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Trump says he has ‘no intention’ of firing Federal Reserve chair

WASHINGTON (AP) — said Tuesday he has no plans to fire Chair , just days after his statement that he would like to terminate the head of the U.S. central bank caused a market selloff.

“I have no intention of firing him,” Trump told reporters.

The U.S. president had previously insinuated otherwise as he said he could fire Powell if he wanted to, having been frustrated by the putting a pause on cuts to short-term . Powell has said that Trump’s are creating uncertainty about slower growth and higher inflationary pressures, while the president maintains that inflationary worries are essentially non-existent.

The president maintains that energy and grocery prices are falling, so the Fed should cut its benchmark rates because inflation is no longer a threat to the , Trump said. His remarks indicated that he still plans to use the bully pulpit to pressure a U.S. central bank that is committed to resisting political pressure as part of its mandate to stabilize prices and maximize employment.

“It’s all coming down,” Trump said. “The only thing that hasn’t come down, but hasn’t gone up much, are interest rates. And we think the Fed should lower the rate. We think that it’s it’s a perfect time to lower the rate. And we’d like to see our chairman be early or on time, as opposed to late. Late’s not good.”

Walgreens to pay up to $350 million in U.S. opioid settlement

Walgreens has agreed to pay up to $350 million in a settlement with the U.S. , which said that it was illegally filling millions of prescriptions in the last decade for opioids and other controlled substances.

The nationwide drugstore chain must pay the government at least $300 million and will owe another $50 million if the company is sold, merged, or transferred before 2032, according to the settlement reached last Friday.

That would include a potential buyout worth nearly $10 billion by the private equity firm Sycamore Partners that announced in early March.

The government’s complaint, filed in January in the U.S. District Court for the Northern District of Illinois, alleges that Walgreens knowingly filled millions of illegal prescriptions for controlled substances between August 2012 and March 2023. These include prescriptions for excessive opioids and prescriptions filled significantly early.

“We strongly disagree with the government’s legal theory and admit no liability,” Walgreens spokesperson Fraser Engerman said in a statement. “This resolution allows us to close all related litigation with federal, state, and local governments and provides us with favorable terms from a cashflow perspective while we focus on our turnaround strategy.”

Amid slumping store visits and shrinking market share, Walgreens announced it was closing 1,200 stores around the country last October. Rite Aid filed for bankruptcy at the end of 2023 as it was also and opioid lawsuit settlements. The U.S. Department of Justice filed a similar lawsuit against CVS in December.

The complaint says Walgreens pharmacists filled these prescriptions despite clear red flags that the prescriptions were highly likely to be invalid, and the company pressured its pharmacists to fill them quickly. The government alleges Walgreen’s compliance officials ignored “substantial evidence” that its stores were filling unlawful prescriptions and withheld important information on opioid prescribers from its pharmacists.

Walgreens then allegedly sought payment for many of the invalid prescriptions through Medicare and other federal healthcare in violation of the False Claims Act, according to the government.

The U.S. Justice Department has moved to dismiss its complaint in light of Friday’s settlement.

“Pharmacies have a legal responsibility to prescribe controlled substances in a safe and professional manner, not dispense dangerous drugs just for profit,” said Attorney General Pamela Bondi in a statement. “This Department of Justice is committed to ending the opioid crisis and holding bad actors accountable for their failure to protect patients from addiction.”

Walgreen has also entered into an agreement with the Drug Enforcement Administration to improve its compliance with rules around dispensing controlled substances, maintain policies and procedures requiring pharmacists to confirm the validity of controlled substance prescriptions, and maintain a system for blocking prescriptions from prescribers that are producing illegitimate prescriptions.

With the U.S. Department of Health and Human Services, Walgreen has agreed to establish and maintain a compliance program that includes training, board oversight, and periodic reporting to the agency regarding the pharmacy’s dispensing of controlled substances.

“In the midst of the opioid crisis that has plagued our nation, we rely on pharmacies to prevent not facilitate the unlawful distribution of these potentially harmful substances,” said Norbert E. Vint, Deputy Inspector General of the U.S. Office of Personnel Management, in a statement.

The settlement resolves four cases brought by former Walgreens employee whistleblowers. In 2022, CVS and Walgreens agreed to pay more than $10 billion in a multi-state settlement of lawsuits brought against them over the toll of the opioid crisis.

