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Branch Group CEO plans 2026 retirement

This time last year, Bob Wills was promoted from to CEO of , an employee-owned firm headquartered in , following the retirement of Don Graul, who held the post for four years. However, in a press release distributed Thursday, the company announced Wills plans to step down sometime before the end of 2026.

A date for his retirement has not yet been set, according to Branch spokesperson Peg McGuire. Nor has a decision been made on whether Wills will serve on the company’s board following his retirement.

In Thursday’s announcement, Branch announced the promotion of Jason Hoyle to the newly created position of chief operating officer. Hoyle is expected to succeed Wills as Branch’s next CEO under the company’s succession plan, McGuire confirmed.

Jason Hoyle has been promoted to COO at the Branch Group. Photo courtesy the Branch Group
Jason Hoyle has been promoted to COO at the Branch Group. Photo courtesy Branch Group

Previously, Hoyle served as president for the company’s building and mechanical, electrical and plumbing (MEP) divisions. In his new role, he has assumed responsibility for all construction operations across Branch and will report directly to Wills. Unit leaders for the company’s civil, building and commercial MEP divisions will report to Hoyle.

“Jason embodies our values of collaboration, accountability, and ownership,” Wills said in the news release. “His experience leading multiple business units and his deep commitment to our employee-owners make him exceptionally well prepared for this companywide role.”

Wills joined Branch in 2017 as CFO. Previously, he was CFO at M+W Americas, a global engineering, procurement and construction firm. He told Branch employee-owners of the succession plan earlier this month.

Branch announced other changes Thursday. Colin Robinson has been promoted to executive vice president of Branch’s building division. Robinson, who joined the company two years ago, has more than two decades of experience in the building industry.

Berton Austin has been promoted to executive vice president of Hopkins | Lacy, Branch’s commercial MEP division. Austin has worked at the company for seven years and has more than two decades of experience in building and MEP.

“Colin and Austin have proven track records of leadership and innovation,” Hoyle said in the news release. “Their contributions will be vital as we align our operations and prepare for the next chapter of growth.”

Branch has total revenues of nearly $750 million and more than 1,300 employee-owners.

FAA restores Boeing’s self-certification for 737 Max, 787

Summary

  • lets resume issuing safety certificates for , 787
  • Oversight was imposed after two fatal crashes and quality issues
  • plans to buy 75 Dreamliners, eyes 150 more Max jets
  • FAA still capping 737 Max output at 38 per month amid safety scrutiny

Boeing is getting back the ability to perform final safety inspections on 737 Max jetliners and certify them for flight more than six years after crashes of the then-new model killed 346 people, the Federal Aviation Administration said Friday.

The FAA said it decided to restore the aerospace company’s authorization to issue airworthiness certificates for Max and  passenger planes starting Monday following “a thorough review of Boeing’s ongoing production quality.”

Federal regulators took full control over 737 Max approvals in 2019, after the second of two crashes that were later blamed on a new software system Boeing developed for the aircraft. The FAA ended the company’s right to self-certify Dreamliners in 2022, citing ongoing production quality issues.

Going forward, Boeing and FAA inspectors will take weekly turns performing the safety checks that are required before aircraft are cleared for delivery and declared safe to fly. The FAA said the arrangement will free up more of its inspectors to conduct “rigorous” quality checks on the production line at Boeing plants.

The Associated Press sent emailed requests Friday to Boeing for comment.

The company’s stock price was up about 4% in afternoon trading, as the FAA announcement coincided with news about Boeing securing two more orders from foreign airlines.

Turkey’s flag carrier, Turkish Airlines, said Friday that it planned to buy 75 Dreamliners and wants to eventually buy up to 150 more 737 Max jets. Boeing said the Max purchase would be the largest single order for its best-selling aircraft, if the deal is finalized.

Norwegian Group, the aviation company that operates Shuttle and regional airline Widerøe, also placed an order for 30 Boeing 737 Max 8 planes, Boeing said Friday.

Since President ‘s return to the White House this year, his administration has made Boeing a focus of its plans to revive . A number of international airlines have signed sales agreements with Boeing in recent months.

Some Boeing critics have questioned how meaningfully the company has reformed its culture and processes to ensure the passenger planes it produces are safe.

The FAA announced earlier this month that it was seeking $3.1 million in fines from Boeing over alleged safety violations between September 2023 and February 2024, including a blowout of a paneled-over exit door on a 737 Max during an Alaska Airlines flight.

