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Construction underway on $144M Richmond apartment building

Washington, D.C.-based developer and Florida-based limited liability company DeBartolo Development broke ground last week on a $144 million project that will add 366 to the Scott’s Addition neighborhood in .

The six-story, 400,000-square-foot mixed-use community on a 2.4-acre site at 3200 W. Moore St. will include 18,000 square feet of ground-floor . At full buildout, the project will span a full city block.

Construction is expected to be completed in early 2028. However, leasing is expected to begin in late summer 2027, with initial resident move-ins anticipated in fall 2027.

According to the developers, the residential component of the project will feature 20,000 square feet of amenities, including multiple landscaped courtyards, an expansive pool deck, an indoor lounge, dining, and event spaces.

Located just northwest of downtown Richmond, Scott’s Addition is known for its breweries, restaurants, creative workplaces and cultural venues, having previously been an industrial hub for decades.

“Scott’s Addition is one of Richmond’s most exciting examples of how historic districts can evolve into vibrant, mixed-use neighborhoods that attract residents, businesses and visitors alike,” Richmond said in a statement.

Avula added that projects like this create economic opportunity and generate hundreds of construction jobs.

“With capital markets tightening and many developments paused nationwide, this groundbreaking underscores the strength of our partnership with DeBartolo, the fundamentals of the Richmond market, and the long-term vision both firms share for resilient, community-driven growth,” Hoffman & Associates President Maria Thompson said in a statement.

DeBartolo Development President and Chief Operating Officer Edward M. Kobel said his family has been investing in the Richmond region for more than four decades, and the project reflects its long-term commitment to the city.

Norfolk-based architecture firm Hanbury led the project’s design, with VHB providing engineering services. McLean-based Clark Construction is the general contractor.

Stafford planners recommend approval for Buc-ee’s location

SUMMARY:

  • Commission recommended approval of a proposed Buc-ee’s
  • Staff’s traffic concerns remain despite proposed road fixes
  • Final decision goes to the Board of Supervisors

A Buc-ee’s in Stafford County is looking more likely.

The Stafford voted 7-3 Wednesday night to recommend approving a rezoning and conditional-use permit for the Texas-based convenience center chain’s proposed travel center off Interstate 95, despite planning staff recommending denial over concerns about traffic and the impact of such a large project on neighboring residents.

Despite the project’s potential to create roughly 200 jobs and generate nearly $1.9 million in annual general fund revenues for the county, it has faced significant opposition, with many residents citing traffic and noise concerns.

The matter was initially scheduled for a planning commission vote in October 2025, but has been deferred multiple times. Last fall, after reviewing a traffic impact analysis and a general development plan for the proposed travel center, the Virginia Department of Transportation issued 86 comments on the plan.

To address traffic concerns, Buc-ee’s proffered several additional road improvements. These include widening Austin Ridge Drive to add three exclusive southbound left-turn lanes onto Courthouse Road and extending the southbound right-turn lane.

The company also agreed to add a westbound through lane on Courthouse Road between the southbound I-95 ramp and west of Austin Ridge Drive, and to widen the northbound I-95 off-ramp to create an additional dedicated lane to eastbound Courthouse Road.

Planning staff noted the project would still generate significant traffic, about 20,940 daily trips, and the proposed improvements would not fully mitigate resulting congestion. There were also concerns about the fuel canopy lighting, which staff claimed is typically brighter than regular parking lot lighting and would have detrimental impacts on neighboring properties.

Buc ee’s Director of Stan Beard told the commission their approval was “a referendum on whether or not you want in Stafford or not” and insisted the company has “followed the rules” in its application.

“We are mitigating for more than our share of more than our traffic that we are producing,” Beard said. “The lights — absolutely untrue. Our fuel canopy lighting is no different than anyone else’s.”

Beard also has previously pushed back on the concerns about the 20,000 cars a day estimate, stating, “It’s 20,000 trips on the worst possible peak hour in the given year. A car equals two trips — one going in the site, one going out of the site.”