Over the past eight years, drugmakers, wholesalers and pharmacies have agreed to more than $50 billion worth of settlements with governments — with most of the money required to be used to fight the opioid crisis.

Attorneys from the Justice Department’s Civil Division Consumer Protection Branch and Commercial Litigation Branch, Fraud Section, as well as from the U.S. Attorneys’ Offices for the Eastern District of Virginia, Northern District of Illinois, Middle District of Florida, District of Maryland and Eastern District of New York represented the United States, according to a press release from the .

“Strict compliance with the law is essential to safeguarding the public, who rely on carefully considered and limited prescriptions for their health and wellbeing,” Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia, said in the release. “Those companies and individuals authorized to provide controlled substances have a professional responsibility to ensure that the prescriptions they fill are within the course of professional practice and regulations. Medically unnecessary prescriptions are a cost ultimately borne by the taxpayers and consumers. As we continue to address the opioid crisis here in Virginia and across the nation, we are determined to ensure pharmacies and pharmacists operate within the law.”

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AP Health Writer Tom Murphy and Virginia Business Associate Editor Beth JoJack contributed to this report. 

Tesla Q1 profit falls sharply as it fights backlash tied to Musk’s role in Trump administration

NEW YORK (AP) — ‘s first-quarter plunged by more than two-thirds amid a backlash against ‘s electric car company that has hurt sales and sent its plunging.

The Austin, Texas, company said Tuesday that quarterly profits fell by 70% to to $409 million, or 12 cents a share. That’s far below analyst estimates. Tesla’s revenue fell 9% to $19.3 billion in the January through March period, also below Wall Street’s forecast.

The disappointing results come as the company struggles to sell cars to consumers angry over Musk’s leadership of a federal government jobs-cutting group that has divided the country and sparked protests. Musk also has publicly supported far-right politicians in Europe and alienated potential buyers there, too.

Many investors have also complained Musk is too distracted with his role to be running Tesla and that he should either relinquish his position as CEO or abandon his advisory role in Washington.

Tesla’ stock has fallen more than 40% this year but rose slightly in after-hours trading.

Morningstar analyst Seth Goldstein said earlier reports of plunging sales that had tanked the stock made the results almost predictable.

“They’re not particularly surprising given that deliveries were down,” Goldstein said, adding that the company is still generating cash. “It was good to see positive cash flow.”

The company generated $2.2 billion in operating cash versus $242 million a year earlier.

Tesla will hold a conference call to review the quarterly results and give a company update later Tuesday afternoon.

Tesla investors will be listening closely for updates on several strategic initiatives. The company is expected to roll out a cheaper version of its best-selling vehicle, the Model Y SUV later in the year. Tesla has also said it plans to start a paid driverless robotaxi service in Austin, Texas, in June.

Its closely watched gross margins, a measure of earnings for each dollar of revenue, fell to 16.3% from 17.4%.

The company that once dominated EVs is also facing fierce competition for the first time.

Earlier this year, Chinese EV maker announced it had developed an electric battery charging system that can fully power up a vehicle within minutes. And Tesla’s European rivals have begun offering new models with advanced technology that is making them real alternatives, just as popular opinion in Europe has turned against Musk.

Investors expect Tesla will be hurt less by the Trump administration’s than most U.S. car companies because it makes most of its U.S. cars domestically. But Tesla won’t be completely unscathed. It sources some materials for its vehicles from abroad that will now face import taxes.

Tesla warned that tariffs will hit its energy storage business, too.

“While the current tariff landscape will have a relatively larger impact on our Energy business compared to automotive,” the company said, “we are taking actions to stabilize the business in the medium to long-term and focus on maintaining its health.”

Retaliation from China will also hurt Tesla. The company was forced earlier this month to stop taking orders from mainland customers for two models, its Model S and Model X. It makes the Model Y and Model 3 for the Chinese market at its factory in Shanghai.

Pembroke Square hotel set to open in 2027, two years late

The seven-story by hotel being planned for ‘s Pembroke Square development is expected to open in 2027 — about two years later than originally announced.

Developers on Tuesday revealed the new construction timeline of the hotel, along with several other updates on the $200 million of the former , including construction dates for a 273-apartment complex, the announcement of a new restaurant and the fall opening of a comedy club.

