Please ensure Javascript is enabled for purposes of website accessibility

Henrico to sell Crossings Golf Club to N.C. company

SUMMARY:

  • McConnell plans a $9 million redevelopment of in
  • County’s EDA will transfer the land for $1 and help fund upgrades
  • Renovations aim for a fall 2027 reopening as a public, tournament-ready course

North Carolina-based McConnell Golf is planning a roughly $9 million investment to acquire and redevelop the 268-acre The Crossings Golf Club in , turning the long-closed property into a public course capable of hosting major tournaments.

The deal includes $6 million to $7 million from the company to rebuild the course, and about $2 million from the Henrico Economic Development Authority and the Henrico Sports & Entertainment Authority for clubhouse and golf facility upgrades.

EDA Director Cari Tretina said that as part of the agreement, the county will transfer the property for a nominal purchase price, about $1, using the land as an incentive to attract private investment and bring long-term tourism and economic benefits to the county. The site will be used for both public play and professional, collegiate and national amateur tournaments.

Construction and renovation are expected to begin after final approvals, with the property closing anticipated within 45 days, subject to customary due diligence and closing conditions. McConnell is targeting a reopening of the course in fall 2027.

“We see this as a unique opportunity to create something special — a high-quality public golf experience that serves the local community while also attracting regional and national events,” McConnell Golf CEO John McConnell said in a statement. “Henrico has been a strong partner throughout this process, and we believe this project will have a meaningful economic and recreational impact.”

The redesigned course will feature an 18-hole layout stretching more than 7,200 yards, with improvements to playing conditions, infrastructure and clubhouse facilities to meet modern tournament standards. Henrico Sports and Entertainment Authority Executive Director Dennis Bickmeier said that McConnell has its own in-house architects and designers that will work on the design specifics.

Under the agreement, the course will operate as a daily-fee public facility while supporting local programming, including use by high school golf teams and community groups. County officials say the project aims to expand access to golf and position Henrico as a destination for sports tourism.

Henrico officials said they did not have project-specific projections for attendance or revenue, but noted that comparable public courses often see 25,000 to 40,000 rounds annually.

The Crossings Golf Club traces its roots to 1960, when it opened as Ethelwood Golf Course. It later operated as a public course known as Half Sink Golf Course in the early 1970s before being partially reconfigured to accommodate construction of Interstate 295. The modern course emerged in 1979, when it reopened as The Crossings, a name it has carried for decades.

The Henrico  EDA purchased the facility in August 2024 for $3 million, citing a need to upgrade the aging course, which had issues such as overgrowth.

The county initially partnered with Powhatan-based Pros Inc. to lease and redevelop the property, but that effort stalled as the company was unable to raise sufficient capital.

“So the course was closed down pending the raising of capital to renovate,” Bickmeier
said. “That didn’t happen so, we were able to transition to McConnell, who has a really strong history of purchasing and renovating golf courses such as this.”

The course has remained closed to play since the EDA’s purchase.

“We will approach this public-private partnership with the same bold vision that defines Henrico — delivering a project our residents, businesses and visitors can be proud of, while strengthening our local and keeping our destination a top choice for business development and sports tourism,” Tretina and Bickmeier said in a joint statement.

Bickmeier said the project is expected to create 20 or more jobs across golf operations, maintenance and hospitality, though final staffing levels have not been determined.
McConnell Golf did not immediately return a request for comment.

Founded in 2003, North Carolina-based McConnell Golf operates about 17 private golf clubs across Virginia, Tennessee, North Carolina and South Carolina.

US Supreme Court rebuffs challenge to class-action status of bank collusion suit

WASHINGTON, April 20 (Reuters) – The U.S. Supreme Court declined on Monday to hear a bid by and seven other major financial institutions to prevent American cities from banding together in a $12 billion accusing them of artificially inflating on a popular .

The justices turned away an appeal by the banks brought after a lower court upheld a judge’s decision to certify the lawsuit brought by Baltimore, Philadelphia, San Diego and other cities as a class action. The Supreme Court’s action paves the way for the suit to proceed as a class action.

