both the Virginia Bankers School of Bank Management at the and the Graduate School of Banking at Louisiana State University, where she currently serves on the board of trustees.

The VBA was founded in 1893 and advocates for the state’s banking industry, composed of 110 small, regional and large banks operating 1,826 branches and offices. The VBA says the state banking industry employs approximately 58,105 people and safeguards $296 billion in deposits.

Last year, the VBA and the Maryland Bankers Association merged to create the Mid-Atlantic Bankers Association holding company, which is headquartered in Glen Allen. MBA and VBA operate as subsidiaries and continue to have their own state association boards.

Business Facilities ranks Virginia No. 1 again for custom workforce training

The Virginia Partnership’s has been ranked first in ‘ ranking of states’ customized workforce training for the third consecutive year.

Business Facilities is a national publication geared toward corporate site selectors and economic development professionals. The publication on Tuesday released the top states for two categories in its 21st annual business facilities rankings report. The full report will be published in its July/August 2025 issue. Texas won best business climate for the third consecutive year.

The Virginia Talent Accelerator Program (VTAP) is a workforce initiative that accelerates new facility startups through fully customized recruitment and training services, designed to accommodate a company’s products, processes, equipment, standards and culture. The program services are provided for free to qualified new and expanding companies to incentivize job creation.

The program was launched in 2019, and was created by the Virginia Economic Development Partnership in collaboration with the . Since its launch, the talent accelerator program has helped secure more than 17,000 jobs across the state.

President and CEO Jason El Koubi said in a statement he was “honored” that Business Facilities recognized the program. “The centerpiece of Virginia’s economic development model is positioning the commonwealth as America’s top state for talent — and the Virginia Talent Accelerator Program exemplifies that commitment,” El Koubi said.

in a statement said that for many companies, the program is a critical factor when they choose Virginia “because it provides customized workforce training tailored precisely to their needs from day one. … With Virginians entering the workforce in record numbers, we are uniquely positioned to equip them with the skills needed to succeed today and drive our economy forward tomorrow”

In the past year, according to Business Facilities, the talent accelerator program has begun work to support companies including: Microporous (Danville,  2,000 jobs); Micron (Manassas, 340 jobs); Kongsberg Defence & Aerospace (, 180 jobs); and Super Radiator Coils (Chesterfield County, 160 jobs).

Anne Cosgrove, editorial director for Business Facilities, described the program as “a leader of workforce recruitment and training programs” in a statement.

“The team’s comprehensive, speed-of-market approach in serving both new and existing companies across Virginia is evident,” Cosgrove said. “The program’s balance of traditional recruitment and training strategies with the use of cutting-edge technology to ensure a custom and effective approach is significant in supporting the businesses that utilize these resources.”

 

Report: EU set to launch antitrust probe of $35.9B Mars-Kellanova deal

Read the update about the European Commission decision here.

The ‘s watchdog is expected to launch a full-scale investigation into ‘ $35.9 billion acquisition of that would at least delay the merger, according to a Reuters report.

The European Commission’s Directorate-General for Competition is set to issue a decision Wednesday on next steps for the deal, which the -based candymaker and pet care giant Mars and snack producer Kellanova, based in Michigan, expected to complete in August. The companies acknowledged that it could take up to 12 months longer to complete the merger if they didn’t receive necessary regulatory approvals during the first six months of the year.

According to Reuters’ June 18 report, Mars was not expected to meet a deadline to submit remedies to the commission’s concerns about its high market share in some products in EU countries and its portfolio of strongly performing brands. A June 19 report from The Wall Street Journal said that Mars did not meet the June 18 deadline set by the EU panel.

Mars, which produces M&M’s, Snickers and Twix, announced the all-cash deal in August 2024, which would bring Cheez-It, Pop-Tarts, Pringles, Eggo and other food products under Mars’ ownership. The publicly owned Kellanova was created in October 2023 when Kellogg split into two companies, with WK Kellogg Co. producing breakfast cereals and Kellanova manufacturing its snack brands.

