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Warner launches bid for Senate reelection

RICHMOND, Va. (AP) — Democratic U.S. Sen. Mark Warner announced his bid for on Tuesday, launching what will be a key campaign in a narrowly divided .

In a campaign announcement, the Virginia senator said he was running for reelection to rein in America’s economic crisis, particularly regarding the impact of on job displacement.

“We need a vision to chart a new path and effective leadership to get it done,” Warner said. “That’s why I am running for reelection to the United States Senate.”

Republicans have a 53-47 majority in the Senate. According to the Cook Political Report, Warner represents a solidly Democratic seat.

Warner, a businessman who co-founded the company that became Nextel, served as governor of Virginia from 2002 to 2006. He was first elected in 2008 to the Senate, where he now serves as vice chairman of the Select Committee on Intelligence.

Warner nodded to his business success while pitching himself as the candidate best suited to tackle AI.

“This moment calls for big ideas,” Warner said. “The tech companies that displace jobs for AI should actually help pay for the solutions. We need universal health care coverage and a complete overhaul of affordable housing and child care.”

On the Republican side, state Sen. Bryce Reeves had already announced a campaign for the seat. Reeves, an Army veteran and former law enforcement officer, has served in the Virginia Senate for over a decade.

Democratic U.S. Sen. Tim Kaine, Virginia’s other senator, was reelected in 2024 and will not be on the ballot in 2026.

Hooker Furnishings to sell two brands for $4.8M

Martinsville-based is selling its Pulaski and Samuel Lawrence Furniture case goods brands to Magnussen Home Furnishings for approximately $4.8 million.

The company announced the sale Monday. Pursuant to the terms of the asset purchase agreement, an estimated purchase price will be determined and paid at closing based upon the net book value of the assets being sold in the transaction. As of the end of Hooker’s fiscal third quarter on Nov. 2, the currently estimated purchase price is approximately $4.8 million subject to final adjustment to closing values, pursuant to the terms of the asset purchase agreement.

Hooker Furnishings also will shed approximately $4.8 million in Home Meridian International (HMI) showroom lease liabilities and related expenses, as Magnussen will assume the lease of HMI’s High Point showroom.

“[This] announcement is a major step in our multiyear effort to streamline our portfolio and strengthen profitability by sharpening our focus on brands that generate consistent earnings,” Hooker Furnishings Jeremy Hoff said in a statement. “We are excited to move forward as a nimbler business with an efficient cost structure and clear growth priorities.

“We have promising growth opportunities on the horizon following the launch last month of our Margaritaville licensed collection,” he continued. “Together with our remaining portfolio and ongoing cost reductions of over $25 million, we are more confident than ever that we are well-positioned to enhance shareholder value.”

Hooker will retain the Samuel Lawrence Hospitality brand, which is expected to become part of its “All other” segment.

The transaction is subject to customary closing conditions, including third party consents, and is currently expected to close by mid-December. Ten percent of the purchase price paid at closing will be subject to a holdback for 210 days for customary indemnification and final purchase price adjustments.

In connection with the transaction, Hooker expects to record $5 million to $6 million in non-cash impairment charges, net of expected lease gains upon termination.

Stump & Co. served as financial adviser to Hooker, and McGuireWoods served as legal adviser in connection with the sale transaction.

Departing Port of Virginia CEO to join ferrying company

Virginia Port Authority and Executive Director Stephen A. Edwards, who announced in November that he would be stepping down at the end of the year, will be CEO of ferry infrastructure company at the start of 2026.

The Orlando, Florida-based company announced Tuesday that Edwards will succeed CEO Mike Flaskey.

Edwards has led the , which manages the , since 2021. During his tenure, the Port of Virginia completed a $1.4 billion capital investment program on time and on budget, including the dredging work to make the port the East Coast’s widest and deepest harbor. Edwards also renegotiated the lease for the Virginia International Gateway container terminal.

The Port of Virginia is one of the state’s economic drivers, accounting for more than 565,000 jobs, more than $124.1 billion in total spending and $5.8 billion in state and local tax revenues.

Before leading the authority, Edwards was CEO of TraPac, Global Container Terminals and America.