The cities have accused the eight banks of colluding from 2008 to 2016 to raise rates on thousands of long-term bonds known as variable-rate demand obligations. Also among the banks were , , and Goldman Sachs.

The bonds have short-term rates that typically reset weekly. The cities contend banks drove up interest rates, reducing available municipal funding for hospitals, schools and other outlets.

The banks argued in Manhattan federal court that the cities should be required to sue for damages individually, not as a group. They also have denied any wrongdoing.

The banks in their appeal contend that U.S. district judges must first resolve disputes among third-party experts that address whether common issues predominate before allowing cases to move forward as class actions. They said the New York-based 2nd U.S. Circuit Court of Appeals was wrong last year to uphold certification of a nationwide class of municipal bond issuers.

The banks had told the Supreme Court that the 2nd Circuit’s ruling, if left in place, would encourage overly broad class actions, dramatically raising potential liability and coercing settlements. The cities and other municipal issuers countered that the banks were seeking to transform class certification into a mini-trial on the merits of a lawsuit.

The plaintiffs also asserted there was no conflict among appellate courts and that class certification decisions should focus first on whether common questions can be resolved on a class-wide basis, not on whether plaintiffs will ultimately prevail.

 

(Reporting by Mike Scarcella)

 

Honeywell to sell productivity solutions unit to Brady for $1.4B

April 20 (Reuters) – has agreed to sell its productivity solutions and services unit to in an worth $1.4 billion, the conglomerate said on Monday, as it aims to streamline its sprawling businesses.

The industrial giant said in July it was evaluating strategic alternatives for two businesses, including productivity solutions and services (), ahead of splitting its operations into separate aerospace, automation and advanced materials units.

Honeywell divested its personal protective equipment business in 2024 and spun off its in October 2025.

The divestiture of the PSS unit, which makes mobile computers, barcode scanners and printing solutions for the warehouse and logistics market, is expected to be completed in the second half of 2026.

Brady expects the acquisition to be double-digit accretive to its adjusted profit within the first year after the deal closes.

The company makes labels, signs, safety devices and printing systems for industries including electronics, and aerospace.

 

(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Jonathan Ananda)

 

Oil prices rise 5% on fears of US-Iran ceasefire collapse

Summary:

LONDON, April 20 (Reuters) – jumped about 5% in Monday trading on fears that the between the United States and could collapse after the U.S. seized an Iranian cargo ship and traffic through the Strait of Hormuz remained largely halted.

Brent crude futures advanced $4.37, or 4.8%, to $94.75 a barrel by 1148 GMT and U.S. was up $4.76, or 5.7%, at $88.61.

Both contracts tumbled by 9% on Friday for their largest daily declines since April 18 after Iran said that passage for all commercial vessels through the Strait of Hormuz was open for the remainder of the ceasefire.

U.S. President , meanwhile, said that Iran had agreed never again to close the strait through which about a fifth of the world’s oil supply passed before the war began almost two months ago.

“Within 24 hours of Friday’s ‘completely open’ announcement, there were already tankers that were fired upon by the Islamic Revolutionary Guard Corps (IRGC),” said analyst June Goh.

“Market fundamentals are getting worse, as 10-11 million barrels per day of crude oil remains shut in,” Goh added, referring to losses in oil production.

The United States said on Sunday that it had seized an Iranian cargo ship that tried to break through its blockade while Iran said it would retaliate, heightening fears of a resumption in hostilities.

Tehran also said it would not participate in a second round of negotiations that the U.S. had hoped to start before the two-week ceasefire expires this week.

“The financial market is trading negotiations, improvements and resolution while at the same time the physical market is deteriorating day by day,” said analyst Bjarne Schieldrop. “Physical oil flows remain constrained by disrupted flows, longer voyage times and elevated freight and insurance costs.”

Shipping traffic through the Strait of Hormuz remained at a virtual standstill on Monday, with only three crossings in the past 12 hours, shipping data showed.

More than 20 ships passed through the strait on Saturday, carrying oil, liquefied petroleum gas, metals and fertilisers, Kpler data showed. That was the highest number of vessels crossing the waterway since March 1.

