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Trump threatens to fire Powell if he doesn’t quit Fed board; ongoing probe clouds Warsh confirmation

Summary:

WASHINGTON, April 15 (Reuters) – President on Wednesday threatened to fire Chair Jerome Powell from his separate seat on the U.S. central bank’s Board of Governors if Powell does not vacate that post as well when his term as Fed chief ends on May 15, intensifying a complicated standoff that has upended the Fed’s usually smooth transition of power.

Trump administration threats against Powell, including an ongoing , could delay Senate confirmation of Kevin Warsh as Trump’s nominee to succeed Powell as Fed chief, but the president in a Fox Business interview doubled down on the probe as a way to prove Powell’s “incompetence” and said if he doesn’t leave altogether, “then I’ll have to fire him.”

“You want Jay Powell out of the way?” the president was asked by Fox Business host Maria Bartiromo.

“If he’s not leaving on time – I’ve held back firing him, I’ve wanted to fire him, but I hate to be controversial, you know. I want to be uncontroversial, but he will be fired,” Trump responded. He gave no indication that U.S. Attorney for the District of Columbia Jeanine Pirro would back down from investigating a Fed building project the administration has criticized for cost overruns.

Trump’s language underscored the stakes, and the potential complications the administration faces if Powell doesn’t leave the seven-member Fed board.

With greater control of seats on the board, Warsh would have a freer hand in setting monetary policy and making other changes at the central bank that the administration might seek. Trump has appointed only three of the current members, and one of them, Stephen Miran, is in a seat whose term has already expired and, as it stands, would have to be vacated for Warsh to join.

PROBE COMPLICATES WARSH CONFIRMATION PROCESS

Three of the Fed’s seven governors were appointed by former President Joe Biden; Powell was promoted to the top central bank job by Trump, but has proved himself independent of the president’s pressure and threats; and even Trump appointees like Fed Governor Christopher Waller are considered unlikely to support radical change or even abide by Trump’s advice on interest rates.

As a consequence, administration efforts to clear room on the board, such as through a move to fire Fed Governor Lisa Cook, a case that is pending in the U.S. , have become all the more urgent in the discussion of the Fed’s standing as an independent central bank able to set rates free of political influence.

The status of the Pirro investigation, involving whether Powell made misstatements to Congress about the project at the Fed’s headquarters in Washington, D.C., is unclear. Pirro was rebuffed by a federal judge who said grand jury subpoenas were not warranted, but has not yet followed through on a promised appeal. Investigators from her office made an unannounced visit to the building site on Tuesday, where they were told to ask for an appointment.

Both Trump and Pirro have said the building investigation needs to be pursued regardless of how it affects Warsh’s confirmation process. Senator Thom Tillis, a Republican member of the , has said he regards the probe as a frivolous assault on the Fed’s independence and will block Warsh’s confirmation until it is dismissed.

Warsh, who Trump has said he trusts to deliver interest rate cuts that Powell and other Fed officials feel would be unwise, given that is running above the central bank’s 2% target, has a hearing before the committee on April 21.

Trump has been angry with Powell since shortly after appointing him to the Fed chief position during his first term in the White House. The Pirro investigation, however, has stiffened Powell’s attitude toward remaining in a Fed governor’s seat that extends to 2028, the last full year of Trump’s presidency. Fed chiefs traditionally depart the board as well when their leadership terms end.

In a press conference after the end of the Fed’s March 17-18 policy meeting, Powell said he had “no intention of leaving the board until the investigation is well and truly over, with transparency and finality,” and might remain even beyond that “based on what I think is best for the institution and for the people we serve.”

(Reporting by Susan Heavey, Doina Chiacu and Paul Simao; Editing by Andrew Heavens and Paul Simao)

 

US import prices increase below expectations; sharp rise anticipated due to Iran war

Summary:

WASHINGTON, April 15 (Reuters) – U.S. import prices increased less than expected in March, though the trend still pointed to firming as the Middle East conflict boosts and snarls supply chains.

Economists shrugged off the report from the on Wednesday and said they expected the oil price surge from the U.S.-Israeli war with Iran to show in April’s import price data.

