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Virginia sees homes sales growth in February

 

SUMMARY:
  • In February, 6,581 homes sold in Virginia, up 7.4% from February 2025.
  • U.S. mortgage rates dropped below 6% at end of February, but have risen since outbreak of war
  • Median sales price rose to $410,000 statewide, up 1.6% year-over-year
  • Inventory grew to 19,601 active listings as seller activity increased and homes stayed on the market longer.

Virginia home sales climbed in February as improved inventory and lower mortgage rates boosted buyer activity, according to a mid-March report from , before global economic uncertainty began to disrupt financial markets.

According to the report, there were 6,581 homes sold statewide in February, a 7.4% increase from last year’s 6,129 sales and up nearly 12% over January’s 5,881 sales. Virginia Realtors reported that 59% of the state’s local markets recorded higher sales than the same time last year.

There were 7,115 pending sales in February, up 5% from last year and up 5.8% from January. The association attributed the rise in pending sales to lower mortgage rates from earlier in the year.

In a statement, Virginia Realtors Chief Economist Ryan Price said February’s data showed that the state’s entered 2026 with “solid momentum.”

“Higher inventory, steady buyer interest and softer price growth were setting the stage for a busier spring season,” Price said. “However, the recent geopolitical tensions stemming from the have already pushed mortgage rates upward and created volatility in the bond market. How high mortgage rates climb will play a major role in determining whether the spring market maintains its pace or slows.”

At the end of February, U.S. mortgage rates fell below 6% for the first time since 2022. But, the rate has climbed since the outbreak of the Iran war. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.46% as of Thursday.

The statewide median sales price in February was $410,000, a 3.1% increase from January and a modest 1.6% increase from February 2025. Nearly 6 out of 10 local markets (57%) posted year‑over‑year price increases.

Inventory conditions also continued to improve across Virginia, with 10,384 new listings in February, up 3.1% from January and 6.3% from February 2025. In February, there were 19,601 active listings, up 2.1% from January and up more than 9% from a year ago.

Virginia Realtors attributes the rise in active listings to both increased seller activity and homes spending longer on the market. The statewide median days on the market rose to 23 in February, up from 17 in February 2025.

“Even with the economic headwinds, we’re still seeing encouraging signs as we head into spring,” Virginia Realtors 2026 President Curt Reichstetter, owner and broker of Two Dog Realty, said in a statement. “Inventory is growing, buyers have more options and many local markets are experiencing renewed activity. Realtors are working closely with clients to navigate these shifting conditions, and there’s still a lot of optimism about opportunities ahead.”

Based in Glen Allen, Virginia Realtors represents about 34,000 Realtors and is the state’s largest trade association.

Boeing lands up to $900M Air Force contract

Arlington County-based and has been awarded an up to $900 million contract to sustain and support T-38C Talon aircraft.

The indefinite-delivery, indefinite-quantity contract provides total lifecycle support for the Air Force’s T-38C avionics system. The T-38 Talon is a twin-engine, high-altitude supersonic jet trainer used by the U.S. Air Force to train pilots, including those who go on to fly frontline fighter aircraft. The T-38C has integrated avionics displays, a head-up display and an electronic “no drop bomb” scoring system in the cockpit.

According to the draft request for proposals issued in 2024, work will include maintenance services, engineering, contractor logistics support, software support, training systems and upgrades. A performance work statement included with the draft RFP indicated the Air Force operates more than 440 T-38C aircraft.

Boeing will perform work at numerous bases and locations in Mississippi, Texas, California, Oklahoma and New Mexico. According to the , the contract is expected to be completed by March 31, 2036.

The Air Force awarded the contract following a competitive solicitation that received only one offer. The Air Force Life Cycle Management Center’s Legacy Training Aircraft Division at Hill Air Force Base in Utah is the contracting activity and obligated $56.2 million at the time of award.

Boeing reported $89.5 billion in 2025 revenue and has more than 170,000 employees. It ended 2025 with a major restructuring that included cutting approximately 17,000 jobs.

North American farmers pinch pennies on farm machinery as profitless growing season approaches

Summary:
  • Sales of and down 30% to 40% in U.S.
  • John Deere estimates $1.2 billion tariff cost in 2026
  • Farm Credit Canada notes delayed equipment purchases

, Saskatchewan, April 3 (Reuters) – Farm machinery salespeople are wrapping up a dismal season of farm shows across North America as gear up for spring planting without much new equipment.

