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Sands Anderson absorbs Virginia Beach law firm

Richmond-based firm on Thursday announced that it will open a new office after completing its with Virginia Beach Frieden Seery Nuckols & Hahn.

Sands Anderson’s new office acquired through the merger is located at 222 Central Park Ave. in Virginia Beach and includes attorneys Alan M. Frieden, D. Scott Seery, Michael H. Nuckols, Carol W. Hahn and W. Lane Nuckols from Frieden. Gregory P. Bergethon from Sands Anderson and the entire Frieden professional staff will also staff the new office.

Sands Anderson President Jeff Geiger says the merger marks “a significant milestone” for the firm.

“This merger strengthens our practices, deepens our bench and broadens our reach, especially in ,” Geiger said in a statement. “The combined talent is formidable, and we anticipate the Virginia Beach office will be attractive to professionals who want to help build for the future. Most importantly, it enhances our ability to offer clients the strategic guidance and personal attention they’ve come to expect from both of our firms.”

Financial terms of the merger were not disclosed.

Headquartered in , Sands Anderson is a midsize law firm serving government entities, businesses, individuals, insurance companies and health care clients. The combined Sands Anderson firm, which includes the five attorneys brought on from Frieden, now has more than 80 lawyers across six offices in Virginia and North Carolina.

Farm Credit of Virginias CEO to retire

Brad Cornelius, of , will retire in the fourth quarter, ending a 33-year career with the , a financial owned by member-borrowers.

Cornelius has led the Farm Credit of the Virginias since 2020, according to a Thursday announcement by the -based organization. Farm Credit of the Virginias provides financing to farmers, agribusinesses and rural homeowners throughout Virginia, West Virginia and western Maryland. The national farm credit system is the largest provider of agricultural credit in the United States.

When Cornelius took the job, the cooperative provided over $1.8 billion in financing to more than 11,000 customer-owners. Today, the Farm Credit of the Virginias provides more than $2.3 billion in loans to more than 12,500 customer-owners.

“Under Brad’s leadership, he has created a culture of excellence and accountability as he focused on growing the association, serving our customer-owners and communities and expanding our cooperative’s investments in talent, educational resources and technology and process improvements,” Kevin Craun, board chair of Farm Credit of the Virginias, said in a statement.

Cornelius began his career at AgGeorgia Farm Credit, where he worked as a loan officer, branch manager and regional manager. He went on to work as chief credit officer of AgChoice Farm Credit in Pennsylvania and served as CEO of Cape Fear Farm Credit in North Carolina.

“Serving those who work in has been the focus of my career, and it is gratifying to know that I am leaving the cooperative in a solid position,” Cornelius said in a statement.

The cooperative’s board will launch a national search to fill the CEO role.

 

Vortex acquires Prism Contractors & Engineers

Houston-based Vortex Cos., which provides trenchless water and sewer infrastructure products, announced last week that it has acquired -based Prism Contractors & Engineers.

Founded in 1993, Prism is a full-service and contracting firm that offers and surveying services, as well as trenchless rehabilitation and . The firm has 29 employees, according to a Vortex spokesperson.

“The of Prism aligns perfectly with our growth strategy in this region and builds on our ability to support high-quality project delivery across our mid-Atlantic and Southeast operations,” said Vortex Mike Vellano in a statement. “Prism’s reputation for building strong client relationships and providing innovative solutions to complex infrastructure challenges makes them a valuable addition to the Vortex family.”

Vortex did not disclose the financial terms of the transaction.

Prism’s engineering services range from site plans to hydraulic modeling.

“We are thrilled to join Vortex,” Prism President Aaron Tenney said. “Our culture, services, and customer-centric focus align seamlessly, and this partnership brings new opportunities to expand our capabilities to better serve our customers. Together, we can address aging infrastructure challenges with minimal disruption and maximum efficiency.”

Vortex, which has 1,200 employees across 29 locations worldwide, specializes in rehabilitating manholes, pipes and structures. It also manufactures specialty mortars, polymeric coatings, resins, and cured-in-place-pipe-repair liners and develops and distributes sewer robotics and high-speed drain cleaning tools.

