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US consumer confidence tumbles for 4th consecutive month to 12-year low

WASHINGTON (AP) — U.S. fell for the fourth straight month amid rising concern over tariffs and inflation.

The Conference Board reported Tuesday that its confidence index fell 7.2 points in March to 92.9. Analysts were expecting a decline to a reading of 94.5, according to a survey by FactSet.

The Conference Board’s report Tuesday said that the measure of Americans’ short-term expectations for income, business and the job market fell 9.6 points to 65.2. That’s the lowest reading in 12 years. The Conference Board says a reading under 80 can signal a potential recession in the near future.

The proportion of consumers anticipating a recession in the next year held steady at a nine-month high, the board reported.

“Consumers’ optimism about future income — which had held up quite strongly in the past few months — largely vanished, suggesting worries about the and labor market have started to spread into consumers’ assessments of their personal situations,” said Stephanie Guichard, senior economist at The Conference Board.

While has retreated from the highs during the post-pandemic rebound, it has remained above the Federal Reserve’s 2% target. Those still-elevated prices, combined with ‘s announced on many imported goods, has Americans feeling sour about spending as concerns about the economy mount.

Consumers appeared increasingly confident heading into the end of 2024 and spent generously during the holiday season. However, U.S. retail sales dropped sharply in January, with cold weather taking some of the blame.

Earlier this month, the government reported that Americans modestly stepped up their spending in February after a sharp pullback the previous month.

The board reported Tuesday that consumers’ view of current conditions decreased 3.6 points to 134.5.

The consumer confidence index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.

Consumer spending accounts for about two-thirds of U.S. economic activity and is closely watched by economists for signs about how the American consumer is feeling.

Company behind Chesterfield indoor farm files for bankruptcy

Plenty Unlimited, a -based agricultural company that counts billionaires Jeff Bezos and Eric Schmidt among its investors, has filed for bankruptcy but plans to continue operating its vertical strawberry farm in County throughout the restructuring, according to a company announcement.

“This is a challenging time for the vertical farming industry and Plenty is not immune from those challenges or market dynamics,” Plenty said in a statement to Virginia Business. “After evaluating all of our strategic alternatives, we have determined that pursuing a restructuring process is in the best interests of Plenty and all of our stakeholders. Through this process, Plenty will be better positioned to continue working toward our mission to make fresh food accessible to everyone, starting with the year-round production of premium strawberries in our innovative vertical farm in Virginia.”

In addition to its facility in Chesterfield’s , Plenty will continue operating its plant science research and development facility in Wyoming throughout the restructuring process.

A list of Plenty’s creditors holding the 30 largest unsecured claims, or debts not backed by collateral, included three Richmond businesses: Electrical Controls & Maintenance, which is owed more than $7.7 million;  Colonial Webb Contractors, which is owed more than $3 million; and Liphart Steel, which is owed more than $2.2 million, according to documents filed with the U.S. Bankruptcy Court for the Southern District of Texas. Additionally, Montpelier’s C.T. Purcell Excavating is owed more than $877,000; Glen Allen’s Century is owed less than $500,000; and ‘s Century Concrete is owed more than $300,000.

In the filings, Plenty claims to have assets worth between $100 million and $500 million and a similar amount in estimated liabilities.

Plenty has received a commitment of $20.7 million for debtor-in-possession financing, a type of funding for companies in Chapter 11 bankruptcy. The company hopes the funding will provide it with the necessary liquidity to support its operations, according to the announcement released Sunday.

U.S. Bankruptcy Judge Christopher Lopez issued an interim order allowing Plenty to obtain DIP financing Tuesday and scheduled a hearing for April 15.

Plenty’s Chesterfield operation opened the first farm on its 120-acre campus in September. It’s designed to produce more than 4 million pounds of strawberries annually in less than 40,000 square feet by growing the fruit vertically on 30-foot towers. The Virginia farm exclusively grows strawberries for California-based Driscoll’s, the world’s largest berry distributor. The Chesterfield indoor farm has had berries in market since January, according to a Plenty spokesperson.

