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FiberLight to acquire York County-based fiber provider

Georgia-based optic networks provider announced last week it has entered into a definitive agreement to acquire -based .

The companies did not disclose financial terms. The transaction is expected to close in the second quarter of the year, once customary requirements have been met.

Metro Fiber is a fiber provider serving carriers and public institutions, with an underground network spanning over 200 miles from , near , to the major subsea cable landing station in . The Virginia Beach cable landing station supports transatlantic and United States-Latin American traffic.

FiberLight says the transaction will strengthen its existing network in Virginia.

“This transaction marks a significant milestone for FiberLight as we expand our network to reach Virginia Beach, which hosts the largest defense installation outside of the Pentagon and the largest [cable landing station] in the U.S.,” FiberLight CEO Bill Major said in a statement. “The MFN assets are a natural extension of our existing network and will allow us to provide customers with reliable, high-speed connectivity services to various organizations in Virginia.”

Virginia Beach is one of a few East Coast landing spots for subsea high-speed internet transmission cables, with a data center and cable landing station where subsea telecommunications cables MAREA, BRUSA and DUNANT connect Virginia to points in Europe and South America.

FiberLight was founded in 1993 and is headquartered in Alpharetta, Georgia. It has more than 19,000 route miles of network throughout the United States, including locations in Washington, D.C., as well as in Virginia, Maryland, Georgia and Texas. It provides service at Mexican border crossings as well as the Latin America gateway.

The Breeden Co. completes $43M apartment complex in Norfolk

Virginia Beach-based real estate development firm announced April 24 that it has completed of a 198-unit multifamily community in , located near .

Breeden was the general contractor on the $43 million project, located at 1060 Kempsville Road. Known as Lake Taylor Pointe , the development has carriage house-style buildings as well as a resort-style pool, outdoor meeting areas, a fitness center, arcade room and bark park for dogs.

“We are incredibly excited to be a part of the Lake Taylor community,” Breeden CEO Tim Faulkner said in a statement. “Lake Taylor Pointe evokes feelings of serenity and seclusion while also providing residents with the convenience of easy access to employers, local retailers and more.”

Breeden Construction President Brian Revere said in a statement the project was delivered “on time and on budget.”

According to the Lake Taylor Pointe website, the units range between 723 and 1,383 square feet.

Headquartered in and founded in 1961, The Breeden Co. has a portfolio of over 25,000 apartments and 2 million square feet of retail and office that have been owned, managed and developed.

McLean business leader’s foundation gives $20M to George Mason University

SUMMARY:

  • Foundation gives $20 million to
  • School of Computing to be renamed in Duong and her husband’s honor
  • Gift will have an estimated impact of $36 million
  • Duong and husband gave $5 million to university in 2009

A businesswoman has made a $20 million donation to George Mason University, the university announced Friday.

The Kimmy Duong Foundation made the donation to support a department in the university’s College of Engineering and Computing; it will be renamed the Long Nguyen and Kimmy Duong School of Computing, according to the announcement.

Long Nguyen and Kimmy Duong, who both were born in Vietnam, are husband and wife and live in McLean. Nguyen founded Pragmatics, a Reston-based IT company, in 1985, and Duong joined the company in 1994. She worked as vice chair and CFO. In November 2024, Integral Federal in McLean acquired the company for an undisclosed amount, and the couple has now retired.

However, retirement hasn’t slowed Duong down.

In 2015, she established the Kimmy Duong Foundation, which supports health, education and welfare initiatives in the United States and Vietnam. It has given more than $4 million toward programs with endowments to universities in the Washington, D.C., area.

“I have a foundation, and my husband also has another foundation,” Duong said in an interview Friday. “So maintaining those foundations is a lot of work itself.”

In 2009, George Mason University’s College of Engineering and Computing named an engineering building in honor of Nguyen, who made a $5 million gift.

Duong had the jitters Friday morning about speaking later in the day during a formal announcement of the gift at George Mason’s Nguyen Engineering Building. “I’m not that good in public speaking,” she said.

That said, Duong has proven over the years that she can do hard things.

Coming from Vietnam

Born in Nha Trang, Vietnam, in 1945, Duong earned a degree in economics and law from the University of Saigon and went to work at IBM in 1968.

During the 1975 fall of Saigon, Duong fled the country. She arrived in the United States with $30 to her name and speaking little English. After moving to Bethesda, Maryland, Duong began working for IBM stateside. Later, she married Long Nguyen, also a native of Vietnam, and raised seven nephews and nieces.