Limited liability company is the developer and owner of the former mall, which closed its interior in early 2022. Announced Tuesday was the May groundbreaking for the Tempo by Hilton hotel, which will have 163 guestrooms, a bar and a restaurant. Construction is expected to wrap up by summer 2027.

Tempo was initially set to open in 2025, but , president of Pembroke Realty Group and asset manager of Pembroke Square, said the project faced numerous setbacks, including increased construction costs and rising . The project was also revised from an initial 14-story building to a seven-story building.

Also coming to Pembroke Square is Dallas-based Brazilian steakhouse chain Fogo de Chão, which is expected to open in May. The 6,590-square-foot restaurant will be the fourth Fogo de Chão to open in Virginia, following locations in , Tysons and Reston.

This fall will see the opening of the Funny Bone Comedy Club and DraftCade, a gaming franchise that pairs nearly 50 rotating craft beer taps with over 75 classic arcade favorites.

Relocating to Pembroke Square from nearby Town Center, the Funny Bone Comedy Club will expand its footprint to increase showroom capacity by roughly 150 seats. In its new showroom, it will have capacity for 450 patrons. Pembroke Square Associates says the expansion will allow the comedy club to attract bigger names on the comedy circuit to Virginia Beach. DraftCade will open adjacent to the showroom.

Pembroke Square rendering shows green space surrounded by Funny Bone, DraftCade and The Pembroke apartments. Image courtesy Pembroke Square Associates

“We’re excited to join forces with Pembroke Square to elevate the entertainment scene in Virginia Beach,” Todd Leinenbach, vice president of Funny Bone Comedy Club and DraftCade, said in a statement.

In early 2026, Pembroke Realty Group is expected to break ground on The Pembroke — a seven-story, 273-apartment complex located in the middle of the former mall. The apartments will feature a parking garage with over 600 spaces. This project was initially set to break ground in 2025, but Smith said it was delayed due to economic factors and being completely redesigned from a 12-story complex into a seven-story building. He estimates it will likely be ready for use sometime in 2028.

Groundbreaking for the first phase of the project — a senior living community known as — kicked off in December 2022. The facility, which lies at the corner of Jeanne Street and Constitution Drive, opened in December 2024, featuring seven stories with 121 independent apartment units, 20 assisted living units and a dozen memory care units.

Demolition tied to the project’s second phase, which includes the hotel, kicked off in March 2024.

Pembroke Square Associates said retailers and restaurants will continue to remain open throughout construction, including major stores like Bath & Body Works, Old Navy, Target and The Fresh Market.

Sentara College of Health Sciences ends degree programs

Chesapeake-based of Health Sciences announced last week that it will stop offering nursing and non-nursing and will move those courses to state and regional universities.

The 130-year-old school also will pause admissions and evaluate its non-degree offerings, according to President Angela Taylor’s announcement posted April 17 on the Chesapeake-based college’s website, branding the change as “a new path forward.” Staff members and faculty were informed of the change April 16, according to the college.

Current degree-track students can complete their programs at the college or a designated partner, her statement said.

There are approximately 460 students at SCOHS, including 385 in degree programs, Sentara spokesperson Mike Kafka said in a statement. In addition to the end of degree-granting programs, Sentara is also “evaluating our certificate offerings, including the types of programs, structure and delivery format that will best meet future needs,” Taylor wrote.

Her announcement added that Sentara is “taking steps to align our academic model with current and emerging workforce needs across the communities we serve. … This shift reflects a common model in health care today, where health systems partner with external academic institutions rather than operate their own degree programs.”

While the exact changes are still being finalized, the college is working to establish partnerships with state and regional universities to transition all nursing and non-nursing degree-granting programs, Taylor wrote. Meanwhile, select certificate programs will continue to accept new students, including for medical assistant, patient care technician, cardiac electrophysiology and monitor surveillance courses.

According to Kafka, tuition payments will remain the same for current students who finish their course either at SCOHS or at a partnering university or college. The college has offered master’s and bachelor’s degrees in nursing, as well as various associate degrees and certificates.

Kafka said the college will continue to offer and expand select specialty certificate programs designed to address critical workforce needs, but those decisions are still under consideration and will be announced later.

In a statement, Sentara said the transition is being carefully planned and that it is “fully committed to supporting SCOHS students, faculty, and staff throughout this process.”

