Talk of the Town
The five casinos in Virginia have reported their gaming activity for February. Caesars in Danville leads the pack with $31.8 million, followed by the Rivers Casino in Portsmouth with $26.4 million, Hard Rock in Bristol with $20.9 million, Petersburg with $15 million, and Norfolk with almost $1 million. During February, gaming revenues from Virginia casinos totaled $95.2 million, and $17.1 million in taxes were paid to the Gaming Proceeds Fund.
(NEW YORK) — Valentine’s Day shoppers may feel jilted by runaway chocolate prices.
Chocolate prices soared 14.4% over the initial weeks of 2026 when compared to the same period a year earlier, nearly doubling the pace of price increases at the start of 2025, according to findings shared with ABC News by intelligence firm Datasembly.
The sharp rise in chocolate prices owes to a cocoa shortage caused primarily by adverse weather and crop disease in West Africa, which accounts for about 70% of the world’s cocoa, some analysts told ABC News.
The dearth of cocoa, analysts said, has ratcheted up input costs for chocolate makers and vaulted retail prices, leading to sticker shock in grocery and candy store aisles.
“There is a record gap between supply and demand,” David Branch, sector manager at the Wells Fargo Agri-Food Institute, told ABC News.
Raw cocoa bean prices have risen dramatically in recent years due to the choke in supply. A metric ton of cocoa beans cost as much $12,000 last year, Branch said. Before the COVID-19 pandemic, cocoa bean prices hovered between $2,000 and $2,500 per metric ton, International Monetary Fund data shows.
In recent months, supply problems have begun to ease, bringing cocoa bean costs down significantly from last year’s peak. A metric ton of cocoa beans now runs about $3,700.
Still, chocolate prices remain highly elevated as chocolate makers sell through candy made with cocoa beans bought earlier, analysts said.
“A lot of manufacturers bought cocoa when prices were high and that’s still very much moving through the supply chain,” David Ortega, a food economist at Michigan State University, told ABC News.
In November, the White House announced framework trade agreements with some Latin American countries in an attempt to ease surging prices for grocery staples such as cocoa. While the U.S. imports a significant share of cocoa from West Africa, supply also comes from Latin American countries like Ecuador, the U.S. Department of Agriculture says.
“Today’s announcements underscore the Administration’s unwavering commitment to fair and balanced trade at every opportunity to protect and strengthen our economic and national security,” the White House said when it unveiled the framework agreements.
Prices remain high for some other imported food items, such as coffee and beef.
Coffee prices surged about 18% in January compared to a year earlier, while ground beef prices climbed more than 17% over that span, Bureau of Labor Statistics data on Friday showed.
Grocery prices are rising at a faster pace than prices overall, climbing 2.9% over the year ending in January, according to BLS data.
Chocolate price hikes will likely ease over the coming months, some analysts said, noting the eventual pass through of lower cocoa prices into the cost of chocolate bought at stores. Analysts emphasized, however, the uncertainty surrounding the outlook due to the chance of weather-related challenges for growers.
Branch, of Wells Fargo, said chocolate prices could even fall by the latter part of this year as manufacturers find cost relief and pass it along to shoppers.
“If market trends stay where they are, we’ll see lower prices for Halloween,” Branch said.
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(NEW YORK) – At a Mar-a-Lago news conference Saturday morning, hours after he ordered a military strike in Venezuela and the capture of the country’s president, Nicolas Maduro, and his wife, President Donald Trump started off calling it an anti-drug law enforcement operation.
His Secretary of State, Marco Rubio, said “at its core, this was an arrest of two indicted fugitives of American justice.”
But Trump’s framing of the issue appeared to quickly expand when he stunned observers by saying the U.S. was going to “run the country” temporarily, even if that involved troops on the ground, that American companies would soon start selling the country’s vast oil reserves, and that it was part of an overall strategy of U.S. dominance in the Western Hemisphere.
While Trump said that the U.S. would “make Venezuela great again,” when asked repeatedly about the specifics of America’s role, including a possible timetable, Trump gave few specifics.
“We’re going to be running it with a group, and we’re going to make sure it’s run properly. We’re going to rebuild the oil infrastructure, which will cost billions of dollars. It will be paid for by the oil companies directly. They will be reimbursed for what they’re doing, but that’s going to be paid,” Trump said.
Later, a U.S. official told ABC News what it would look like for the U.S. to “run” Venezuela.
The official said top Trump officials will continue to diplomatically engage with those remaining in the Venezuelan government, that the administration will engage with oil executives to begin oil expansion in the country and that the U.S. military will remain postured and ready, and that the oil embargo would remain in effect.
American boots on the ground possible
The president brushed off questions about concerns about the length and logistics of the U.S. operation.
Trump was asked about whether U.S. troops would be on the ground in order to “run” Venezuela and indicated he could use the military to make sure it’s run “properly.”
“Well, you know, they always say, ‘boots on the ground, oh.’ So, we’re not afraid of boots on the ground,” he said. “We had boots on the ground last night at a very high level. Actually, we’re not afraid of it. We don’t mind saying it, but we’re going to make sure that that country is run properly.”
When pressed again later, Trump suggested that the only U.S. presence will pertain “to oil,” suggesting the presence will be American oil companies.