After the January 2024 Alaska Airlines incident, the FAA capped Boeing’s production of Max jets to 38 per month. In practice, the production rate fell well below that ceiling last year as the company contended with investigations and a machinists’ strike that idled factories for almost eight weeks.

The company said in July that it reached the monthly cap in the second quarter and would eventually seek the FAA’s permission to increase production.

The FAA said in a Friday statement that if Boeing requests an increase, “onsite FAA safety inspectors will conduct extensive planning and reviews with Boeing to determine if they can safely produce more airplanes.”

Trump announces 30% tariff on upholstered furniture

HIGH POINT — President Trump announced a new  tariff on upholstered on Thursday, taking effect on Oct. 1.

At this time, it is unclear whether the new  will be in addition to previously announced tariffs. In addition to the  tariffs, Trump also announced new tariffs on branded drugs, heavy-duty trucks, and bathroom vanities.

In a social post, Trump wrote, “The reason for this is the large scale ‘FLOODING’ of these products into the United States by other outside countries. It is a very unfair practice, but we must protect, for national security and other reasons, our manufacturing process.”

Citing Furniture Today research, Reuters reported that “ to the U.S. hit $25.5 billion in 2024, up 7% from the year before,” adding that “about 60% of those imports came from Vietnam and China.”

Shares for some home furniture retailers, including Wayfair, Williams Sonoma and RH were lower late Thursday following the news, reports noted.

Reston growth equity firm closes $560M investment fund

A -based firm focused on the national security tech market has closed a $560 million .

The firm, Razor’s Edge Management, announced its fourth investment fund closed Thursday. Fund IV is its largest fundraise and had an original target of $400 million.

Razor’s Edge now manages more than $1.25 billion in assets.

Founded in 2010, the firm focuses on high-growth tech companies in the national security and adjacent markets. It will use the fund to scale companies with space, autonomy, cyber, advanced sensing, signal processing, AI-enabled systems and other aerospace and technologies.

“This fund represents a renewed commitment to our mission to ensure the U.S. and its allies maintain technological superiority in an increasingly contested world,” Peggy Styer, co-founder and managing partner of Razor’s Edge, said in a statement. “Our team is built from the national security community, and we invest with deep conviction in companies that will win on the modern battlefield.”

Razor’s Edge has completed four investments out of Fund IV so far, according to a statement from co-founder and Managing Partner Mark Spoto, but did not disclose which companies it invested in. Spoto did not immediately reply to a request for more information.

The firm has current investments in Vienna-based tech company Corsha and geospatial analytics company , among others.

Arlington drone software firm raises $130M in Series B funding

Auterion, an -based provider of software for military drone swarms, announced this week it has raised $130 million in a Series B round led by Bessemer Venture Partners.

The company states that the will help scale the production of its AuterionOS platform and Nemyx systems, which enable autonomous drones to operate as coordinated swarms in combat. says its AI-enabled software aims to “transform the battlefield.”

As part of this investment round, Bessemer Partner Alex Ferrara will join Auterion’s board. Other investors in the funding round include existing investor Lakestar, which led Auterion’s first institutional round (and has invested in every round since) as well as existing investors Mosaic Ventures and Costanoa Ventures.

Of the $130 million from the latest round, $25 million is backed by the U.S. , recently rebranded by President Trump as the .

The company says Russia’s invasion of prompted the need for wartime mass production and that “a seismic shift has emerged in terms of awareness of what is required to protect America and her allies.”

Auterion believes its AI will help combatants on the battlefield deploy drone swarms on a massive scale, overwhelming defenses. Auterion says its open platform software has already been deployed in Ukraine.

“The future of warfare is software-defined, unmanned and at scale,” said Auterion Founder and CEO Lorenz Meier in a statement. “Auterion’s customers are taking the lessons from Ukraine and applying them to deploying drone swarms. Decisive advantage on the battlefield won’t be achieved by individual drones — it’ll be achieved by autonomous mass. This funding will allow us to provide Auterion’s AI-enabled swarming capabilities to democratic governments around the world who need to develop those capabilities at scale.”

The company’s AuterionOS platform unifies fleets from multiple manufacturers into a single, coordinated fabric, allowing one operator to control many autonomous vehicles simultaneously.