Farmers have not stopped buying, but many have slashed spending and are avoiding big-ticket items due to high machinery, fertilizer and fuel prices, as well as a global grains glut pushing down .

“They might not buy the million-dollar combine, but they’ll buy a $100,000 implement,” said Chad Jones of manufacturer Degelman Industries, standing among his company’s rockpickers, harrows, rippers and other yellow-painted equipment at Canada’s Farm Show in March.

Farmers are still spending money, but far less than in other years, according to sales data from the , the organization that represents big players in the North American industry.

The group told Reuters that sales of big-ticket items like tractors and combines were down between 30% and 40% in the U.S. in March compared to a year ago.

Farm machinery sales have been hammered by a squeeze on farmer finances exacerbated by U.S. President ‘s that have escalated the production cost of already-expensive machines like tractors and combines. These items, known by farmers as “big iron,” are manufactured from large amounts of steel and often with imported components.

The is reported to be planning a 25% tariff on the value of finished imported goods that contain steel and aluminum, rather than just 50% on the metals content of those goods. That will likely raise the overall price of those products. However, goods that are mostly made from steel and aluminum, including tractors and combines, will still face the 50% tariff that has been in place for almost a year.

In its most recent quarterly earnings call, a John Deere official said the company estimates tariffs will cost it $1.2 billion in 2026, and that not all of 2025’s tariff costs had been passed on to farmers.

Last Friday, Trump called on the manufacturers to cut prices in order to help farmers.

But for the beleaguered industry, Trump’s tariffs are the problem. The easiest way to bring the cost of machinery down would be “to significantly scale back on the tariffs that are hitting the manufacturers, and the retaliatory tariffs that are hitting farmers,” said Kip Eideberg of the Association of Equipment Manufacturers.

Trade fights have hurt U.S. crop export sales, with China absent from the U.S. soybean exports market for months, depressing North American crop prices and creating huge stockpiles.

“They were looking at profitability being very tight to even potentially negative for the upcoming growing season, and this has led to slower decisions on equipment replacement,” said Farm Credit Canada economist Leigh Anderson. Farmers have delayed planned purchases, hanging on to aging equipment for longer, he said.

Signs of that lack of interest could be seen at the farm show in Regina, with few farmers kicking the tires of tractors and other large machinery. Despite over 5,000 people attending the show, many of the equipment displays were relatively quiet.

“It’s fair to characterize it as purchasing behavior shifting from wants to needs,” said Eideberg of AEM. Fertilizer and machinery production costs are hard to reduce once they have risen, which is why the AEM is hoping to see tariffs chopped.

“That’s the immediate relief that will make a significant difference for farmers and manufacturers,” said Eideberg.

 

(Reporting by Ed White, Editing by Emily Schmall and Aurora Ellis)

 

US labor market posts largest jobs gain in 15 months, but clouds brewing from Iran war

Summary:
  • increased by 178,000 jobs in March
  • Unemployment rate fell to 4.3% from 4.4% in February
  • War with adds uncertainty to outlook

WASHINGTON, April 3 (Reuters) – rebounded more than expected in March as a strike by healthcare workers ended and temperatures warmed up, but downside risks for the labor market are mounting from a war with Iran that has no clear end in sight.

The biggest increase in nonfarm payrolls in 15 months, and also the largest since President Donald Trump returned to the White House, followed a sharp decline in February, the Labor Department’s closely watched employment report showed on Friday.

Nonetheless, the rebound exaggerates the labor market’s health. The average workweek was shorter last month and annual wage growth increased at its slowest pace in nearly five years.

While the unemployment rate fell to 4.3% from 4.4% in February, that was because 396,000 people dropped out of the labor force, more than offsetting weakness in household employment. The labor force participation rate fell below 62% for the first time since the COVID-19 pandemic.

Economists said March was too early to capture the fallout from the Middle East conflict.

“This is an on-the-one hand, on-the-other kind of a job market,” said Bill Adams, chief U.S. economist at Fifth Third Commercial Bank. “This report tells us next to nothing about the Iran war’s impact on the job market.”

Nonfarm payrolls increased by 178,000 jobs last month, the most since December 2024, after a downwardly revised 133,000 drop in February, the Labor Department’s Bureau of Labor Statistics said. Economists polled by Reuters had forecast payrolls rising by 60,000 jobs after a previously reported 92,000 decrease in February.

Estimates ranged from a loss of 25,000 positions to a gain of 125,000 jobs. The has experienced months of positive and negative payrolls since May last year, with volatility intensifying this year. Economists attributed some of the choppiness to the birth-death model, which the government uses to estimate how many jobs were gained or lost because of companies opening or closing in a given month.

