Archive: July 1, 2007 - July 7, 2007

Customer Service Hangs Up

If you want to get out of your cellphone contract, try calling the company a few hundred times, reports staff writer Kim Hart. Sprint Nextel is disconnecting service to about 1,000 subscribers who call customer service excessively, company spokeswoman Roni Singleton said. The terminated contracts represent a tiny fraction of...

By Dan Beyers | July 7, 2007; 5:57 AM ET | Comments (14)

On A Hiring Tear

Staff writers Nell Henderson and Kendra Marr report that the national unemployment rate held steady last month at 4.5 percent and wages rose moderately, with job growth particularly strong in the fields of health care and education. That's true locally as well, they wrote. "Montgomery College in Maryland, for example,...

By Dan Beyers | July 7, 2007; 5:46 AM ET | Comments (0)

The Morning Brief 07.07.07

Good morning and welcome to 7-7-7, that's got to be lucky, right? It better be after a week that felt like, as one of our colleagues put it, two Mondays and two Fridays sandwiched around a holiday. Here's some of the local business news bits in today's paper: * People...

By Dan Beyers | July 7, 2007; 5:32 AM ET | Comments (0)

More 7-Elevens Coming Our Way?

CoStar, a Columbia-based provider of data to the commercial real estate industry, says in a news roundup that 7-Eleven plans 175 new stores in the U.S. in 2007, and is targeting Maryland, Virginia and DC among other states. On its Web site, the convenience store operator says it is looking...

By Dan Beyers | July 6, 2007; 1:10 PM ET | Comments (1)

D.C.'s Unemployment Rate Declines

From D.C.'s department of employment services: The District's seasonally adjusted May 2007 unemployment rate was 5.6 percent, down 0.1 percent from the April 2007 rate. The May 2007 rate was 0.3 percent lower than the rate in May 2006. Nationally, the seasonally adjusted rate for May was 4.5 percent, according...

By Dan Beyers | July 6, 2007; 7:32 AM ET | Comments (0)

Md. Unemployment Rate Holds Steady

From Maryland's department of labor: "Maryland's seasonally adjusted unemployment rate held steady at 3.6 percent for the third consecutive month, making May's rate the lowest for the month since 2000 according to Maryland's Department of Labor, Licensing and Regulation. Maryland's rate, the 13th lowest in a ranking of states across...

By Dan Beyers | July 6, 2007; 7:17 AM ET | Comments (0)

Va. Unemployment Remains Low

Virginia's seasonally unadjusted unemployment rate dropped by 0.1 percentage point from 2.9 percent in April to 2.8 percent in May 2007, according to a recent report from the Virginia employment commission. The drop was even more significant in light of the fact that unemployment from April to May usually increases...

By Dan Beyers | July 6, 2007; 7:02 AM ET | Comments (0)

The Morning Brief 07.06.07

Here's some of the local business stories in today's paper: * Former Fannie Mae chairman Franklin Raines sues federal regulators to release his stock award. Former Fannie Mae CEO Franklin Raines * Area accounting firms woo number-crunching graduates with trips, parties and offers. * Hotel stocks soar as investors bet...

By Dan Beyers | July 6, 2007; 6:26 AM ET | Comments (0)

Cox Launches High-Def Movies On Demand

The battle for digital TV subscribers in Northern Virginia continues. Cox Communications Northern Virginia said it is boosting its inventory of high-definition offerings Friday when it launches HD movies on demand for digital cable subscribers in Fairfax and the Fredericksburg region. New releases will cost $5.99 a pop. The company...

By Dan Beyers | July 5, 2007; 8:25 PM ET | Comments (0)

Thomas Heath On The Radio

Since there's not much doing on the stock markets today, save for a little bounce among hotel shares following the Hilton sale, Post reporter Thomas Heath and WTWP radio host Jeff Kamen bat around the idea of Coke buying Snapple. Give a listen here....

By Dan Beyers | July 5, 2007; 4:28 PM ET | Comments (0)

Carlyle Buys Annapolis Firm

The private equity acquisition spree continues: Carlyle Group announces today it is buying ARINC, an Annapolis firm that specializes in aviation and other transportation communications. Here's the report from the AP: Details of the acquisition by the private equity firm were not released, but the airlines that hold 90 percent...