Auterion, which specializes in software for uncrewed vehicles, was founded in 2017 in Zurich, Switzerland. In 2024, the company relocated its headquarters to Arlington while maintaining engineering operations in Zurich and Munich. The company says it has evolved from its open-platform autopilot origins to become the operating system for autonomous mass operations.

General Dynamics Information Technology wins $1.5B contract

General Dynamics Information , a business unit of -based aerospace and contractor , announced on Thursday that it has been awarded a $1.5 billion contract to modernize the ‘s (STRATCOM) enterprise IT systems and help strengthen operational readiness.

STRATCOM oversees U.S. strategic deterrence, global strike, nuclear command and control and electromagnetic spectrum operations worldwide. Its global missions require an enterprise IT network environment that connects data and systems to national decision makers and mobile warfighters.

Under the contract, GDIT will utilize digital engineering to help reduce costs and enhance efficiency and collaboration among mission partners, integrate artificial intelligence and machine learning into Stratcom’s enterprise data systems and transition the command to a new hybrid cloud environment.

GDIT will also implement advanced cyber and zero-trust solutions to protect the command’s networks and their data from cyber threats.

“Modernizing STRATCOM’s IT capabilities is critical to protecting our national security and maintaining our strategic deterrence edge,” said Brian Sheridan, GDIT’s senior vice president for defense, in a statement. “We look forward to delivering a secure, agile and resilient network that enables our warfighters to be better connected, informed and ready.”

The contract, awarded in May, covers a one-year base period and six option years.

GDIT also provides digital modernization services for the U.S. Central Command as well as technical and mission support services for the U.S. Special Operations Command.

General Dynamics has about 117,000 employees worldwide and reported $47.7 billion in 2024 revenue. It ranked No. 96 on the 2025 Fortune 1000. GDIT reported $8.75 billion in revenue in fiscal 2024 and has about 30,000 employees.

Dollar set for second straight week of gains after data shows US economic resilience

Summary

  • Dollar slips 0.1% vs , still near two-month high
  • edges up but set to snap three weeks of gains
  • Strong U.S. spending, data temper Fed cut bets
  • Dollar index falls 0.17% but on track for weekly gain

NEW YORK (Reuters) -The dollar edged lower but was still on track for the second straight week of gains against major peers on Friday after data continued to show U.S. economic resilience, which might complicate the ‘s efforts to cut .

The dollar was down 0.1% to 149.65 against the Japanese yen, on track for the fifth consecutive week of gains and trading near its highest level since August 1.

The euro was up 0.17% to $1.16845. It was on course to finish the week lower, snapping three straight weeks of gains.

US DATA TAKES STEAM OUT OF FED RATE CUT PRICING

U.S. , which accounts for more than two-thirds of economic activity, rose 0.6% in August, slightly higher than the 0.5% estimated by economists polled by Reuters.

The Personal Consumption Expenditures Price Index, which is the Fed’s preferred inflation measure, rose 0.3% last month, in line with expectations, U.S. Commerce Department data showed.

“I think it’s pretty clear that stronger economic data has taken the steam out of the pricing for Fed rate cuts and that’s sort of narrowed the interest rate differential with other countries and pushed the dollar higher,” said John Velis, Americas FX and macro strategist at BNY in New York.

“We still think that hedging behavior is quite strong so we still see lots of forward selling of dollars even while the U.S. assets, particularly U.S. equities, continue to gain influence from abroad, although that’s taken a little bit of a backseat this week as well to some degree. But I think it’s fairly clear that as Fed expectations go so will the dollar go in the short term,” Velis added.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.17% to 98.33. It was still on track for the second straight week of gains.

The two-year note yield, which typically moves in step with interest rate expectations for the Fed, rose 0.2 basis points to 3.666%.

Data had shown on Thursday that U.S. gross domestic product rose by an upwardly revised 3.8% from April through June, beating expectations.

The dollar was down 0.08% to 0.799 against the Swiss franc. It was still on track to finish the week higher, ending a run of six consecutive weeks of losses.

(Reporting by Chibuike OguhEditing by Mark Potter)

 

Trump slaps tariffs on drugs, furniture, trucks

Summary

WASHINGTON (AP) — President  said Thursday that he will put import taxes of 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture and 25% on heavy trucks starting on Oct. 1.