Duong is drawn to give to universities, she said, because without an education it can be hard to get ahead.

“My main goal is to encourage the student to do well for themselves, helping their family, [and] then, after that, they have to think about others,” she said. “They need to know about others, and they need to support others, and that is my goal.”

Duong received the Mason Medal, George Mason’s highest honorary award, in 2023.

With the most recent gift, the university will establish three endowments: two within the College of Engineering and Computing to support scholarships and student success initiatives and one for University Life to provide scholarships through the Long Nguyen and Kimmy Duong Scholarship . Those scholarships have a preference for students majoring in , education or journalism.

A portion of the gift is eligible for matching funds through the Talent Investment Program, a Virginia effort to increase the number of graduates with computing degrees. George Mason expects the impact of Nguyen and Duong’s gift to be around $36 million.

In 2023, the university launched a $1 billion comprehensive fundraising campaign.

“Kimmy Duong and Long Nguyen have been good friends to George Mason, recognizing the opportunity our university provides for students to succeed,” George Mason President Gregory Washington said in a statement. “Kimmy came to this country with very little and climbed her way to success, not unlike how many of our students who — whether they are first generation or come from difficult socioeconomic circumstances — overcome their own challenges.”

Although the university’s board of visitors approved the school’s name change April 1, it will become official upon receiving approval from the State Council of for Virginia (SCHEV). That is expected to be granted over the summer, according to the university.

Wall Street’s rally fades as more CEOs talk about uncertainty because of Trump’s trade war

SUMMARY:

  • edges higher, but most stocks decline
  • Intel, Eastman, Skechers drop on weak forecasts
  • Trade and tariff uncertainty rattles markets
  • Alphabet, Nvidia gains help buoy stocks

NEW YORK (AP) — ‘s big three-day rally is running out of steam, and U.S. stocks are drifting in mixed trading Friday as they near the end of another roller-coaster week.

The S&P 500 was 0.4% higher in afternoon trading, though the majority of stocks were falling within the index. The Industrial Average was down 83 points, or 0.2%, as of 12:53 p.m. Eastern time, while the composite was 0.8% higher thanks to gains for a handful of influential Big stocks.

Intel weighed on the market after the chip company said it’s seeing “elevated uncertainty across the industry” and gave a forecast for upcoming revenue and profit that fell short of analysts’ expectations. Its stock fell 7% even though its results for the beginning of the year topped expectations.

Eastman Chemical fell 5.6% after it gave a forecast for profit this spring that fell short of analysts’ expectations. CEO Mark Costa said that the “macroeconomic uncertainty that defined the last several years has only increased” and that future demand for its products “is unclear given the magnitude and scope of tariffs.”

Skechers U.S.A., the shoe and apparel company, pulled its financial forecasts for the year due to “macroeconomic uncertainty stemming from global trade policies” even though it just reported a record quarter of revenue at $2.41 billion. Its stock fell 4.9%.

They’re the latest companies to say the uncertainty created by ‘s  is making it difficult to give financial forecasts for the upcoming year.

Stocks had rallied earlier in the week on signals that may be softening his approach on tariffs and his criticism of the Federal Reserve, which had earlier shaken markets. The hope is that if Trump rolls back some of his stiff tariffs, he could avert a recession that many investors see as otherwise likely because of his trade war.

But Trump’s on-again-off-again tariffs may nevertheless be pushing households and businesses to alter their spending and freeze plans for long-term investment because of how quickly conditions can change, sometimes seemingly by the hour.

“Business owners scrambling to figure out their supply chains and exposure to tariffs is more than just a distraction,” according to Brian Jacobsen, chief economist at Annex Wealth . “It could be an existential threat, especially for smaller businesses that don’t have the scale or resources to have the same supply chain flexibility as larger firms.”

Helping to keep lift the market was Alphabet, which rose 1.9%. Google’s parent company reported late Thursday that its profit soared 50% in the first quarter, more than analysts expected.

Alphabet is one of the biggest companies on Wall Street in terms of size, and that gives its stock’s movements extra influence on the S&P 500 and other indexes. Another market heavyweight, Nvidia, also helped push the S&P 500 index upward after the chip company rose 3.7%.

In stock markets abroad, indexes rose modestly across much of Europe following more mixed movements in Asia. Tokyo’s Nikkei 225 jumped 1.9%, but stocks in Shanghai slipped 0.1%.