Dozens of people spoke at the public hearing about the project, with the majority opposed due to traffic, noise and lighting concerns. However, some supported it, citing the job opportunities it could create.

Commissioner Kelsey Caudill ultimately made the motion to recommend approval to the Board of Supervisors, with Commissioners Carlos Bratton, Marcus Oats and Willie Shelton Jr. joining her in voting affirmatively.

“I have the same concerns as everyone out in the public, I really do, but this has been an ongoing process, and to work out those things with VDOT — that could take months, and I think we need to get it to the board,” Caudill said. “That way, they can work out the proffers some more. They have the ultimate say. It’s just our recommendation.”

Shelton said the commission needed to vote “yay or nay,” saying “kicking the can down the road is not the answer.”

Bratton said he doubted other businesses would put in the same level of effort that Buc-ee’s would in making improvements.

But Gregory Goldstein, who represents the district in which the Buc-ee’s would be located, reiterated concerns.

“The overwhelming public comment is that this isn’t ready,” he said. “So kicking it to the board with it not being ready is not the way I believe that this board should be doing business.”

Maureen Siegmund and Chair Kristen Barnes echoed his concerns, saying they felt uneasy sending the matter to the board with unresolved issues.

“VDOT has said we’re not ready; staff has said we are not ready,” Siegmund said. “To then go ahead and say, ‘Yep, we’re ready’ — I mean, the guy who represents the district says we’re not. … To go from that to ‘yes’ seems like a really big leap, even if it’s just to get to the supervisors.”

The matter now heads to the county’s Board of Supervisors. Planning staff did not immediately return requests for comment on when that would likely be.

Buc-ee’s opened its first Virginia location in Rockingham County in June 2025. Another is planned for New Kent County, expected to open in December 2031, four years after its initial projected opening.

Founded in 1982, Buc-ee’s has 54 locations in the Lone Star State, Alabama, Colorado, Florida, Georgia, Kentucky, Missouri, Mississippi, South Carolina, Tennessee and Virginia. The travel centers are beloved by many for clean restrooms and delicacies, including brisket and Beaver Nuggets.

Cavallo to return as Martin Agency CEO

SUMMARY:

  • to return as CEO after leaving in 2024
  • Current CEO to pursue work as visual artist
  • Prominent ad firm has worked with giants like Geico and UPS and won industry awards

Kristen Cavallo is returning as the CEO of prominent -based ad agency in April, the firm announced Thursday.

Cavallo was formerly CEO of Martin, which counts Geico and UPS among its clients and rebranded as Martin earlier this year, and of MullenLowe Global. She announced her retirement from those roles in March 2024 to pursue political and social activism and in January 2025 became executive director of The Branch Museum of Design in Richmond. She will transition to being artistic director of the museum as she rejoins Martin.

“If you have even the smallest chance of pulling the GOAT out of retirement, you take it,” Martin Chief Creative Officer Jerry Hoak said in a statement. “Kristen coming back represents an incredibly exciting moment for Martin and our clients. She’s a winner who makes everyone around her the best possible versions of themselves.”

Danny Robinson, who was promoted from chief creative officer to CEO to succeed Cavallo, is leaving to “pursue his work as a visual artist,” beginning with an artist residency in France, according to Martin’s post. Robinson has been with Martin for 21 years and was the first Black executive to lead the agency. Virginia Business named him to the 2026 Virginia Black Business Leaders Awards class.

“It’s a continuation of the same creative drive he’s brought to this place for decades,” Martin said in a LinkedIn post.

Industry publication Adweek named Martin its Agency of the Year in 2020 and 2021, and Ad Age named it agency of the year in 2023. Ad Age also named Robinson its 2022 Chief Creative Officer of the Year.

The firm counts Geico, UPS and Fortune 1000 food delivery platform DoorDash among its clients, and it announced in late 2025 it was Stihl USA’s new creative partner. In April 2025, though, Martin lost its place as the creative agency of record for Fortune 500 used car retailer CarMax.