“The less-than-expected increase in import prices most likely reflects timing differences between when the oil that entered U.S. ports was shipped and the spot price of oil,” said John Ryding, chief economic advisor at Brean Capital. “The average crude oil price arriving in the United States in March was up 7.8% compared to a Brent price of 45.5%. The bulk of the March oil price increase has yet to show up in this report.”

Import prices rose 0.8% last month after a downwardly revised 0.9% gain in February, the Labor Department’s Bureau of Labor Statistics said. Economists polled by Reuters had forecast import prices, which exclude tariffs, increasing 2.0% after a previously reported 1.3% rise in February.

The BLS asks businesses to provide import prices for the first business day of the month, or as close to that day as possible.

Oil prices have jumped more than 35% since the conflict started at the end of February. President has imposed a blockade of the Strait of Hormuz, which halted seaborne trade in and out of Iran. The war has also disrupted shipments of commodities, including fertilizer.

In the 12 months through March, import prices shot up 2.1%. That was the largest year-on-year rise since December 2024, and followed a 1.0% increase in February.

“Whether it is higher shipping costs from supply disruptions or foreign manufacturers no longer offsetting the tariffs with their own product price cuts, import price is on its way up, and then adding insult to injury, once the ships dock here, the imported goods are hit with the tariffs,” said Christopher Rupkey, chief economist at FWDBONDS. “The consumer is losing, and will continue to lose.”

Higher oil prices raised consumer and in March, government data showed recently.

Imported fuel prices rose 2.9% last month after advancing 2.4% in February. Imported natural gas prices tumbled 71.0%. The BLS said effective with March’s report, “directly collected data for import natural gas prices is replaced with non-survey sources for price index calculation.” It said the switch to an alternative data source did not create a break in the series.

gained 0.5%. Excluding food and energy, import prices increased 0.6% after rising 0.9% in February. The so-called core import prices soared 3.5% in the 12 months through March.

Stocks on rose. The dollar was little changed against a basket of currencies. U.S. Treasury yields fell.

HOMEBUILDER SENTIMENT DETERIORATES

Prices of imported capital goods advanced 0.5% amid strong increases in the costs of nonelectrical machinery and transportation equipment excluding motor vehicles. Imported consumer goods prices, excluding automobiles, rose 0.4%.

Prices of imports from China surged 0.7%, the largest gain since December 2021. Prices, however, dropped 1.1% year-on-year. Prices for imports from Mexico increased 0.8%.

Imported air passenger fares rebounded 2.0% after falling 0.4% in February.

Based on the CPI, PPI and import price data, economists estimated that the Personal Consumption Expenditures price index jumped 0.7% in March after climbing 0.4% in February. That would translate into a year-on-year increase of 3.5% and follow a 2.8% rise in February.

Core PCE inflation was forecast to have increased 0.3% in March after rising 0.4% for two consecutive months. In the 12 months through March, core PCE inflation was estimated to have advanced 3.2%, which would be the largest gain in two years. It rose 3.0% year-on-year in February.

The Federal Reserve tracks the PCE price indexes for its 2% inflation target. Financial markets are pricing in roughly a one-in-three chance of a rate cut this year. Minutes of the central bank’s March 17-18 policy meeting, which were published last week, showed a growing group of policymakers last month felt that rate hikes might be needed. The Fed left its benchmark overnight interest rate in the 3.50%-3.75% range.

The Middle East conflict has also raised mortgage rates, weighing on the housing market. The National Association of Home Builders/Wells Fargo Housing Market index dropped four points to 34 in April, the lowest level since September 2025, and staying below the 50 break-even point for 24 straight months, a separate report showed.

Mortgage rates, which track U.S. Treasury yields, had fallen significantly at the start of the year amid expanded purchases of mortgage-backed securities by Freddie Mac and Fannie Mae.

The popular 30-year fixed-mortgage rate averaged 5.98% in late February, but jumped to 6.46% at the start of April and averaged 6.37% last week, data from Freddie Mac showed.

NAHB Chief Economist Robert Dietz said 62% of builders reported suppliers had increased building material costs due to higher fuel prices, including gas and diesel.