An aerial shot of buildings and construction work surrounded by trees.
Plenty opened the first indoor farm on its Chesterfield County campus in September. Photo courtesy Plenty.

The farm uses artificial intelligence and other technology to grow produce in indoor spaces that aren’t subject to variables in temperature and weather conditions.

When Gov. Glenn Youngkin announced the project in 2022, Plenty planned to invest $300 million to create the vertical farm campus in Chesterfield, creating 300 jobs. Currently, Plenty has 66 employees, according to bankruptcy filings. Twelve full-time employees are paid hourly, while the rest are either full-time or part-time salaried employees.

Lopez on Monday issued an order allowing Plenty to pay wages, salaries and employee benefits owed prior to the Chapter 11  bankruptcy filing and to “continue the post-petition maintenance of employee benefit programs, policies and procedures.”

In December, Plenty announced plans to close its Compton, California, leafy greens farm, citing challenges stemming from the high cost of doing business in California, including expensive energy prices. That farm opened in 2023. In a post on LinkedIn, the company stated it planned to shift its focus to growing strawberries.

Dan Malech, Plenty’s interim , took over from Arama Kukutai, who left the company in late 2024, according to reporting by Bloomberg.

Malech, who joined Plenty in 2018 as head of legal, was named Plenty’s senior vice president of strategy and general counsel in 2021. Previously, Malech worked with company Zymergen.

AeroFarms, an indoor company based in Danville, filed for Chapter 11 bankruptcy protection in June 2023 but emerged from bankruptcy with a new CEO by September 2023.

In February, AeroFarms announced it commands 70% of the U.S. retail market share for microgreens.

 

23andMe files for Chapter 11 bankruptcy as co-founder and CEO Wojcicki resigns

NEW YORK (AP) — has filed for Chapter 11 protection and its co-founder and has resigned as the struggling company continues its push to cut costs.

-based 23andMe announced on Sunday that it will look to sell “substantially all of its assets” through a court-approved reorganization plan.

Anne Wojcicki, who co-founded 23andMe nearly two decades ago, is also stepping down as CEO effective immediately, the company said — but will remain on the 23andMe board. Her resignation comes just weeks after a board committee rejected a nonbinding acquisition proposal from Wojcicki, who has been trying to take the company private.

And Wojcicki intends to still bid on 23andMe as the company pursues a sale through the bankruptcy process. In a statement on social media, Wojcicki said that she resigned as CEO to be “in the best position” as an independent bidder.

“There is no doubt that the challenges faced by 23andMe through an evolving business model have been real, but my belief in the company and its future is unwavering,” she later added.

23andMe has faced an uncertain future for some time. Beyond battles to go private, the company struggled to find a profitable business model since going public in 2021. Privacy concerns related to customers’ genetic information have also emerged, notably spanning from a 2023 data breach — along with questions around what new ownership could mean for users’ data.

Here’s what to know:

23andMe’s bankruptcy follows months of turmoil

23andMe was founded in 2006, with a promise to revolutionize the future of genetics and health care.

The company became known for its saliva-based DNA testing kits — purchased by millions of customers eager to learn more about their ancestry — and later dived further into health research and drug development.

But recent years have been far from smooth sailing for 23andMe. And Sunday’s voluntary bankruptcy filing caps months of turmoil.

Last September, all of its independent directors resigned in a rare move following acquisition negotiations with Wojcicki.

The company then announced in November that it would lay off 40% of its workforce, or more than 200 employees, and discontinue its therapeutics division. And in January, the board’s special committee said it was exploring strategic alternatives, including a possible sale.

Shares of 23andMe Holding Co. have shed nearly all their value since last spring — and plunged even farther after Sunday’s bankruptcy filing, trading at under $1 as of midday Monday.

In recent securities filings, 23andMe continued to warn about its “ability to continue as a going concern” — which is accounting-speak for having the resources needed to operate and stay in business.

