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Tariffs could add $500M to Dominion offshore wind project

SUMMARY:

  • says costs for Coastal Virginia farm could rise by about $500 million due to on imported goods.
  • Virginia Beach has already incurred $4 million in tariffs this year.
  • Project on schedule for completion in 2026.

Richmond-based Dominion Energy says the cost of its $10.8 billion (CVOW) project in Virginia Beach could rise by about $500 million due to tariffs on imported goods from ‘s trade war.

During an earnings call last week, Dominion Chair, President and CEO Bob Blue provided an update on the of the wind farm, which when completed in 2026, will consist of 176 wind turbines 27 miles off the coast of Virginia Beach. CVOW will generate up to 9.5 million megawatt-hours per year of energy, enough to power up to 660,000 homes, Dominion has said.

Looming over the project has been the ‘s recent tariffs — including 25% tariffs on steel and 25% tariffs on goods from Mexico and Canada.

“It’s difficult to fully assess the impact tariffs may have to the project’s final cost, as actual costs incurred are dependent upon the tariff requirements and rates, if any, at the time of delivery of the specific component,” Blue said.

Blue said through the end of the first quarter, the project incurred actual tariff costs of $4 million. If  current U.S. tariff policies continue through the end of the second quarter, Blue said, that number would increase to about $120 million. And if the Trump administration’s tariff policies continue through the end of 2026, when the wind farm is expected to be fully operational, it’s estimated that the cumulative tariff impact would grow to $500 million.

Last week, Blue said, Dominion made its quarterly offshore wind construction update filing with the Virginia State Corporation Commission, notifying the SCC that the total CVOW project cost has increased by about $120 million to align with projected tariff costs through the end of the second quarter. The total updated development cost of CVOW is now $10.8 billion, and to accommodate the increase, Dominion plans to increase residential customers’ bills by an average of 4 cents through the life of the project.

The update marks the second time this year Dominion has increased the cost estimates for the project. In February, Dominion announced the project’s cost had jumped 9%, from $9.8 billion to $10.7 billion. The price increase is due to higher onshore electrical connection costs and network upgrades assigned by regional electric grid operator PJM. That price increase resulted in customer bills rising by an average of 43 cents per month. Blue said excluding tariff impacts, the cost for project components, excluding tariff impacts, have remained in line with the prior update.

“Let me be clear, CVOW remains one of the most affordable sources of energy for our customers,” Blue said.

Blue said the wind farm is 55% complete and remains on track to deliver energy to customers in 2026. More than 80% of the project’s 176 monopiles have been completed and successfully delivered to Virginia, he added. with deliveries of the final 32 monopiles expected over coming weeks. CVOW’s first offshore substation was installed on March 10, Blue said, with the remaining two offshore substations on track to be delivered this summer and installed in the fall.

While tariffs are expected to increase the project’s cost, Blue doesn’t anticipate tariffs impacting the company’s ability to get the materials needed to complete the project.

Companies sue over Valley medical marijuana permit


Summary:

  • Seven businesses sue over permit.
  • AYR Virginia awarded conditional permit after lottery selection.
  • Lawsuit claims violations of FOIA and Administrative Process Act.
  • Hearing for consolidated lawsuits scheduled for July 11, 2025.

Several business entities are suing the state over its decision to award a conditional permit to a subsidiary of a multistate operator that will allow that company to be the only grower and dispenser of medical in a designated region that includes the , Charlottesville and Fredericksburg.

According to complaints filed in in November 2024, seven plaintiffs argue that the Virginia Cannabis Control Authority badly bungled the selection of a pharmaceutical processor to serve the state’s in September 2024. AYR Virginia, the business awarded the permit, is a subsidiary of a multistate cannabis conglomerate .

A hearing for the lawsuits, which were consolidated, is scheduled July 11.

“The entire process was infected by so many errors and arbitrariness that it’s hard to know where to start,” states a filing by Trulieve VA and Natures VA, which unsuccessfully applied for the permit. Other litigants are Blue Ridge Medical, Holistic Apothecary Virginia, VMCC Wellness, Pure Virginia and numerous entities connected to TheraTrue.

The authority declined to comment on the pending litigation, and AYR Wellness did not respond to inquiries from Virginia Business.

The Shenandoah region’s permit has been long delayed, meaning that patients will have to wait longer to buy legally near their homes. The state began issuing permits in 2018, and in other parts of the state, medicinal cannabis is a thriving industry.