“Energy costs make up approximately 4% of residential construction material input and service costs,” said Dietz. “With near-term economic risks elevated, 70% of builders reported challenges pricing homes given uncertainty about material costs.”

​

(Reporting by Lucia Mutikani. Editing by Chizu Nomiyama, Mark Potter and Andrea Ricci )

L3Harris plans $1.27B expansion in Orange, creating 350 jobs

Florida-based defense contractor announced on Wednesday plans for a $1.27 billion of its rocket motor production operations in that will more than double space and create more than 350 over five years.

The company will build the Virginia Advanced Propulsion Facilities to support production operations tied to multiple programs.

“L3Harris’ continued investments in solid rocket motor facilities are bolstering manufacturing capacity for key national defense programs,”  L3Harris President of Missile Solutions Ken Bedingfield said in a statement. “With a talented workforce and a community committed to long-term success, our expanded presence in Virginia will deliver additional capability to the Department of War and our allies.”

A company spokesperson said dozens of new facilities totaling hundreds of thousands of square feet are planned as part of the expansion. She did not provide a construction timeline.

L3Harris’ Orange County site currently has 256,000 square feet of manufacturing space and serves as the company’s Center of Excellence for Propellant Research and Small to Medium-sized Solid Rocket Motor Production.

“I congratulate L3Harris on its historic expansion in Central Virginia,” said in a statement. “With a deep talent pipeline and strong track record in the defense and advanced manufacturing sectors, the commonwealth is ready to fill the hundreds of new positions coming to Orange County. L3Harris exemplifies the kind of partnership that builds the future of Virginia, and we look forward to celebrating this investment for many years to come.”

Spanberger approved two grants of $12.5 million and $500,000 from the Commonwealth’s Opportunity Fund to assist Orange County with the projects. She also approved a performance-based grant of $5 million from the , which encourages continued capital investment by existing Virginia companies.

The expansion announced Wednesday builds on L3Harris’ 2024 announcement of a $41.2 million modernization and expansion of the Orange County facility, with plans to add about 80 jobs. Construction began in 2025 on several new facilities, expected to be completed in late 2026, with production starting in early 2027, according to Defense News.

Founded in 2019 with the merger of L3 Technologies and Harris Corp., the company builds technology and equipment for the military, including communications systems and rocket components. The company operates in more than 100 countries and reported $21.9 billion in revenue for 2025.

Wall Street rallies on renewed hopes for US-Iran talks, earnings boost

Summary:
  • S&P 500 nears record closing high at 6966.78 points
  • reports rise in first-quarter profit
  • United CEO Scott Kirby pitches merger with

April 14 (Reuters) – Wall Street’s main indexes and the S&P 500 neared its record closing high as investors were optimistic about prospects to resolve the while they assessed the latest batch of and U.S. readings.

Talks to end the Iran war could resume in Pakistan over the next two days, U.S. President told the New York Post on Tuesday, after the collapse of weekend negotiations prompted Washington to impose a blockade on Iranian ports.

Meanwhile, Israeli and Lebanese envoys went into the talks hosted by U.S. Secretary of State Marco Rubio with conflicting agendas as Israel demanded Beirut disarm Iran-aligned Hezbollah.

With volatile dramatically impacting inflation expectations, the market has been highly sensitive to developments in the Middle East, with any headlines about setbacks sending stocks lower, while even tentative signs of an off-ramp have been sufficient to encourage investors eager for positive news.

“We don’t have a resolution yet but investors don’t want to miss the rebound,” said Burns McKinney, portfolio manager at NFJ Investment Group, Dallas.

Meanwhile, Tuesday’s inflation data also provided some encouragement as U.S. increased less than expected in March as the cost of services was unchanged. Ameriprise chief market strategist Anthony Saglimbene also cited a solid start to the U.S. earnings season as a boost for stocks.

“The market is kind of moving past this concept of peak uncertainty. There’s been a lot of uncertainty in the market, whether that’s coming from the Iran conflict, AI disruption fears, inflation concerns or policy concerns,” Saglimbene said.