Elsewhere, China is curtailing refined fuel exports rather than banning them, with countries including Malaysia and Australia receiving supplies even after Beijing extended last month’s restriction into April, according to shipping data and traders.

(Reporting by Stephanie Kelly in London and Florence Tan and Siyi Liu in SingaporeEditing by David Goodman)

 

US homebuilders brace for another challenging year as war, tariffs hurt margins

Summary:
  • CEO Stuart Miller cites and immigration issues
  • CEO Robert McGibney notes material cost pressures
  • warns of in development costs hurting margins

April 20 (Reuters) – U.S. homebuilders will likely point to another challenging year as tariffs and the further squeeze margins, while rising inflation continues to sideline buyers, analysts said.

The sector has struggled with declining sales for several quarters, as years of underproduction, due to labor shortages and restrictive land zoning, have pushed home prices higher. The challenges have been exacerbated by new tariffs and the Middle East conflict, analysts said.

Residential construction input prices remain elevated after soaring during the post‑pandemic inflation spike.

Analysts at Barclays warned that “eventual inflation in development costs — pipe, freight, and infrastructure facing new inflationary dynamics — will be difficult for builders to pass on, leading to further margin challenges and/or more reduction in starts.”

Lennar CEO Stuart Miller acknowledged that tariffs and immigration issues were adding to material and labor costs.

“With affordability at stake, we have been working hard to push against and to manage these pressures through our trade partner relationships,” Miller said during an earnings call last month. “Nevertheless, the cost structure in the industry is pushing higher and is difficult to manage.”

Peer KB Home CEO Robert McGibney also flagged “some pressure on material costs from lumber.”

To protect sales volumes, many builders have leaned on incentives like , and analysts expect that trend to continue.

A brief dip in the 30-year fixed rate to below 6% in late February, on cooler inflation and falling Treasury yields, proved short lived, as rates soon climbed back to around 6.5% by early April, pressuring customers’ affordability.

The U.S.-Israel war with , which broke out on February 28, delivered a fresh blow to an already fragile housing recovery, sending and yields higher.

“With oil prices being higher, certainly, that can bleed into land development and vertical construction,” especially considering petroleum is needed for a lot of products that go into a home, driving up costs, KB Home’s McGibney said.

SLOW SPRING

“Geopolitical tensions, higher rates, and broader economic uncertainty are weighing on consumers in a vital period of the ,” said Barclays analyst Matthew Bouley.

Wells Fargo analyst Sam Reid echoed the concern, noting housing stocks have lagged the S&P 500 by 12 points since the start of the war.

The stakes are high, given buyer activity typically peaks from March through June.

Evercore ISI analyst Stephen Kim called this year’s spring selling season “disappointing” so far, with demand trends worse compared to the same period in 2024 and 2025.

Both Lennar and KB Home reported early spring sales below expectations.

“It is likely that builders begin another cycle of guidance reductions,” Bouley said. “Even if delivery guidances hold, we think there is (an) increasing risk of negative revisions later in the year.”

DR Horton reports results on Tuesday, followed by PulteGroup on Thursday, and NVR is also due this week.

(Reporting by Aatreyee Dasgupta in Bengaluru; editing by Arpan Varghese and Shinjini Ganguli)

 

Federal judge blocks $6B Nexstar-Tegna TV merger

Summary:
  • Troy L. Nunley issues preliminary injunction
  • Merger valued at $6.2 billion involves 265 tv stations
  • and eight state attorneys general lead lawsuit

A federal judge on Friday blocked the $6 billion merger of , the largest owner of TV stations in the , with its rival , until an is resolved.

Chief Judge Troy L. Nunley of the U.S. District Court for the Eastern District of California issued the preliminary injunction late Friday, finding that DirecTV and eight state attorneys general were likely to win in their legal effort to block the merger.

“Nexstar must permit Tegna to continue operating as a separate and distinct, independently managed business unit from Nexstar,” Nunley wrote in his ruling. “And Nexstar must put measures in place to maintain Tegna as an ongoing, economically viable, and active competitor.” His order takes effect on April 21. The judge previously issued a temporary order in late March that blocked the merger for three weeks.