Others blamed uncertainty related to Trump’s sweeping import , which have since been struck down by the U.S. Supreme Court. Trump, however, responded by imposing a global tariff for up to 150 days.

Job growth averaged 68,000 per month in the first quarter, which economists said was a better reflection of the labor market’s health. Data from the BLS this week showed job openings decreased by the most in nearly 1-1/2 years in February, pointing to slipping labor demand.

March’s employment report likely has no impact on the interest rate outlook, with the effects of supply chain disruptions from the conflict still to work their way through the economy. The odds of a rate cut this year have greatly diminished. The Federal Reserve left its benchmark overnight interest rate in the 3.50% to 3.75% range last month.

U.S. Treasury yields rose on the report. The stock market was closed for the Good Friday holiday.

“Since May 2025, each month of positive job growth has been followed by a month of negative growth, a pattern that likely reflects the tariff uncertainty that began in April,” said Olu Sonola, head of U.S. economics at Fitch Ratings. “The war in Iran now threatens to add to that choppiness, especially if the conflict drags on and the uncertainty impulse intensifies. For the Fed, wait-and-see is the only sensible option at this point.”

HEALTHCARE DOMINATES JOB GROWTH

The war, now in its second month, has boosted global by more than 50%. Trump on Wednesday vowed more aggressive strikes on Iran.

The healthcare sector dominated the nearly broad increase in employment, adding 76,000 positions as 35,000 employees at doctors’ offices returned to work following a strike. Employment also increased at hospitals.

Construction employment increased by 26,000 jobs. Transportation and warehousing payrolls advanced by 21,000 positions, though employment in the sector remained down by 139,000 since peaking in February 2025.

There were further gains in social assistance employment. , which the is trying to shore up with import duties, saw payrolls increasing by 15,000 jobs – the biggest gain since November 2023. Still factory payrolls are down 82,000 since January 2025.

Leisure and hospitality employment rebounded 44,000, with the bulk of the increase at restaurants and bars. Federal government employment declined by another 18,000 jobs, and is down 355,000, or 11.8% since peaking in October 2024. The White House embarked on an unprecedented campaign to slash the size of federal agencies, which Trump argued were bloated. The federal government is, however, now actively recruiting workers.

The financial activities sector shed more workers. There were signs of the adoption of artificial intelligence leading to job losses in the professional and business services sector, where positions for computer systems design and related services dropped by 13,200.

The share of industries reporting job growth increased to 56.8% from 49.2% in February. But the workweek eased to 34.2 hours from 34.3 hours. A single month does not make a trend, but businesses will first reduce hours before resorting to .

Average hourly earnings rose 0.2% after increasing 0.4% in February. Wages increased 3.5% year-on-year, the smallest gain since May 2021, after advancing 3.8% in February. With the national average retail gasoline price topping $4 a gallon this week for the first time in more than three years, households’ purchasing power will be squeezed. The war wiped about $3.2 trillion from the stock market in March.

Details of the household survey, from which the unemployment rate is calculated, were mostly weak. The survey response rate, however, dropped to an all-time low of 63.9% from 65.9% in February.

Household employment decreased by 64,000 and more people worked part-time for economic reasons. The labor force participation rate dropped to 61.9%, declining below 62% for the first time in nearly 4-1/2 years in part as immigration flows ebb and the workforce ages.

Economists estimated the jobless rate would have risen to 4.5% were it not for the decline in the participation rate. A reduced labor force now means the economy needs to create fewer than 50,000 jobs per month to keep up with growth in the working-age population.

“The labor force is structurally tighter now than it was before COVID,” said Gus Faucher, chief economist at PNC Financial Services. “The decline in the labor force participation rate since the pandemic recovery is coming from an aging workforce, and more recently the crackdown on immigration.”

(Reporting by Lucia Mutikani; Editing by Dan Burns and Andrea Ricci)

 

Inflation in focus for markets jostled by Middle East war signals

Summary:
  • S&P 500 posts gain after five-week losing streak
  • March CPI expected to rise 0.9% amid oil price surge
  • S&P 500 earnings forecast up 14.4% for first quarter

NEW YORK, April 3 (Reuters) – A fresh read on and initial company results next week could start to show the ‘s effects on the U.S. and corporate America, as investors hope to start moving past a conflict that has consumed markets.

Traders were wrestling with conflicting signals about a potential winding down of the war that began over a month ago, with the U.S.-Israeli military strikes on .