“We’re going to be taking out a tremendous amount of wealth out of the ground, and that wealth is going to the people of Venezuela and people from outside of Venezuela that used to be in Venezuela, and it goes also to the United States of America in the form of reimbursement for the damages caused by that country,” he said.
The president also suggested that U.S. forces remain “ready” to carry out a “much bigger” second-wave attack on Venezuela.
Trump faced pushback from Democrats over his announcement.
“The idea that Trump plans to now run Venezuela should strike fear in the hearts of all Americans,” Sen. Minority Leader Chuck Schumer, D-N.Y., said in a statement. “The American people have seen this before and paid the devastating price.”
Republican Rep. Marjorie Taylor Greene of Georgia, who is leaving Congress Monday following a fallout with Trump, slammed the president over his actions.
“Americans disgust [sic] with our own government’s never ending military aggression and support of foreign wars is justified because we are forced to pay for it and both parties, Republicans and Democrats, always keep the Washington military machine funded and going,” she said in a statement. “This is what many in MAGA thought they voted to end.”
When pressed about how taking the action in Venezuela is “America First,” Trump said that it was for the U.S. to surround itself with “good neighbors,” and “energy.”
Trump’s comments during the news conference were a far cry from his previous rhetoric in the weeks leading up to the strike in the Venezuelan capital, in which he condemned Maduro and his regime for allegedly contributing to drug trafficking, a charge Maduro has repeatedly denied..
Trump makes case using Monroe Doctrine
The president has reaffirmed and expanded his policy of a modern version of the Monroe Doctrine declared in 1823, the notion that views America as the dominant leader in the Western Hemisphere.
“All of these actions were in gross violation of the core principles of American foreign policy, dating back more than two centuries, and not anymore, all the way back. It dated to the Monroe Doctrine,” he said.
“And the Monroe Doctrine is a big deal, but we’ve superseded it by a lot, by a real lot. They now call it the ‘Donroe Doctrine,'” the president added, playing off his name.
Trump’s comments Saturday came after he released a message in December that he called the “Trump Corollary” to the Monroe Doctrine, saying that “the American people — not foreign nations nor globalist institutions — will always control their own destiny in our hemisphere.”
Foreign leaders in Russia, Cuba and Russia denounced Saturday’s strike.
“Venezuela should be guaranteed the right to determine its own fate without any destructive, especially military intervention from outside. We reaffirm our solidarity with the Venezuelan people and support for the course of their Bolivarian leadership aimed at protecting the national interests and sovereignty of the country,” the Russian foreign ministry said in statement.
Trump does not back opposition leader
When asked about whether he’d support opposition head María Corina Machado to become the country’s new leader, Trump dismissed the possibility.
“I think it would be very tough for her to be the leader. She doesn’t have the support within or the respect within the country. She’s a very nice woman, but she doesn’t have the respect,” Trump said.
Machado put out a statement Saturday praising Maduro’s removal.
“Today we are ready to take over power. We remain vigilant, active, and organized until a democratic transition is concrete. A transition that needs ALL of us,” she said. “To Venezuelans inside our country, be ready to mobilize what we will soon communicate to you through our official channels.”
Machado, who was awarded the Nobel Peace Prize last year, told reporters last month that she would return to the country “when we believe the security conditions are right, and it won’t depend on whether or not the regime leaves.”
After winning the prize, she posted a statement on X where she dedicated the prize to “to the suffering people of Venezuela and to President Trump for his decisive support of our cause!”
When asked how soon he wanted to see Venezuela hold elections, Trump indicated that he wants to see if it happens quickly, but noted that it “takes a period of time.”
Venezuelan Vice President Delcy Rodriguez demanded Maduro’s return in a speech on state TV. Trump had said “she’s essentially willing to do what we think is necessary to make Venezuela great again.”
“We had already warned that an aggression was underway under false excuses, under false pretexts, and that the masks had fallen and it had only one objective: regime change in Venezuela — and the capture of our energy, mineral, and natural resources,” Rodriguez said in Spanish.
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(NEW YORK) — The Dow Jones Industrial Average closed down 450 points on Friday as the Iran war continued to spike oil prices.
The Dow fell 453 points, or 0.9%, while the S&P 500 dropped 1.3%. The tech-heavy Nasdaq declined 1.5%.
In a post on social media on Friday morning, President Donald Trump appeared to rule out a compromise with Iran.
Trump said there would be “no deal with Iran except UNCONDITIONAL SURRENDER!”
Oil prices soared as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.
U.S. crude oil prices topped $90 on Friday, marking a staggering 35% increase from a week earlier.
The stock selloff on Friday extended losses from a day earlier, when the Dow closed down 785 points.
Alongside fallout from the Middle East conflict, a jobs report on Friday showed the U.S. economy unexpectedly lost jobs in February, marking a reversal of fortunes for the labor market.
The unemployment rate ticked up from 4.3% in January to 4.4% in February, the BLS said. Unemployment remains low by historical standards.
The Iran war threatens to slow U.S. economic growth since oil-driven price increases could weigh on consumers and businesses, analysts previously told ABC News.
The potential combination of higher inflation and slower growth could also pose a challenge for the Fed, putting pressure on both sides of its dual mandate to manage prices and maintain maximum employment.
The central bank held interest rates steady at its most recent meeting in January, ending a string of three consecutive quarter-point rate cuts.
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