Martin’s first female CEO, Cavallo was the 2023 Virginia Business Person of the Year in recognition of her business strategy and successes at the helm of Martin, and then MullenLowe Global, as an international leader in and .

“The instinct in the advertising industry right now is to play it safe,” Cavallo said in a statement Thursday. “I think that’s exactly wrong. The agencies that will matter in 10 years or 10 months are the ones that used this moment to get better. I believe Martin is one of those agencies. We start with the belief that creativity isn’t a luxury you cut when things get hard. It’s the thing that gets you through.”

Cavallo first entered the advertising industry in 1994, when she joined Mullen as a strategic planner. A year later, she jumped to Boston-based ad agency Arnold Worldwide, where she served as a senior strategic planner. In 1998, she joined Martin as a senior vice president and group director, moving up to director of business development in 2005, before returning to Mullen in 2011 as chief strategy officer. In 2014, she was named president of Mullen’s Boston office. Following then-parent company Interpublic Group of Cos.’ 2015 of Lowe and Partners with Mullen, Cavallo became MullenLowe Group’s U.S. chief strategy and growth officer.

In December 2017, IPG named Cavallo as Martin’s first female CEO, replacing then-CEO Matt Williams. She took the helm at Martin in the wake of highly publicized sexual harassment allegations against Martin’s former chief creative officer, Joe Alexander, who left the ad agency less than two weeks before Cavallo was named CEO. (He has denied the allegations and any wrongdoing.)

Before coming to Martin, Robinson was best known for co-founding ad agency Vigilante, part of Leo Burnett, in 1998. Vigilante orchestrated Oprah Winfrey’s famous 2004 car giveaway.

Robinson joined Martin as a senior vice president and group creative director in 2004 and was promoted to chief client officer in 2019 before becoming chief creative officer in 2020.

New York-based marketing and communications firm Omnicom Group acquired IPG in November 2025. The company has almost 30,000 employees.

As of spring 2024, Martin had approximately 400 employees.

Google confirms Botetourt data center campus

SUMMARY:
  • confirmed plans for a in .
  • Local opposition to the project has intensified in recent weeks.
  • U.S. Army Corps of Engineers is accepting public comments on project through April 9.

On Thursday morning, a little over nine months after Botetourt County announced Google’s $14.1 million purchase of a 312-acre parcel in a Daleville industrial park for a campus, the California-based tech company confirmed the development in a news release.

“Google today announced plans to develop a data center campus in Botetourt County, centered on a commitment to responsibly build digital infrastructure through water stewardship, collaborative construction and investment in the local community and workforce,” the release stated.

What prompted Google to comment now?

“We previously announced the land closure for a potential data center site in partnership with the county,” an unnamed Google spokesperson stated in an email to Virginia Business Wednesday evening. “We can now confirm we will be moving forward with the project with mass grading starting in the coming months and wanted to provide the community with an update.”

Botetourt County issued its own release Thursday morning stressing the significance of Google’s release.

“With Google’s announcement, it is expected that additional information about the project will follow,” the county said in the news release. “Until today, the project was speculative in that it was a ‘proposed data center campus.’”

Roanoke Valley opposition to the data center complex has reached a fever pitch in recent weeks following news reports that Google would initially need 2 million gallons of water for the data center campus. As it grows, that need could balloon to 8 million gallons per day.

Prior to Tuesday’s Botetourt County Board of Supervisors meeting, a few dozen protesters carrying signs painted with slogans like “No Data Center” and “We Deserve Transparency” showed up to the Botetourt County Administration Center, which is located at the Botetourt Center at Greenfield, the same industrial park where the planned data center campus would be located. Several residents spoke against the project during the public comment portion of the meeting.