PharmaCann Virginia was granted a conditional permit for HSA 1, but that permit was revoked in 2020 after the company failed to build a facility by a 2019 deadline. The HSA 1 permit was then tied up in legislation for years, until February 2024, when the cannabis authority announced it was ready to accept applications for operators to serve the region. At the time, 40 applicants threw their hats in the ring, paying $18,000 fees for consideration.

After a 33-way tie for highest score, the authority held a lottery to determine the winning entity in September 2024, using random.org, a number randomization website.

Philip Goldberg, CEO of Blue Ridge Medical, one of the entities that filed a lawsuit, called it “bizarre” that the authority didn’t use experts at the Virginia Lottery.

“It just doesn’t look like an extremely professional website,” he said of random.org. “It’s a company based out of Ireland that follows the rules of Malta.”

Noah Sullivan, a partner with Gentry Locke, is representing Blue Ridge Medical and Pure Virginia, which is connected to Pure Shenandoah, an Elkton-based, family-run CBD and hemp products business. The leaders of both companies, he said, feel strongly that the best applicant didn’t win the permit for HSA 1.

“We need to make sure that this process is fair, that is transparent, and that it’s awarded on a competitive basis, which is what the what the law requires,” Sullivan said.

The plaintiffs say that the selection process violated the Virginia Freedom of Information Act and the Virginia Administrative Process Act. However, the authority argued in a demurrer that even if it violated FOIA statutes, the decision still would stand. The state added that “does not apply” to the cannabis authority.

Rivers Casino Portsmouth to add $65M hotel

Rivers and Chicago-based Rush Street are planning to break ground on a $65 million in Portsmouth this summer, more than two years after the casino first opened.

Portsmouth Mayor Shannon Glover revealed the plans for during his annual State of the City address Friday. The eight-story hotel will be located directly adjacent to the casino, overlooking the property’s water feature. It will have 106 guest rooms, including 32 suites ranging from roughly 400 to 800-plus square feet.

A lobby bar will be located near the reception area on the hotel’s first floor, where two private executive boardrooms and other amenities will also be available. Hotel guests will have immediate access to the casino’s event center, along with eight on-property restaurants and lounges, a poker room and the full-service gaming floor.

A rendering of The Landing Hotel Portsmouth's lobby. Image courtesy KOO Architecture & Interiors of Chicago and Rush Street Gaming
A rendering of The Landing Hotel Portsmouth’s lobby. Image courtesy KOO Architecture & Interiors of Chicago and

“Portsmouth is on the move — and we’re winning,” Glover said in a statement. “The Landing Hotel Portsmouth is more than just a beautiful new addition to our skyline. It’s a symbol of Rivers Casino’s positive impact on Portsmouth and our continued rise as a regional entertainment destination.”

The casino and Rush Street Gaming say the project will create roughly 200 temporary jobs and 60 permanent positions.

The hotel is expected to open in early 2027.

“A hotel was always part of the casino’s master plan, and we’re excited to be moving forward as expected,” Rush Street Gaming CEO Tim Drehkoff  said. “The Landing Hotel Portsmouth will be Rush Street’s fourth casino hotel, custom-designed for the greater Hampton Roads market.”

Chicago-based KOO Architecture & Interiors is the project’s architect.

opened as Virginia’s first permanent casino in January 2023. The casino earned $309.5 million in adjusted revenue in 2024, compared to $250 million in 2023.

Thousands of machinists union members go on strike at jet engine maker Pratt & Whitney


SUMMARY:

  • 3,000 machinists union members went on strike at in Connecticut
  • ‘s is Pratt & Whitney’s parent company
  • First strike since 2001, with negotiations on wages, retirement and job security having broken down
  • RTX could face a $850 million hit if stay in place

EAST HARTFORD, Conn. (AP) — About 3,000 labor union members went on strike early Monday at jet engine maker Pratt & Whitney in Connecticut, as negotiations over wages, retirement benefits and job security broke down.

The manufacturer is a subsidiary of Arlington County-based RTX, a and .

Members of the International Association of Machinists and Aerospace Workers were picketing at manufacturing locations in East Hartford and Middletown, after about 77% of nearly 2,100 union members voted to approve their first strike since 2001, union officials said. Their contract expired late Sunday.

“Pratt and Whitney is a powerhouse in military and commercial aerospace products because our membership makes it so,” David Sullivan, the union’s eastern territory vice president, said in a statement. “This offer does not address the membership concerns, and the membership made their decision — we will continue to fight for a fair contract.”