In the bond market, Treasury yields eased some more, and the yield on the 10-year Treasury fell to 4.26% from 4.32% late Thursday.

It’s been generally falling since approaching 4.50% earlier this month in a surprising rise that had suggested investors worldwide may be losing faith in the U.S. bond market’s reputation as a safe place to park cash.

Yields have dropped as several reports on the U.S. economy have come in weaker than expected, raising expectations that the Federal Reserve may cut interest rates later this year to support growth.

A report on Friday morning said sentiment among U.S. consumers sank in April, though not by as much as economists expected. The survey from the University of Michigan said its measure of expectations for coming conditions has dropped 32% since January for the steepest three-month percentage decline seen since the 1990 recession.

The value of the U.S. dollar meanwhile strengthened against the euro and other rival currencies. It’s been recovering some of its sharp, unexpected losses from earlier this month that rattled investors.

___

AP Writers Jiang Junzhe and Matt Ott contributed.

Averett names next president, to be installed May 1

SUMMARY:

Averett University announced Friday it will install its next president May 1, after the sudden resignation of its previous president April 11, who cited his wife’s serious medical issue as his reason for stepping down.

Thomas H. Powell will be the Danville private university’s 16th president. He is the former president of Mount St. Mary’s University in Maryland, where he served from 2003 to 2015, and he was also president of Glenville State University in West Virginia from 1999 to 2003.

Powell succeeds David Joyce, who stepped down after three months on the job after his wife received a serious medical diagnosis. Venita Mitchell, Averett’s vice president for student engagement, is serving as interim president until Powell joins the university.

Powell comes to Averett at a challenging time. In January, longtime president Tiffany Franks retired after nearly 17 years at the school, amid reports of significant financial woes, and Joyce succeeded her.

In March, Averett filed a federal lawsuit against its former chief finance officer, Donald Aungst, and an investment firm the university hired, Arizona-based Global Strategic Investment Solutions. The lawsuit claims that Aungst and GSIS colluded to “surreptitiously” drain close to $20 million from the university’s , allegations GSIS denied in a statement.

On Jan. 3, U.S. Bank Trust issued a notice that Averett was in default on more than $14.57 million in bonds issued in 2017 because its debt service coverage rating was too low, and it had not provided proof of insurance policies, although the university was not behind on bond payments. According to the lawsuit, GSIS and Aungst had recommended that the university open a margin loan account, which is not appropriate for a nonprofit university. Franks signed an application for the loan in April 2022, the complaint says.

To address its financial issues, Averett in November 2024 announced it would eliminate five undergraduate majors, a criminal justice master’s degree and the symphonic band program. It also has instituted staff furloughs, and according to a Danville Register & Bee article this week, Averett is putting its president’s home up for sale later this year, as well as hosting a benefit auction for household items there and at another recently sold property, the Conway House.

According to Averett’s announcement Friday, Powell was president of St. John’s Catholic Preparatory School in Frederick, Maryland, from 2015 to 2021, as well as interim president of Frederick Community College in 2021-22. Earlier in his career he was a faculty member at Montana State University-Billings and the University of Connecticut, and dean of Winthrop University’s College of Education and dean of MSU-Billings’ education and human services college.

He received bachelor’s and master’s degrees in special education at MSU-Billings and a doctorate in special education at Vanderbilt University.

“Though this search and appointment came upon us quickly, I know that it has yielded an outstanding and experienced individual to lead Averett University into the future,” Daniel Carlton, chair of the Averett Board of Trustees, said in a statement. “Dr. Powell’s enthusiasm for this position, along with his well-known and established record as an outstanding leader in the field of , made him the right choice for this university.”

Hitachi Energy to invest $22.5M in SWVA expansion, creating 120 jobs

SUMMARY:

  • to invest $22.5 million in facilities
  • 120 jobs to be created in Bland and Smyth counties
  • $12.5 million allocated to upgrade Bland transformer plant
  • Hitachi Energy purchased 75,000-square-foot facility in

Hitachi Energy, a provider of infrastructure, plans to invest $22.5 million to upgrade its current facility in and to add a warehouse in Atkins, announced Friday.

The project is expected to create 120 jobs.

“The new facility in Atkins, alongside the upgrades at our existing site in Bland, represents a major milestone in our commitment to building resilient in the U.S.,” Steve McKinney, senior vice president and head of transformers for North America, Hitachi Energy, stated in a news release. “Virginia has been an essential part of our manufacturing story for over 50 years, and this expansion reflects our confidence in the region’s skilled workforce and strong support for innovation.”