The S&P 500 posted a gain in the holiday-shortened week, snapping a five-week streak of losses. The benchmark index earlier in the week closed its worst-performing quarter since 2022, weighed down since late February by the war and the resulting surge in .

“It’s going to be hard to get the market’s attention off the Middle East, and the risks that have emerged,” said Matthew Miskin, co-chief investment strategist at Manulife John Hancock Investments. “The markets have been so myopically focused on geopolitical risk and … how all this is going to shake out.”

Stocks have stumbled this year, with concerns about artificial-intelligence disruption and private credit weakness compounding uncertainty over the Middle East conflict. The S&P 500 was last down nearly 6% from its late-January all-time high.

The war’s impact on oil supplies and energy prices remained the focal point for investors, especially the status of the , a critical Middle East oil-shipping channel where traffic has stalled. U.S. crude topped $110 a barrel on Thursday after the commodity earlier in the week settled above $100 a barrel for the first time since 2022.

“The market is pricing off oil,” said Doug Huber, deputy chief investment officer at Wealth Enhancement Group. “Inflation expectations, bond markets — everything is stuck to this concept of what oil is doing.”

CPI TO JUMP, HIGH PRICES AT THE PUMP

Next week’s , a closely watched inflation gauge, stands as an early test of the war’s energy shock. With U.S. crude jumping some 90% since the start of the year, the U.S. average gasoline price rose above $4 a gallon this week for the first time in more than three years.

“We think the first stage of oil price pass-through will have arrived in March via motor fuel,” BNP Paribas said in a note previewing the CPI report.

The March CPI report, due on April 10, is expected to have climbed 0.9% on a monthly basis, according to a Reuters poll as of Thursday. Excluding energy as well as food prices, the “core” CPI level is expected to have risen 0.3%.

Miskin said he would look for “ripple effects” across other goods and services stemming from the war and energy-price surge, while adding that the March report may be too soon to see any broader inflationary impact.

“You’re just trying to get as much real-time data as you can to formulate where the inflation and economic growth trends are going,” Miskin said.

Q1 RESULTS LOOM, WITH BIG PROFIT HOPES

War-driven inflation worries have led markets to largely rule out interest rate cuts this year, after such cuts had been a key underpinning for many bullish stock outlooks.

“The market already has inflation on the brain,” said Patrick Ryan, chief investment strategist at Madison Investments. If CPI were to “surprise with a much higher print, that could also be something that the market would take negatively.”

Next week also brings the release of another inflation measure, the personal consumption expenditures price index, but that PCE data will cover February, a period largely before the war took hold. An updated read of fourth-quarter U.S. economic growth is also due, while investors will also analyze Wednesday’s release of the minutes from the ‘s March meeting for any clues about the future path of rates.

The start of earnings season also will start grabbing ‘s attention, with investors counting on a broadly strong corporate profit outlook to support U.S. stocks this year. Delta Air Lines and beverage maker Constellation Brands are among those due to report next week.

Those reports will offer a taste of the first-quarter reporting season, which kicks off the following week. S&P 500 companies overall are expected to post a 14.4% rise in first-quarter earnings from the year-earlier period, according to LSEG IBES.

“The Q1 earnings season beginning in mid-April should show that underlying earnings growth is still strengthening and broadening,” Deutsche Bank equity strategists said in a note.

 

(Reporting by Lewis Krauskopf, editing by Colin Barr)

 

Wall Street ends mixed as worries linger before holiday break

Summary:
  • S&P 500 gained 0.11% to 6,582.58 points
  • U.S. crude surged 11% near $111 a barrel
  • confidentially filed for U.S. initial public offering

April 2 (Reuters) – U.S. stocks ended slightly mixed on Thursday after paring deeper losses, as diplomatic signals from the Middle East helped calm markets rattled earlier by U.S. President ‘s threats of tougher action against ahead of a long holiday weekend.

Investor sentiment steadied in the afternoon after Iran’s foreign ministry said it was drafting a protocol with Oman to manage traffic through the and Britain said dozens of countries were discussing ways to end the crisis, easing worries about prolonged disruption to global oil flows.

Stocks had opened lower amid rising oil prices after U.S. President Donald Trump signaled more aggressive attacks, ahead of the Good Friday holiday, when markets will be closed.

Front-month crude prices surged, with U.S. crude up 11% at around $111 a barrel. The international reference Brent closed up about 7% near $108. But traders priced it at about $82 per barrel in October, a signal that they expect the disruption to be temporary.