“Markets are starting to kind of walk away from some of the worst-case scenarios for these events and because valuations have improved over the last couple of weeks and months, investors are buying the dip right now.”

According to preliminary data, the S&P 500 gained 80.54 points, or 1.17%, to end at 6,966.78 points, while the Nasdaq Composite gained 452.18 points, or 1.95%, to 23,635.92. The Dow Jones Industrial Average rose 317.14 points, or 0.66%, to 48,535.39.

The S&P 500 closing level compares with its record close of 6978.60 in late January. On Monday it had closed above its finish on February 27 – the last trading day before the U.S.-Israeli war on Iran began.

Under the hood, software stocks rallied for a second straight day, and the Philadelphia Semiconductor index hit a fresh record for the fifth day in a row.

EARNINGS ENCOURAGEMENT

On the earnings front, BlackRock shares rallied after the asset manager reported a rise in first-quarter profit, helped by strong inflows into its exchange-traded funds and a sharp increase in performance fees.

Citigroup shares hit their highest in nearly two decades after beating first-quarter profit estimates, while Johnson & Johnson shares rose after it reported earnings.

However, JPMorgan had a less enthusiastic reception to its first-quarter results, while Wells Fargo shares fell after interest income fell short of market expectations.

While the market reaction was mixed, NFJ’s McKinney said, the earnings reports and executive commentary “show that the economy has been sturdy and is holding up.”

Meanwhile, and American Airlines shares rose. Reuters, citing two unnamed sources, reported that United CEO Scott Kirby had pitched a potential merger with American Airlines to Trump in late February, raising the prospect of a deal that could reshape the industry.

Shares of Globalstar jumped after Amazon.com agreed to buy the satellite company.

(Reporting by Sinéad Carew in New York, Niket Nishant and Avinash P in Bengaluru; Editing by Rashmi Aich, Shinjini Ganguli and Shilpi Majumdar)

 

Spanberger’s marijuana amendments include delay in sales to July 2027

SUMMARY:

  • proposes delay of launch of market sales to July 1, 2027
  • Proposed weed tax could go from 6% to 8% after 2029
  • Legislators call Spanberger amendments “a significant departure” from original legislation

Gov. Abigail Spanberger has proposed a six-month pause in legalizing recreational sales, moving the launch from Jan. 1, 2027, to July 1, 2027.

That’s among several amendments to state legislation that establishes a retail market for marijuana, which was passed by the Virginia . House and state Senate lawmakers are set to consider the governor’s proposed changes to 180 bills at a reconvened session in Richmond on April 22.

The goal behind the delay in starting marijuana sales, according to a Tuesday news release from the governor’s office, is to “allow for additional time to implement a legal market safely and curb the illicit market.”

Another change proposed by Spanberger is a raise in the state cannabis tax from 6% to 8% starting July 1, 2029. Local taxes would remain at 1% to 3.5%.

Additionally, Spanberger’s changes would only allow 200 licenses for stores to be issued by Jan. 1, 2029, instead of the 350 in the bill. There would also be changes to allocations of state tax revenue, as well as the addition of stricter penalties for illegal consumption, possession, cultivation and processing.

Currently, adults in Virginia over age 21 can possess up to 1 ounce of marijuana. Lawmakers approved a bill that would have upped that to 2.5 ounces, but Spanberger dialed it back down to 2 ounces in her amendments. Among the criminal penalties is the addition of a new offense for transporting marijuana punishable as a Class 2 felony, with 20 years to life imprisonment.

The General Assembly’s bill also would have directed 30% of state tax revenue to the Cannabis Equity Reinvestment Fund, 40% to support early childhood care and education, 25% to the Department of Behavioral Health and Development Services for substance use prevention and treatment programs, and 5% to public health programs.

However, a Spanberger amendment proposes that “net profits shall be appropriated in the general appropriation act …  for purposes such as early childhood education, behavioral health, public health awareness, prevention, treatment, and recovery services, workforce development, reentry, indigent criminal defense and targeted reinvestment in historically disadvantaged communities.”

Legislators object to changes

and state , chief sponsors of the twin bills, issued a response Tuesday to the governor’s amendments voicing their displeasure.