In Google’s release, the company stressed that it will pay for “all infrastructure required to serve the data center’s operations” related to water use. The company also noted that it entered into a power purchase agreement for the full output (79.3 megawatts) of the Rocky Forge Wind project, Virginia’s first onshore wind farm, in Botetourt. -based Apex Clean , the developer of the wind farm, announced the partnership in late 2024.

Google’s release also emphasized its “broader commitment to being a responsible neighbor in the region.”

As proof of that commitment, the company pointed to a partnership with environmental and economic advocacy organization , which is based in Boone, North Carolina.

“Google is helping fund solar and battery storage installations that will create community resilience hubs in nearby towns like Duffield and Dungannon — providing reliable power, safe gathering spaces and critical resources during severe weather and other emergencies that increasingly affect the region,” the company said in a statement.

Not an endorsement

Google gave Appalachian Voices $700,000 to develop the community resilience hubs, according to Adam Wells, the organization’s regional director of community and economic development.

Resilience hubs provide resources to help people stay safe during weather-related disasters and other emergencies.

“The necessity for these hubs across Southwest Virginia and beyond has become more apparent in recent years as the region has repeatedly been hit hard by floods, storms and other weather-related emergencies,” Appalachian Voices said in a January statement about the project.

The project involves providing 30.5 kilowatts of solar energy installations at Dungannon’s Town Hall and historic depot, as well as 115 kilowatt-hours of battery storage at the depot. Additionally, Google is covering the costs for installing solar panels that would provide 75.6 kilowatts of energy and a 246 kilowatt-hour battery storage system at Appalachian Sustainable Development’s Appalachian Harvest building in Duffield.

Located in Scott County, Duffield and Dungannon are about a three-hour drive from Botetourt.

Google approached Appalachian Voices about funding for the project, according to Wells.

“We were glad to partner, to bring their investments to projects and communities where we’re working,” he said.

When discussing the project, Wells said Appalachian Voices stressed to the company that collaborating on the Southwest Virginia project was not an endorsement and was not related in any way “to a project Google is doing elsewhere.”

“The press release that they put out, I think, speaks to that in their own way,” Wells said. “I’m [taking] this opportunity to clarify that they’re not linked: the work in far Southwest Virginia and the Botetourt project.”

However, a Google spokesperson said in an email to Virginia Business that the projects in far Southwest Virginia are relevant to the data center campus being planned for the Botetourt Center at Greenfield.

“Our work with Appalachian Voices on the resilience hubs in Duffield and Dungannon benefits the resilience of the grid system that Botetourt residents are connected to,” the spokesperson said.

A Google spokesperson later sent a further statement: “While our regional resilience projects support the broader Virginia power grid, we want to clarify that the Appalachian Voices partnership is specifically focused on Southwest Virginia. Google’s direct community investments in Botetourt focus on local infrastructure and water stewardship, including our partnership with Virginia Tech.”

Appalachian Voices does not currently have a formal position on the data center campus Google is for Botetourt County, according to Wells.

“We do not support data centers that are fueled by on-site fossil fuel development,” he said. “That’s not happening here to our knowledge.”

Resources

Data centers typically require water to cool equipment.

Google’s Thursday release noted the company is exploring “multiple options” for cooling the data centers at the Botetourt campus.

A utility services funding agreement signed in October 2025 with the , a utility that provides drinking water to customers in the city of Roanoke and the counties of Roanoke, Franklin and Botetourt, revealed that Google would initially require 2 million gallons of water per day at the Botetourt campus but could require up to 8 million gallons as it expands.

The average American family uses more than 300 gallons of water per day, according to the U.S. Environmental Protection Agency. That means 2 million gallons would be enough to serve more than 18,000 homes for a year.

In its Thursday news release, Google noted that “any water use would be pursued under existing regulatory requirements.”

“Google takes a data-driven approach to responsible water use for its data center operations,” the company said in the release. “Using a framework that evaluates a location’s watershed health at the local level, Google makes cooling decisions that minimize environmental impact in the communities where it operates.