The posts on his social media site showed that Trump’s devotion to tariffs did not end with the trade frameworks and import taxes that were launched in August, a reflection of the president’s confidence that taxes will help to reduce the government’s budget deficit while increasing domestic manufacturing.

While Trump did not provide a legal justification for the tariffs, he appeared to stretch the bounds of his role as commander-in-chief by stating on Truth Social that the taxes on imported kitchen cabinets and sofas were needed “for National Security and other reasons.”

Under the Trade Expansion Act of 1962, the administration launched a Section 232 investigation in April about the impacts on national security from pharmaceutical drug and truck imports. The Commerce Department launched a 232 investigation into timber and lumber in March, though it’s unclear whether the furniture tariffs stem from that.

The tariffs are another dose of uncertainty for the U.S. economy with a solid stock market but a weakening outlook for jobs and elevated . These new taxes on imports could pass through to consumers in the form of higher prices and dampen hiring, a process that economic data suggests is already underway.

“We have begun to see goods prices showing through into higher inflation,” Chair Jerome Powell warned in a recent news conference, adding that higher costs for goods account for “most” or potentially “all” of the increase in inflation levels this year.

The president has pressured Powell to resign, arguing that the Fed should cut its benchmark more aggressively because inflation is no longer a concern. Fed officials have stayed cautious on rate cuts because of the uncertainty created by tariffs.

Trump said on Truth Social that the pharmaceutical tariffs would not apply to companies that are building manufacturing plants in the United States, which he defined as either “breaking ground” or being “under .” It was unclear how the tariffs would apply to companies that already have factories in the U.S.

In 2024, America imported nearly $233 billion in pharmaceutical and medicinal products, according to the Census Bureau. The prospect of prices doubling for some medicines could send shock waves to voters as health care expenses, as well as the costs of Medicare and Medicaid, potentially increase.

The pharmaceutical drug announcement was shocking as Trump has previously suggested that tariffs would be phased in over time so that companies had time to build factories and relocate production. On CNBC in August, Trump said he would start by charging a “small tariff” on pharmaceuticals and raise the rate over a year or more to 150% and even 250%.

According to the White House, the threat of tariffs earlier this year contributed to many major pharmaceutical companies, including Johnson & Johnson, AstraZeneca, Roche, Bristol Myers Squibb and Eli Lilly, among others, to announce investments in U.S. production.

Pascal Chan, vice president for strategic policy and supply chains at the Canadian Chamber of Commerce, warned that the tariffs could harm Americans’ health with “immediate price hikes, strained insurance systems, hospital shortages, and the real risk of patients rationing or foregoing essential medicines.”

The new tariffs on cabinetry could further increase the costs for homebuilders at a time when many people seeking to buy a house feel priced out by the mix of housing shortages and high . The National Association of Realtors on Thursday said there were signs of price pressures easing as sales listings increased 11.7% in August from a year ago, but the median price for an existing home was $422,600.

Trump said that foreign-made heavy trucks and parts are hurting domestic producers that need to be defended.

“Large Truck Company Manufacturers, such as Peterbilt, Kenworth, Freightliner, Mack Trucks, and others, will be protected from the onslaught of outside interruptions,” Trump posted.

Trump has long maintained that tariffs are the key to forcing companies to invest more in domestic factories. He has dismissed fears that importers would simply pass along much of the cost of the taxes to consumers and businesses in the form of higher prices.

His broader country-by-country tariffs relied on declaring an economic emergency based on a 1977 law, a drastic tax hike that two federal courts said exceeded Trump’s authority as president. The Supreme Court is set to hear the case in November.

The president continues to claim that inflation is no longer a challenge for the U.S. economy, despite evidence to the contrary. The consumer price index has increased 2.9% over the past 12 months, up from an annual pace of 2.3% in April, when Trump first launched a sweeping set of import taxes.

Nor is there evidence that the tariffs are creating factory jobs or more construction of manufacturing facilities. Since April, the Bureau of Labor Statistics has reported that manufacturers cut 42,000 jobs and builders have downsized by 8,000.

“There’s no inflation,” Trump told reporters Thursday. “We’re having unbelievable success.”

Still, Trump also acknowledged that his tariffs against China had hurt American farmers, who lost out on sales of soybeans. The president separately promised on Thursday to divert tariff revenues to the farmers hurt by the conflict, just as he did during his first term in 2018 and 2019 when his tariffs led to retaliation against the agricultural sector.