In the Hampton Roads region, Tidewater Community College, Hampton University, Old Dominion University, Virginia Peninsula Community College, ECPI and Regent University offer nursing programs.

College sports enter new era with NIL deals

The Basics

  • Old Dominion’s embraces NIL to build his brand

  • Virginia legislation allows schools to pay student-athletes

  • Coaches and adapt to shifting power dynamics in recruiting

  • Risks include financial literacy gaps and potential exploitation

Kris Trinidad plays defensive end for Old Dominion University’s Division I football team, where he tallied 45 tackles and 5.5 sacks last season. He’s also building his brand thanks to new laws that allow student-athletes to ink endorsement deals and get paid by the university. 

“I feel like it’s teaching young guys how to be more marketable and prepare themselves for their future,” Trinidad said. “It gives them opportunities to express their true selves amongst the community.”

Trinidad is part of the growing class of student-athletes learning to navigate a new world of athletics, one where player statistics, social media presence and sponsorship potential increasingly all matter.

The Rise Of The Student Athlete

The has allowed student-athletes since 2021 to profit from their name, image and likeness, or NIL.

The financial shift and its impact on college athletics have been dramatic. went from landing full scholarships and cost-of-living expenses to earning an estimated $917 million in the first year NIL was enacted, according to Icon Source.

New legislation passed by the Virginia General Assembly in 2024 opened the door for direct payments from schools. This shift is backed by a legal settlement known as House v. NCAA, which will permit schools to allocate up to $20 million annually to pay student-athletes. The case argued current and even former student-athletes deserve a share of revenue generated by television deals, licensing agreements and even ticket sales. It recently received conditional approval from NCAA governance.

Virginia Commonwealth University student-athletes will be paid starting in the 2025-2026 year, with a projected $5 million allocation, according to CBS6 News.

The biggest NIL sums still go to marquee names. First-year Duke University power forward Cooper Flagg has a NIL valuation upwards of $4 million, according to 1075thefan sports website.

However, players of all levels can find opportunities to build their brands. Former Virginia State University running back Rayquan Smith was dubbed “King of NIL” for receiving over 100 , according to The Virginia Statesman.

Not Amateurism Anymore

Brendan Dwyer, a professor at ‘s Center for Sports Leadership, said the current NIL model is not sustainable for athletic departments.

“If all of a sudden they have to go out and find money through NIL to pay their athletes, it comes at the expense of so many other things for the athletic department,” Dwyer said.

Dwyer thinks schools are heading toward a professional model, and schools and athletes should be prepared. Although it might create other issues, employing athletes could be a solution.

“If you take a step back and you watch what happens on a Saturday afternoon in Tuscaloosa, or you watch what happened last weekend in San Antonio, those aren’t amateur sports,” Dwyer said. “That’s professionalism.”

Community, Coaches And The Changing Game 

Coaches are also evolving in the new era. VCU recently hired Phil Martelli Jr. as its new head coach and he is stepping into the role at a transformative time. Martelli led Bryant University to an America East title and its first NCAA Tournament appearance in March.

“The revenue sharing and NIL stuff is not going anywhere,” Martelli said. “It’s become a major part of this, the transfer portals become a major part of this for everybody, at every level.”

Coaches need resources to get recruits to campus. In most cases, athletes are straightforward in what they’re looking for when choosing which universities to attend, according to Martelli.

“Then it’s up to us to decide what that looks like,” Martelli said. “Is that worth it, is it not worth it?”

Martelli would like to see multi-year contracts for athletes. There would then be the potential for contract buyouts within college athletics, similar to professional sports. Both parties can negotiate the terms and lengths of the contracts and try to find common ground.

 “But right now if you go year-to-year, to have guys jumping in the transfer portal and shopping around, it isn’t the best for everybody,” Martelli said.

Former University of Virginia basketball coach Tony Bennett unexpectedly retired in 2024, saying he no longer felt he was the best coach to lead the program in the current environment. Bennett, who guided to the 2019 national championship, said NIL deals, along with the transfer portal, added aspects to his role that weren’t his strong suit.

“The game and college athletics is not in a healthy spot,” Bennett said. “There needs to be change.”

Community is also impacted when student-athletes solely chase money, said Ben Rekosh, a VCU broadcast student and sports commentator. College sports used to be built on the idea of student-athletes being integral to their community, by contributing to what makes their school and fan base great for three to four years.