“Hornblower Group is known for partnering with local and national authorities to provide water transportation services to North America’s leading public attractions and commuter routes,” Edwards said in a statement. “I am eager to begin working with its talented team to build on this legacy, enhance operations, facilitate innovation and deliver extraordinary service to our guests and communities.”

Port spokesperson Joe Harris previously said that Edwards would relocate to for his new job.

“ is an exceptional leader, known for his commitment to continuous improvement of commercial and operational performance,” Hornblower board member David Greenberg, SVP’s North American head of corporate investments, said in a statement.

Headquartered in Orlando, Hornblower also has offices in San Francisco, Boston, Chicago, New York, London, Dublin and Ontario, Canada. It operates in 10 countries and more than 50 U.S. cities, serving 20 million guests annually. The company’s roots date back to the 1920s, and it provides transportation and sightseeing services to many major North American attractions, including Niagara Falls, the Statue of Liberty and Alcatraz. It also offers ferry services across major cities.

OECD lifts global, US growth outlook for 2025

Summary

  • upgrades global growth forecast to 3.2% for 2025.
  • U.S. outlook raised to 2% growth amid tariff policy shifts.
  • Report says AI investment is boosting global economic resilience.
  • China projected to grow 5%; India remains fastest-growing major economy at 6.7%.

WASHINGTON (AP) — The world economy has proven surprisingly durable in the face of President ‘s trade wars, the Organization for Economic Cooperation and Development said Tuesday, upgrading its outlook for global and this year.

The 38-country OECD now forecasts that the world economy will grow 3.2% this year, down a tick from 3.3% in 2024 but an improvement on the 2.9% it had predicted for 2025 back in June. The organization, which does economic research and promotes and prosperity, expects global growth to slow to 2.9% next year.

The OECD also raised its forecast for U.S. growth this year – to 2%, up from the 1.6% it had forecast in June. Still, even with the upgrade, the American economy – the world’s largest — would have grown considerably more slowly than it did in 2024 (2.8%).

Since returning to the White House in January, Trump has overhauled U.S. trade policy, imposing taxes on imports to build a protectionist wall around the previously open American economy.

The trade barriers were widely expected to slow growth and push up costs. But his  have come in lower than the ones he threatened to impose in the spring. Many companies beat the levies by importing foreign goods into the United States before they took effect. And the U.S. and world economies are getting a boost from massive investments in .

“The has been resilient this year, despite concerns about a sharper slowdown in the wake of higher trade barriers and significant policy uncertainty,” OECD Secretary-General Mathias Cormann wrote in a commentary accompanying the forecasts. Still, he added: “We expect higher tariffs to gradually feed through to higher prices, reducing growth in household consumption and business investment.”

The OECD expects China, the world’s No. 2 economy, to grow 5% this year, same as in 2024. It sees the 20 economies that share the euro currency collectively expanding 1.3% in 2025, lackluster but up from 0.8% in 2024.

India, which has supplanted China as the world’s fastest-growing major economy, is expected to generate 6.7% growth this year, up from 6.5% in 2024.

Manning defends U.Va. negotiations with DOJ

Summary:

  • Major donor and board member Paul Manning defends resignation advice to former U.Va. president
  • Manning says in letter “it was clear to me” that DOJ may suspend federal funding if Ryan remained in office
  • In Nov. 14 letter, Ryan questioned whether Manning was “carrying water” for governor and U.Va.’s future rector

investor and board member Paul B. Manning sent a letter Monday to U.Va.’s Faculty and fellow board members defending his actions in university negotiations with the .

Manning, who donated $100 million with his wife in 2023 to launch the $350 million Manning Institute of Biotechnology at U.Va., was one of three U.Va. Board of Visitors members criticized in a letter last month written by former U.Va. President Jim Ryan, who left the presidency in July under political pressure.

Ryan wrote that Manning, along with U.Va. Rector Rachel Sheridan and Vice Rector Porter Wilkinson, pressured him in June to resign by suggesting that the DOJ would take away federal funding from the university if Ryan remained in office and fought the ‘s allegations of civil rights violations.