DirecTV and the attorneys general, all Democrats, argue that the merger will raise prices for consumers and harm local journalism.

Nexstar affirmed its ownership of Tegna in a statement on Friday. “This transaction closed more than four weeks ago following receipt of all required regulatory approvals,” the statement said. “This pro-competitive transaction will make local stations stronger and support continued investment in local journalism and fact-based news.”

It added that it would appeal Friday’s ruling. Tegna did not immediately respond to a request for comment.

Announced in August, the proposed merger won support from President , who voiced support for the deal in a Truth Social post in February. “We need more competition against THE ENEMY, the Fake News National TV Networks. Letting Good Deals get done like Nexstar – Tegna will help knock out the Fake News because there will be more competition,” the president wrote.

The $6.2 billion deal was approved in March by the and the . The merger would fundamentally alter the local television environment in the U.S.: Nexstar previously said the deal would give it 265 stations across the country.

FCC Chairman allowed the deal to proceed last month by waiving a cap that has historically barred station owners from expanding to reach more than 39 percent of American households. With 265 stations across 44 states and the District of Columbia, Nexstar would reach 80 percent of households.

DirecTV filed its lawsuit against the merger on the same day it was approved. The FCC approved it without a full commission vote, leading Sens. Ted Cruz (R-Texas) and Maria Cantwell (D-Washington) to express concern about the process.

“This decision raises serious concerns about the Commission’s use of delegated authority in matters involving significant legal, policy, and economic consequences,” the two lawmakers wrote in a March 30 letter to the FCC. “The transaction is unprecedented in scale, resulting in the largest local broadcast television group in U.S. history.”

Anna Gomez, the lone Democratic commissioner on the FCC, applauded Friday’s ruling.

“What we saw here was a coordinated, multiagency effort to avoid accountability and judicial review, culminating in a same-day clearance, approval, and closing designed to shield the public from the real harms of this unprecedented merger,” Gomez wrote in a statement.

“Today’s ruling is an important step toward restoring accountability and ensuring that decisions of this magnitude are made with consumers in mind, not billion-dollar companies cutting backroom deals out of public view,” she wrote.

by Liam Scott | (c) 2026 , The Washington Post

Fed sees modest economic growth in Fifth District

SUMMARY:

Economic activity in the Federal Reserve’s Fifth District grew at a modest pace in recent weeks, as consumer spending and tourism picked up despite a winter weather slowdown, according to the Fed’s latest edition of the Beige Book released Wednesday.

The district encompasses Virginia, Maryland, North Carolina, South Carolina, Washington, D.C., and most of West Virginia. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions gathered from the nation’s 12 Federal Reserve Banks. It is compiled from reports by Fed executives, as well as information collected from business contacts, community organizations, economists, market experts and other sources. The April edition is an update from the Fed’s March 4 report.

According to the latest Beige Book edition, employment in the Fifth District increased slightly in recent months. However, economic uncertainty prompted some firms to reassess hiring. The report said that conditions were mixed, with some businesses pulling back while others with greater certainty investing and expanding headcount. The Fed said several contacts reported modest wage increases to retain talent and keep pace with .

Prices increased moderately from the last cycle, with service-sector prices rising around 3% year-over-year and prices closer to 5%, as firms faced higher input costs from and rising , the Beige Book said.

Manufacturing activity in the Fifth District was unchanged, with uncertainty continuing to affect operations. The book cited a compressor manufacturer that reported difficulty forecasting business performance due to unpredictable import costs. However, other businesses noted reported some improvement.

Cargo volumes at Fifth District ports saw a modest increase as firms restocked inventories and responded to a February Supreme Court decision limiting the president’s use of emergency powers to impose tariffs. However, port contacts warned that a prolonged conflict in the Middle East could push up supply chain costs.

Consumer spending edged up since March but was tempered by winter storms. Retailers reported continued price sensitivity and lackluster discretionary spending. Several firms said tariffs on raw materials and finished goods have cut into profit margins by more than 20%.

However, hotel occupancy and revenue improved in recent weeks, with areas like Northern Virginia and Washington, D.C., seeing a modest uptick in seasonal travel demand compared to last year.