“The (stock) market has no real conviction either way right now, but October oil prices tell you the market thinks this crisis will likely be over by the fall,” said Michael Antonelli, market strategist at Baird.

According to preliminary data, the S&P 500 gained 7.26 points, or 0.11%, to end at 6,582.58 points, while the Nasdaq Composite gained 35.92 points, or 0.18%, to 21,876.87. The Dow Jones Industrial Average fell 61.23 points, or 0.13%, to 46,504.51.

The rebound reflected caution, with investors favoring stock segments seen as more resilient to economic stress. Utilities, which tend to offer steady earnings and dividends, rose while consumer discretionary stocks slid, the worst-performing sector on the day.

had opened sharply lower on Iran, in a sharp reversal from his earlier comments that the U.S. will be “out of Iran pretty quickly”.

Separately, private credit jitters resurfaced after capped the amount investors can withdraw from two of its retail-focused funds.

On the S&P 500, consumer discretionary shares weighed the most, led by a drop in after its first-quarter delivery figures.

Further developments on Elon Musk’s SpaceX will be in focus after it confidentially filed for a U.S. initial public offering on Wednesday, and is expected to target a $1.75 trillion valuation.

Friday’s numbers will be in the spotlight after weekly jobless claims fell last week, but U.S. markets will remain closed throughout the long weekend.

Globalstar’s shares jumped after a report said Amazon is in talks to buy the low-earth-orbit communication satellites company.

(Reporting by Sabrina Valle in New York; Johann M Cherian, Purvi Agarwal and Twesha Dikshit in Bengaluru; Editing by Shinjini Ganguli, Maju Samuel and Aurora Ellis)

 

Drugmakers face 100% tariff unless they cut prices or produce drugs in US

WASHINGTON, April 2 (Reuters) – The said on Thursday it will impose 100% on imported into the United States unless manufacturers agree to government or commit to making their products domestically.

The move is intended to push drugmakers to and cut U.S. . It offers exemptions and reduced rates through trade agreements, commitments and most‑favored‑nation pricing pacts.

Here are some details:

* The United States will impose a 100% tariff on patenteddrugs not made in the country and not covered by drug pricingagreements. * Large pharmaceutical companies have 120 days to announceplans to avoid the 100% tariff; smaller companies have 180 days. * Companies can move manufacturing to the U.S. in exchangefor a reduced 20% tariff. * Drugmakers that onshore and sign most‑favored‑nationpricing agreements with the U.S. Department of Health and HumanServices are exempt from tariffs. * The U.S. has already agreed to such deals with 17drugmakers, of which 13 have been finalized and four are beingnegotiated. * Tariffs are reduced to 15% for drugs produced in theEuropean Union, Japan, South Korea and Switzerland due toexisting trade agreements. The U.K. has a separate tariff deal. * U.S. patients by far pay the most for prescriptionmedicines, often nearly three times more than in other developednations. * Trump has been pressuring drugmakers to lower their pricesto what people pay in high-income countries under hismost-favored-nation drug pricing policy. * Major drugmakers that have signed deals, which exempt themfrom tariffs for three years, include and amongothers. * Many companies, including about half of those representedby industry lobby group , have not yet signed deals. * Industry sources say small and mid‑sized drugmakers areseeking individual arrangements to avoid tariffs and new pricingrules. * The Trump administration has previously said generic drugswill be exempt from tariffs. * More than 90% of medicines sold in the U.S. are generics,according to the U.S. Food and Drug Administration.

(Reporting by Ahmed Aboulenein; Additional reporting by Ryan Jones; Editing by Caroline Humer and Daniel Wallis)

 

Richmond Region Tourism names inaugural chief growth officer

Richmond Region has named Vice President of Sales Jerrine Lee its first , as it rolls out a new plan to boost tourism.

In her new role, Lee will lead the departments that drive visitors, marketing, sales and visitor experience. She will use data and insights to help increase visitors to the region. In 2025, she was recognized as a Virginia Black Business Leaders Award winner.

“Jerrine is a dynamic and collaborative leader, and I’m excited she is taking on this new role for the organization,” said President and CEO Katherine O’Donnell.

The tourism group said the change is tied to a new strategic plan focused on boosting sales and marketing, supporting new tourism projects and strengthening community relationships. Richmond Region Tourism plans to unveil the plan May 1.

Lee has been with the organization since 2016. Other roles she’s assumed include convention and sports services manager, sports development manager, director of sports development and vice president of sports.