Picketing workers lined and crossed streets near the entrances to the East Hartford and Middletown plants on a rainy Monday morning. Many of the signs said “I am on strike! against Pratt & Whitney,” while some read “Solidarity for Security” and “Together We Rise.”

Some workers said they were concerned that the company may move jobs and manufacturing out of the state to its plants in Georgia.

“They’re not giving us job security. We need time to be here,” union member Scott Westberg told WFSB-TV. “We want to be in Connecticut a long time. They’re trying to deteriorate the middle class, which is what we are. We are the blue collar.”

The company called its latest wage and retirement proposal competitive, and said its workforce is among the most highly compensated in the region and industry.

“Our message to union leaders throughout this thoughtful process has been simple: higher pay, better retirement savings, more days off and more flexibility,” the company said in a statement. “We have no immediate plans to resume negotiations at this time and we have contingency plans in place to maintain operations and to meet our customer commitments.”

The strike comes as RTX faces a potential $850 million hit on profits this year because of tariffs imposed by , if the tariff rates remain the same through the year. During its first-quarter call on April 22, the company said its Pratt & Whitney and Collins Aerospace subsidiaries would each shoulder just over $400 million of the potential tariffs hit.

RTX is predicting $83 billion to $84 billion in adjusted sales companywide in 2025. The company’s first-quarter earnings were $1.5 billion. Pratt & Whitney’s adjusted operating profit in the quarter was $590 million.

The company said its latest contract proposal included an immediate 4% wage increase, followed by a 3.5% increase in 2026 and a 3% increase in 2027. It also included a $5,000 contract ratification bonus and enhanced pension and 401k plan benefits.

Pratt & Whitney makes engines for commercial and military jets, including the GTF line for Airbus commercial jets and the F135 for the military’s F-35 Lightning II fighter aircraft fleet.

In February, Pratt & Whitney won a three-year, $1.5 billion award to sustain F119 engines used for the U.S. Air Force’s F-22 .

Connecticut Gov. Ned Lamont and Lt. Gov. Susan Bysiewicz, both Democrats, issued a statement urging the company and union to continue negotiating. Members of Connecticut’s all-Democratic congressional delegation and Democratic state lawmakers said they were supporting the union workers.

Federal Reserve likely to defy Trump, keep rates unchanged this week

SUMMARY:

  • Fed expected to keep rates at 4.3% amid political pressure
  • Trump demands cuts, falsely claims is over
  • Inflation remains above Fed’s 2% target at 3.6%
  • seen as key risk that could raise prices further
  • Powell aims to protect Fed’s independence amid criticism

WASHINGTON (AP) — The will likely keep its key short-term interest rate unchanged on Wednesday, despite weeks of harsh criticism and demands from that the Fed reduce borrowing costs.

After causing a sharp drop in financial markets two weeks ago by saying he could fire Fed Chair , Trump subsequently backed off and said he had no intention of doing so. Still, he and Treasury Secretary Scott Bessent have said the Fed should cut rates.

They argue that inflation has steadily cooled and high borrowing costs are no longer needed to restrain price increases. The Fed sharply ramped up its short-term rate in 2022 and 2023 as pandemic-era inflation spiked.

Separately, Elon Musk, the head of Trump’s Department of Government Efficiency, last Wednesday suggested that DOGE should look more closely at the Fed’s spending on its facilities.

The heightened scrutiny shows that even as the backs off its threats to fire Powell, the Fed is still subject to unusually sharp political pressures, despite its status as an independent agency.

Even so, the Fed will almost certainly leave its key rate unchanged at about 4.3% when it meets Tuesday and Wednesday. Powell and many of the other 18 officials that sit on the Fed’s rate-setting committee have said they want to see how Trump’s tariffs affect the economy before making any moves.

Trump, however, on Friday said on the social media platform Truth Social that there is “NO INFLATION” and claimed that grocery and egg prices have fallen, and that gas has dropped to $1.98 a gallon.

That’s not entirely true: Grocery prices have jumped 0.5% in two of the past three months and are up 2.4% from a year ago. Gas and have declined — gas costs are down 10% from a year ago — continuing a longer-running trend that has continued in part because of fears the economy will weaken. Still, AAA says gas prices nationwide average $3.18 a gallon.