“I think that it affects the community a lot,” Rekosh said. “There’s not really players anymore that people are able to to tie their hearts with and have a true connection with, if people are just jumping back and forth.”

Still, he understands why it could be in the best interest of athletes at their peak to move around and maximize their earnings.

One perk of NIL deals is that more college athletes are staying in school instead of going professional immediately, according to ESPN college basketball analyst Jay Bilas. They can continue their education while earning money, versus being pushed toward the pay-to-play professional route.

Top college players may earn more money and playing time than they would as rookies in the pros and would have more experience going into a draft.

New Kind Of Athlete

Athletes are not just a part of the university’s brand; they also have a personal business.

Thai Wilson, sports editor for VCU student-run paper The Commonwealth Times, said fans increasingly follow players, not just programs.

“You remember 2008 Florida winning the March Madness, or VCU making it to the Final Four in 2011,” Wilson said. “People don’t remember the players that played on those teams who made it all the way unless they were either a big name who made it to the NBA, or if it’s just a very memorable run.”

Wilson pointed to top recruit AJ Dybansta’s decision to go to Brigham Young University, a school not known for getting high-profile signees, as an example of how NIL has shifted power dynamics. That can benefit students and give them a better chance to negotiate for what they want.

“NIL’s landscape is starting to kind of open up doors for other programs to get higher recruits if they’re willing to pay for it,” Wilson said.

Risks And Reality

Student-athletes now have new opportunities, but with that comes risk. Especially for younger athletes still learning financial basics. For Trinidad, the key is using NIL to build the athlete experience.

Although NIL deals may give students more power, Trinidad worries some could be exploited by marketing agents or contract deals that they don’t understand.

“Because these guys—they’ll come in, make you a contract and take 10% of your money,” Trinidad said. “It’s something young guys need to be wary of.”

He thinks high school athletics should start talking about brand building, contract literacy and financial management.

NIL deals are relatively new, with many rules in place around compensation and endorsement. Virginia law restricts athletes from NIL compensation from alcohol, cannabis and sports gambling, to name a few.

If the laws change and there is less regulation, there is a chance athletes could be taken advantage of.

“It gives you power, but power in the wrong hands can be bad,” Trinidad said.

Capital News Service is a program of Virginia Commonwealth University’s Robertson School of Media and Culture. 

US Treasury secretary says trade war with China is not ‘sustainable’

WASHINGTON (AP) — U.S. Treasury Secretary said in a Tuesday speech that the ongoing showdown against China is unsustainable and expects a “de-escalation” in the trade war between the world’s two largest economies.

But in a private speech in Washington for JPMorgan Chase, Bessent also cautioned that talks between the United States and China had yet to formally start. Trump placed import taxes of 145% on China, which has countered with 125% tariffs on U.S. goods. Trump has placed tariffs on several dozen countries, causing the to stumble and to increase on U.S. debt as investors worry about slower economic growth and higher inflationary pressures.

Details of the speech were confirmed by two people familiar with the remarks who insisted on anonymity to discuss them.

“I do say China is going to be a slog in terms of the negotiations,” Bessent said according to a transcript obtained by The Associated Press. “Neither side thinks the status quo is sustainable.”

The S&P 500 index rose after Bloomberg News initially reported Bessent’s remarks.

The has met for talks with counterparts from Japan, India, South Korea, the European Union, Canada and Mexico, among other nations. But Trump has shown no public indications that he plans to pullback his baseline 10% tariff, even as he has insisted he’s looking for other nations to cut their own import taxes and remove any non-tariff barriers that the administration says have hindered exports from the U.S.

White House press secretary Karoline Leavitt told reporters Tuesday that Trump told her “we’re doing very well” regarding a “potential trade deal with China.”

China on Monday warned other countries against making trade deals with the United States that could negatively impact China.

“China firmly opposes any party reaching a deal at the expense of China’s interests,” China’s Commerce Ministry said in a statement.

Leavitt said the Trump administration has received 18 proposals from other countries for trade deals with the U.S., adding that “everyone involved wants to see a trade deal happen.”

The uncertainty over tariffs in the financial markets has also been amplified by Trump calling on the to cut its benchmark interest rate, with the president saying he could fire Chair if he wanted to do so.

Leavitt said Trump believes the Fed has by holding rates steady as it awaits the impacts of tariffs “in the name of politics, rather in the name of what’s right for the American .”