Sunday’s Chapter 11 filing from 23andMe reported total debts of more than $214.7 million as of the end of last year. Assets, meanwhile, amounted to over $277.4 million.

What does Chapter 11 mean for the company?

23andMe says that filing for Chapter 11 bankruptcy protection will help facilitate a sale of the company, meaning that it’s seeking new ownership.

In a statement Sunday, Board Chair Mark Jensen said that this court-supervised process was “the best path forward.” He added they also expect it to help 23andMe’s efforts to cut costs as well as resolve legal and leasehold liabilities.

23andMe is looking to pull back from its footprint. Among motions filed on Sunday, the company is seeking court approval to reject lease contracts in San Francisco and Sunnyvale, California, for example, in efforts to help cut down on expenses.

Otherwise, 23andMe says it plans to continue operating. The company says it’s received $35 million in debtor-in-possession financing from JMB Capital Partners to help support its business throughout the bankruptcy process.

I’m a 23andMe customer. Is my genetic data safe?

23andMe says its bankruptcy filing won’t change the way it stores or protects data. Jensen, the board chair, said Sunday that 23andMe is “committed to continuing to safeguard customer data” and that data privacy will be “an important consideration” in any future sale.

John Bringardner of Debtwire notes that any new buyer of 23andMe will have to comply with regulatory approvals that ensure “customer data won’t end up in unscrupulous hands.”

Still, who will end up owning 23andMe down the road is unknown. And experts note that risks remain.

“Personal data collected by 23andme has always been at risk,” Bringardner wrote in emailed commentary on Monday — pointing particularly to a 2023 data breach that compromised ancestral information for nearly 7 million 23andMe customers. He adds that litigation spanning from the aftermath of this breach helped drive up liabilities that eventually contributed to the current bankruptcy filing.

Last year, 23andMe agreed to pay $30 million in cash to settle a class-action lawsuit accusing the company of failing to protect customers whose personal information was exposed in this breach. On Sunday, the company said that it plans to use bankruptcy proceedings to “resolve all outstanding legal liabilities” stemming from the October 2023 incident.

Beyond this data breach, uncertainty about the company’s future overall has also led some to recently urge 23andMe customers to delete their data.

On Friday, days before 23andMe’s bankruptcy filing, California Attorney General Rob Bonta issued an urgent alert reminding 23andMe customers of their legal rights under state law — and called on them to consider deleting and destroying any genetic data held by the company. Bonta’s office pointed to 23andMe’s ongoing financial distress and “trove of sensitive data” the company has amassed.
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AP Health Writer Tom Murphy contributed to this report from Indianapolis.

Stock market today: Wall Street gains ground after shaking off four-week losing streak

Stocks are broadly higher in afternoon trading as Wall Street navigates through uncertainty amid a . The S&P 500 jumped 1.4% Monday. It is coming off its first winning week after a four-week losing streak. The Dow Jones Industrial Average rose 1.1% and the Nasdaq composite rose 1.9%. Wall Street remains focused on how could eventually impact , consumer spending and economic growth. Stocks have been riding waves of hope and worry as tariffs are announced, then either implemented or pulled. Genetics testing company 23andme plunged after it announced over the weekend that it had initiated voluntary bankruptcy proceedings.

Stocks are broadly higher in afternoon trading Monday as Wall Street tries to navigate through the uncertainty of a trade war.

The S&P 500 jumped 1.4%. The benchmark index is coming off its first winning week after a four-week losing streak.

The Dow Jones Industrial Average rose 442 points, or 1.1%, as of 1:22 p.m. Eastern. The Nasdaq composite surged 1.9%.

Wall Street remains focused on how tariffs could eventually impact inflation, consumer spending and economic growth. Stocks have been riding waves of hope and worry as tariffs are announced, then either implemented or pulled. A new round of tariffs scheduled to be implemented on April 2 could also be softened or postponed rather than take effect.

“The exact breadth and scale of the tariffs remain to be seen, and a cycle of tit-for-tat escalation is also possible in the weeks following the announcement, potentially triggering further bouts of market volatility,” said Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management.