Residential activity was little changed, the report said, with early signs of a strong spring market fading as mortgage rates climbed back above 6.5%, dampening buyer optimism. The recent rise in rates has come amid broader market volatility, in part tied to the war in .

Commercial real estate and retail and industrial activity were also largely unchanged. Unlike residential real estate, one Maryland agent said deals were proceeding despite a “fog of uncertainty.”

Loan demand remained steady, though a banker observed borrowing was largely driven by necessity rather than expansion. The Fed said that demand for nonfinancial services rose slightly, but clients remained hesitant to proceed with new projects amid economic uncertainty.

Wall Street indexes rally after Iran says Strait of Hormuz ‘completely open’

Summary:
  • Dow hits highest level since late February
  • Iranian foreign minister Abbas Araqchi confirms strait is open
  • slide as tumble over 11%

April 17 (Reuters) – The benchmark S&P 500 and the tech-heavy Nasdaq traded at record highs on Friday, while the blue-chip Dow hit its highest level since late February, as investors cheered ‘s decision to open the and were optimistic it could reach an agreement with the United States.

Iranian Foreign Minister Abbas Araqchi said in a post on X that passage for all commercial vessels through the Strait of Hormuz was “completely open” for the remainder of the 10-day truce between Israeli forces and Iran-backed Hezbollah agreed to in Lebanon.

This followed U.S. President ‘s announcement that talks could take place this weekend between Tehran and Washington and that they could soon secure a peace agreement to end the , which has left thousands dead since the U.S. and Israel launched joint strikes on Iran on February 28.

With traders increasingly confident that an end to the war is near, U.S. crude oil prices tumbled more than 11%, alleviating concerns. The Strait of Hormuz is a vital waterway for global energy transportation.

“The concern about oil putting the world into a slowdown diminishes as it’s onward and upward for a possible final deal,” said Bob Doll, CEO of Crossmark, who noted that while there is still no signed U.S.-Iran deal, “it looks like it’s heading in a direction that’s enough for the market to go up.”

At 2:13 p.m. EDT the Dow Jones Industrial Average rose 914.48 points, or 1.88%, to 49,493.20, the S&P 500 gained 79.81 points, or 1.13%, to 7,121.09 and the gained 322.20 points, or 1.34%, to 24,424.91.

All three indexes were cruising toward their third consecutive week of gains. The Nasdaq Composite was on course to extend its winning run to 13 days, its longest since January 1992. The small-cap Russell 2000 hit its first intraday record high since the U.S.- erupted.

ENERGY STOCKS SLIDE AS OIL TUMBLES

Among the S&P 500’s 11 major industry sectors, energy was the biggest loser, with Exxon Mobil and Chevron among the benchmark’s top drags, down 3.9% and 2.5%, respectively.

The biggest gainer was consumer discretionary, with cruise operators Carnival and Norwegian Cruise Line leading gains, up more than 8% and 7%, respectively. Industrials was also a top gainer, with airline stocks among its lead advancers. United Airlines was up nearly 7%.

The CBOE volatility index hit a more than two-month low before paring losses but was still down 0.38 point at 17.57.

CAUTION PERSISTS ON STRAIT PASSAGE

Still, some analysts cautioned that logistical challenges remain for shippers.

“Ship operators still face astronomical war-risk insurance premiums, potential mine hazards, and uncertainty about enforcement,” said Erik Bethel, general partner at maritime-focused investment firm Mare Liberum.

The S&P’s biggest drag was from Netflix, which dropped 10% after forecasting current-quarter earnings below expectations. The company also announced the exit of co-founder and longtime Chairman Reed Hastings, ending a 29-year tenure.

Alcoa fell 6.9% after the aluminum producer reported first-quarter profit and revenue below analysts’ estimates, citing elevated costs and softening demand.

Markets are currently pricing in a 50% chance that the U.S. will cut interest rates in December, based on fed-funds futures prices. This marks a drastic change from a 20% chance earlier in the session, according to LSEG-compiled data.