Inflation did drop noticeably in March, an encouraging sign, though in the first three months of the year it was 3.6%, according to the Fed’s preferred gauge, well above its 2% target.

Without tariffs, economists say it’s possible the Fed would soon reduce its benchmark rate, because it is currently at a level intended to slow borrowing and spending and cool inflation. Yet the Fed can’t now cut rates with Trump’s broad tariffs likely to raise prices in the coming months.

Vincent Reinhart, chief economist at BNY, said that the Fed is “scarred” by what happened in 2021, when prices rose amid supply snarls and Powell and other Fed officials said the increase would likely be “transitory.” Instead, inflation soared to a peak of 9.1% in June 2022.

This time they will be more cautious, he said.

“That’s a Fed that is going to have to wait for evidence and be slow to adjust on that evidence,” Reinhart said.

Plus, Trump’s badgering of Powell makes it harder for the Fed chair to cut rates because doing so anytime soon would be seen as knuckling under to the White House, said Preston Mui, an economist at Employ America.

“You could imagine a world where there isn’t pressure from the Trump administration and they cut rates … sooner, because they feel comfortable making the argument that they’re doing so because of the data,” he said.

For his part, Powell said last month that tariffs would likely push up inflation and slow the economy, a tricky combination for the Fed. The central bank would typically raise rates — or at least keep them elevated — to fight inflation, while it would cut them to spur the economy if unemployment rose.

Powell has said that the impact of the tariffs on inflation could be temporary — a one-time price increase — but most recently said it “could also be more persistent.” That suggests that Powell will want to wait, potentially for months, to ensure tariffs don’t sustainably raise inflation before considering a rate cut.

Some economists forecast the Fed won’t cut rates until its September meeting, or even later.

Yet Fed officials could move sooner if the tariffs hit the economy hard enough to cause layoffs and push up unemployment. Wall Street investors appear to expect such an outcome — they project that the first cut will occur in July, according to futures pricing.

Separately, Musk criticized the Fed Wednesday for spending $2.5 billion on an extensive renovation of two of its buildings in Washington, D.C.

“Since at the end of the day, this is all taxpayer money, we should certainly look to see if indeed the Federal Reserve is spending $2.5 billion on their interior designer,” Musk said. “That’s an eyebrow raiser.”

Fed officials acknowledge that the cost of the renovations have risen as prices for building materials and labor have spiked amid the post-pandemic inflation. And former Fed officials, speaking on background, say that local regulations forced the Fed to do more of the expansion underground, rather than making the buildings taller, which added to the cost.

Meanwhile, Kevin Warsh, a former Fed governor and a potential candidate to replace Powell as chair when Powell’s term expires next year, said recently that the Fed has attracted greater scrutiny because of its failure to keep prices in check.

“The Fed’s current wounds are largely self-inflicted,” he said in a speech during an International Monetary Fund conference in late April, in which he also slammed the Fed for participating in a global forum on . “A strategic reset is necessary to mitigate losses of credibility, changes in standing, and most important, worse economic outcomes for our fellow citizens.”

Powell, for his part, said last month that “ is very widely understood and supported in Washington, in Congress, where it really matters.”

Warren Buffett will remain chairman at Berkshire Hathaway when Greg Abel takes over as CEO in 2026

SUMMARY:

  • , 94, to remain chairman of
  • to take over as CEO starting in 2026
  • Investors reassured by Buffett’s continued leadership
  • Abel praised for his disciplined, hands-on management style
  • Berkshire holds $348 billion in cash, seeking future opportunities

OMAHA, Neb. (AP) — Billionaire Warren Buffett will remain chairman of the board at Berkshire Hathaway when vice chairman Greg Abel takes over for Buffett as CEO at the start of 2026.

The board of directors at the cash-rich conglomerate voted Sunday to keep the legendary 94-year-old investor as head of the board, a decision likely to relieve investors worried about maintaining Berkshire’s remarkable winning streak as U.S. and global economies are beset by tariff shocks, financial turmoil and a growing risk of recession.

The board in the same meeting also approved Buffett’s chosen successor as CEO, veteran Berkshire executive Greg Abel, 62. In a surprise announcement Saturday, Buffett said he would step down from that top spot at the end of the year.

Berkshire Class B shares fell 4% Monday morning after hitting an all-time high Friday.

Macrae Sykes, portfolio manager at Gabelli Funds, praised the company’s transparency after Buffett announced the succession and does not believe Buffett is going anywhere.