Gains on Monday were broad, with more than 80% of stocks within the S&P 500 notching gains. Every sector within the index rose.

stocks helped lead the way. The sector has been the driving force behind much of the broader markets movement, whether up or down. The stocks are among the most valuable on Wall Street and tend to have an outsized impact on the broader market’s direction.

Nvidia rose 3.2% and Apple added 0.5%.

Tesla climbed 9.9% for the biggest gain among S&P 500 stocks. The electric vehicle maker is still down about 30% for the year. It has been struggling on worries that customers are turned off by Elon Musk’s leading efforts to slash spending by the U.S. government.

Genetics testing company 23andme lost more than half its value after it announced over the weekend that it had initiated voluntary bankruptcy proceedings.

AZEK Co. jumped 14.7% after the building materials company announced it was being bought by ‘s James Hardie Industries in a cash-and-stock valued around $8.75 billion.

It’s the second large deal in the sector in less than a week, with QXO Inc. announcing on Thursday that it was buying Beacon Roofing Supply Inc. in a deal worth about $11 billion, including debt.

In the bond market, Treasury yields rose. The yield on the 10-year Treasury rose to 4.31% from 4.25% late Friday.
Markets in Europe and Asia were mixed.

Chinese Premier Li Qiang struck a conciliatory tone during a meeting with business leaders and U.S. Senator Steve Daines, a strong supporter of

, who is the first member of Congress to visit Beijing since Trump took office in January.

Wall Street has several economic updates this week. Business group The Conference Board releases its survey for March on Tuesday. Wall Street expects the survey to show a slight dip in consumer confidence.

On Friday, the U.S. government releases the personal consumption expenditures price index for February. It is a measure of inflation closely watched by the Federal Reserve.

Recent economic reports have shown that the underlying remains strong, but that consumers are becoming more worried and cautious. They have also shown that inflation remains stubborn.

Stubborn inflation has prompted more caution from the Fed, which started cutting its benchmark interest rate at the end of 2024. Those cuts came after the central bank raised interest rates in order to cool inflation from a two-decade high.

Several measures of inflation show that interest rates remain just above the Fed’s goal of 2%. The U.S. trade war with its key trading partners has threatened to reignite inflation and the Fed is holding off on further cutting interest rates to see how inflation and the broader economy reacts.
Lower interest rates can ease borrowing costs and help give the economy a boost, but they can also push inflation higher.
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Jiang Junzhe and Matt Ott contributed to this report.

Caught in the middle, this US oddity at the border is grappling with Trump’s trade war with Canada

POINT ROBERTS, Wash. (AP) — In the northwest corner of lies a quirky U.S. exclave so dependent on ‘s goodwill that the strain of ‘s tariff war is inescapable — in the sole grocery store, at any of the three eateries, and for the many residents who never voted for him.

Locals and visitors alike in Point Roberts, Washington, are increasingly worried about how this unusual waterfront border town that has embodied the two countries’ interdependency can survive the hostility brewing on both sides.

“This was really devastating,” said Tamra Hansen, a longtime Point Roberts resident and business owner whose eyes welled with tears as she described her two restaurants on the brink. “If we don’t get the support from the Canadians, this town will die.”

Known as a geographic oddity since the boundary with Canada was drawn in 1846, this detached 5-square-mile community — called an exclave because it’s completely separated from mainland America — is surrounded by water on three sides. Its only land connection is to Canada and it takes one border crossing and about 25 miles north by car to get to downtown Vancouver, B.C.; or two border crossings and about 25 miles through Canada to re-enter the United States along Boundary Bay.

The beaches, marina, golf course and hiking trails have long made Point Roberts a cherished getaway destination, but today locals say business has never been worse. Canadian visitors are staying away and some American residents say they’ve even been harassed over their nationality.

Point Roberts Fire Chief Christopher Carleton said Point Roberts is one the last remaining untouched natural gems of the United States, but the tight-knit community with no stop lights is now under threat by politicians who know nothing about their way of life.