“The proposal creates a less accessible legal marketplace,” Krizek said in a statement. “These changes reduce the number of available licenses, delay the launch of retail sales and impose high barriers to entry, resulting in revenue losses, delayed economic opportunity for market participants and the elimination of investment to small businesses. These barriers do not eliminate demand, it simply redirects it back to the illicit market.”

Aird said that the governor’s proposed amendments “represents a significant departure from the framework passed by the General Assembly,” and that the substitute language not only makes the legal market “harder to access” but “allows the illicit market to continue to thrive in every corner store in our commonwealth.”

Aird added that Spanberger’s changes introduce “harsh escalating criminal penalties that risk repeating the very harm legislation was meant to correct, particularly in communities that have historically been harmed by prohibition, while simultaneously encouraging intoxicating hemp products to continue to be sold without any safeguards.”

Cannabis business owners and other supporters have long awaited the legalization of recreational sales, coming years after medical marijuana was made legal in 2021, along with the 2020 decriminalization of possessing small quantities of weed. Former Republican Gov. Glenn Youngkin vetoed previous legislation that would have established the retail market, while Spanberger, a Democrat, said she would sign such legislation during her 2025 gubernatorial campaign.

“Five years ago, the commonwealth took the first steps to legalize marijuana — and for five years, the work sat unfinished,” Spanberger said in Tuesday’s news release. “We are working to set up a marketplace that is controlled, regulated and responsible — because legal markets only succeed when there are clear guardrails and enforcement to back it up.”

Stakeholder views

Several stakeholders say they understand the reasoning behind the proposed six-month delay.

Eric Postow, Fairfax-based managing partner for Holon Law Partners and a specialist in marijuana law, thinks delaying the launch will give more businesses a chance to compete successfully with companies that already dispense and process medical marijuana that may apply to become dual-use facilities. If retail sales started in early 2027, only medical processors may have product ready to sell, since they are connected to multistate operations, he and others say.

“What it really does is kind of level the playing field,” Postow said. “It takes time to grow the crops and to get them into retail form …  And what you really want is for retail to open when the true license market is able to participate fully. … So, I think that pushing it out actually makes sense from a competitive market perspective.”

Regardless, “Virginia is going to be one of the most competitive licensed marketplaces anywhere in the country,” Postow said.

Tanner Johnson, CEO of Pure Shenandoah, a family-run CBD and hemp products business based in Elkton, and Pure Virginia, the company’s marijuana entity, said in a statement that the governor’s amendments present “a complex set of trade-offs for the industry.”

“On one hand, the delayed implementation timeline proposed in the governor’s amendments could provide small and local businesses more lead time to scale their operations and prepare for a competitive marketplace,” he said. “Conversely, this delay means consumers must wait significantly longer for access to a regulated market.”

Chelsea Higgs Wise, the Richmond-based executive director of nonprofit Marijuana Justice, had lobbied for a later start date. She was glad to see the July 2027 launch date among Spanberger’s proposed changes, but she’s unhappy with the amendments overall, particularly removing specific allocations to the Cannabis Equity Reinvestment Fund created by the legislature in 2021.

That fund, Wise said, could provide low-interest loans to marijuana microbusinesses, which would be smaller-scale operations licensed to provide marijuana processing, cultivation or sales. To qualify as a microbusiness, applicants need to be farmers, industrial hemp processors or growers, or qualify for social equity reasons, such as at least 66% ownership by a person who has been convicted of a misdemeanor violation related to marijuana.

Spanberger’s proposed amendments, Wise said, are “basically bankrupting the reinvestment fund before we even get started.”

Obtaining a traditional bank loan for a marijuana business is unlikely because marijuana is illegal at the federal level, Wise noted. “Now this is an even more restrictive capital industry that we’ve created by cutting off that resource.”

Postow added that this change limits the market to those who can find private financing or have deep pockets.

“I think the pool is being slimmed down,” he said. “That’s a really critical change.”

However, Postow thinks this is a good move on Spanberger’s part.

“What’s the most important is a tightly controlled, compliance-focused marketplace,” Postow said. “That allows for the businesses that have the best chance of staying in business and professionalism across the board. I think that that’s in our interest as Virginians.”