“I think it gives Warren a little more bandwidth instead of running this conglomerate,” Sykes said in an interview with The Associated Press. “It gives Greg more transparency on the opps with also Warren still being his mentor as chairman,”

Unmatched track record of success

In six decades at the helm, Buffett turned a Massachusetts textile company into a sprawling but nimble conglomerate that owns everything from Daily Queen and See’s Candies to BNSF Railway and massive insurance companies. As the company grew, Warren’s reputation grew with it as shares of Berkshire Hathaway climbed steadily, exceeding major indexes by wide margins and returning an average 19.9% each year to investors versus 10.4% for the Standard & Poor’s 500.

The decision to continue with the Oracle of Omaha, as Buffett is known, as head of the board differs from the succession plans laid out in the event of Buffett’s death. The billionaire has long said that Howard Buffett, the second-born of the investor’s three children, should become chairman when he is gone to protect Berkshire’s culture.

Abel will take over in a precarious time as the U.S. launches trade wars against friend and foe alike, which Buffett has called a mistake. But Abel has managed all of Berkshire’s non-insurance businesses since 2018.

So much money, so few places to put it

Then there is Berkshire’s $348 billion in cash.

Buffett says he doesn’t see many bargains to invest that money in now, not even Berkshire’s own stock, but he assured some of the estimated 40,000 attendees of the company’s annual meeting in Omaha, Nebraska, over the weekend that one day the company would be “bombarded with opportunities.”

Abel, a low-key Canadian with a love a hockey, is a more hands-on manager than Buffett, asking managers tough questions and encouraging them to collaborate with other subsidiaries when it makes sense. He will now take on oversight of the insurance businesses and responsibility for the company’s cash. Vice Chairman Ajit Jain, 73, will stay on for now to help manage the insurance businesses that include Geico and massive reinsurers like General Re.

Abel said Saturday that he wouldn’t change the Berkshire’s approach to investing, which he learned from Buffett. Maintaining Berkshire’s fortress-like balance sheet will always be a priority, he said.

Eventually, Berkshire might have to consider paying a dividend, which Buffett always resisted because he believed he could deliver better returns by reinvesting the cash. For now, Buffett and Abel want to keep building cash, so they are prepared when opportunities arise.

High praise for Abel

Buffett endorsed Abel, vowing to keep all of his shares that give him control of 30% of Berkshire Hathaway.

“It’s way better with Greg than with me because I didn’t want to work as hard as he works and I can get away with it because we’ve got a basically good business — a very good business,”” Buffett said.

He also said Abel brings new strengths to the company.

“The fact that you can do pretty well doesn’t mean you couldn’t do better, and Greg can do better at many things,” he said.

The CEOs of Berkshire subsidiaries who report to Abel have praised his management style of personal accountability, but also autonomy. See’s Candy CEO Pat Egan worked with Abel at Berkshire’s unit for years before he took over six years ago and said Abel makes sure he’s considered every contingency.

“He’s allowed me to make a lot of decisions that he may or may not have agreed with, but he’ll support us at the end of the day, no matter what as long as we’re operating with integrity and principles and the long game,” Egan said.

But Morningstar analyst Greggory Warren wrote that Buffett’s succession announcement left him with plenty of questions and Abel will have to prove himself.

“Abel, in our view, will be held to a different standard than Buffett, with a greater focus on how well Berkshire is performing—especially with it being likely that there will be some churn in the company’s shareholders as we move past the end of an era for the firm,” Warren said.

Buffett’s philanthropy continues

Buffett has always delegated the decisions about how to distribute his fortune, worth nearly $170 billion, to others through annual share donations to the Gates Foundation and four family foundations run by his children.

The Gates Foundation has received the biggest donations worth more than $40 billion since he started giving away his fortune in 2006.

He said last summer that his three children will decide how to distribute his remaining fortune after his death, but donations to the Gates Foundation will end. Buffett has said he expects it to take a decade to give away all his shares after his death, ensuring extended support for Abel from the family.

____

AP Business writer Bernard Condon is in New York City. AP Business Writer Michelle Chapman contributed to this report from New York City.

States sue Trump administration for blocking the development of wind energy

SUMMARY:

  • 17 states and D.C. sue Trump over moratorium
  • Lawsuit challenges executive order halting wind project approvals
  • States say order threatens jobs, investment, and climate goals
  • project halted despite full permitting and

A coalition of state attorneys general filed a lawsuit Monday against President Donald Trump’s attempt to stop the development of wind energy.