Manning said that DOJ attorneys threatened “that if I didn’t resign, they would ‘bleed U.Va. white,'” Ryan wrote in the Nov. 14 letter.

However, the former president wrote that the DOJ’s head civil rights division attorney had publicly disavowed allegations that her department had insisted on Ryan’s resignation in a “quid pro quo” deal, in contradiction of what Manning, Sheridan and Wilkinson had told him before he gave notice June 26.

Ryan further alleged that Gov. Glenn Youngkin, the three board members and attorneys hired by the board had possibly been behind the pressure to resign, instead of the DOJ. “At the very least, we had board members who were apparently more complicit than other universities,” Ryan wrote.

But on Monday, Manning wrote that he, Sheridan and Wilkinson were motivated by “a desire to protect U.Va., its students, faculty, researchers, clinicians and patients, and not by any personal or political agenda, and certainly not by any ill will toward .”

Manning added that he considers Ryan a friend and that the former president “was one of the reasons my family and I chose to make a significant gift to create the Manning Institute of Biotechnology.”

Also, Manning wrote that he agreed to speak with DOJ officials by phone “one time in June to better understand the risks to the university,” which had received seven letters from the department between April and June accusing Ryan and the university of slow-walking the dissolution of  the university’s diversity, equity and inclusion initiatives.

“I held a single phone call with DOJ officials, and that call also included U.Va.’s legal counsel, including outside counsel,” Manning wrote. “After this conversation, the content of which I shared with Jim, and after further review of the aforementioned letters, it was clear to me the DOJ was prepared to suspend federal funding to U.Va. immediately if certain steps were not taken, including a change in university leadership.”

The potential loss of hundreds of millions in federal funding would “have directly jeopardized the work and livelihood of many U.Va. employees, including professors, researchers, physicians and staff,” as well as laboratories and clinics “on which patients and families depend,” Manning wrote.

Ryan’s letter, which has since prompted calls from faculty and staff groups for Sheridan and Wilkinson to resign from the board, depicts a more complex situation.

Sheridan and Wilkinson had already spoken with DOJ attorneys before the board’s early June meeting, when they presented a report to the board, Ryan wrote, although he alleged that neither woman mentioned that the DOJ had insisted on his resignation at that time. Further, Manning had in early June advised the president to “hang on” and not resign.

But Manning’s advice changed on June 16 when the two men met for lunch, Ryan wrote.

Manning “told me that he had heard from both the governor and Rachel about the need for me to resign,” Ryan wrote. “He told me that, as a friend, he did not want me to go through the ordeal of trying to fight the federal government, and he was worried what the DOJ — and other agencies — might do to U.Va., especially with respect to research funding. He also told me that I would likely be blamed for the losses. It was unclear to me whether this conversation was Paul’s idea, or whether he was carrying water for the governor and Rachel.”

Ryan also wrote that Harmeet Dhillon, assistant U.S. attorney in charge of the DOJ’s civil rights division, has “publicly and unequivocally stated — twice — that neither she nor her colleagues asked for my resignation or offered some sort of quid pro quo. That is not what Rachel, Porter and Paul conveyed to me. Who is telling the truth?”

However, Manning wrote, “Based on the information available to me at the time, I ultimately became convinced that federal funding was at risk and would result in an immediate loss of financial support to the university.

“It was, in my mind, a difficult choice between two unfortunate outcomes: real damage to the university, its people, and its academic and research mission, or the premature departure of a leader who had contributed to many successes at the university.”

Carter Machinery CEO donates $5M to U.Va.

The of , a -based Caterpillar equipment dealership, has donated $5 million to support the ‘s men’s basketball program.

According to the Virginia Athletics Foundation, which announced the gift last week, the contribution from Drew and Kate Parker will be used at the discretion of Athletics Director Carla Williams.

“This gift to the [Athletics Director’s] Excellence Fund will provide support for recruiting and operations,” Williams said in a statement. “This type of philanthropic generosity is critical in this new era of collegiate men’s basketball, and we are very grateful for Kate and Drew’s commitment to helping us.”

The university did say how the $5 million would be allocated and did not immediately return requests for additional details.