Mars is Virginia’s largest privately held company and the fourth-largest in the United States. In recent years, it has made acquisitions in pet care and candy sectors in an effort to double its sales by 2033.

Mars and Kellanova did not respond immediately to requests for comment Tuesday.

US stocks leap within a decent day of their all-time high as oil prices tumble

NEW YORK (AP) — U.S. stocks are leaping nearly to their all-time high Tuesday after eased further on hopes that Israel’s war with Iran will not damage the global flow of crude.

The was 1.2% higher in late trading, following up on big gains for stocks across Europe and Asia, after President Donald Trump said late Monday that Israel and Iran had agreed to a “complete and total ceasefire.” The main measure of Wall Street’s health is back within 0.8% of its record set in February after falling roughly 20% below during the spring.

The Industrial Average was up 539 points, or 1.3%, with an hour remaining in trading, and the composite was 1.6% higher.

The strongest action was again in the oil market, where a barrel of benchmark U.S. crude fell 6% to settle at $64.37. Brent crude, the international standard, had a similar drop.

The fear throughout the Israel-Iran conflict has been that it could squeeze the world’s supply of oil, which would pump up prices for gasoline and hurt the global economy. Iran is a major producer of crude, and it could also try to block the Strait of Hormuz off its coast, through which 20% of the world’s daily oil needs passes on ships.

Oil prices began falling sharply on Monday after Iran launched what appeared to be a limited retaliatory strike to the United States’ entry into the war, one that did not target the production or movement of oil. They kept falling even after attacks continued past a deadline to stop hostilities early Tuesday. Trump later said that the ceasefire was “in effect.”

Oil prices have dropped so much in the last two days that they’re below where they were before the fighting began nearly two weeks ago.

With the global oil market well supplied and the OPEC+ alliance of producing countries steadily increasing production, oil prices could be headed even lower as long as the ceasefire holds and a lasting peace solution can be found, said Carsten Fritsch, commodities analyst at Commerzbank.

Falling oil prices should take some pressure off inflation, and that in turn could give the leeway to resume cutting interest rates.

Wall Street loves lower rates because they can give the economy a boost by making it cheaper for U.S. households and businesses to borrow money to buy a car or build a factory. But they could also give inflation more fuel. That threat is why the Fed has been hesitant to cut rates this year after lowering them through the end of last year.

The Fed has said repeatedly that it wants to wait and see how much Trump’s tariffs will hurt the economy and raise inflation before committing to its next move. So far, the economy seems to be holding up OK, though a report on confidence among U.S. consumers came in weaker than economists expected on Tuesday, while inflation has remained only a bit above the Fed’s 2% target.

Trump, though, has been pushing loudly for more cuts to rates. And two of his appointees to the Fed have said recently that they may consider cutting rates as soon as the Fed’s next meeting next month.

Fed Chair remains more cautious. He said again in testimony delivered to Congress Tuesday that the Fed is “well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.”

But he did indicate the next move is likey to be a cut. Asked whether a reduction could arrive as soon as July, Powell said, “We will get to a place where we cut rates, sooner rather than later – but I wouldn’t want to point to a particular meeting. I don’t think we need to be in any rush because the economy is still strong.”

That helped Treasury yields ease in the bond market. The yield on the 10-year Treasury fell to 4.29% from 4.34% late Monday.

The two-year Treasury yield, which more closely tracks expectations for Fed action, fell to 3.81% from 3.84%.

On Wall Street, cruise operator Carnival steamed 7.9% higher after delivering a much stronger profit for the latest quarter than analysts expected. CEO Josh Weinstein said it’s seeing strong demand from people booking cruises close to the departure date, and customers are spending strongly once on board. Carnival also raised its forecast for an underlying measure of profit for the full year.

Uber Technologies rose 8.2% after it said customers in Atlanta can use its app to ride in Waymo autonomous vehicles.