“We need to take care of one another and have grace for one another and not allow who don’t even know we exist to disrupt the relationships we currently have,” said Carleton, whose firefighters mostly live across the border.

Tensions between the U.S. and Canada have spiked to a level not seen before in modern times thanks to Trump’s on-again, off-again threat over the past two months to place taxes on a long list of goods going across the border. In response, Canada has promised retaliatory .

For a population that has famously prided itself on being nice, polite and loyal allies, Canadians aren’t hiding their disgust for Trump’s polarizing rhetoric, especially taking offense with the U.S. president’s claim that Canada could be the ” 51st state.”

Mark Nykolaichuk said he refuses to go to the mainland U.S. but describes Point Roberts as a unique exception because the border here has never felt like an actual divide for Canadians like him who grew up visiting.

Most of the property owners here are from Canada, and many of the 1,000 year-round residents have dual citizenship. Once a booming fishing town, the leading industry now, according to U.S. Census data, is retail — primarily driven from tourism because of the number of vacation properties. The unincorporated Whatcom County community is now mostly home to retirees, though this year there are seven students — nicknamed “The Borderites” — at the lone public school.

Nykolaichuk, who lives in the Vancouver, B.C. area, said he hopes he can help keep the Point Roberts International Marketplace open by shopping there, given that management reports business is down 20% to 30%. He depends on Point Roberts’ only grocery store to be able to cook at his vacation home because U.S. customs doesn’t permit raw meat to enter its borders, for example, so he must buy it in town.

“Nobody wants to see this place shut down,” Nykolaichuk said. “If this place goes, where are the U.S. citizens going to eat? Where are they going to get their food from?”

Many in Point Roberts don’t blame the Canadians for their disdain over Trump’s perceived sovereignty threat. Instead, there’s a deep sadness for both sides.

“We’ve always gotten along and it’s just nonsensical because now the U.S. is going to suffer too,” said Hansen, who is a dual citizen. “I definitely feel for the Canadian people at this time because they’ve got their backs against the wall, really, and they have to retaliate.”

Like many locals, Larry Musselwhite, owner of Larry’s Liquor Locker, is angry at Trump and blames the president for Point Roberts’ economic problems. The 75-year-old said he can’t even think about retiring right now because of the . His liquor store was down 40% in sales last month.

“This is because of our elected president, who really doesn’t care about the common man and the struggles that we have to go through,” Musselwhite said. “It greatly affects how I live my life.”

About 75% of the Point Roberts precinct voted for a presidential candidate other than Trump, which is a higher percentage than across Whatcom County as well as the statewide turnout, according to the 2024 election results.

Locals say one of the most frustrating things about the tit-for-tat is the way that the tariffs have abruptly started and stopped, creating an unsteady flow of changes to customs. The whiplash for residents who often cross the border multiple times a day leaves them unsure whether or when they’ll be surprised with a new penalty.

This fear over unexpected tariff fees has made people cautious about buying things in Point Roberts — if they’re coming into town at all.

Hugh Wilson, a agent who also manages several local Airbnb listings, said properties have seen more cancellations than bookings lately.

“Nobody is sure of the rules at any one day here,” Wilson said. “The border agents do the best they can to stay up to date and they relay that to us as normal people crossing the border.”

With no end in sight, there’s also a high-stakes fear that the dispute could escalate with Canada possibly imposing tariffs on the water and electricity that it supplies to Point Roberts, or even turning off the utilities altogether.

“If it gets more brutal, they can cut off the water just like that, or the power,” said Brian Calder, a fourth-generation resident who was previously the president of the Point Roberts Chamber of Commerce. “And it just depends how much more confrontation is fomented by Trump’s office.”

Calder said he and other town leaders are trying to plead for help with the British Columbia premier and the governor of Washington state. He said the local Whatcom County leadership has all but abandoned this far-away community in a time of crisis.

Jed Holmes, a spokesman for the county, said they are communicating with Washington state’s congressional delegation in D.C. to address the rapid deterioration in U.S.-Canada relations that has especially affected Point Roberts.