“In Botetourt County, the high quality of water means that we can circulate it multiple times through our cooling system, reducing the amount of water needed for operations,” the statement continued. “This approach reflects Google’s broader commitment to building efficient infrastructure while strengthening local resources and supporting community well‑being.”

Additionally, the release stated Google is funding an expansion of Virginia Tech’s monitoring of WVWA’s reservoirs to include Carvins Cove, the authority’s largest surface water reservoir. The WVWA has said that the Botetourt data center campus would initially receive water from Carvins Cove.

“This research would enhance the understanding of seasonal drivers of water quality and help WVWA optimize the operation of its reservoir system,” Google said in the release.

The release also noted that “Google is committed to paying for 100% of the power and infrastructure costs associated with this site.”

Power for the campus will come from the regional grid, according to Google.

“Data center campuses run 24/7 and therefore require around-the-clock power,” a spokesperson for Google wrote in a follow-up email. “Wind does not blow 24 hours a day, 7 days a week and therefore cannot solely support a data center. This Google data center campus will be grid connected and serviced through . The Rocky Forge Wind project will supplement the energy supplied through our work with Appalachian Power.”

The spokesperson also addressed timing for the project in an email.

A Section 404 permit application, which is required for the discharge of dredged or fill material into U.S. waters, for the Google data center campus in Botetourt is currently under review by the U.S. Army Corps of Engineers. The federal agency will take comments on the project through April 9.

“Beyond federal wetlands permitting, the project must also clear state-level environmental reviews through the Virginia [Department of Environmental Quality] and finalize local county permits with Botetourt County,” the Google spokesperson said in the statement. “While we are eager to begin, a firm construction start date has not been set because it is contingent on the completion of these thorough oversight processes.”

Botetourt County’s news release said that the incremental tax base for the each of the three data centers planned for the Google campus in Botetourt “is expected to yield at least $10 million in annual local taxation.”

“By generating new revenues and having the company fund its infrastructure, this investment allows us to strengthen our community while also planning responsibly,” Botetourt County Administrator Gary Larrowe said in the news release.

Editor’s note: This story has been updated. 

US lawmakers to introduce bill to ban government use of Chinese robots

(Reuters) – Two U.S. senators on Thursday planned to introduce a bill that would ban the government from buying or operating humanoid robots made by Chinese firms.

Tom Cotton of Arkansas, the third most-powerful Republican in the Senate, and Chuck Schumer of New York, the top Democrat in the chamber, plan to put forward the American Security Act, which would prohibit the from buying or using unmanned ground vehicles made by adversaries such as and bar the use of federal funds in connection with the robots.

The bill comes as Chinese firms compete with U.S. firms such as Tesla to deliver humanoid robots that can stand in for humans for tasks as varied as dangerous manufacturing work and household chores. At least two Chinese firms — Agibot and Unitree — are preparing to list shares in China this year as their products capture attention there.

In statements on Thursday, the lawmakers argued that such robots present a national security risk because they could be used to gather data to send back to China or could be remotely controlled from China. A group of lawmakers last year urged the Pentagon to add Unitree to a list of firms that work with China’s military.

“Robots made by Communist China threaten Arkansans’ privacy and our national security,” Cotton said.

Schumer said Chinese firms with support from the Chinese Communist Party “are running their standard playbook — this time in robotics — trying to flood the U.S. market with their , which presents real security risks and threats to Americans’ privacy and American research and industry.”

The bill would contain exemptions for the U.S. military and law enforcement agencies to research Chinese robots, as long as the robots cannot transmit data to or receive data from China.

In the U.S. House of Representatives, Rep. Elise Stefanik, a New York Republican, on Thursday planned to announce a companion bill to the Senate version.

“We must continue to promote and propel America’s robotics superiority while safeguarding our privacy and national security from adversaries,” Stefanik said in a statement.