Coinbase Global rallied 13.2% as the cryptocurrency exchange rose with the price of , which jumped back above $105,000.

In stock markets abroad, indexes rallied at least 1% everywhere from France to Germany to Japan following the announcement of the Israel-Iran ceasefire. Hong Kong’s jump of 2.1% and South Korea’s leap of 3% were two of the strongest moves.

Notes: Eds: UPDATES: trading

Virginia Senate Dems claim in lawsuit Youngkin is trying to nullify BOV rejection vote


SUMMARY:

  • Nine Democrats have sued three university rectors
  • However, targets , whom plaintiffs say has tried to nullify a Senate committee vote to reject eight board appointees
  • Plaintiffs say they have brought suit to “protect and vindicate” Senate’s authority

Nine Virginia Democratic senators have sued the rectors of the , and , claiming that Gov. Glenn Youngkin has “chosen nullification” of a Senate committee’s refusal to confirm eight people appointed to the universities’ boards.

“In so doing, Governor Younkin [sic] and the Executive Department have refused to recognize the rejection of those appointments by a coequal branch of government, in open defiance of the Constitution of Virginia and 50 years of tradition in the Commonwealth,” says the lawsuit filed Tuesday in the .

“The Executive Department’s actions leave the defendants here — who bear responsibility for determining whether to seat the now-rejected appointees — in an untenable position and eagerly in need of this Court’s guidance. Likewise, Plaintiffs have no choice but to bring this action to protect and vindicate the Virginia Senate’s constitutional and statutory authority, as well as to protect their own votes from gubernatorial nullification.”

The governor, speaking to reporters Tuesday, called the lawsuit “not only meritless, but it’s a waste of time. It’s a waste of money, and it’s a waste of people’s efforts.”

Youngkin added that his administration has been “working to combat illegal discrimination at our universities and our schools, and Democrats clearly want to work to promote that discrimination,” referring to alleged antisemitism at universities, a theme often repeated by President Donald Trump and other Republicans in response to pro-Palestinian protests on college campuses, although university administrators, faculty members, students and others question the White House’s actual motivations.

“Illegal discrimination is what we are removing from college campuses,” Youngkin added. “And the Democrats want to reintroduce it and promote it. And that’s at the heart of what I think so much of this is about.”

Trump’s administration has accused Harvard, Columbia and other universities of violating Jewish students’ civil rights by allowing protests against the war in Gaza on campuses, although critics say that pulling federal grants and threatening universities with removal of accreditation punishes higher education institutions and is aimed at quashing academic freedom.

Youngkin has not gone as far as Trump, but he issued an executive order in May, directing the state Department of Education and the State Council of Higher Education of Virginia (SCHEV) to track antisemitism and anti-religious incidents in public schools and colleges.

The defendants in the senators’ lawsuit are U.Va. Rector Robert Hardie, George Mason Rector Charles “Cully” Stimson and Board President Teddy Gottwald. Hardie, however, is set to rotate off U.Va.’s board June 30, and Gottwald will no longer be VMI’s board president after June 30, although he remains on the board.

Earlier this month, the Senate Committee on Privileges and Elections rejected the confirmations of eight Youngkin appointees to the boards of visitors at George Mason, U.Va. and VMI, including former Virginia Attorney General Kenneth Cuccinelli. It was an 8-4 vote, with all Democrats on the committee voting to reject the appointments Youngkin put forward for confirmation in May.

According to state law, the legislature must confirm all gubernatorial appointments for them to remain in effect, and if the General Assembly refuses to confirm an appointment, “no person … shall enter upon, or continue in, office after the General Assembly shall have refused to confirm his appointment, nor shall such person be eligible for reappointment during the recess of the General Assembly to fill the vacancy caused by such refusal to confirm.”

However, in a June 11 letter to the three rectors, who lead the universities’ boards of visitors and are tasked with recognizing (or not recognizing) appointments to the boards, Attorney General Jason Miyares wrote that the eight people do remain members “with the rights and responsibilities conferred upon a member of a .”

