Archive: August 26, 2007 - September 1, 2007

Wine Cellars and Southeast

People have built gyms, home theaters and bars in their basements. Now they're building wine cellars. See story Washington Highlands in Southeast Washington is home to a mix of professionals and working-class residents. See story And over on 15th Street SE is a building that Joan and Joel Simon bought...

By Terri Rupar | September 1, 2007; 1:32 PM ET | Comments (0)

Early Briefing 09.01.07

Here's how we kick off the long weekend: Sen. Charles Schumer said that Treasury Secretary Hank Paulson expressed interesting in letting Fannie Mae and Freddie Mac exceed mortgage-portfolio limits. A Treasury spokeswoman said the department believes that lifting the caps isn't the solution though Paulson "is interested in hearing all...

By Terri Rupar | September 1, 2007; 5:00 AM ET | Comments (0)

Dominion Completes Sale of Reserves to Linn Energy

From Associated Press Dominion Resources said today it finished selling off its mid-continent gas and oil reserves to Linn Energy, pulling the gas and power company further out of the exploration and production business. Dominion plans to use the $2.05 billion from the sale for general corporate purposes, including share...

By Mike Shepard | August 31, 2007; 7:06 PM ET | Comments (0)

Early Briefing 08.31.07

Lockheed Martin did not win a contract worth up to $1.8 billion to build the next air-traffic control system; that honor went to ITT of White Plains, N.Y. (It does have operations in the area.) Speculation is that Lockheed may have been hurt by troubles with the Deepwater program. See...

By Terri Rupar | August 31, 2007; 5:00 AM ET | Comments (0)

Freddie Mac Boosts Reserves For Defaults

Freddie Mac today reported that its quarterly profit fell by nearly half in part because it set aside more money to cover expected losses from defaults on loans. The giant mortgage funding company's financial results provided another barometer of the deterioration in the housing market. The amount Freddie Mac added...

By Dan Beyers | August 30, 2007; 2:30 PM ET | Comments (0)

Earnings Jump at Giant Food's Parent Company

Royal Ahold, a Dutch supermarket operator and owner of Giant Food, said today its second-quarter earnings jumped on the sale of several assets, including a food distribution unit based in the Washington area. Profit for the quarter ended July 15 rose to $3.04 billion from $298 million a year ago,...

By Mike Shepard | August 30, 2007; 11:28 AM ET | Comments (1)

Early Briefing 08.30.07

Education technology is hot in the Washington area, with companies including Blackboard, Defywire, Learning Objects and Regent Education in the field. See story Fed Chairman Ben Bernanke lined up on the side of the Bush administration, saying he doesn't think that Fannie Mae and Freddie Mac need looser regulatory constraints....

By Terri Rupar | August 30, 2007; 5:00 AM ET | Comments (0)

Stephen Fuller: Local Economic Outlook Is Cloudy

Stephen Fuller, head of George Mason University's Center for Regional Analysis, is in demand these days. Uncertainty surrounding the mortgage industry credit crisis has many business leaders turning to the professor of public policy for clarity on the future of the local economy. The problem is, Fuller says he can't...

By Dan Beyers | August 29, 2007; 7:12 PM ET | Comments (2)

FBR Set to Extend Sponsorship of PGA Tour Event

Friedman, Billings, Ramsey Group is expected to announce later today that it has agreed to a four-year extension of its namesake sponsorship of one of the richest and best-attended golf events on the PGA Tour, according to sources close to the deal. The FBR Open in Phoenix has been sponsored...

By Mike Shepard | August 29, 2007; 5:22 PM ET | Comments (0)

New Optimism Over XM-Sirius Merger?

That's what the Wall Street Journal is suggesting today after reporting (subscription required) that an XM Satellite Radio director "made the largest insider purchase ever at the company amid optimism that legal rulings in favor of another merger could help clear the path for XM's proposed combination with Sirius Satellite...

By Dan Beyers | August 29, 2007; 8:06 AM ET | Comments (13)

Early Briefing 08.29.07

Annual census figures say Maryland is now the richest state, with a median household income of $65,144. (Anyone know how the rankings change if you go by mean household income instead?) And Washington is second among metropolitan areas, with Fairfax, Loudoun, Howard, Montgomery and Prince William counties ranking high in...

By Terri Rupar | August 29, 2007; 5:00 AM ET | Comments (0)

Verizon Customers Hit By Outage In Burtonsville

About 500 Verizon telephone customers in Burtonsville lost land-line service today when a trunk line was severely damaged. Cellphone subscribers were not affected by the outage, but land-line customers along Route 198 between Route 29 and Interstate 95 may be without service until tomorrow morning, the company said in a...

By Dan Beyers | August 28, 2007; 5:55 PM ET | Comments (0)

Carlyle Makes Second Loan to Troubled Affiliate

Carlyle Group, the District-based private equity giant, will lend another $100 million to shore up a struggling European affiliate that has been battered by recent credit market turmoil. The affiliate, Carlyle Capital Corp., said in a statement today that the loan would be repaid from the sale of about $900...

By Mike Shepard | August 28, 2007; 12:44 PM ET | Comments (0)

Early Briefing 08.28.07

* There's buying opportunities in the mortgage mess and recent stock market slide. Joe Robert, chairman and chief executive of the McLean investment firm J.E. Robert Cos., scooped up about $8 million of his firm's shares when Wall Street suddenly went south. The stock has since rebounded 25 percent. William...

By Dan Beyers | August 28, 2007; 6:39 AM ET | Comments (2)

Thomas Heath on the Markets

U.S. stocks fell across the board Monday as fresh economic data showed the housing downturn to be worsening. Sales of previously owned homes slipped in July by 0.2 percent, while the median price of homes sold dropped for the 12th straight month, according to the National Association of Realtors. The...

By Mike Shepard | August 27, 2007; 6:29 PM ET | Comments (0)

Another Drug Company Signs On With Gene Logic

Gaithersburg's Gene Logic started life as one of the region's earliest genomics companies, but it has since modified its business to focus mainly on finding alternative uses for drugs that companies have all but given up on. The company has partnerships with Eli Lilly, Pfizer, Roche, Merck Serono and now...

By Dan Beyers | August 27, 2007; 5:19 PM ET | Comments (0)

Early Briefing 08.27.07

We mix a little business with pleasure in our local business section today, looking at how some companies deliberately blur the line between work and play. Jen Reck, front, and rowing partner Ruth Stiver on the Potomac after a day of work at FortiusOne, an Arlington firm with six world-class...

By Dan Beyers | August 27, 2007; 8:00 AM ET | Comments (0)

In the Sunday Paper

Elizabeth Razzi's Local Address column examines the effects of the credit crunch on different parts of the Washington area. See column The ease of selling them on Craigslist has made stealing bikes more attractive, bike owners say. See story A class-action lawsuit was filed on behalf of homeowners against Joy...

By Terri Rupar | August 26, 2007; 5:00 AM ET | Comments (0)

 
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