Senate blocks Kaine-sponsored bid to stop Trump’s tariffs

SUMMARY:

  • U.S. and Democrats aimed to block new trade measures
  • Republicans split on tariff policy but follow party line
  • on Trump’s global tariffs tied 49-49; resolution fails
  • Vice President breaks tie to dismiss resolution


Senate Republicans narrowly voted down a resolution co-sponsored by U.S. Sen. Tim Kaine on Wednesday that would have blocked global tariffs announced by President Donald Trump earlier this month, giving the president a modest win as lawmakers in both parties have remained skeptical of his trade agenda.

The 49-49 vote came weeks after the Senate approved a resolution that would have thwarted Trump’s ability to impose tariffs on Canada. That measure passed 51-48 with the votes of four Republicans — Sens. Susan Collins of Maine, Lisa Murkowski of Alaska, and Mitch McConnell and Rand Paul of Kentucky. But McConnell — who has been sharply critical of the tariffs but had not said how he would vote — and Democratic Sen. Sheldon Whitehouse were absent Wednesday, denying Democrats the votes for passage.

“It was unfortunate that two senators were not present yesterday,” U.S. , Virginia’s senior Democratic senator, said during a media call Thursday. “I don’t believe they’ve changed their views, so when they return, we’re trying to find a way to bring this back up on the floor of the Senate.”

Supporters of the legislation said their primary aim was to put Republicans on the record either way and to try to reassert .

“The Senate cannot be an idle spectator in the tariff madness,” said Oregon U.S. Sen. Ron Wyden, a lead sponsor of the resolution.

Senate Democratic Leader said the dismal economic numbers should be a “wakeup call” to Republicans.

Wary of a rebuke to Trump, leaders encouraged their conference not to vote for the resolution, even as many of them remain unconvinced about the tariffs.

Republican colleagues, Warner said Thursday, ask him privately to continue speaking out about actions taken by the Trump administration, topics ranging from tariffs to mishandling classified information.

“I hope and pray for the sake of our country that they will stop giving me private reassurances or private reassurances to Tim that he’s doing the right thing, and find their voice, find their courage,” Warner said. “If they really believe these things, don’t tell me privately. Stand up on the floor of the Senate and vote your conscience.”

Warner empathized that opponents to the administration’s policies often face retaliation from the president and from Elon Musk’s followers on X. Warner noted the arson at the home of Pennsylvania’s governor in April. According to media reports, the man arrested on arson charges expressed anger about the war in Gaza.

“I believe these actions are [inflamed] by oftentimes some of the commentary that takes place on social media,” Warner said.

Collins said the close vote on Wednesday’s resolution “demonstrates that there is unease with the president’s plan. It’s partially the president’s plan is still evolving, but many of us are hearing from employers back home about the impact of the tariffs in a negative way.”

As he travels the commonwealth, Warner said, his constituents talk to him about their concerns over trade.

“I hear from Virginia in particular [about] how their businesses will be disrupted,” Warner said. “Across the board costs are going up, and remember, these tariffs are taxes on American families.”

Some Republicans argued that the vote was a political stunt. North Carolina Sen. Thom Tillis said he backs separate legislation by fellow Republican, Iowa Sen. Chuck Grassley, that would give Congress increased power over determining tariffs.

Several Republicans defended Trump’s tariffs — and said they were willing to give him time to figure it out.

“People are willing to give the president an opportunity to prove that the new system works,” said Louisiana Sen. John Kennedy.

Texas Sen. John Cornyn said the vote shows that senators “believe that the President’s policies deserve to be tried and see if they’re successful.”

However, Democrats say the Republicans’ failure to stand up to Trump could have dire consequences. “The only thing Donald Trump’s tariffs have succeeded in is raising the odds of recession and sending markets into a tailspin,” said Schumer. “Today, they have to choose – stick with Trump or stand with your states.”

Kaine posted on X following the vote: “On the same day the American economy is announced as shrinking due to Trump chaos, the GOP forces the VEEP to come break a tie to greenlight idiotic . They REALLY want to own the damage to everyday folks, farms and small bizness.”