By Dan Beyers | July 5, 2007; 11:51 AM ET | Comments (0)

With Hilton Sale, Is Marriott Next?

The WSJ kicks off the speculation frenzy with a teaser of a story (subscription required) that ponders whether Marriott International might be in play now that private equity giant Blackstone has landed Hilton Hotels. The story says Marriott shares have been ticking up in recent months on buyout rumors. "But...

By Dan Beyers | July 5, 2007; 6:19 AM ET | Comments (0)

The Morning Brief 07.05.07

Here's some of the local business stories in today's paper. * Reeves Restaurant and Bakery, a DC confectionary icon, closes under financial strain. The original Reeves Restaurant and Bakery opened in 1886 on F Street NW. (Craig Herndon -- The Washington Post) * At Red and the Black, a New...

By Dan Beyers | July 5, 2007; 5:53 AM ET | Comments (0)

Chatting With The President Of Walker & Dunlop

Staff writer Thomas Heath sat down with Willy Walker, president and chief operating officer of Walker & Dunlop Inc., a Bethesda-based real estate and financial services firm at a lunch earlier this week: I had broiled red snapper at The Palm. Willy had asparagus soup and the tuna. He drank...

By Dan Beyers | July 4, 2007; 12:06 PM ET | Comments (0)

Local Food

Here's a shoutout to the Post's Food section today, which is just chock full of local restaurant news told in a sophisticated big city way. Today, for instance, we learn that Tracy O'Grady, the exec chef at Arlington's Willow, is getting raves for her new signature dish...a miniature rack of...

By Dan Beyers | July 4, 2007; 8:43 AM ET | Comments (0)

The Morning Brief 07.04.07

Happy July 4th everyone. Here's some of the local business stories that appeared in today's paper. * Loudoun supervisors fight Virginia's $400 million roads plan, saying they oppose setting up a special panel to make decisions about levying taxes and imposing fees. The challenge could slow work on the Fairfax...

By Dan Beyers | July 4, 2007; 8:03 AM ET | Comments (0)

Chatting With The Bank of GTown's CEO

Staff writer Thomas Heath filed this account of his lunch with Mike Fitzgerald, the chief executive of the Bank of Georgetown: I was eating lunch at The Palm in downtown Washington with Mike Fitzgerald, the chief executive of the new Bank of Georgetown, which he started with Curtin Winsor. Fitzgerald...

By Dan Beyers | July 3, 2007; 5:42 PM ET | Comments (0)

The Story Behind The Marriott Story

Staff writer Michael Rosenwald discusses his profile of the Marriotts in last Sunday's magazine. After my magazine cover story on Bill Marriott ran this past weekend, a lot of people have asked how I was able to connect on such a personal level with a guy who is more than...

By Dan Beyers | July 3, 2007; 5:27 PM ET | Comments (0)

Thomas Heath On The Radio

It was a slow day on Wall Street but staff writer Thomas Heath had plenty to say about the market.... Listen to his chat with WTWP radio host Jeff Kamen here....

By Dan Beyers | July 3, 2007; 5:15 PM ET | Comments (0)

Advising On A Deal

Staff writer Thomas Heath writes about a deal involving financial services firm Kaulkin Ginsberg: My friend Marvin Kaulkin is a longtime Washington businessman and fellow, long-suffering fan of the Washington Wizards. Marvin and I both like a good cigar, and once in a while - not often enough - we...

By Dan Beyers | July 3, 2007; 5:14 PM ET | Comments (0)

Sale of U.S. Foodservice Is Completed

Royal Ahold announced today that it has completed the $7.1 billion sale of its Columbia-based U.S. Foodservice unit to two New York-based private equity firms, Kohlberg Kravis Roberts and Clayton Dubilier & Rice See Ahold's statement. Ahold, a Dutch grocery store operator and the owner of the Giant supermarket chain,...

By Mike Shepard | July 3, 2007; 5:09 PM ET | Comments (0)

SEC Charges Former Veritas Execs In AOL Deals

The Securities and Exchange Commission sued five former Veritas Software Corp. executives, including its chief executive, for their roles in an alleged accounting fraud at the storage-software maker. Two former execs agreed to pay a total of $278,700 to settle claims that they helped manipulate earnings through sham transactions with...