(Reporting by Stephen Nellis in San Francisco; Editing by Christopher Cushing)

Warner Bros shareholders to vote on $110B Paramount merger on April 23

(Reuters) – Discovery said on Thursday shareholders will vote on its planned $110 billion with Skydance on April 23, bringing the companies a step closer to completing the deal that would reshape the media landscape.

A green light from investors would move the deal forward, but it would still face intense scrutiny from U.S. and European competition authorities who must assess whether the combined entity will increase prices for customers or hurt competition.

Paramount has bet on closing the deal quickly, promising to pay Warner Bros shareholders a 25-cent-per-share quarterly “ticking fee” starting in October if the deal has not closed.

The merger, the latest of several consolidations in the media sector, will solidify CEO David Ellison’s status as one of the industry’s most influential studio owners after he also steered Skydance’s $8.4 billion purchase of Paramount.

Analysts have viewed Paramount as facing an easier road to regulatory approval in part because of Ellison’s father, billionaire Oracle co-founder Larry Ellison’s ties with President Donald Trump.

However, Acting Assistant Attorney General for the U.S. Department of Justice’s antitrust division, Omeed Assefi, told Reuters that the deal will “absolutely not” have a fast track to approval because of political factors.

(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Devika Syamnath)

Low US weekly unemployment claims point to stable labor market

 

SUMMARY:
  • Initial U.S. claims rose by 5,000 to 210,000 for the week ended March 21.
  • The number of people receiving unemployment benefits after an initial week of aid, a proxy for hiring, decreased 32,000 to a seasonally adjusted 1.819 million, the lowest since May 2024.
  • maintains interest rates amid risks from Middle East conflict and rising .

(Reuters) – New applications for U.S. unemployment benefits rose slightly last week, suggesting the market remains stable and likely giving the Federal Reserve scope to hold interest rates steady while monitoring inflation risks from the conflict in the Middle East.

The report from the Labor Department on Thursday also showed the number of people collecting unemployment checks in mid-March was the lowest in nearly two years. Part of the decline, however, was likely due to people exhausting their eligibility for aid, which is limited to 26 weeks in most states.

The job market remains in what economists describe as a “low-hire, low-fire” state. Economists said it is too early to tell how the would be affected by the surge in oil prices triggered by the U.S.-Israeli war with .

“It takes time for companies to recognize what a shock like this means for the economy, and then to have the conviction needed to start shedding workers,” said Carl Weinberg, chief economist at High Frequency Economics. “Things will decay, we are sure. However, they have not started to decay yet.”

Initial claims for state unemployment benefits increased 5,000 to a seasonally adjusted 210,000 for the week ended March 21. Economists polled by Reuters had forecast 210,000 claims for the latest week. Claims have been tucked in a 201,000-230,000 range this year amid low layoffs.

Economists said lingering uncertainty caused by President Donald Trump’s aggressive import tariffs has undercut demand for workers, with private nonfarm payrolls averaging only 18,000 jobs per month in the three months through February. Reduced labor supply because of the Trump administration’s immigration crackdown also is weighing on job growth, they said.

That situation has created what Fed Chair Jerome Powell this month called a “zero-employment growth equilibrium,” that has “a feel of downside risk.”

U.S. stocks were trading mostly lower. The dollar rose against a basket of currencies. The turmoil in the Middle East has sparked worries of a surge in inflation. Oil prices have jumped more than 30% since the war started at the end of February.

INFLATION RISKS RISING

Import and producer prices shot up in February, and economists expected the hit from the war, which has also raised fertilizer prices, to be evident in consumer inflation data for March. Economists have been steadily raising their inflation forecasts for this year as the conflict drags on.

The U.S. central bank left its benchmark overnight interest rate in the 3.50%-3.75% range this month. In updated projections released alongside the decision, Fed policymakers anticipated only a single reduction in borrowing costs this year. Financial markets, however, see the odds of any rate cut fading.

The number of people receiving unemployment benefits after an initial week of aid, a proxy for hiring, decreased 32,000 to a seasonally adjusted 1.819 million during the week ended March 14, the lowest level since May 2024, the claims report showed.