Speaking with reporters Tuesday, Miyares said that the eight rejected appointees “have been lawfully appointed,” and added, “I think it is very unfortunate to see certain individuals in the state Senate that want to try to politicize the governance of these boards and just somehow removing these people.”

Miyares has contended that the entire legislature must vote to deny confirmation of a gubernatorial appointment for it to take effect, but Democrats say that the Senate committee has that responsibility outside of the General Assembly’s regular session.

The eight Democrats who voted to reject the appointees and Sen. L. Louise Lucas, acting as the state Senate president pro tempore, are the nine plaintiffs in the lawsuit.

In a statement, Lucas said, “This lawsuit is not about politics – it’s about preserving the constitutional balance of power that has served Virginia well for centuries. The Virginia Constitution clearly grants the General Assembly authority to confirm or reject gubernatorial appointments. When university rectors ignore our constitutional role at the behest of the governor and attorney general, they undermine the very foundation of our democratic institutions.”

Sen. Scott Surovell, who previously wrote to the state’s university rectors reminding them of the legislature’s authority in confirming or rejecting the governor’s appointments, issued a news release Tuesday saying that the lawsuit “specifically challenges the assertions by Gov. Youngkin, Attorney General Miyares and Secretary of Education Aimee Guidera, who have urged and advised university rectors to ignore the actions of the Senate of Virginia and seat the eight rejected members.”

Hardie and Stimson did not immediately respond to requests for comment on the lawsuit Tuesday. Lt. Col. Sherry L. Wallace, a VMI spokesperson, referred Virginia Business to a June 10 letter from Gottwald to Surovell, in response to a request for comment sent to Gottwald on Tuesday. Wallace said that since the matter is in active litigation, VMI “cannot make any additional comments on the matter.”

The state Senate Republican caucus issued a statement blasting the lawsuit Tuesday. Senate Minority Leader Ryan McDougle and Caucus Chair Mark Obenshain said, “This lawsuit is a blatant attempt by Senate Democrats to do in the courtroom what they failed to do through legitimate legislative processes. It rests on a fundamentally erroneous interpretation of the Virginia Constitution and ignores both procedural rules and historical precedent.”

Surovell and others, however, note that the committee has taken hundreds of votes confirming Youngkin appointees without a full legislature vote, as well as previous rejections recognized by the governor.

Who the rejected appointees are

The Democratic-controlled Senate committee, which is charged with confirming all board and commission appointments by the governor, met in a special session June 9 to vote on the three boards’ appointees. In addition to Cuccinelli’s appointment to the U.Va. board, the body rejected in a party-line vote the following people:

Charles J. Cooper, a Florida appellate attorney who represented former U.S. Attorneys General Jeff Sessions and John Ashcroft and served as a U.S. assistant attorney general under President Ronald Reagan, was among the rejected appointees to George Mason’s board, along with Caren Merrick, who served as the state’s immediate past commerce secretary under Youngkin. William Hansen, a former U.S. deputy secretary of  under President George W. Bush, and Maureen Ohlhausen, a former Federal Trade Commission chair, were also rejected by the Senate committee.

VMI appointees John Hartsock, deputy chief of staff for U.S. Rep. Ben Cline; Stephen Reardon, an attorney with Spotts Fain; and Florida businessman José J. Suárez — all three alumni — were also rejected.

According to Surovell, the Senate’s majority leader, and other Senate Democrats, they object to what they view as the governor’s attempt to exercise more power over the state’s public universities through his board nominees.

Hartsock and Reardon were appointed to VMI’s board in February, Surovell said, just after the General Assembly concluded its regular session and just before the military institute’s board voted not to renew the contract of VMI’s first Black superintendent, retired Army Maj. Gen. Cedric Wins, who was hired in late 2020 on an interim basis and then offered the permanent post in 2021. The timing of the appointment meant that the legislature did not have the opportunity to vote on their nomination, and the two unconfirmed appointees were part of the board when it voted to oust Wins.