By Dan Beyers | July 3, 2007; 5:49 AM ET | Comments (0)

The Morning Brief 07.03.07

Here's some of the local business stories in today's paper. * Internet phone upstart SunRocket of Vienna lays off a quarter of its staff. * Carl Icahn increases stake in XO, the Reston telecommunications provider. * Carlyle takes Manor Care private. * Virginia energy giant Dominion exits the oil and...

By Dan Beyers | July 3, 2007; 5:25 AM ET | Comments (0)

Danaher Agrees to Sell Power Quality Business

Danaher, a District-based manufacturing conglomerate, announced this afternoon that it had reached an agreement to sell power quality business to Thomas & Betts Corporation for about $280 million in cash. Last year, the unit recorded revenue of about $130 million. Danaher, which reported total revenue of $9.6 billion in 2006,...

By Mike Shepard | July 2, 2007; 5:22 PM ET | Comments (0)

Rockville Forensic Accounting Firm Agrees To Sale

The Center for Financial Research & Analysis, the Rockville forensics accounting firm founded by former AU professor Howard Schilit, is being bought by RiskMetrics, the same firm that snapped up another Rockville advisory firm, Institutional Investor Services, in 2006. Terms of the deal were not disclosed. RiskMetrics said it will...

By Dan Beyers | July 2, 2007; 2:03 PM ET | Comments (0)

Carlyle to Buy Nursing Home Operator Manor Care

Carlyle Group, a District-based private equity firm, has reached an agreement to acquire nursing home operator Manor Care for $6.3 billion, the companies said in a statement today. Manor Care runs more than 500 nursing homes and assisted living centers across the United States and employs more than 60,000 people....

By Mike Shepard | July 2, 2007; 11:34 AM ET | Comments (0)

Carlyle In Talks To Buy Virgin Media

Staff writer Tom Heath reports that Carlyle Group, a District-based private-equity firm, is in the early stages of discussions to purchase Virgin Media, according to a source familiar with the talks. Richard Branson The Virgin Media deal could reach nearly $20 billion, according to the source who spoke on condition...

By Dan Beyers | July 2, 2007; 9:15 AM ET | Comments (0)

Exec Shuffle At Geico

The insurance giant Geico says it has made several changes in its top-level management group. * Robert Miller, becomes senior vice president at Geico's headquarters in Washington, D.C., with responsibilities for actuarial reserving and pricing and underwriting and product management. He formerly served in New York as senior vice president...

By Dan Beyers | July 2, 2007; 8:32 AM ET | Comments (0)

AOL Revamps Its Sports Site

The makeover at AOL's Web operations continues. The Dulles company is rolling out a new version of its sports site, giving it a blog-like look and adding in community content. The new site gives prominent play to the FanHouse, the company's top sports blog. The overhaul follows a similar change...

By Dan Beyers | July 2, 2007; 8:22 AM ET | Comments (0)

Dominion Sells Oklahoma Operations

Dominion has agreed to sell its Oklahoma natural gas and oil exploration and production operations to Linn Energy for $2.05 billion. The Richmond energy giant, which recently announced a stock buyback plan, said it has now sold or agreed to sell all of the exploration and production operations that it...

By Dan Beyers | July 2, 2007; 8:13 AM ET | Comments (0)

WSJ: Sallie Mae Waits In The Wings As Debt Issues Soar

The WSJ , in its stock market quarterly review, has a story (subscription required) recapping the recent surge in buyout-financing, which it says "helped send the volume of new stock-and-bond issues up 16% to $2.26 trillion in the quarter, compared with $1.94 trillion in the second quarter of 2006, according...

By Dan Beyers | July 2, 2007; 7:53 AM ET | Comments (0)

The Morning Brief 07.02.07

Mondays are the day when we turn the Business section over to local news. Here's some of the stories in today's paper. * Bladensburg 7-Eleven gets Simpsons makeover. * Investment advisory firm Beaty Haynes agrees to merge with Brown Advisory. * DC gas station is city's first to pump ethanol...

By Dan Beyers | July 2, 2007; 7:30 AM ET | Comments (0)

Live And Earn

Sunday's Business section is starting a new feature that profiles working Americans who find themselves caught in the path of global forces transforming the economy. In the first column, staff writer Dale Russakoff introduces us to Cheri Garvin, a pharmacist In Leesburg. As an independent pharmacist, people seem to love...

By Dan Beyers | July 1, 2007; 10:12 AM ET | Comments (0)

 
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