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Port of Va. partnering with Norfolk Southern
Train service will expedite shipping to West Coast
The Port of Virginia is part of a new partnership with Norfolk Southern Corp., Hapag-Lloyd and Union Pacific Railroad. The partners will provide expedited train shipping from the East Coast to the western U.S., Norfolk Southern announced last week. The partnership, called OceaNS Bridge Express, will start at the Port of Virginia’s Norfolk International Terminals
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Economic growth to continue slowing, ODU experts say
Mid-year forecast predicts increased risk of recession
Published
The U.S. economy will continue to slow in the second half of 2022 and a recession is increasingly likely, according to the Old Dominion University’s Dragas Center for Economy Analysis and Policy’s mid-year economic forecast released Friday. Increases in inflation are expected to slow as well but harden, leaving costs elevated, report Robert McNab and
ODU to create supply chain, logistics, maritime school
Resolution to approve school effective Oct. 15
Published
Old Dominion University will create a School of Supply Chain, Logistics, and Maritime Operations, pending approval from the State Council of Higher Education for Virginia, the university announced Friday. In its June meeting, the university Board of Visitors approved a resolution to create the school, effective Oct. 15. “Coordinating our academic and research initiatives through
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Va. CEOs expect increased sales despite shortages
In Q1 survey, 70% expect sales to increase in next six months
Published
About 70% of CEOs expect sales to increase in the next six months, despite supply chain and labor shortages, according to the first quarter CEO Economic Outlook survey conducted by the University of Richmond’s Robins School of Business and the Virginia Council of CEOs (VACEOs). Ninety percent of CEOs reported a labor shortage impacting their
Lambert’s Point Docks in Norfolk to become $100M maritime center
Fairwinds Landing expected to produce 500+ jobs
Published
In a deal predicted to bring more than 500 jobs and over $100 million in capital investment, the Lambert’s Point Docks property in Norfolk will become a maritime operations and logistics center to support local offshore wind, defense and transportation industries. The land, owned by Norfolk Southern Railway Co., has been leased by Virginia Beach-based
Setting a course
Businesses, port seek paths around supply chain backlogs and logjams
Published
Each week, MDV SpartanNash LLC, the nation’s leading supplier for overseas U.S. military commissaries and exchanges, loads 100 to 200 containers filled with everything from peanut butter to clothing aboard steamships bound for Europe, Africa, Bahrain, Kuwait and Honduras, as well as Puerto Rico and Guantanamo Bay. “In places like Guantanamo Bay and Bahrain, there’s
Fifth District economy growth is moderate, Fed says
Rising fuel prices, labor and supply shortages limit growth
Published
The Federal Reserve’s Fifth District (including Virginia, North Carolina, South Carolina, West Virginia and Maryland) continued to grow moderately despite supply chain issues, labor shortages and rising prices, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. The Beige Book is published eight times per year and is based on anecdotal information
Fertilizer shortage hits Va. farmers
Russia's invasion of Ukraine rockets fertilizer prices
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Lewis Everett farms cotton, peanuts and small grains in Southampton County, on the Virginia-North Carolina line. He expects to take a loss this year due to the rising costs of fertilizer and crop protectants, which include herbicides and fungicides. Farmers have already negotiated some contract prices, he said. “A lot of those decisions were made
Smithfield Foods division makes new medical device
Device helps nerve repair without stitches
Published
Smithfield Foods Inc.’s Cincinnati-based porcine-derived medical products unit, Smithfield BioScience, and Atlanta-based medical device company BioCircuit Technologies announced Wednesday that the two will produce a medical device for nerve repair after traumatic injuries. The device, called Nerve Tape, will allow nerve repair without stitches. It is an implantable device made from pig small intestinal submucosa,
Coal waste project launches in SW Va.
Evolve Central Appalachia is led by Virginia Tech center
Published
A public-private project to evaluate the critical minerals in coal waste products in Virginia, West Virginia and Kentucky launched Wednesday with a community meeting in the Virginia Highlands Small Business Incubator in Abingdon. The project, Evolve Central Appalachia (Evolve CAPP), is part of an almost $1.5 million grant from the U.S. Energy Department to the