Editor’s note: This story has been updated. 

Richmond Metropolitan Transportation Authority

Richmond Metropolitan Transportation Authority CEO Joi Taylor Dean has been elected 2026 president of the International Bridge, Tunnel and Turnpike Association. Dean outlined a vision, “Driving What’s Next: Investment, Impact and Influence.” She is also a Conference of Minority Transportation Officials 2026 Women Who Move the Nation honoree.

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US set to launch tariff refund system on April 20

April 14 (Reuters) – President ‘s administration plans to launch next Monday the system it will use for issuing refunds to American for $166 billion the companies paid in that the U.S. struck down in February as unlawful.

U.S. Customs and Border Protection said in a court filing on Tuesday that it has completed the development of the initial phase of the refund system, known as . The system will consolidate refunds so importers will receive one electronic payment, with interest when applicable, rather than processing refunds on an entry-by-entry basis.

Agency official Brandon Lord made the declaration in the filing with the New York-based Court of International Trade. The agency disclosed the CAPE launch date in a separate announcement on Friday.

The Supreme Court ruled that Trump overstepped his authority in imposing sweeping global tariffs under the International Emergency Economic Powers Act, a 1977 law meant for use in national emergencies.

Tuesday’s filing said that as of April 9 some 56,497 ​importers had completed the process to receive electronic refunds for tariffs affected by the court’s ruling, an amount totaling $127 ‌billion.

The agency has said it plans to roll out the refund system in phases.

Lord said in his declaration that the agency is considering options for processing refunds on a subset of entries that were subject to $2.9 billion in tariffs. Lord said these normally would require manual processing, which would dramatically increase the workload and divert personnel from the agency’s and enforcement.

After the Supreme Court’s decision, importers sued for refunds in the Court of International Trade, which is monitoring the development of the refund system.

More than 330,000 importers paid the tariffs at issue on 53 million shipments of imported goods, according to court documents.

Customs and Border Protection has said the will initially process refunds on recently imported goods and straightforward entries.

Many ⁠smaller importers feared the cost of the refund process would outweigh the benefits of trying to get reimbursed, forcing some companies to explore creative financing options related to refunds.

Trump denounced the Supreme Court after its ruling and imposed a new temporary global tariff under a different law, though that also has been challenged in court.

 

(Reporting by Tom Hals in Wilmington, Delaware)

 

Boeing jet deliveries slow in March due to 737 MAX wiring issue

SEATTLE, April 14 (Reuters) – said on Tuesday it delivered 46 jets in March, down from 51 the prior month, as the company repaired damaged wiring in about 25 of its best-selling planes.

Boeing did not specify on Tuesday how many deliveries were delayed by the rework. In March, Boeing Chief Financial Officer said it was expected to push 10 737 deliveries into the second quarter but that it would not affect 737 deliveries for the year.

The U.S. planemaker’s deliveries trailed European rival , which handed over 60 jets in March. Boeing has lagged Airbus in deliveries every year since 2018. Investors closely track deliveries, as planemakers receive most of the money for a jet when it is handed over to a customer.

Boeing booked 33 new orders, minus two cancellations, for a total of 31 net new orders in March.

Boeing delivered 143 jets in the first three months of theyear, ahead of Airbus’ 114 deliveries as the European planemaker struggles with engine shortages.

Boeing had delivered 41 jets in March 2025. Last month, Boeing delivered 33 737 MAX jets, one 737 NextGeneration (NG) for conversion into a P-8 for the , seven 787s, three 777 freighters, one 767 freighter and one 767 for conversion into a KC-46 aerial refueling tanker for the U.S. Air Force.

Boeing booked 25 new 737 orders, all for unidentified customers, in March: 20 737 MAX jets and five 737 NGs. The company booked eight 787 orders for unidentified customers.

and Enter Air each canceled a 737 MAX order. Boeing booked 149 new orders after adjusting for cancellations and conversions in the first quarter.

Boeing finished March with an order backlog of 6,127 jets: 4,368 737s, 94 767s, 606 777s and 1,059 787s.