The Democratic resolution forced a vote under a statute that allows them to try to terminate the national economic emergency Trump used to levy the tariffs.

Republicans held a procedural vote after the tied vote to ensure that Democrats could not bring the resolution up again, Senate Majority Leader John Thune told reporters afterward. Vice President J.D. Vance came to the Capitol to break the tie and ensure they dismissed the resolution for good.

Trump has tried to reassure voters that his tariffs will not provoke a recession as his administration has focused on China, raising tariffs on Chinese goods to 145% even as he paused the others. He told his Cabinet Wednesday morning that his tariffs meant China was “having tremendous difficulty because their factories are not doing business.”

He also said the U.S. does not really need imports from the world’s dominant manufacturer. “Maybe the children will have two dolls instead of 30 dolls,” he said. “So maybe the two dolls will cost a couple bucks more than they would normally.”

Level Access appoints chief customer experience officer

Arlington County-based company announced Tuesday that it has appointed Andrew Snyder to be its chief officer.

Before joining Level Access, Snyder led the global customer experience team at Kyriba, a San Diego software company. He also held various management positions at Tysons-based events management software company Cvent.

Level Access primarily focuses on and helping clients reach compliance with the Americans with Disabilities Act by ensuring that computer systems and software are accessible to all users, regardless of disabilities or impairments.

In his new role at Level Access, Snyder will work with clients to promote key trends shaping sustainable accessibility practices and help them adapt to changing accessibility requirements.

“Organizations around the world know that digital accessibility is a and business requirement,”  Level Access Mark Zablan said in a statement. “We’re proud to support them in building sustainable programs that ensure their digital experiences are accessible to people with disabilities. Andrew is an exceptional leader who forges powerful partnerships with customers to help them achieve their goals.”

Level Access believes Snyder’s track record will be useful in helping organizations make faster progress toward their accessibility goals. The company says digital accessibility removes barriers to technology for more than 1.3 billion people around the world who identify as having a disability.

“Level Access stands out as the digital accessibility solution provider with the deepest bench of expertise, and the most innovative suite of automated and AI-powered tools,” Snyder said in a statement. “I’m excited to deploy that technology and expertise to help our customers drive efficiency and expand their impact.”

In December 2024, Level Access reported that it surpassed $100 million in annual recurring revenue. The company has more than 700 employees.

Average rate on a US 30-year mortgage eases to 6.76%, its second straight weekly decline

SUMMARY:

  • 30-year fell to 6.76% from 6.81% last week
  • 15-year fixed mortgage rates also edged down to 5.92%
  • Home sales remain sluggish despite lower borrowing costs
  • Buyers face high prices and market uncertainty this spring

The average rate on a in the U.S. eased again this week, modest relief for prospective home shoppers during what’s traditionally the busiest time of the year for the .

The rate fell to 6.76% from 6.81% last week, mortgage buyer said Thursday. A year ago, the rate averaged 7.22%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell. The average rate dropped to 5.92% from 5.94% last week. It’s down from 6.47% a year ago, Freddie Mac said.

Mortgage rates are influenced by several factors, including global demand for , the Federal Reserve’s interest rate policy decisions and bond market investors’ expectations for future inflation.

After climbing to a just above 7% in mid-January, the average rate on a 30-year mortgage has remained above 6.62%, where it was just three weeks ago. It then spiked above 6.8% the next two weeks, reflecting volatility in the 10-year Treasury yield, which lenders use as a guide to pricing home loans.

The yield, which had mostly fallen after climbing to around 4.8% in mid-January, surged last month to 4.5% amid a sell-off in government bonds triggered by investor anxiety over the Trump administration’s trade war.

The 10-year Treasury yield was at 4.23% in midday trading Thursday, up from 4.17% late Wednesday.

As mortgage rates decline, they help give homebuyers more purchasing power. While down from a year ago, mortgage rates haven’t come down enough to encourage more home shoppers at a time when are still rising nationally, albeit more slowly, and the number of properties on the market has risen sharply from a year ago.