The investments will allow Hitachi Energy to boost production capacity and support modernization efforts, according to the company.

The Hitachi Energy facility in Bland is, according to the news release, the United States’ leading source of dry-type transformers, which are used to adjust and stabilize the voltage of electricity flowing through power grids. Opened in Bland in 1972, the facility employs about 450 .

About $12.5 million will be invested in the Bland plant, a project expected to create 80 jobs, according to Hitachi Energy. Upgrades made at the facility will increase capacity for production and advanced assembly capabilities.

In 2021, Hitachi Energy completed a $6.2 million expansion at the Bland County facility that provided additional production capacity and created 40 jobs.

The newly purchased 75,000-square-foot facility in Smyth County will handle core cutting and warehousing work. Approximately $10 million of Hitachi Energy’s investment will go to support it, according to a Hitachi Energy news release.

Located about 40 miles from Bland, the site will strengthen manufacturing capabilities and improve regional distribution. It’s expected to be operational by August.

“Hitachi Energy’s investment in the new Atkins facility and the transformative modernization of the Bland plant is a powerful endorsement of Virginia’s manufacturing capabilities,” Youngkin said in a news release. “This world-class company’s investment in Southwest Virginia is not only expanding domestic , but also creating high-quality, skilled jobs and driving innovation in energy infrastructure.”

Mount Rogers Regional Partnership and officials from Bland and Smyth counties worked with Hitachi Energy to secure the project.

Headquartered in Switzerland, Hitachi Energy serves customers in the utility, industry, transportation, data centers and infrastructure sectors. In 2024, the company announced plans to invest more than $6 billion globally through 2027 to strengthen the resilience and capacity of the world’s electrical grids. The company employs around 45,000 people in 60 countries and generates business volumes of around $13 billion.

USCIS releases updated Form I-9 with key compliance changes


SUMMARY

U.S. Citizenship and Immigration Services released a revised Form I-9 on April 2, 2025, reflecting minor yet significant updates that employers should promptly integrate into their hiring processes.

Here are some key changes to note:

  • Terminology adjustment: The fourth checkbox in Section 1 now reads “An alien authorized to work,” reinstating terminology used prior to the 2023 edition, which had adopted “A noncitizen authorized to work.”
  • Document description revisions: Updates have been made to the descriptions of two List B documents in the Lists of Acceptable Documents, clarifying acceptable forms of identification.
  • Instructional updates: The form’s instructions now include updated statutory language and a revised Department of Homeland Security (DHS) Privacy Notice.

E-Verify system alignment

As of April 3, 2025, the E-Verify and E-Verify+ systems have been updated to reflect the terminology change.

If an employee selects “A noncitizen authorized to work” on an older version of Form I-9, the employer must select “An alien authorized to work” in E-Verify to ensure consistency.

E-Verify cases will display “An alien authorized to work,” regardless of the form version used during the employee’s attestation.

Compliance deadlines

The new Form I-9 bears an edition date of January 20, 2025, and an expiration date of May 31, 2027.

Employers may continue using the August 1, 2023, editions of Form I-9 until their respective expiration dates (either May 31, 2027, or July 31, 2026).

However, electronic systems must be updated to reflect the correct expiration date by July 31, 2026.

Recommendations for employers

In response to the changes, employers should assess and update internal processes to incorporate the revised Form I-9 and ensure alignment with E-Verify system changes.

They should also educate HR personnel and hiring managers on the updated terminology and procedural requirements to prevent compliance issues.

All electronic I-9 systems should be updated to accommodate the new form and expiration dates within the specified deadlines.

Staying abreast of these updates is crucial for maintaining compliance with federal requirements and avoiding potential penalties.

Medicaid cuts could close Virginia’s rural hospitals, Warner warns

U.S. Sen. Mark Warner, Virginia’s senior Democratic senator, has a stark warning about the fallout from possible government spending cuts.

“Depending on how deep the Medicaid cuts go, we could see virtually every hospital west of Roanoke close down,” Warner said Tuesday during a call with reporters.

House Republican leaders hope to cut $1.5 trillion in spending to offset the cost of ‘s . In March, the nonpartisan Congressional Budget Office released an analysis that indicated those budget goals can’t be met without cutting spending on Medicaid, a joint federal and state program that helps cover medical costs for low-income Americans.