“The Richmond region is a one-of-a-kind destination with incredible assets and facilities, and exciting upcoming developments,” said Lee in a statement. “I look forward to building on our strengths and working alongside our all-star team and partners to grow tourism’s impact on our and community.”

Richmond Region Tourism also announced last week that it promoted three other employees as part of the realignment:

  • Mike Kerr, director of finance, was named director of finance administration and now oversees IT support, personnel administration and compliance in addition to finance.
  • Grantland Steele, an administrative coordinator, was promoted to manager of executive and board operations, overseeing board governance, executive support, office management and special projects.
  • Morgan Kenley, a sports and events specialist, was promoted to sports events manager and will work with jurisdiction liaisons to support events brought to the region.

Richmond Region Tourism traces its roots to the Richmond Metropolitan Convention & Visitors Bureau, a nonprofit that has been tax-exempt since 1989 and rebranded in 2013. The organization markets the region to convention, meeting, sports tournament and group tour planners, as well as leisure visitors, on behalf of seven localities: Chesterfield, Hanover, Henrico and New Kent counties; the cities of Richmond and and the town of .

The organization says monthly hotel occupancy and room demand in the region continue to outpace state and national trends. In 2024, the Richmond region hosted 18.3 million visitors who spent $3.9 billion.

Packaging Corp. of America to lay off 110 tied to Richmond facility

The Illinois-based Packaging Corporation of America, the third-largest producer of in the United States, plans to close a converting operation, leaving 110 employees out of work, a notice to the state dated March 31 reported.

Employees are slated to lose their jobs the first week of June, according to a letter sent by Mark J. Romaniuk, deputy general counsel at Packaging Corporation of America, or PCA, in compliance with the federal Worker Adjustment and Retraining Notification (WARN) Act.

“This was a difficult business decision; it is in no way a reflection of the hard work and dedication of our valued employees,” Romaniuk wrote.

Hourly production and maintenance employees are represented by the United Steelworkers Local 8-699, according to the notice.

A few of the facility’s employees may be asked to stay beyond early June, but they too will lose their jobs by the end of the month.

The letter noted six PCA employees work at a satellite warehouse at 2903 Walmsley Blvd. in North Chesterfield. “PCA intends to continue operating the warehouse and will engage in discussions with the USW regarding ongoing staffing of the facility,” the notice stated.

“PCA will offer support to all affected employees, including coordinating with the union representing Richmond employees and working with state and local government officials to provide dislocated worker assistance,” a PCA spokesperson wrote in a statement. “We will also assist those interested in transferring to another PCA location with available positions.”

In December 2025, PCA announced plans to shut down the No. 2 paper machine and kraft pulping facilities at a Washington containerboard mill. About 200 jobs were cut, according to news reports. In October 2025, news outlets reported PCA planned to shutter a corrugated packaging plant in Salisbury, North Carolina, with 108 employees losing their jobs, and another in Allentown, Pennsylvania, affecting 60 employees.

On Sept. 2, 2025, PCA completed the purchase of Ohio-based Greif’s containerboard business for $1.8 billion. Greif is an industrial packaging products and services company. Early in 2026, PCA announced a $70-per-ton price increase for containerboard that was to go into effect March 1, according to news reports.

According to its website, PCA has approximately 15,400 employees, with operations primarily in the United States. The company reported 2025 net income of $774 million, down from $805 million in 2024.

Editor’s note: This story has been updated to include a statement from a PCA spokesperson and to correct the location of the facility. 

Coinbase gets conditional US approval for trust charter, Bloomberg News reports

April 2 (Reuters) – has received conditional approval from banking regulators for a national trust company charter, Bloomberg News reported on Thursday, in a move that could boost the biggest U.S. ‘s appeal among large institutional investors.

Full approval from the would let Coinbase operate as a .

, the company’s vice president of product management, told Bloomberg in an interview that a complete nod could also help the firm offer new products such as and allow it to issue .

“The ability to have a federal framework for our custody business is important,” Tusar told Bloomberg. “This is about us growing our reach and being able to conduct new business that we may not have been able to before.”

Coinbase did not immediately respond to a Reuters request for comment.

The U.S. has been taking a more crypto-friendly approach since the re-election of President , with regulators easing prior curbs and dialing back enforcement actions.

Earlier this year, also received conditional approval from the Office of the Comptroller of the Currency for a national trust bank charter.

(Reporting by Utkarsh Shetti in Bengaluru; Editing by Sahal Muhammed)