Advancing issues outnumbered decliners by a 4.14-to-1 ratio on the New York Stock Exchange, where there were 563 new highs and 39 new lows. On the Nasdaq, 3,566 stocks rose and 1,170 fell as advancing issues outnumbered decliners by a 3.05-to-1 ratio. The S&P 500 posted 48 new 52-week highs and no new lows.

(Reporting by Sinead Carew in New York; Additional reporting by Niket Nishant and Avinash P in Bengaluru; Editing by Tasim Zahid and Matthew Lewis)

 

Raytheon wins $904.6M Army contract modification

Raytheon, a subsidiary of -based aerospace and defense contractor , has been awarded a $904.6 million modification to support an initial, limited production run of five Lower Tier Air and Missile Defense Sensor (LTAMDS) units and six spares.

The award covers new production hardware, software and related services, including documentation. The modification increases the contract’s total value, originally awarded in 2024, to $5.36 billion.

According to the , bids were solicited online, with one received.

Work will be performed in Andover, Massachusetts, with an estimated completion date of Aug. 29, 2031. The Army obligated $725.88 million in fiscal 2026 missile procurement funds at the time of the award.

According to RTX, LTAMDS is a radar tool designed to detect and track advanced threats, including hypersonic weapons. The system uses three antenna arrays to provide 360-degree coverage, allowing it to identify and engage multiple threats simultaneously.

The Army Contracting Command at Redstone Arsenal, Alabama, is the contracting activity.

RTX has more than 180,000 employees globally and reported more than $88.6 billion in 2025 sales. The contractor is the second-highest-ranked Virginia-based company on the 2025 Fortune 500. RTX’s business unit is also based in .

Leidos, Analogic to form security screening joint venture

SUMMARY:

  • will combine its SES business with Analogic to form a tech
  • The company will operate under the Analogic brand, with Leidos holding a 41.5% stake and Altaris affiliates owning the majority
  • Leidos is contributing 1,500 employees in unit with about $625 million in projected 2026 revenue
  • The deal is expected to close in the second half of 2026

-based government contractor Leidos this week announced plans to combine its Security Enterprise Solutions business with New Hampshire-based imaging and detection technology company Analogic to form a new joint venture focused on security screening technologies for airports, borders and critical infrastructure worldwide.

Leidos said Wednesday it entered into an agreement with New York-based investment firm Altaris, which owns Analogic.

The privately held company will operate under the Analogic brand, with Leidos retaining a 41.5% minority stake. Affiliates of Altaris will hold the remaining 58.5%.

As part of the deal, Leidos will contribute its SES business, representing approximately 1,500 employees and $625 million in projected 2026 revenue. A company spokesperson said that figure reflects only the Leidos portion of the business and that the company is not providing longer-term growth or profitability projections at this time.

“Our unified joint venture represents a focused step to strengthen U.S. capabilities in security detection at a time when global travel and trade continue to grow,” Leidos CEO Tom Bell said in a statement.

The joint venture will combine Leidos’ SES business with Analogic’s detection technologies, capabilities and engineering expertise into a single U.S.-based enterprise with global reach. Leidos’ SES unit provides security detection systems for airports, ports, borders and other critical infrastructure, with systems deployed in 129 countries and customers across both government and commercial sectors.

A Leidos spokesperson said the new company’s management team will develop specifics of the joint venture’s strategy after the deal closes.

The transaction is expected to close in the second half of 2026, subject to regulatory approvals and other customary conditions. The spokesperson said integration of the two businesses will begin following the closing.

Upon closing, the combined company will be led by Analogic CEO Tom Ripp. Both businesses will continue to operate independently until then.
Leidos said the combination is intended to improve product innovation and streamline research and development, manufacturing and operations, while accelerating the transition to AI-enabled and 3D imaging screening technologies.

“Today marks an important milestone for our company and for the security industry,” Ripp said in a statement. “By combining two highly complementary organizations, we are creating a stronger, more capable company with the expertise and breadth of solutions to better meet evolving customer needs worldwide.”

Leidos has approximately 50,000 employees and reported $17.2 billion in revenue for its most recent fiscal year. Analogic employs about 900 people globally and develops imaging and detection technologies for aviation security, health care and industrial markets.