“I understand that folks want us to do more, but it’s really challenging to identify what meaningful things a county government can do to change this dynamic at the international level,” Holmes said in an email.

For Hansen, she’s asking herself how much more can she afford to lose personally while running the Saltwater Cafe breakfast spot and a restaurant called The Pier. She has 15 employees to pay but business was down 55% in February compared with last year. There have been times when her pub doesn’t even net $100 a day.

“There are some businesses that are going out of business right now as we speak,” Hansen said. “It’s very emotional for me because I care about everybody that lives here.”

Emory & Henry names new president

Washington County-based private college announced Monday that it was promoting Louise Fincher from interim president to the university’s permanent 23rd president.

The university’s board of trustees unanimously selected Fincher as president during its spring board meeting. Fincher has more than 30 years of experience in and health care.

“From her first day at Emory & Henry, Lou has led with compassion, integrity and a deep sense of purpose that has inspired our campus community,” Emory & Henry Board of Trustees Chair Ann Sluder said in a statement. “Her thoughtful leadership, inspiring vision and genuine care for our students, faculty and staff have made a lasting impact. She has the full support of the board of trustees to lead Emory & Henry University.”

Fincher joined the college in 2014 when she was selected as the founding dean of the School of Health Sciences in Marion. She became senior vice president in 2020 and interim president on Aug. 1, 2024, filling in for former President John W. Wells.

“Dr. Fincher’s leadership is rooted in collaboration,” said Gary Peacock, former chair of the Smyth County Community , the founding investor in the Emory & Henry School of Health Sciences, in a statement. “Whether she’s working with faculty, students or community partners, she brings together around shared goals. That spirit has led to meaningful progress — not only in expanding academic programs at Emory & Henry but in strengthening partnerships with regional health care systems and deepening our role in the community.”

Fincher was instrumental in launching the Southwest Virginia Healthcare Excellence Academy Laboratory School (SWVA-HEALS). The first state-supported lab school in Virginia when it launched in 2024, the public lab school allows high school students to earn college credits while preparing for health care professions.

Before coming to Emory & Henry, Fincher served as professor and chair of the kinesiology department in the College of Education and Health Professions at the University of Texas at Arlington, and she was president and of the Joe W. King Orthopedic Institute at the Texas Orthopedic Hospital.

Fincher holds a doctor of education degree with a focus on human performance studies from the University of Alabama, a master’s degree in education with a focus on athletic training from Indiana State University, and a bachelor’s degree from Stephen F. Austin State University.

Emory & Henry University was founded in 1836 and has two campus locations in Southwest Virginia and more than 90 academic fields of study. The oldest institution for higher learning in Southwest Virginia, its central campus location is listed on the National Register of Historic Places and the Virginia Historic Landmarks Register. Emory & Henry has 1,244 full-time students and 67 part-time students.

Another massive deal in the building supply sector, James Hardie offers AZEK $8.75 billion

Australian building products company James Hardie Industries is buying the US outdoor products maker AZEK in a cash-and-stock valued at approximately $8.75 billion. The transaction includes about $386 million in debt. It’s the second large deal in the sector in less than a week, with QXO Inc. announcing on Thursday that it was buying Beacon Roofing Supply Inc. in a deal worth about $11 billion, including debt. The US sector has been in a significant slump as more would-be buyers are frozen out of the market by sky-high prices and elevatd mortaged rates.

Australian building products company James Hardie Industries is buying the U.S. outdoor products maker AZEK in a cash-and-stock deal valued at approximately $8.75 billion, including $386 million in debt.

It’s the second major acquisition in the building supplies sector in less than a week, with QXO Inc. announcing on Thursday that it was buying Beacon Roofing Supply Inc. in a deal worth about $11 billion, including debt.

The U.S. housing market has been in a slump since 2022, when rates began to climb from pandemic-era lows. Sales of previously occupied U.S. homes fell last year to the lowest level in nearly 30 years.