Henrico-based Elephant Insurance to be sold

The U.K.-based is selling Henrico County-based auto insurer Elephant to & Co., a New York-based private investment firm, according to a Tuesday announcement.

The deal is for “an undisclosed cash consideration … representing approximately the net asset value of Elephant,” a news release stated.

That value is believed to be more than $23.6 million, after being written down from more than $49 million in 2023, according to Admiral Group’s 2024 report. (Dollar figures are based on conversion rates of pounds to dollars at 12:30 p.m. on Tuesday.)

The transaction, which is subject to regulatory approval, is expected to close in the fourth quarter of the year.

Albert Schiavon, who became Elephant’s CEO in 2017, is expected to remain in that role. The company’s name is not expected to change and no employees are expected to lose their jobs.

Costantino Moretti, head of international insurance for Admiral Group, said the deal is good for Elephant’s employees and for Admiral Group and its shareholders. “This transaction will enable us to focus on the opportunities we see for delivering long-term sustainable growth in our businesses in the UK and Mainland Europe,” Moretti said in a news release.

Elephant has more than 500 employees, according to the company.

Eric Rahe, managing director and co-president, of J.C. Flowers stated in the news release that the firm will help “generate new opportunities as a standalone company.”

“J.C. Flowers has a long, distinguished history of investing in the insurance industry,” he stated in the news release.

In 2024, Elephant Insurance reported a profit of about $18.7 million after reporting a loss of about $25.6 million in 2023.

“These results were achieved through a continued focus on rate adequacy and careful expense management,” Schiavon stated in the annual report.

Admiral Group launched Elephant in 2009 to grow its overseas automobile insurance business. It initially traded only in Virginia. Elephant Insurance added Maryland, Illinois and Texas markets in 2013 and Indiana and Tennessee markets in 2016. Ohio was added in 2020 and Georgia the following year. More than 225,000 drivers and their vehicles are protected by Elephant Insurance, according to the company.

Founded in 1998, J.C. Flowers & Co. has invested more than $18 billion of capital, including co-investment, in 67 portfolio companies in 18 countries across sectors including insurance and specialty finance.

Admiral’s financial adviser for this transaction is BofA Securities and Chicago-headquartered Sidley Austin is its legal adviser. J.C. Flowers’ financial advisor is Keefe, Bruyette & Woods, and its legal adviser is New York-based Debevoise & Plimpton.

“This partnership will enable us to benefit from their extensive expertise which will play a critical role for the next phase of our growth strategy and add value for our customers, whilst maintaining our distinctive culture,” Schiavon stated.

Krispy Kreme investor to acquire Roanoke’s Shenandoah Life in deal

JAB Holding Co., the Luxembourg-based holding company that owns a majority stake in Krispy Kreme doughnuts, plans to pay $3.1 billion to buy , parent company of -based Shenandoah Life , according to a filing made last month with the .

Applications for approval of of an insurer typically take between two and six months to complete “depending on their complexity and other factors that may need to be considered,” according to a spokesperson for the Virginia regulatory agency.

announced in February that it had entered into a definitive agreement to acquire Prosperity Life Group, which includes Prosperity Life Group insurance companies and Prosperity Asset Management.

Acquiring Prosperity, which has over $25 billion in assets, is a “foundational part” of JAB’s strategy to build a global platform, according to the news release.

“The transaction, which we expect to close upon receipt of the requisite regulatory approvals, has no impact on Prosperity or Shenandoah Life’s business in Roanoke,” a spokesperson for Prosperity Life Group said in a statement Thursday.

Requests for comment were not returned by spokespersons for JAB Holding.

, a global credit rating agency specializing in the insurance industry, previously gave Shenandoah Life Insurance a financial strength rating of A-, or excellent, before placing the rating under review after the acquisition was announced.

Founded in 1916, Shenandoah Life hit troubled waters during the Great Recession and in 2009 was placed into a receivership, meaning it could not write new policies. By 2012, the company announced it had exited the receivership due to a $60 million capital infusion from its new owner, Prosperity Life Insurance Group.

The company had 284 employees at the start of the receivership, according to The Roanoke Times. Its workers once filled a large building on Brambleton Avenue, but that was sold to Carilion Clinic in 2015. At that time, only 90 employees worked there, an article in the Roanoke newspaper stated. A Prosperity Life Group spokesperson did not respond to a request for a current head count of Roanoke employees.