The so-called continuing claims data covered the period during which the government surveyed households for March’s unemployment rate. Continuing claims fell between the February and March survey weeks.

Economists were split on what this meant for March’s unemployment rate, with some predicting a decline and others a rise. They noted that the data did not include young people who are out of work and are having a tough time finding employment. Members of this demographic typically have limited or no work history, disqualifying them from claiming unemployment benefits.

The Chicago Fed is forecasting the unemployment rate to be 4.46% this month, which would round up to 4.5%. The unemployment rate increased to 4.4% in February from 4.3% in January.

“The relationship between claims and unemployment is relatively weak from month to month, partly due to noise in the employment report’s household survey, but also because only around a quarter of those unemployed are eligible to claim, with the long-term unemployed and new entrants to the labor market generally excluded,” said Oliver Allen, senior U.S. economistat Pantheon Macroeconomics.

(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Paul Simao)

Korean Air plans 103 Boeing plane purchases valued at $36.2B until 2039

SEOUL (Reuters) – South Korean flag carrier Korean Air said on Thursday it plans to buy 103 planes between 2026 and 2039.

That includes 20 B777-9s, 25 B787-10s, 50 B737-10s, and eight B777-8Fs, Korean Air said in a regulatory filing.

The purchases are valued at $36.2 billion based on 2025 list prices, Korean Air said.

(Reporting by Joyce Lee. Editing by Ros Russell)

Wall Street advances as investors bet on Mideast de-escalation

Summary:
  • indexes rose with Dow Jones up 305.43 points amid falling on March 25.
  • reviewed U.S. proposals to end the Middle East conflict but stated no intention for direct talks with Washington.
  • Tech and space stocks surged, including up 16.4% after unveiling a new AI chip, and SpaceX-related stocks rallied on IPO news.

March 25 (Reuters) – Wall Street’s main indexes closed higher on Wednesday as oil prices fell while Iran reviewed a to end the war in the Middle East, feeding investor hopes for de-escalation in the fourth week of a war that has disrupted global flows and stoked concerns.

While Abbas Araqchi, Iran’s foreign minister, said that authorities were reviewing the U.S. proposals, he added that Tehran has no intention to hold talks with Washington.

Initially, Iran said it considered U.S. proposals delivered by Pakistan as excessive and demanded sovereignty over the Strait of Hormuz.

The mixed messages led to choppy trading. Michael James, equity sales trader at Rosenblatt Securities, said: “There are a lot of frayed nerves out there with sentiment and headlines driving a lot of the market action.”

Any signs of communication between the countries provided some hope for investors, however, following signals that Washington has been seeking a ceasefire and restoration of shipping through the crucial Strait of Hormuz, which about 20% of global oil shipments pass through.

“There is optimism that the proposal and counter-proposal are setting the stage for more negotiations,” said Gene Goldman, chief investment officer at Cetera Investment Management.

But until there is clarity on when the war might end, Goldman said he expects “volatility to remain elevated given the impact of higher oil prices on inflation.”

The Dow Jones Industrial Average rose 305.43 points, or 0.66%, to 46,429.49, the S&P 500 gained 35.53 points, or 0.54%, to 6,591.90 and the Nasdaq Composite gained 167.93 points, or 0.77%, to 21,929.83.

During Wednesday’s session, energy was the weakest of the S&P 500’s 11 major industry sectors, falling 0.5%. The strongest sector gainers were materials, up 2%, and consumer discretionary, which added 1.2%.

With oil prices settling down more than 2%, shares in companies that depend heavily on fuel were rallying. Cruise operator Norwegian Cruise Line closed up 2.8% while the S&P Composite 1500 Passenger Airlines index rose 1%.

The small-cap Russell 2000 index finished up 1.2% after hitting a two-week high during the trading session.