It’s one reason the spring homebuying season is off to a lackluster start. Sales of previously occupied U.S. homes fell in March, posting the largest monthly drop since November 2022.

An index that tracks home loan applications fell 4.2% last week from a week earlier, according to the Mortgage Bankers Association. That was the index’s second straight weekly drop, although it was up 16.5% from a year earlier.

“Mortgage applications fell for the second consecutive week as uncertainty continues to impact many buyers’ decisions to enter the housing market,” said MBA Bob Broeksmit.

Economists expect mortgage rates to remain volatile in coming months, though they generally call for the average rate on a 30-year mortgage to remain above 6.5% this year.

“Homebuyers would like to see rates come down further, but it is becoming more likely that they will remain in the high 6% range this spring,” said Lisa Sturtevant, chief economist at Bright MLS.

Microsoft and Meta Platforms lead Wall Street higher

SUMMARY:

  • Microsoft and Meta stock surged after strong earnings reports
  • heads for longest winning streak since August
  • Concerns remain over tariffs, inflation, and possible
  • McDonald’s reports weak U.S. sales; consumer caution grows

NEW YORK (AP) — Microsoft and  are driving higher on Thursday after reporting profits for the start of the year that were even bigger than analysts expected.

The S&P 500 was up 0.9% in midday trading and heading for an eighth straight gain, which would be its longest winning streak since August. The Dow Jones Industrial Average was up 205 points, or 0.5%, as of noon Eastern time, and the Nasdaq composite was 1.9% higher.

Microsoft jumped 8.6% after the giant said strength in its  and artificial intelligence businesses drove its overall revenue up 13% from a year earlier.

Meta, the parent company of Facebook and Instagram, also topped analysts’ targets for revenue and profit in the latest quarter. It said AI tools helped boost its advertising revenue, and its stock climbed 4.8%.

The two are some of the most influential stocks within the S&P 500 and other indexes because of their massive sizes, but they weren’t alone. CVS Health, Carrier Global and a bevy of other companies also joined the stream of better-than-expected profit reports that have helped steady Wall Street over the last week. The S&P 500 is back to within 8.5% of its record set earlier this year, after briefly dropping nearly 20% below the mark.

Still, plenty of uncertainty remains about whether President Donald Trump’s trade war will force the economy into a recession. And even though companies have been reporting better profits for the first three months of the year than analysts expected, many CEOs are remaining cautious about the rest of the year.

General Motors cut its forecast for profit in 2025, for example. It said it’s assuming it will feel a hit of $4 billion to $5 billion because of tariffs. GM’s stock nevertheless rose 0.4%. The automaker said it expects to offset at least 30% of the tariff impact.

McDonald’s fell 0.6% after reporting weaker revenue for the latest quarter than analysts expected, even though its profit was slightly above forecasts. An important underlying measure of performance at its U.S. restaurants had its worst decline since 2020, when COVID shuttered the global economy, and McDonald’s Chris Kempczinski said consumers “are grappling with uncertainty.”

McDonald’s joined Chipotle and other restaurant chains that have seen customers get more cautious amid all the unknowns about the economy and inflation that’s still higher than many people would like.

The uncertainty has already shown up in surveys of consumers, which say pessimism is shooting higher about where the economy heading. On Thursday, a couple reports about the economy came in mixed, following up on several recent updates that have suggested it’s weaker than expected.

The first of the reports said more U.S. workers filed for unemployment benefits last week than economists had forecast, setting the stage for a more comprehensive report on the job market arriving Friday.

But a later update said U.S. manufacturing activity was better last month than economists had feared, though it still contracted again.

The fear on Wall Street is for a possible worst-case scenario called “stagflation,” where the economy stagnates yet inflation remains high. It’s hated because the Federal Reserve has no good tools to fix both problems at the same time. If the Fed were to try to help one problem by adjusting interest rates, it would likely make the other worse.

Some encouraging news on inflation arrived Wednesday, when a report said that the measure of inflation the Fed likes to use slowed in March.