Surovell went on to allege that Youngkin “inappropriately” tried to influence boards, including calling BOV members to tell them how to vote.

However, Gottwald said in his June 10 letter to Surovell that he was “not aware of any directive, binding or otherwise, that the Governor has given members of our BOV. I believe that any suggestion of that sort has no basis in fact.” Gottwald added that Hartsock, Reardon and Suárez, who was appointed in April, were “equally qualified” to serve on the board. The rector also noted that the Senate committee previously refused to confirm two earlier VMI appointees, Quintin Elliott and Clifford Foster, earlier in the year.

New board appointments

Coincidentally, Youngkin released his list of 65 BOV and other higher education organization appointees Friday, as the end of some board terms approach June 30.

The list, which includes appointments to U.Va., VMI and George Mason’s boards, does not specify whether appointees are replacing only people who are rotating off the board or if they are also named to replace the eight rejected appointees from June 9. However, Suárez appears on the new list of VMI appointees, seemingly in violation of the state code’s statement that a rejected appointee cannot be re-appointed “to fill the vacancy caused by such refusal to confirm.”

It’s unclear what action the Senate committee will take on the newest group of appointees amid the conflict over the rejected board appointments.

Among the appointees are:

  • Eric Cantor, former U.S. House of Representatives majority leader from Henrico County; William & Mary
  • Bobbie Kilberg, former president and CEO of Northern Virginia Council; George Mason
  • Robert M. “Bob” Tata, a partner at Hunton Andrews Kurth; Old Dominion University
  • James W. Dyke Jr., a senior adviser at McGuireWoods Consulting and former Virginia secretary of education; Richard Bland College
  • H. Eugene Lockhart, former CEO of Mastercard; U.Va.
  • Andy Florance, founder and CEO of CoStar Group, who is being re-appointed to Virginia Commonwealth University’s board
  • Charles W. King, interim president of James Madison University; State Council of Higher Education for Virginia

NTSB set to meet on door plug investigation of terrifying Alaska Airlines flight

Summary

  • to hold public meeting on door failure
  • Door plug blew out minutes after takeoff in January 2024
  • Investigation found bolts were not replaced after repair
  • NTSB set to approve safety recommendations for

The National Transportation Safety Board on Tuesday will be focused on preventing another terrifying event like the one involving a panel that flew off a Boeing 737 Max midair in January of 2024.

The board will discuss what NTSB investigators have uncovered over the past 17 months, including their revelation that bolts securing what is known as the door plug panel were removed and never replaced during a repair. Board members were also expected to approve recommendations to keep something similar from ever happening again.

The blow out aboard Alaska Airlines occurred minutes after it took off from Portland, Oregon, and created a roaring air vacuum that sucked objects out of the cabin and scattered them on the ground below along with debris from the fuselage. Seven passengers and one flight attended received minor injuries, but no one was killed. Pilots were able to land the plane safely back at the airport.

Oxygen masks dropped and phones went flying

The accident occurred as the plane flew at 16,000 feet (4,800 meters). Oxygen masks dropped during the rapid decompression and a few cellphones and other objects were swept through the hole in the plane as 171 passengers contended with wind and roaring noise.

The first six minutes of the flight to Southern California’s Ontario International Airport were routine. The Boeing 737 Max 9 was about halfway to its cruising altitude and traveling at more than 400 mph (640 kph) when passengers described a loud “boom” and wind so strong it ripped the shirt off someone’s back.

“We knew something was wrong,” Kelly Bartlett told The Associated Press in the days following the flight. “We didn’t know what. We didn’t know how serious. We didn’t know if it meant we were going to crash.”

The 2-foot-by-4-foot (61-centimeter-by-122-centimeter) piece of fuselage covering an unoperational emergency exit behind the left wing had blown out. Only seven seats on the flight were unoccupied, including the two seats closest to the opening.

put the focus on Boeing’s manufacturing

The panel that blew off was made and installed by a supplier, Spirit AeroSystems. It was removed at a Boeing factory so workers could repair damaged rivets, but bolts that help secure the door plug weren’t replaced. It’s not clear who removed the panel.