U.S.-listed shares of Arm rallied 16.4% after the company unveiled a new AI chip that is expected to bring billions of dollars in revenue. It was the biggest gainer in the Philadelphia Semiconductor Index, which closed up 1.2%.

Other rallying chipmakers included Advanced Micro Devices and Intel, which both finished up more than 7%. Nvidia shares added 2%.

Destiny Tech100 surged 15% after a report that SpaceX aims to file its IPO prospectus as soon as this week. SpaceX is the fund’s largest equity holding.

Other space companies rallied in response with Rocket Lab adding 10.3% while Intuitive Machines rose 14.7% and EchoStar added 7.4%.

The oil price spike has revived inflation worries, complicating the interest-rate outlook of central banks. Markets are no longer pricing in any easing from the this year, according to CME Group’s FedWatch Tool, compared with the two cuts that were expected before the war broke out.

Among other movers, U.S.-listed shares of JD.com rose 8% and Alibaba rose 3.5% after Chinese state media and the regulator urged the food-delivery platform industry to end a price war. Robinhood Markets rallied 5% after the trading platform announced a new $1.5 billion share buyback program.

On U.S. exchanges 17.07 billion shares changed hands compared with the 20.69 billion-share moving average for the last 20 sessions.

Advancing issues outnumbered decliners by a 2.86-to-1 ratio on the NYSE, where there were 115 new highs and 127 new lows. On the Nasdaq, 3,174 stocks rose and 1,523 fell as advancing issues outnumbered decliners by a 2.08-to-1 ratio. The S&P 500 posted 17 new 52-week highs and 24 new lows while the Nasdaq Composite recorded 64 new highs and 172 new lows.

(Reporting by Sinéad Carew, Purvi Agarwal, Medha Singh and Twesha Dikshit in Bengaluru; Editing by Mrigank Dhaniwala, Devika Syamnath and David Gregorio)

Spanberger appoints inaugural chief energy officer

 

SUMMARY:

appointed an inaugural chief energy officer, attorney Josephus Allmond, on Wednesday.

With an executive order, Spanberger created the cabinet role to address rising energy costs, increase clean energy generation in Virginia and develop a statewide energy strategy, according to a news release. Allmond will work with the state secretary of trade and commerce, the Virginia Department of Energy, PJM Interconnection and energy utility providers.

“Today, I am taking decisive action to respond to the concerns I hear from Virginians about the high cost of energy,” Spanberger said in a statement. “It is critical to make sure families and businesses have access to affordable, reliable energy so that Virginia businesses can stay competitive, while also meeting our long-term clean energy goals.”

Allmond comes to the from the Southern Center’s Charlottesville office, where he was most recently a staff attorney. At the SELC, Allmond handled solar cases and appeared before the Virginia State Corporation Commission, litigating dozens of utility regulatory cases related to air and solar energy. He also worked with the Virginia Environmental Justice Collaborative.

He has expertise in rate cases, integrated resource plans, net energy metering, interconnection and renewable portfolio standard proceedings, according to the governor’s news release, as well as legislative advocacy experience. Allmond is a citizen member of the state’s Commission on Energy .

“By maximizing the use of our existing grid, making sure high energy use customers are not driving up energy bills for everyone else and prioritizing the deployment of more homegrown clean energy and battery storage, we will ensure that our energy future remains sustainable, predictable and — most importantly — affordable for Virginians,” Allmond said in a statement.

While at Duke’s law school, Allmond was a summer associate at Baker Botts and Kirkland & Ellis. He also holds a master’s degree in climate science and solutions and a bachelor’s degree in political science from Northern Arizona University, and he serves on the university’s alumni association board. Allmond also has an associate’s degree from Butte College and graduated from the political leadership program of the University of Virginia’s Sorensen Institute for Civic Leadership.

Allmond also serves on the Charlottesville Area Community Foundation’s board and local impact investing committee. He received the Dr. Marcus L. Martin Leadership Award from 100 Black Men of Central Virginia, which seeks to eliminate the achievement gap of Black male students in grades K-12.