Attorneys general from 17 states and Washington, D.C., are challenging an executive order Trump signed during his first day in office, pausing approvals, permits and loans for all wind energy projects both onshore and offshore. They say Trump doesn’t have the authority to unilaterally shut down the permitting process, and he’s jeopardizing development of a power source critical to the states’ economic vitality, energy mix, public health and climate goals.

They’re asking a federal judge to declare the order unlawful and stop federal agencies from implementing it.

“This arbitrary and unnecessary directive threatens the loss of thousands of good-paying jobs and billions in investments, and it is delaying our transition away from the fossil fuels that harm our health and our planet,” New York Attorney General Letitia James, who is leading the coalition, said in a statement.

Trump vowed during the campaign to end the industry if he returned to the White House. His order said there were “alleged legal deficiencies underlying the federal government’s leasing and permitting” of wind projects, and it directed the Interior secretary to review wind leasing and permitting practices for federal waters and lands.

The lawsuit was filed in federal court in Massachusetts. One of the federal agencies named in it, the Bureau of Ocean Energy Management, said it does not comment on litigation.

The Biden administration saw offshore wind as a solution, setting national goals, holding lease sales and approving nearly a dozen commercial-scale projects. Trump is reversing those energy policies. He’s boosting fossil fuels such as oil, natural gas and coal, which cause climate change, arguing it’s necessary for the U.S. to have the lowest-cost energy and in the world.

The took a more aggressive step against wind in April when it ordered the Norwegian company Equinor to halt construction on Empire Wind, a fully permitted project located southeast of Long Island, New York, that is about 30% complete. Interior Secretary Doug Burgum said it appeared the Biden administration rushed the approval.

Equinor went through a seven-year permitting process before starting to build Empire Wind last year to provide power to 500,000 New York homes. Equinor is considering legal options, which would be separate from the complaint filed Monday. The Norwegian government owns a majority stake in Equinor.

Wind provides about 10% of the electricity generated in the United States, making it the nation’s largest source of . The attorneys general argue that Trump’s order is at odds with years of bipartisan support for wind energy and contradicts his own declaration of a “national energy emergency,” which called for expanding domestic energy production.

The coalition includes Arizona, California, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, New York, Oregon, Rhode Island, Washington and Washington, D.C. They say they’ve invested hundreds of millions of dollars collectively to develop wind energy and even more on upgrading transmission lines to bring wind energy to the electrical grid.

New York Gov. Kathy Hochul said the executive order sows chaos, when businesses need clear regulations to effectively operate.

Large, ocean-based wind farms are the linchpin of state plans to shift to renewable energy, particularly in populous East Coast states with limited land. The nation’s first commercial-scale offshore  opened a year ago, a 12-turbine wind farm east of Montauk Point, New York. A smaller wind farm operates near Block Island in waters controlled by the state of Rhode Island.

Massachusetts has three offshore wind projects in various stages of development, include Vineyard Wind. The state has invested in offshore wind to ensure residents have access to well-paying and reliable, affordable energy, Massachusetts Attorney General Andrea Campbell said.

The Trump administration has also suspended federal funding for floating offshore wind research in Maine and revoked a permit for a proposed offshore wind project in New Jersey.

Elsewhere, political leaders are trying to rapidly increase wind energy. U.K. Prime Minister Keir Starmerannounced a major investment in wind power in April while hosting an international summit on energy security. Nova Scotia plans to offer leases for five gigawatts of offshore wind energy by 2030, Nova Scotia Premier Tim Houston said in Virginia last week at an Oceantic Network conference.

___

The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

Bon Secours opens Harbour View hospital in Suffolk

SUMMARY:

Bon Secours on Tuesday will officially open its new $80 million, 100,000 square-foot Harbour View Medical Center in Suffolk.

The three-story addition adjoins the existing Bon Secours Health Center at Harbour View campus. Bon Secours broke ground on the hospital in October 2022, and construction wrapped up on March 31. On Monday, hospital leaders and Suffolk officials gathered for a ribbon-cutting ceremony to celebrate the center’s opening.

“It was 10 years ago that I was able to participate in some of the very early strategy planning sessions that imagined a hospital here at Harbour View,” the hospital’s inaugural president, Andy Spicknall, said during the ceremony. “The vision for this facility was championed by many of the people that are standing here in this lobby who saw the need for expanded access to within this community. So to stand here now celebrating the realization of that vision with all of you is incredibly rewarding.”