The company’s president and CEO is listed as Nicholas von Moltke, who is also  CEO of Prosperity Life Insurance and lives in New York City.

Shenandoah Life Insurance had $1.96 billion in assets at the end of 2024, according to its annual report filed with the . It collected $315 million in premiums in 2024, with the largest chunk ($278 million) going for .

An investor group led by Elliott Management bought Prosperity Life Insurance Group in 2019.

Wall Street rallies to recover some of its sharp losses as the dollar and US bond market steady

NEW YORK (AP) — U.S. stocks are rallying Tuesday after companies reported fatter than expected, and other U.S. investments are also steadying a day after falling sharply on worries about ‘s trade war and his attacks on the head of the .

The was 2% higher in morning trading and on track to recover most of Monday’s drop. The Dow Jones Industrial Average was up 765 points, or 2%, as of 10:45 a.m. Eastern time, and the Nasdaq composite was 2.2% higher.

The value of the U.S. dollar also stabilized after sliding against the euro and other competitors, while Treasury yields held steadier. Sharp, unusual moves in those markets have recently raised worries that Trump’s policies are making investors more skeptical that U.S. investments still deserve their reputations as the world’s safest.

The only prediction many Wall Street strategists are willing to make is that financial markets will continue to jerk up and down as hopes rise and fall that Trump may negotiate deals with other countries to lower his . Otherwise, many investors expect the to fall into a recession.

The International Monetary Fund on Tuesday slashed its forecast for global economic growth this year to 2.8%, down from 3.3%. But Vice President JD Vance also said he made progress with India’s prime minister, Narendra Modi, on trade talks Monday.

Some signs of nervousness remain in financial markets. Gold continued to rise, for example, as it holds onto its reputation as a safer investment when fear is dominating markets.

A suite of better-than-expected profit reports from big U.S. companies, meanwhile, drove U.S. stocks higher.

Equifax jumped 11.8% after reporting better profit for the first three months of 2025 than analysts expected. It also said it would send more cash to its shareholders by increasing its dividend and buying up to $3 billion of its over the next four years.

climbed 7.6% after the maker of Scotch tape and Command strips said it made more in profit from each $1 of revenue during the start of the year than it expected. The company also stood by its forecast for profit for the full year, though it said tariffs may drag down its earnings per share by up to 40 cents per share.

Homebuilder rose 6.2% after it likewise delivered a stronger profit for the start of 2025 than analysts expected.

It’s been benefiting from the sharp moves in the bond market. The unusual drops for Treasury yields recently are translating into lower rates for mortgages for potential customers. The drops for that are happening at the same time, though, are likely also scaring potential buyers.

CEO Ryan Marshall said buyers “remain caught between a strong desire for homeownership and the affordability challenges of high selling prices and monthly payments that are stretched.”

Tesla rose 4.1% ahead of its earnings report, which is scheduled to arrive after trading ends for the day. That trimmed its loss for the year so far below 42%.

Elon Musk’s electric car company has already reported its first-quarter car sales dropped by 13% from the year before. It’s been hurt by vandalism, widespread protests and calls for a consumer boycott amid a backlash to Musk’s high-profile role in the White House overseeing a cost-cutting purge of U.S. government agencies.

Stocks also showed how Trump’s tariffs could create winners and losers in a remade global economy.

First Solar jumped 13.5% after the U.S. Department of Commerce finalized harsher-than-expected solar tariffs on some southeast Asian communities.

Defense contractors had some of the market’s sharpest losses after RTX said U.S. tariffs on Mexican and Canadian imports, along with other products, could mean an $850 million hit to its profit this year. RTX, which builds airplane engines and military equipment, fell 8.4% even though it reported a stronger profit for the latest quarter.

Kimberly-Clark lost 2.2% even though the maker of Huggies and Kleenex likewise reported a better-than-expected profit.

CEO Mike Hsu said that “the current environment will now mean greater costs across our global supply chain” versus what it expected at the start of the year, and the company lowered its forecast for an underlying measure of profit this year.

In the bond market, the yield on the 10-year Treasury eased to 4.39% from 4.42% late Monday.

In stock markets abroad, indexes were mixed in modest moves across Europe and Asia.

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AP Business Writers Yuri Kageyama and Matt Ott contributed.

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