(Reporting by Dan Catchpole in ; Editing by Jamie Freed)

 

$450M Navy housing project in Newport News slated to begin this summer

SUMMARY:

  • $450 million -backed housing project with 750 units set to begin construction this summer in downtown
  • Memorial Day Noodle convention aims to draw visitors and boost downtown activity
  • City seeking proposals to redevelop former West Avenue Library and Greek Orthodox church sites
  • is proposing a vote on collective bargaining for city employees before July

Newport News Mayor Phillip Jones announced Monday that construction is set to start on a $450 million downtown development featuring two apartment towers targeted for sailors and 10,000 square feet of space this summer.

Jones announced the update during the address held at Christopher Newport University’s Ferguson Center for the Arts. He said the and its partner Hunt Military Communities plan to break ground on the project within the next quarter.

The project includes 750 two-bedroom for sailors and will replace several existing structures, including the Huntington Hall site owned by Newport News Shipbuilding, and the city-owned Julius Conn Gym. The units are designed to house roughly 1,500 sailors, with each apartment shared by two residents.

The 930,000-square-foot project, to be built in two phases, will be located between Huntington Avenue and Warwick Boulevard, and on 32nd and 29th streets. The project’s first phase involves a 555-unit apartment complex featuring two 17-story towers. The phase also includes the construction of 6,090 square feet of retail space and a four-story garage with 1,050 spaces.

The second phase will include the remaining 195 apartments, plus 4,000 additional square feet of retail and a 30,000-square-foot building for Navy programming.

Newport News Director of Development Florence Kingston previously said at a February Authority meeting that completion of the parking garage is anticipated by summer 2028, followed by the completion of Phase I, which includes the residential towers, by summer 2029. The final phase, involving development at the current location of Huntington Hall, is expected to be completed by summer 2031.

Jones has said the Navy is investing between $350 million and $400 million in the project. Newport News has received a $40 million treasury loan from the state to help finance the project.

“As someone who served in the Marine Corps the past decade, I’m most excited about getting those Navy sailors off the ships and into downtown,” Jones told the media after his speech.

Hunt Military Communities did not immediately return requests for further comment.

Other announcements

Jones also highlighted efforts to drive activity and investment in downtown beyond housing, pointing to a new large-scale event planned for Memorial Day weekend.

“This year, on Memorial Day weekend, Newport News will host Noodle: The Thinkers Convention,” Jones said. “This first-of-its-kind event for — not in the southside, but here in Newport News, will bring global talent in tech, entertainment, new media, business and science to our city.”

The convention will take place at Victory Landing Park and the Yard District and will feature a mix of speakers, performances and programming focused on technology, business and the arts. A March announcement revealed a lineup that includes Chance the Rapper, “Shark Tank” investor and entrepreneur Daymond John, and musicians Aloe Blacc and CeeLo Green, along with scientists and business leaders.

Jones first suggested launching the event in January 2025. In December 2025, the city approved a roughly $3 million grant to support the launch of the event, which is aimed at boosting , drawing visitors downtown and supporting local businesses.

“This is more than an event,” Jones said. “It’s a statement that Newport News is ready to lead, to convene and to bring big ideas into one place. Noodle is more than just music and speakers, it’s about creating a space people can learn, connect, create and imagine.”

While Jones did not give revenue projections for the event, he said he is “confident” that the city will generate a positive return on investment.

Jones also pointed to additional redevelopment efforts moving forward.

He said the city is advancing requests for proposals for the adaptive reuse of two downtown properties: the former West Avenue Library and a former Greek Orthodox church near Victory Arch.

Both sites were among a group of properties highlighted during the 2025 EDGE summit, where city officials pitched redevelopment opportunities to developers as part of a broader effort to attract private investment.

The West Avenue Library, built in 1929 and vacant since 2013, is located in the downtown core near Newport News Shipbuilding and is eligible for historic rehabilitation tax credits.

The former Greek Orthodox church, constructed in 1949 and vacant for decades, sits near Victory Landing Park and is being marketed as a potential restaurant, event or entertainment venue as part of ongoing waterfront and Yard District improvements.

Proposals for both projects are due by Friday at 5 p.m.