The NTSB said in a preliminary report that four bolts were not replaced after a repair job in a Boeing factory, but the company has said the work was not documented.

Boeing factory workers told NTSB investigators that they felt pressured to work too fast and were asked to perform jobs that they weren’t qualified for, including opening and closing the door plug on the particular plane involved.

A Boeing door installer said he was never told to take any shortcuts, but everyone faced pressure to keep the assembly line moving.

“That’s how mistakes are made. People try to work too fast,” he told investigators. The installer and other workers were not named in documents about the probe.

Problems with the Boeing 737 Max

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

Investigators determined those crashes were caused by a system that relied on a sensor providing faulty readings to push 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 allowing Boeing to avoid criminal prosecution for allegedly misleading U.S. regulators about the Max before the two crashes.

But regulators at the Federal Aviation Administration have capped Boeing’s 737 Max production at 38 jets per month while investigators ensure the company has strengthened its safety practices.

Boeing hired a new CEO, Kelly Ortberg, last year and created a new position for a senior vice president of quality to help improve its manufacturing.

The company was back in the news earlier this month when a 787 flown by Air India crashed shortly after takeoff and killed at least 270 people. Investigators have not determined what caused that crash, but so far they have not found any flaws with the model, which has a strong safety record.

Americans’ take on the economy sours in June and, after a brief respite, continues to slide

Summary

  • index fell to 93 in June

  • Drop of 5.4 points reverses gains seen in May

  • fell to 69—well below recession threshold

  • Confidence remains near pandemic-era lows

WASHINGTON (AP) — Americans’ view of the worsened in June, resuming a downward slide that had dragged consumer confidence to its lowest level since the COVID-19 pandemic five years ago.

The said Tuesday that its consumer confidence index slid to 93 in June, down 5.4 points from 98.4 last month, which represented a brief uptick.

The regression surprised economists, who had expected a small uptick this month.

In April, American consumers’ confidence in the economy sank to its lowest reading since May 2020, largely due to anxiety over the impact of President Donald Trump’s tariffs.

A measure of Americans’ short-term expectations for their income, business conditions and the fell 4.6 points to 69. That’s well below 80, the marker that can signal a recession ahead.

Consumers’ assessments of the present economic situation declined by 6.4 points to 129.1.

Tariffs and the impact they could have on personal finances remained at the top of respondents’ minds, the Conference Board said.

Trump’s aggressive and unpredictable policies — including massive import taxes — have clouded the outlook for the economy and the job market, raising fears that the American economy is headed toward a recession.

Consumers’ fears of a recession during the next 12 months rose slightly in June and remain elevated, according to the survey results.

The Conference Board said that the three components of the expectations Index — business conditions, job prospects, and future income — all weakened.

It was the sixth straight month that respondents’ views of the job market deteriorated, though the reading remains in positive territory as the U.S. labor market continues to churn out jobs.

The Labor Department earlier this month reported that U.S. employers slowed hiring in May, but still added a solid 139,000 jobs amid uncertainty over Trump’s tariffs. Unemployment remains historically low at 4.2%.

Though concerns about inflation ticked down slightly in June, it remains a major concern among respondents, who frequently mentioned higher prices in tandem with tariffs.

A government report earlier this month showed that consumer prices ticked up in May to 2.4% from a 2.3% year-over-year increase in April. Core prices, which excludes the volatile food and energy categories, rose 2.8% for the third straight month. Economists pay close attention to core prices because they generally provide a better indication of where inflation is headed.

The Board said respondents’ references to geopolitics and social unrest increased slightly from previous months, but are still significantly lower on the list of consumers’ concerns.

The deadline for survey responses was June 18, before the U.S. targeted Iranian nuclear sites but after Israel’s bombing of Tehran.