The new medical center includes 18 private inpatient rooms and four new operating rooms, a freestanding emergency department and on-site laboratory and imaging services including CT, MRI and X-ray capabilities. Spicknall noted that area patients would no longer have to travel long distances or travel to another city to receive care.

The center also features Bon Secours’ first “smart” hospital rooms, which utilize -powered that integrates with patients’ electronic medical records, so the records stay up to date. Each of the hospital’s inpatient rooms has an electronic whiteboard that displays information including the patient’s care plan, medications and tests that their physicians have ordered, as well as when results are available.

Andy Spicknall cuts a ribbon to celebrate the opening the Harbour View Medical Center in Suffolk. Photo by Josh Janney
Andy Spicknall cuts a ribbon to celebrate the opening the Harbour View Medical Center in Suffolk. Photo by Josh Janney

“Beyond the whiteboard, we’ve implemented sensors within our patient rooms that are all designed around improving patient safety,” Spicknall said. “These sensors will alert our nurses in real time to potential safety risks. So, for example, if a patient who is a high fall risk is attempting to get out of bed without assistance, our nurses will be notified in real time and will be able to respond to the needs of the patients and help keep them from falling.”

Spicknall said the hospital also implemented new communications technology that will connect patients directly with their nursing team, regardless of where their team is located on the unit.

“And we are building towards a future where this technology will aid our nurses and physicians and documentation to reduce the amount of time that they spend in front of a computer, allowing them to spend more time with their patients,” he said.

Bon Secours brought on board about 100 staff members to serve the new hospital, Spicknall said.

Charlie Fairchild, vice chair of Bon Secours’ Hampton Roads Board of Directors, praised Bon Secours staff, saying the advanced technology the center uses would be “nothing without compassionate caregivers using it.”

“It’s not just about smarter rooms,” Fairchild said. “It’s about stronger relationships. It’s about creating an environment where people feel seen, heard and valued from the moment they walk through our doors, whether it’s a woman seeking breast cancer screening, an older adult undergoing joint replacement or anyone needing emergency services.”

Bon Secours operates four hospitals and medical centers and one outpatient facility in Hampton Roads, and the Bon Secours Richmond Health System offers a network of seven acute hospitals, primary and specialty care practices, ambulatory care sites and continuing care facilities across a 24-locality region.

Wall Street loses ground and oil prices tumble after OPEC+ says it will step up production


SUMMARY:

  • drop to lowest level in 4 years after OPEC+ output hike
  • to step down as Berkshire Hathaway CEO
  • Tech giants Apple, Tesla, and Nvidia weigh down
  • Fed expected to hold rates amid tariff-fueled economic uncertainty

Edit date and time

NEW YORK (AP) — fell in morning trading on Wall Street Monday and oil prices fell to a four-year low as the OPEC+ group announced plans to increase output.

The fell 0.3%. The benchmark index is coming off of its ninth straight gain.

The Dow Jones Industrial Average rose 52 points, or 0.1%, as of 10:59 a.m. Eastern time. The Nasdaq composite fell 0.5%.

There were more gainers than losers within the S&P 500 index, but the market was weighed down by losses in stocks and other big companies. Apple slumped 3.1%, while chipmaker Nvidia fell 0.8%. Tesla fell 3.7%.

Berkshire Hathaway fell 4.8%. Legendary investor Warren Buffett announced over the weekend that he would step down as CEO by the end of the year after six decades at the helm. Buffett will still be chairman of the board of directors.

The OPEC+ group of eight oil producing nations announced over the weekend that it will raise its output by 411,000 barrels per day as of June 1. U.S. benchmark crude oil fell as much as 4% overnight before moderating.

U.S. crude oil prices fell 2.6% to $56.75 per barrel. Many producers can no longer turn a profit once oil falls below $60. Prices are down sharply for the year over worries about an . Energy companies fell. Exxon Mobil lost 2.6%.

Markets are coming off another winning week as they absorb the shock of and a growing . President Donald Trump has imposed tariffs on a wide range of imports, sparking global retaliation. Many of the more severe tariffs that were supposed to go into effect in April were delayed by three months, with the notable exception of tariffs against China.

The delays have provided some relief to Wall Street, though uncertainty about the impact from current and future tariffs continues to hang over markets and the economy. That uncertainty will overshadow the Federal Reserve’s meeting this week.