Although Drew Parker graduated from the University of Illinois Urbana-Champaign in 2000, said the Parker family “believes in the power of athletics to shape character, build community and elevate U.Va. on a national stage.”

“Our mission is to develop men of character who pursue excellence on and off the court,” Ryan Odom, the head men’s basketball coach, said in a statement. “Their investment will help make that possible by ensuring our student-athletes have every opportunity to reach their full potential. We’re honored to have their support and thankful for their tremendous commitment to Virginia Basketball.”

Kevin Miller, the Virginia Athletics Foundation’s executive director and deputy athletics director, called the “transformational” and said the money “fuels our pursuit of excellence and gives our student-athletes the resources they deserve.”

“We are profoundly grateful to the Parkers for their visionary leadership, which not only elevates our momentum but inspires others to champion the future of our teams,” Miller said in a statement.

The foundation serves as the fundraising arm for U.Va’s 27 men’s and women’s Division I sport programs.

Carter Machinery’s roots trace back to 1928, when Robert Hill Carter founded Virginia Tractor Co., the state’s first Caterpillar dealership, in Richmond. Today, the company is an independent dealer with more than 30 locations. It has more than 2,300 employees in Virginia, West Virginia, Maryland, Delaware and Washington, D.C.

TTR Sotheby’s reshapes executive team

TTR Sotheby’s International Realty, the firm that sells luxury to the rich and famous in the Washington, D.C., metropolitan region, started off the last month of the year with leadership changes.

On Monday, the firm announced that Mark Lowham, its longtime and managing partner, has transitioned to chairman. David DeSantis and Derrick Swaak, previously co-chief operating officers at TTR Sotheby’s, will take on new leadership roles. DeSantis will become CEO, while Swaak will be president and COO.

“The strategic leadership changes at TTR Sotheby’s International Realty reinforce the strength and longevity of the Sotheby’s network when combined with high-performing local ownership,” Jonathan Taylor, who founded the firm that became TTR Sotheby’s with Wallace Tutt in 1988, said in a statement. “Mark, David and Derrick are exactly the kind of leadership team we need as the firm advances its leadership in the sector.”

In his new position, Lowham will focus on strategic oversight, board engagement, growth partnerships and long-term value creation.

As CEO and managing partner since 2011, Lowham is credited with leading the firm through a tenfold increase in sales volume to nearly $6 billion in annual sales, according to a news release. He’s also led agent growth and expansion to markets including Maryland’s Eastern Shore.

Lowham represented the seller of The Cliffs, a home that went for $25.5 million to a mystery buyer in October 2024. He also sold his own McLean home in March for $6.15 million, down from the original listing price of $7.95 million.

“While I transition into this role, I remain deeply committed to driving value for our advisers, clients and the global Sotheby’s real estate network,” Lowham said in a statement. “I am proud to work closely with David and Derrick, confident in their ability to grow our market share while enhancing service.”

DeSantis, who became co-chief operating officer in 2023, joined TTR Sotheby’s as a partner and managing broker in 2007. He has a track record, according to the firm, of high-performance real-estate operations, agent development and using technology for growth. In his new position, DeSantis will lead day-to-day strategic execution and agent productivity initiatives while driving the firm’s growth targets.

As TTR Sotheby’s president and COO, Swaak will oversee operational discipline, process enhancements, marketing and adviser experience. He also joined TTR Sotheby’s in 2007 and became co-chief operating officer more than two years ago. In 2021, Swaak served as board president for the Northern Virginia Association of Realtors, and in 2022, he was named NVAR Realtor of the Year.

TTR Sotheby’s is an independently owned and operated affiliate of the Sotheby’s International Realty network. It has nearly 550 advisers and 13 office locations.

Starbucks to pay $38.9M in NYC worker settlement

Summary

  • to pay $38.9 million to over 15,000 NYC workers.
  • City says the company cut hours and denied stable schedules.
  • Settlement includes $3.4 million in civil penalties and reinstatement rights.
  • Investigation began after widespread worker complaints in 2022.

NEW YORK (AP) — Starbucks will pay about $35 million to more than 15,000 workers to settle claims it denied them stable schedules and arbitrarily cut their hours, city officials announced Monday.