Jones told the media it’s important for the city to repurpose abandoned buildings into new uses.

“I’m excited about the Orthodox Church,” he said. “It could be a food hall. It could be a concert hall. There’s so many opportunities, but we need public-private partnership.”

In addition to economic development initiatives, Jones also outlined a major policy proposal affecting the city’s workforce.

He said he plans to bring forward a vote before July to authorize collective bargaining for city employees, an initiative under discussion statewide.

“We will not wait for state mandates,” Jones said. “We will not wait for Richmond to tell us the time. We’ll make a choice here as a council here in Newport News, because our cities deserve not just to be heard, but to help shape the future of this city.”

The proposal follows the creation of a city task force in 2024 to study the issue and make recommendations to City Council.

Virginia law has allowed localities to authorize collective bargaining for public employees since 2021. Jones said he is confident he has the votes to pass the matter this summer. According to Jones, the city has a workforce of more than 3,700 people.

Former Port of Virginia CEO John Reinhart dies at 72

SUMMARY:

  • , former head of the , died at 72 after a three-year battle with cancer.
  • He is credited with turning the into a major economic engine
  • Reinhart also had a long career with Maersk Line and was active in regional leadership

Former Virginia Port Authority CEO and Executive Director John Reinhart, who is credited with transforming the Port of Virginia from a financial liability into a key economic driver for the state, died Saturday at age 72.

According to his , he died at his home surrounded by family after a three-year battle with cancer.

Before Reinhart took over the port authority in 2014, the state had considered selling the port after it lost $120 million over five years. But Reinhart restored profitability and led major investments, including a nearly $800 million terminal in and a $450 million dredging project to create the deepest and widest harbor on the East Coast, which was completed in February.

“John was a very skilled and respected leader, and he’ll be missed,” said Joe Harris, the port’s spokesperson. “He was an important figure in the creation of the modern Port of Virginia.”

Harris described Reinhart as “a tough guy to work for” because he was demanding. However, he believes Reinhart was ultimately what the port needed.

“Good organizations get the get the leaders they they get when they need them,” Harris said. “And we needed John. He came in and really changed the way we did business. And that was important, because when he took over, there were some real problems, and he addressed them immediately and just really righted the ship for the success that we’ve had for the last 10 years.”

As of 2026, the Port of Virginia contributed to $124.1 billion in total spending and $5.8 billion in state and local tax revenues, and it accounts for more than 565,000 direct and indirect .

Before leading the port, Reinhart spent 23 years with Maersk Line, serving as its CEO from 2000 to 2014. He was named Virginia Business’s 2016 Business Person of the Year, inducted into the Hampton Roads Business Hall of Fame in 2017, and named a Virginia Business Icon in 2025.

He graduated from Ohio University and earned his executive MBA from the University of Michigan.

Even after retirement, Reinhart remained an active presence in the Hampton Roads region, serving on the board and the American Flood Coalition, among other organizations’ boards.

RVA757 Connects President and CEO John W. Martin said Reinhart played a pivotal role in the creation of RVA757 Connects, a nonprofit coalition formed in 2020 of senior leaders from business, higher education and community organizations across Metro Richmond and Hampton Roads.

“John Reinhart brought invaluable strategic thinking and passion for collaboration on a megaregion scale,” Martin said in a statement.

Martin said that when Reinhart led the Virginia Port Authority, he advanced efforts that led the port to lease and manage the Richmond Marine Terminal, making the then-fledgling asset part of the much larger Virginia port system. He said this was the first example of “the power of a megaregion perspective.”

“John Reinhart worked tirelessly during the formative years of RVA757 Connects, shaping our structure, bylaws and priorities,” Martin said. “His vision, impact and dedication to advancing our cause have left an enduring mark on our organization, the megaregion and the commonwealth.”

According to his obituary, Reinhart was survived by Mary, his wife of 53 years; two children, Jennifer Paparsenos and Samuel Reinhart; and four grandchildren, with a fifth on the way. He was preceded in death by his eldest son, Jacob Reinhart.

A celebration of his life and career will be held April 20 at Nauticus in Norfolk.