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2 weeks ago | 
virginiabusiness.com | Richard Foster
SUMMARY:Trump’s 2025 tariffs caused $11.1 trillion in market losses as of early April. Economists warn trade war could trigger a recession. Powell and Dimon express serious concerns over inflation and growth. Trump’s approach mirrors Hoover-era Smoot-Hawley policies.
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3 weeks ago | 
virginiabusiness.com | Richard Foster
Rakuten, a cash back shopping platform, has released a new study in conjunction with the Harris Poll, revealing a disconnect between shopper brand loyalty and retailer confidence as economic uncertainty continues and budgets get tighter.
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3 weeks ago | 
virginiabusiness.com | Richard Foster |Richard Foster
Ashley Dayer’s dream of winning a National Science Foundation grant to pursue discoveries in bird conservation started when she was an early-career professor with an infant in her arms and a shoestring laboratory budget. Competition is intense for NSF grants, a key source of funding for science research at U.S. universities. It took three failed applications and years of preliminary research before the agency awarded her one.
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3 weeks ago | 
virginiabusiness.com | Richard Foster |Richard Foster
Sales of previously occupied U.S. homes slowed in March, a lackluster start to the spring homebuying season as elevated mortgage rates and rising prices discouraged home shoppers. Existing home sales fell 5.9% last month from February to a seasonally adjusted annual rate of 4.02 million units, the National Association of Realtors said Thursday. The March sales decline is the largest monthly drop since November 2022, when sales fell 6.7% from the previous month.
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3 weeks ago | 
virginiabusiness.com | Richard Foster |Richard Foster
GLEN ALLEN, Va. (AP) — Atlantic Union Bankshares Corp. (AUB) on Thursday reported first-quarter profit of $49.8 million. The bank, based in Glen Allen, Virginia, said it had earnings of 52 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were 57 cents per share. The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share.
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3 weeks ago | 
virginiabusiness.com | Richard Foster |Richard Foster
NEW YORK (AP) — U.S. stocks are rallying further Thursday as better-than-expected profits for U.S. companies pile up, though CEOs say they’re unsure whether it will last because of uncertainty created by President Donald Trump’s trade war. The S&P 500 was 1.3% higher in midday trading. The Dow Jones Industrial Average was up 265 points, or 0.7%, as of 11:05 a.m. Eastern time, and the Nasdaq composite was 1.7% higher.
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3 weeks ago | 
virginiabusiness.com | Richard Foster |Richard Foster
NEW YORK (AP) — Tesla‘s first-quarter profits plunged by more than two-thirds amid a backlash against Elon Musk‘s electric car company that has hurt sales and sent its stock plunging. The Austin, Texas, company said Tuesday that quarterly profits fell by 70% to to $409 million, or 12 cents a share. That’s far below analyst estimates. Tesla’s revenue fell 9% to $19.3 billion in the January through March period, also below Wall Street’s forecast.
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3 weeks ago | 
virginiabusiness.com | Richard Foster
NORFOLK, Va. (AP) — In the summer of 2023, New York Attorney General Letitia James helped her niece buy a modest house in Norfolk, Virginia, by becoming a co-borrower on the mortgage loan. A top housing official in the Trump administration has now seized on a document in that transaction to argue that James should be prosecuted for bank fraud, asking the U.S. Justice Department in a letter to open a criminal investigation into the Democrat.
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3 weeks ago | 
virginiabusiness.com | Richard Foster
NEW YORK (AP) — U.S. stocks are tumbling as worries about President Donald Trump‘s trade war and his criticism of the Federal Reserve cause investors to pull further from the United States. The S&P 500 fell 2.6% Monday and was 16% below its record set two months ago. The Dow Jones Industrial Average dropped 1,000 points, and the Nasdaq composite sank 2.9%. Big Tech stocks led the way lower ahead of earnings reports coming this week from Tesla and others.
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1 month ago | 
virginiabusiness.com | Richard Foster
Virginia Business won 12 awards in the Virginia Press Association‘s 2024 News & Advertising Contest, and Sales Manager Toni McCracken was named Outstanding Sales Professional of the Year, the state organization announced during an awards banquet held Saturday at the Omni Richmond Hotel. “Toni’s career in Virginia media sales is remarkable.