The average rate on a 30-year mortgage in the U.S. rose slightly for the second week in a row to 6.67%,mortgage buyer said Thursday.

Raymond James analyst Sam Darkatsh said in a client note that the uncertainty in the housing market makes Beacon’s acquisition a positive for its shareholders. Beacon is based in Herndon.

Under the James Hardie deal, shareholders of The AZEK Company Inc. will receive $26.45 in cash and 1.034 ordinary shares of James Hardie for each share of AZEK stock that they own. AZEK is based in Chicago.

James Hardie shareholders will own about 74% of the combined company, with AZEK stockholders owning 26%.

The combined company will sell siding, exterior trim, decking, railing and pergolas, among other building goods.

“The journeys for siding and decking often overlap and both companies have excelled at demand creation for the homeowner and innovative products and solutions for the contractor,” James Hardie Aaron Erter said in a statement.

James Hardie’s ordinary shares will list on the New York Stock Exchange once the deal closes.
The boards of both companies have unanimously approved the transaction, which is currently targeted to close in the second half of the year. The deal still needs AZEK shareholder approval.

AZEK’s stock soared more than 13% at the opening bell Monday.

Luna Labs to expand Charlottesville operations

Product development company USA is investing $200,000 to expand its operations in , creating 20 new jobs.

The Charlottesville-headquartered company works with companies and government agencies to address complex challenges in defense, industrial and health care markets. The company brands some of its products as Luna Labs, while others may be licensed or produced by third-party companies.

Luna Labs Director of Communications Lianne Landers said in an email the would add 4,000 square feet at the company’s Charlottesville location, bringing its total occupied space in Charlottesville to 50,000 square feet.

The new space will be used for some of the company’s activities, including development of NanoVac, a platform to deliver therapeutics for cancer treatments, she said. Work on biomarker identification will also be done in the new space, including work associated with diagnosing PTSD and traumatic brain injuries.

“The new space allows the company to expand its existing facilities related to the production of TrueClot bleeding control training products and Dislotech Joint Reduction trainers,” Landers wrote. “Existing space is also being reassigned to accommodate our materials group and the development of protective coatings and sealants.”

Luna Labs new space
Luna Labs’ expanded space to include work on drug delivery platforms and biomarker identification. Photo Courtesy Luna Labs

The company currently has about 100 employees, and the expansion will raise that number to 120.

“Luna Labs’ expansion demonstrates Virginia’s ability to cultivate and retain innovative technology companies,” said Governor Glenn Youngkin in a statement. “When high- firms choose to grow in the commonwealth, it reinforces our position as a hub for research and development, particularly in sectors like aerospace, energy and defense.  Luna Labs’ success story showcases how Virginia’s world-class talent pipeline and collaborative ecosystem help companies thrive.”

Luna Labs has operated as a privately owned company with locations in Charlottesville and Blacksburg since 2022.

“Luna Labs is excited to continue our growth in Charlottesville,” said Luna Labs James Garrett in a statement. “This location has been a huge advantage for us — bringing talent, partners and customers all within easy reach. We’ve built a world-class team that’s flourishing in Central Virginia.”

Luna Labs is enrolled in the Virginia Leaders in Export Trade Program, which assists the state’s exporters that have firmly established their domestic operations and are committed to international exporting as a growth strategy. According to a news release from the governor’s office, the company will graduate from the program in July 2026. The Virginia Partnership worked with the Charlottesville government to involve Luna Labs in the program.

According to Landers, the expansion is expected to be completed in the second quarter of the year, by the end of June.

Trump appointee fires Freddie Mac CEO

Bill Pulte, heir of one of the nation’s largest homebuilders, wasted little time launching a house cleaning campaign after being confirmed as director of the Federal Finance Agency (FHFA) March 13.

On Thursday, Pulte fired Freddie Mac Diana Reid, according to news reports. The government-backed financing provider’s website lists Freddie Mac President Michael Hutchins as interim CEO.

On Monday, Reid’s LinkedIn page stated she is now retired.