In the bond market, Treasury yields swiveled following Thursday’s economic reports. The yield on the 10-year Treasury initially fell below 4.13% after the worse-than-expected update on joblessness. But it later trimmed its losses following the better-than-expected report on manufacturing and rallied to 4.21%. That’s up from 4.17% late Wednesday.

In stock markets abroad, trading was closed in many countries for May Day, or international Labor Day holidays.

Tokyo’s Nikkei 225 rose 1.1% after the Bank of Japan kept its benchmark interest rate unchanged, as many investors expected.

Hopes that Trump may eventually roll back some of his tariffs after reaching trade deals with other countries also helped to support markets.

A social media blog by China’s state broadcaster claimed that the Trump administration has been seeking contact with the world’s second largest economy through multiple channels to start negotiations over tariffs.

___

AP Writers Yuri Kageyama, Matt Ott and Didi Tang contributed.

Getting full value out of college from day one

SUMMARY:

  • president says in op-ed that mentorship, interning and career direction for students should start at beginning of college, not just the end
  • Students should connect with faculty mentors, build workforce skills and explore career paths beginning in first semester
  • Expectations of students and families have shifted, and universities must respond
  • must also be available to all, not just those with social capital

“What if college started working for students on day one — and got them where they wanted to go faster?”

That’s the question more families are asking, and frankly, they’re right to ask it. For too long, the traditional college model has delayed the real payoff — deferring meaningful mentorship, skills-building and career direction until a student’s final semesters. In a world where time, money and confidence are all on the line, that model doesn’t cut it anymore.

Students deserve to be immediately immersed in community and experiences, to be passed the ball, the spectrometer or microphone, to move with alacrity and purpose through multiple degrees for less money and over less time.

It’s not about lowering standards, cutting corners or spending tuition dollars on climbing walls or lazy rivers — it’s about designing more connected and focused academics and pathways that lead to lucrative and meaningful careers.

The full value of college shouldn’t arrive late — it should kick in early and keep building. From their first semester, students should be connected with faculty mentors, build a portfolio of employer-identified skills, explore career pathways tied to their interests and find their place in a diverse, supportive community. Small schools like Mary Baldwin University are able to develop expedited pathways through undergraduate and graduate programs to save families time and money, reduce anxiety, increase and get students further faster.

According to systems theorist W. Edwards Deming, systems are “perfectly designed” to attain the results they achieve. Stated more directly, if we keep doing the same things, we will get the same results. For years, colleges and universities have argued about the traditional liberal arts versus more focused professional programs but been less focused on outcomes and pathways. In the extreme, many institutions across higher education remain structured like a game of pinball, bouncing students off bumpers and flippers, adding bells and whistles, without many guardrails to keep students from slipping down the drain.

It’s obvious this model is problematic for first generation and low-income students with less social capital. But today we can also see how that unfocused, less supportive, less purposeful and less connected model doesn’t work for today’s post-COVID students, who are more anxious digital natives seeking a curated, supportive and direct line to meaning, prosperity and security. According to a recent survey by Inside Higher Ed, more than 70% of college students now say they prioritize mental health and career preparation over campus amenities when choosing a college. The expectations have shifted — and higher education must respond.

This country was founded on the belief that education is bound up with liberty and justice. In 1947, the Truman Commission advocated for a more nuanced and complex higher education system — including community colleges and graduate degrees — to better serve the nation and economy. In an era when college is too often talked about as a risk, we have to work harder to make it feel like the clear, confident next step to accelerating potential and engaging in the economy.

While colleges and universities have always reflected the turmoil within society, families today are looking to higher education for clear, concise and compelling assistance that connects students to their ambitions … earlier. Families want institutions designed to deliver value — not just in theory, but in experience. This moment, for these students and families, means committing as institutions to doing the hard work of making college work better.

In opening the doors of learning to all, higher education must be an accelerator and pathway, graduating the well-educated and workplace-ready from cutting-edge undergraduate, graduate, in person, online and certificate programs in important and growing career fields.

When families invest in a college education, they deserve to see results. Not someday. Starting on day one. College cannot remain a coded experience for those with extensive social capital. Open source, immediate, immersive, skills focused and accelerated — that’s the distinctly American launchpad of the future.

is the president of Mary Baldwin University, a private university in . He joined MBU in 2023, having served most recently as Elon University’s vice president for strategic initiatives and partnerships and assistant professor of English.