In Virginia, more than 1.9 million rely on Medicaid for , according to Virginia’s Department of Medical Assistance Services. In 2019, Virginia expanded Medicaid, which meant adults with incomes up to 138% of the federal poverty level were eligible. About 630,000 of the Virginians on Medicaid are those are covered by Medicaid expansion.

For standard Medicaid, the covers a little more than 50% of the cost. For expanded Medicaid, on the other hand, the federal government covers 90% of the cost. Currently, Virginia’s private acute-care hospitals foot the remaining 10% of the cost of expansion.

“In 2025, hospitals will pay $572 million to the state to cover that 10% state share for Medicaid expansion costs,” said Julian Walker, spokesperson for the Virginia Hospital & Association (VHAA).

When the passed the Medicaid expansion in 2018, it contained trigger language that would end Medicaid expansion in the commonwealth if the federal government elects not to fund 90% of the cost.

“Virginia essentially would withdraw from the program or stop participating in the program,” Walker said.

, which is based in Roanoke, declined to comment on this story. A spokesperson for Tennessee-based , which serves Southwest Virginia, did not respond to a request for comment.

However, Walker pointed to a piece of data in a 2024 report by the VHHA: In 2022, 36% of all hospitals in Virginia operated in the red, according to a 2024 report by the VHHA.

Nearly three-fourths of patients at those hospitals are on Medicare or Medicaid, according to the report.

If the federal government cuts Medicaid, there is still a federal law that mandates that patients receive emergency services regardless of  ability to pay.

“Medicaid reimbursements are inadequate, but that reimbursement is still some compensation for care,” Walker said.

Medicaid cuts, Walker added, would “pose the risk of significant harm to patients, to the economy, to health care access and to health care providers.”

StoneSprings Hospital Center announces new chief nursing officer

HCA Virginia’s Center in announced that Becki Lawhorne became its new chief officer on Monday.

Lawhorne was most recently assistant chief nursing officer for the past two years at Reston Hospital Center, where she played a significant role in developing the neonatal transport team, launching the manager mentorship program and supporting multiple unit expansions.

Before working at Reston Hospital Center, she was director of women’s and children’s services at StoneSprings.

“We are excited to welcome Becki to our leadership team as our chief nursing officer,” StoneSprings CEO Tammy Razmic said in a statement. “Becki shares our commitment to excellence in patient care, innovation, and fostering a collaborative environment for our colleagues.”

Lawhorne received a bachelor’s degree in nursing from James Madison University and a master’s degree in nursing from Walden University.

StonesSprings Hospital Center is a 234,000-square-foot, 124-bed facility providing emergency, medical, mental health, surgical and women’s services to Loudoun and surrounding counties. It is part of the Health System, which operates 14 hospitals, 27 outpatient centers, five freestanding emergency rooms and is affiliated with 3,000 physicians.

Cvent acquires California tech company Prismm

Tysons-based global event and company announced Thursday it has acquired Mill Valley, California-based event design provider Prismm.

The cost of the was not disclosed, and a Cvent spokesperson declined to comment on the terms of the deal.

Cvent says that Prismm has a clientele of more than 5,500 organizations that rely on the company’s services to connect and collaborate within virtual environments and create event spaces and experiences. According to the spokesperson, Prismm has around 80 employees worldwide.

Prismm specializes in interactive event-design technology, meant to streamline the planning process and ensure more precision. Prismm’s services also can assist with sales in marketing, providing 3D virtual tours that allow prospects to explore every aspect of a property and meeting space from anywhere.

“In today’s digital-first landscape, online collaboration is mission critical to get business done, and in an uncertain environment, you need more ways to engage and interact with customers and prospects to ensure you’re on the same page,” said Jim Abramson, Cvent vice president of product management, in a statement.

Abramson says the company understands “what time-strapped event professionals and resource-constrained hoteliers need to deliver bigger and better ” and that collaborative and easy-to-use virtual event design technology has become an expectation among many event organizers. He said the acquisition of Prismm shows the company is investing to meet this demand and helping hotels and venues simplify their event planning processes.

Prismm CEO Yaron Lipshitz said in a statement that combining the company’s 3D design capabilities with Cvent’s extensive network and industry expertise “will empower event professionals and hoteliers to create unforgettable experiences and drive significant business growth.”

Headquartered in and founded in 1999, Cvent has more than 5,000 employees and 24,000 customers worldwide.