Hutchins previously stepped in as interim CEO following the March 2024 departure of Freddie Mac CEO Michael J. DeVito, who was succeeded in September 2024 by Reid, who led PNC Financial Service Group’s business division for more than a decade.

Named Freddie Mac’s president in 2020, Hutchins began his career at the company in 2013, serving as a senior vice president and then as an executive vice president for investments and capital markets.

Last week, the FHFA overhauled the boards of both Freddie Mac and , another government-sponsored housing finance system, according to news reports. Pulte is now chair of the boards of the two companies, even though, as Politico noted in a Thursday article, there is a federal statute stipulating that an agency director may not “hold any office, position, or employment in any regulated entity or entity-affiliated party.”

On March 17, the FHFA, according to a Freddie Mac filing with the U.S. Securities and Exchange Commission, removed the following board members: Kevin Chavers, a former managing director and member of the global fixed income securitized asset investment team at BlackRock; Lance Drummond, a former executive vice at TD Trust; Luke Hayden, owner of Hayden Consulting; Allan P. Merrill, chair, president and CEO of Georgia-based Beazer Homes; Jane E. Prokop, executive vice president at Mastercard; and Roy Swan, director of Mission Investments at the Ford . That day, the agency appointed to the board Brandon Hamara, vice president of California-based Tri Pointe Homes; Clinton Jones, general counsel of the FHFA, and Ralph “Cody” Kittle, a partner at RenWave Core, an investment firm with offices in Connecticut and Texas.

On March 19, the FHFA appointed an additional director to the board: David Farbman, CEO of HealthRise Solutions, a Michigan-based hospital revenue cycles business. He replaced Christopher E. Herbert, managing director for Harvard University’s Joint Center for Housing Studies, who resigned that day.

Pulte also appointed to the Fannie Mae board Christopher Stanley, a engineer and part of the Department of Government Efficiency effort, although he resigned a day later, according to The Wall Street Journal.

Real estate industry leaders speculate that the Trump administration may be moving to privatize Freddie Mac, which is based in , and Fannie Mae.

A request for comment to Freddie Mac was not immediately returned.

Pulte, who runs an operational investment firm focused on acquiring and growing building products and related service companies, is the grandson of William Pulte, who founded Pulte Homes, an American residential home company.

In a February statement for the U.S. Senate Committee on Banking, Housing and Urban Affairs, Pulte said the conservatorships of Freddie Mac and Fannie Mae “should not be indefinite.” However, he added that “any exit from conservatorship must be carefully planned to ensure the safety and soundness of the housing market without upward pressures on mortgage rates.”

The two companies were placed in a conservatorship by the FHFA in 2008 in the wake of the housing crash.

Virginia Beach-based Groundworks names new president, COO

Groundworks, a -based and solutions company, has promoted two senior executives to president and chief operating officer.

Michael Mullican, who joined over a year ago as chief financial officer, has been named president and retains his CFO title, and Jeffrey Martin, most recently Groundworks’ chief revenue officer, is now COO, the company announced Thursday.

“Last year was transformational for Groundworks. We grew our operating footprint by more than 20%, with 12 acquisitions and six new offices, which included to the West Coast and into ,” Founder and Matt Malone said in a statement. “Michael Mullican and Jeffrey Martin were both highly integral to our success. Their leadership and operational experience will assist us as we continue to evolve our industry.”

According to the announcement, over the past 15 months, Mullican has helped the company move toward its goal of becoming a multibillion-dollar, multinational home services business. He came to Groundworks from Academy Sports + Outdoors, a sports and outdoors retailer based in Houston, where he served as president.

Martin started his career with Groundworks and its affiliated brands 17 years ago, beginning as an installer with Foundation Recovery Systems and moving up through the ranks, serving as regional manager, divisional vice president and chief revenue officer. As COO, he will oversee sales, service and operations.

Groundworks has been named eight years in a row to the list of the nation’s fastest growing privately held companies, and has 78 offices in the U.S. and Canada.