Avalon Townhomes in Hampton sell for $26.5M

Real estate investment and development companies and announced last week that they acquired a 182-unit townhome community in the Buckroe Beach area of for $26.5 million.

was built in 1966 and partially renovated in 2017. Its residences average 1,656 square feet – approximately 30% larger than the Hampton market average, and include a mix of two, three and four-bedroom layouts. Avalon is more than 91% occupied.

“This aligns with our core investment thesis: buying well-located, fundamentally sound assets at an attractive basis with a clear path to value creation,” said Sam Hollman, senior director at Rock Creek, in a statement.

The property was purchased from AWE Carybrook, a limited liability company for Washington, D.C.-based West End Capital Group.

Rock Creek and Two Rivers are planning significant renovations to the site, with $3.5 million in planned interior and exterior improvements over the next three years, including stainless steel appliances, quartz countertops and exterior upgrades.

The companies note that the Buckroe submarket is primarily built out, with limited land available for future development. They believe Avalon — one of the larger rental communities in the area — can deliver an upgraded product into a constrained and underserved market.

Hollman told Virginia Business that Rock Creek and Two Rivers could hold the assets indefinitely, or the property could eventually be sold if an opportunity presented itself.

“The property is definitely in need of some repairs and also kind of a fresh, new aesthetic,” he said. “So, the [short-term] goal is to just improve the quality of life for the families that live there.”

Headquartered in Washington, D.C., Rock Creek Property Group is a real estate investment and development company that acquires and develops properties ranging from apartments and condominiums to retail centers and historic structures. It was formed in 2000, and its portfolio includes more than 50 assets comprising several million square feet in the D.C. Metropolitan Area, including 1.5 million square feet of urban retail and suburban shopping centers.

Two Rivers Realty Partners is an -based privately held real estate investment and development firm focused on acquiring and repositioning townhome and suburban communities across the mid-Atlantic and Southeast. It was founded in 2022.

AeroVironment completes $4.1B acqusition of BlueHalo

Arlington County-based on Thursday announced that it has successfully completed its $4.1 billion of and tech firm .

Previously owned by private equity firm Arlington Capital Partners, BlueHalo works in space technologies, counter-uncrewed aircraft systems, directed energy, electronic warfare, cyber, artificial intelligence and uncrewed underwater vehicles.

The deal was first announced in November 2024 and in April AeroVironment announced that its stockholders approved the purchase.

“We are excited to complete the acquisition of BlueHalo and move forward as an even stronger and more unified AV that provides the scale, talent, and technology needed to lead in the most critical areas of modern defense,” AeroVironment President and Wahid Nawabi said in a statement. “By bringing together two mission-focused organizations, the new AV is built to accelerate innovation, strengthen our customer partnerships, and deliver operational impact across every domain. This is a pivotal step in our journey and one that positions us to create long-term value for shareholders and strategic advantages for our customers.”

AeroVironment previously said the combined company will be based at AeroVironment‘s corporate headquarters in Arlington and that the acquisition will allow for administrative and operational cost savings. The combined company is expected to deliver more than $1.7 billion in revenue.

As part of the transaction, David Wodlinger and Henry Albers, both from Arlington Capital Partners, have joined AeroVironment’s board of directors, which is expanding to 10 members.

Nawabi will remain chairman, president and CEO of AeroVironment. The company says the combined leadership team includes executives from both organizations, who will bring experience in the areas of autonomy, space systems, cyber operations and defense technology.

AeroVironment says company will operate in two business segments: ; and Space, Cyber and Directed Energy.

AeroVironment says Autonomous Systems, which is being led by Trace Stevenson, encompasses , precision strike and one-way attack systems, defense systems, ground and maritime robotic solutions and its MacCready Works segment.

The Space, Cyber and Directed Energy Segment, being led by BlueHalo’s former chief operating officer Trip Ferguson, encompasses space technologies, directed energy solutions, cyber solutions and mission services.