30-year U.S. mortgage rate edges up to 6.3%

Summary:

  • 30-year mortgage rate rises to 6.3% from 6.26%
  • 15-year fixed-rate mortgage climbs to 5.49%
  • Rates end a four-week downward trend
  • Borrowing costs still influenced by Fed policy, bond markets

The average rate on a 30-year U.S. mortgage ticked up this week, ending a four-week slide that brought down borrowing costs for homebuyers to the lowest level in nearly a year.

The rate rose to 6.3% from 6.26% last week, mortgage buyer said Thursday. A year ago, the rate averaged 6.08%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their , also edged higher. The average rate rose to 5.49% from 5.41% last week. A year ago, it was 5.16%, Freddie Mac said.

are influenced by several factors, from the ‘s interest rate policy decisions to bond market investors’ expectations for the economy and . They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The yield was at 4.19% in midday trading Thursday, up from 4.16% late Wednesday.

Starting in late July, mortgage rates mostly declined in the lead-up to the Federal Reserve’s widely anticipated decision last week to cut its main interest rate for the first time in a year amid growing concern over the U.S. job market.

But this week, Fed Chair Jerome Powell signaled a cautious approach to future interest rate cuts, in sharp contrast with other members of the Fed’s rate-setting committee, particularly those who were appointed by President , who are pushing for faster cuts.

have since moved higher in the bond market as traders pared bets for the number of upcoming cuts to rates by the Fed. That helped push up mortgage rates.

The has been in a slump since 2022, when mortgage rates began climbing from historic lows. Sales of previously occupied U.S. homes sank last year to their lowest level in nearly 30 years. And, so far this year, sales are running below where they were at this time in 2024.

This week’s rise in rates could signal a repeat of what happened about a year ago after the Fed cut its benchmark rate for the first time in more than four years. Back then, mortgage rates fell for several weeks prior to the when the Fed cut rates at its September 2024 policy meeting. In the weeks that followed, however, mortgage rates began rising again, eventually reaching just above 7% in mid-January.

Like last year, the Fed’s rate cut doesn’t necessarily mean mortgage rates will keep declining, even as the central bank signals more cuts ahead.

Still, the late-summer decline in mortgage rates has already encouraged many homeowners who bought in recent years after rates climbed above 6% to refinance to a lower rate.

Home loan applications overall rose 0.6% last week from a week earlier as mortgage rates fell, according to the Mortgage Bankers Association. But applications for home refinance loans accounted for more than 60% of all applications, MBA said.

“Even with this week’s uptick, mortgage rates remain near 11-month lows, creating opportunities for both buyers and homeowners considering a refinance,” said Hannah Jones, senior economic research analyst at Realtor.com.

Mortgage rates will have to go well below 6% to make refinancing an attractive option to a broader swath of homeowners, however. That’s because about 81% of U.S. homes have a mortgage with a rate of 6% or lower, according to Realtor.com.

Economists generally expect the average rate on a 30-year mortgage to remain near the mid-6% range this year.

Hawkeye 360 announces new CFO

Herndon-based geospatial analytics company 360 announced Wednesday that it has promoted the company’s chief business officer, Craig Searle, to .

According to Searle’s LinkedIn profile, he was a member of ‘s board of directors and audit committee from 2019 to 2023 before joining the company as vice president of strategic finance. He became chief business officer earlier this year.

“Craig’s appointment as chief financial officer marks another important milestone in HawkEye 360’s evolution as a leader,” HawkEye 360 CEO John Serafini said in a statement. “He brings proven financial expertise and business acumen that will strengthen our foundation as we scale to meet growing demand. Craig’s will guide the financial strategy necessary to support customer mission success and advance HawkEye’s position as the premier provider of signals intelligence.”

Searle has over 20 years of finance experience, including 10 years of experience in mergers & acquisitions and capital market transactions. Before joining HawkEye 360, Searle worked as a director on the strategic investments and acquisitions team at Advance, owner of Condé Nast and other media companies.

Founded in 2015, HawkEye 360 collects radio frequency data from its constellations to identify and track activity and trends for military, maritime and intelligence clients.

In June, the company launched its Cluster 12 group of satellites from New Zealand aboard a Rocket Lab Electron rocket. India also agreed to pay the company $131 million in May for SeaVision software to counter illegal maritime activity.