The company will also pay $3.4 million in civil penalties under the agreement with the city’s Department of Consumer and Worker Protection. It also agrees to comply with the city’s Fair Workweek law going forward.

A company spokeswoman said Starbucks is committed to operating responsibly and in compliance with all applicable local laws and regulations in every market where it does business, but also noted the complexities of the city’s law.

“This (law) is notoriously challenging to manage and this isn’t just a Starbucks issue, nearly every retailer in the city faces these roadblocks,” spokeswoman Jaci Anderson said.

Most of the affected employees who held hourly positions will receive $50 for each week worked from July 2021 through July 2024, the department said. Workers who experienced a violation after that may be eligible for compensation by filing a complaint with the department.

The $38.9 million settlement also guarantees employees laid off during recent store closings in the city will get the chance for reinstatement at other company locations.

The city began investigating in 2022 after receiving dozens of worker complaints against several Starbucks locations, and eventually expanded its investigation to the hundreds of stores in the city. The probe found most Starbucks employees never got regular schedules and the company routinely reduced employees’ hours by more than 15%, making it difficult for staffers to know their regular weekly earnings and plan other commitments, such as child care, education or other jobs.

The company also routinely denied workers the chance to pick up extra shifts, leaving them involuntarily in part-time status, according to the city.

The agreement with New York comes as Starbucks’ union continues a nationwide strike at dozens of locations that began last month. The number of affected stores and the strike’s impact remain in dispute by the two sides.

Why Cyber Monday could break spending records despite economic uncertainty

Summary

  • Adobe projects spending to reach a record $14.2 billion.
  • Cyber Week sales show strong consumer demand despite economic uncertainty.
  • Mobile devices expected to account for 58% of online holiday spending.
  • Buy now, pay later purchases projected to surpass $1B on Cyber Monday.

NEW YORK (AP) — After four days of deal-fueled spending sprees that kicked off on Thanksgiving, shoppers shifted their focus on Cyber Monday, which is again expected to be the biggest sales day of the year for online retailers.

Walmart was promoting up to 50% off on fashion on its website among some of the deals, while online juggernaut Amazon was hoping to ply customers with discounts of up to 55%.

It’s no secret that buying things online is now a staple of many people’s everyday routines. And year after year, those purchases mount during the gift-giving holiday rush. Experts expect consumers to drive record Cyber Monday spending this year, despite wider economic uncertainty.

estimates that U.S. shoppers will spend $14.2 billion online Monday, or 6.3% more than in 2024. Spending is expected to peak between the hours of 8 p.m. and 10 p.m. local time, when Adobe expects $16 million to pass through carts every minute nationwide.

U.S. consumers already spent $11.8 billion online for Black Friday, $6.4 billion on Thanksgiving Day and another $11.8 billion over the weekend — exceeding Adobe’s forecasts. Purchases made across Cyber Week — the five major shopping days between Thanksgiving and Cyber Monday — provides a strong indication of how much shoppers are willing to spend for the holidays.

“Cyber Week is off to a strong start,” Vivek Pandya, lead analyst at Adobe Digital Insights, said. “Discounts are set to remain elevated through Cyber Monday, which we expect will remain the biggest online shopping day of the season and year.”

Pandya said he will be analyzing Adobe data capturing Cyber Monday sales to see if some of the spending momentum dissipated after a strong weekend.

Deals on electronics and apparel are expected to peak Monday at 30% and 26% off average listed prices, per Adobe’s latest estimates. But other categories will still continue to see deep discounts — including toys, which Adobe expects to reach 27% off listed prices.

Meanwhile, software company Salesforce — which tracks digital spending from a range of retailers, including grocers — estimates Cyber Monday’s online sales will total $13.4 billion in the U.S. and $53.7 billion globally.

While the amount of money going into online shopping carts is expected to reach new heights Monday, rising retail prices also may contribute to any record sales figures that materialize. Consumers may be buying fewer total items. Experts say tighter budgets are causing many to shop with more precision than in years past — such as focusing on a few “big ticket” purchases, for example, and spreading out what they buy over days of promotions in hopes of getting the most bang for their buck.