The Fed is expected to hold its benchmark interest rate steady on Wednesday. It cut the rate three times in 2024 before taking a more cautious stance. The central bank was concerned that , while easing, was still stubbornly hovering just above its target rate of 2%. Concerns about inflation reigniting have only grown amid the global trade war sparked by Trump’s tariff policy.

The economy has shown some signs that it is feeling the impact from tariffs and the uncertainty over Trump’s policy. The U.S. economy shrank 0.3% in the first quarter, marking the first drop in three years.

There is still some resiliency in the broader economy. Consumers have grown more cautious, but still continue to spend. Economic activity in the services sector continued expanding in April, according to a survey from the Institute for Supply Management.

The services sector survey and the latest consumer confidence updates also reflect growing concerns over the economy’s direction. Trump’s rapidly shifting policies on trade have kept the Fed and markets on edge.

Tariffs have been imposed, only to be pulled or delayed, sometimes on a daily basis. The on-again-off-again approach has left businesses, households and economists at a loss in trying to forecast where the economy might be headed and planning accordingly.

The latest salvo in the trade war from Trump came Sunday night in a post on his Truth Social platform. He said he has authorized a 100% tariff on movies that are produced outside of the U.S. The impact is unclear, as it is common for films to include production at multiple locations around the world.

Netflix slumped 1.8% and Warner Bros. Discovery fell 1.1%.

Treasury yields rose. The yield on the 10-year Treasury rose to 4.35% from 4.31% late Friday.

Homes.com retains No. 2 ranking among US real estate portals


SUMMARY:

    • averaged 104 million monthly unique visitors in Q1 2025.
    • has invested $1 billion in Homes.com since 2021.
    • Homes.com’s unaided brand awareness has surpassed Trulia, Redfin, and .
    • Homes.com averaged 104 million monthly unique visitors in Q1 2025.

 

For the second year running, Group’s Richmond-based Homes.com division is the nation’s No. 2-ranked portal for residential real estate listings based on monthly unique visitors, CoStar CEO Andy Florance said during an call last week.

continues to retain its crown as the largest real estate website in the United States, ranked by visitor traffic.

CoStar, a real estate data and analytics company with headquarters in , previously announced Homes.com’s No. 2 ranking in April 2024.

Homes.com, which is based out of CoStar’s Richmond campus, averaged 104 million monthly unique visitors for the first quarter of 2025, according to the company.

In 2024, CoStar announced it had invested $1 billion in Homes.com since purchasing the platform in 2021.

“The new Homes.com offers a completely different business model than do competing U.S. residential portals,” Florance said during Tuesday’s earnings call. “The new Homes.com is based on the premise that the most important thing a portal can do is to market a property for sale. This is in harmony with all the most successful and highly profitable portals around the world outside the U.S., which are all based upon this market the property, not an agent lead gen business model.”

CoStar Group’s investment in Homes.com includes a substantial, star-studded advertising budget via California ad agency RPA. “We recruited talent like Dan Levy, Heidi Gardner, Morgan Freeman, Lil Wayne and Jeff Goldblum to create memorable and effective spots for the new Homes.com,” Florance said. “We have run 32,000 commercials and digital placements.”

Before launching a marketing campaign in early 2024, only 4% of Homes.com’s “target audience of several hundred million home shoppers” identified Homes.com as a home shopping online brand. Now, it has 36% brand recognition, according to Florance.

“Early last year, our unaided awareness surpassed Trulia,” he said Tuesday. “Last summer, we surpassed Redfin’s unaided awareness. And last month, we crossed Realtor.com. When we began, Zillow was 64 points above our unaided awareness. We’ve closed the gap to 24 points and are still improving.”

In July, CoStar Group plans to launch a new marketing offering for homebuilders. New , Florance said during the earnings call, represents 20% of all homes sold in a year.

“Building a site with full inventory of available new homes would be a very valuable option for both consumers and the industry, and it would allow Homes.com to capture a piece of the estimated $3 billion annual marketing spend by America’s homebuilders,” he said.

CoStar has more than 6,800 employees across 72 offices in 13 countries. The company established a global operations center in Richmond in 2016 and has since grown that office to over 2,350 employees, becoming one of the area’s larger employers. CoStar announced it will complete a 1 million-square-foot Richmond campus redevelopment project along the James River in May 2026 that will house 3,500 employees. This year, the company moved its headquarters from Washington, D.C., to Arlington.