Businesses and households have watched anxiously for financial impacts from U.S. ‘s  on foreign imports. Workers in both the public and private sectors are also struggling with anxieties over job security amid both corporate layoffs and the aftereffects of the 43-day government shutdown.

For the November-December holiday season overall, the National Retail Federation estimates that U.S. shoppers will spend more than $1 trillion for the first time this year. But the rate of growth is slowing — with an anticipated increase of 3.7% to 4.2% year over year, compared with 4.3% during last year’s holiday season.

At the same time, credit card debt and delinquencies on other short-term loans have been rising. More and more shoppers are turning to “buy now, pay later” plans, which allow them to delay payments on holiday decor, gifts and other items.

Buy now, pay later loans are expected to drive $20.2 billion in online spending this holiday season, according to Adobe, up 11% from last year. The firm predicted that buy now, pay later loans would pass a new $1 billion milestone on Cyber Monday, the vast majority involving purchases made on mobile devices.

Overall, mobile devices have become the dominant shopping platform consumers are turning to for the holidays. Adobe expects smartphones, wearable tech and other handheld electronics to account for 58% of online spending this season.

Five years ago, a majority of online purchases were made on desktops.

Shopping services powered by  are also expected to play a role in what consumers choose to buy. For Black Friday, Salesforce estimated that AI assistants and digital agents contributed to $14.2 billion of the total $79 billion it said was spent online worldwide.

Across the holiday season, “hot sellers” will include gaming consoles such as the Nintendo Switch 2 and toys-turned-fashion statements like Labubu Dolls, Adobe said. The analytics company anticipates the newest editions of popular consumer electronics — including the iPhone 17, Google Pixel 10 and Samsung Galaxy S25 — will also see high demand.

To many, Cyber Monday is billed as the “last call” to take advantage of the deepest discounts in the days following Thanksgiving. But its reach has grown over the years.

Cyber Monday is two decades old now, dating back to when the National Retail Federation first coined the term in 2005. Today, sales continue to bubble up throughout the week — riding on the hype that the industry has built to fuel consumer spending.

UK and US agree zero-tariff deal on pharmaceuticals

LONDON (AP) — The U.K. has secured a 0% tariff rate for all U.K. medicines exported to the U.S. for at least three years, officials said Monday, in return for the U.K. spending more on new medicines.

Under the deal, the U.S. agreed to exempt U.K.-origin pharmaceuticals, pharmaceutical ingredients, and medical technology from import taxes.

The Trump administration said in return U.K. drugs firms committed to invest more in the U.S. and create more jobs.

The U.K. government said the 0% rate on all of its pharmaceuticals exports was the lowest offered to any country. As part of the deal, it said the country’s National Health Service will spend around 25% more in new and effective treatments — the first major increase in such spending in over two decades.

Officials said that means U.K. health authorities will now be able to approve medicines that deliver significant health improvements but might have previously been declined purely on cost-effectiveness grounds, including breakthrough cancer treatments or therapies for rare diseases.

“This vital deal will ensure U.K. patients get the cutting-edge medicines they need sooner, and our world-leading UK firms keep developing the treatments that can change lives,” said Science and Technology Secretary Liz Kendall.

The Association of the British Pharmaceutical Industry said the deal was “an important step towards ensuring patients can access innovative medicines needed to improve wider NHS health outcomes.”

“It should also put the U.K. in a stronger position to attract and retain global life science investment and advanced medicinal research,” said ABPI chief executive Richard Torbett.

U.S. Health Secretary Robert F. Kennedy Jr. said the agreement “strengthens the global environment for innovative medicines and brings long-overdue balance to U.S.–U.K. pharmaceutical trade.”

AstraZeneca is among pharmaceutical giants that have cancelled or paused their investments in the U.K. in recent months. U.S. ambassador Warren Stephens recently warned said American businesses will cut future investments if “there are not changes made and fast.”

Earlier this year and British Prime Minister Keir Starmer agreed on a framework for a trade pact that would slash U.S. import taxes on British cars, steel and aluminum in return for greater access to the British market for U.S. products, including beef and ethanol.