Archive: October 7, 2007 - October 13, 2007

Early Briefing

*Rumors circulate around Sprint Nextel headquarters of the possibility of everything moving to Kansas. See story *Comstock Homebuilding of Reston said it sold 81 houses in the third quarter but 78 sales were cancelled, a net of just three sales in three months. *It's fall, and watermen are arguing for...

By Terri Rupar | October 13, 2007; 5:00 AM ET | Comments (0)

AOL's HR Chief Steps Down

Lance Miyamoto, executive vice president and head of human resources at Dulles-based AOL, said in a brief interview tonight he has departed the company. Intense speculation surfaced online that AOL was gearing up for a round of layoffs after a picture appeared claiming to show a stockpile of packing supplies...

By Dan Beyers | October 12, 2007; 7:19 PM ET | Comments (5)

Early Briefing

*J. Christopher Flowers, who led the bid to buy Sallie Mae of Reston, has a history of successful dealmaking. The bidders have lowered what they say they'll pay for the student lender, but Chariman Albert Lord says that's unacceptable. *InPhonic of the District, named the fastest-growing U.S. company by the...

By Terri Rupar | October 12, 2007; 5:00 AM ET | Comments (0)

Upbeat Amid The Uproar

Revenue may be falling from his Hispanic grocery in Woodbridge amid the uproar over attempts to crack down on illegal immigrants, but Carlos Castro walked through the empty shell of his next grocery store in Dumfries still optimistic about his future. "This is a good time to open. There is...

By Dan Beyers | October 11, 2007; 3:32 PM ET | Comments (0)

Sallie Mae Slips to a Third Quarter Loss

From Associated Press Sallie Mae, the Reston- based student lender whose buyout is imperiled, today said it swung to a third-quarter loss of $344 million, due in part to trading losses and the impact of recent student loan legislation. Sallie Mae's quarterly loss, equivalent to 85 cents a share, compared...

By Mike Shepard | October 11, 2007; 1:20 PM ET | Comments (1)

Early Briefing

*Leland Brendsel, the former chief executive of Freddie Mac of McLean, will be in court Monday for a trial-like proceeding dealing with the company's accounting manipulation. See story *A congressional panel criticized the Federal Aviation Administration for its oversight of a contract held by Lockheed Martin under which the Bethesda-based...

By Terri Rupar | October 11, 2007; 5:00 AM ET | Comments (0)

Data File: The Proximity Effect

It pays to be near the nation's capital. The US Census Bureau reported this week that Virginia and Maryland ranked No. 2 and 3, just behind Alaska, among states in per capita federal spending for fiscal 2005. According to the Census: "Per capita federal spending among states was highest in...

By Dan Beyers | October 10, 2007; 3:06 PM ET | Comments (0)

And In This Corner.....

Sallie Mae has apparently lined up some big-time legal talent in its quest to force its one-time buyers to either follow through on their purchase or pay a $900 million breakup fee. According to the NYTimes DealBook blog, the student lending giant has retained Stephen D. Susman, whose hourly fee...

By Dan Beyers | October 10, 2007; 7:12 AM ET | Comments (0)

Early Briefing

*Economic and legal factors are contributing to day laborers' difficulty in finding work. See story. Meawhile, a work stoppage called for Prince William on Tuesday appeared to have limited impact. See story. *Company filings indicates that former Sprint Nextel chief Gary Forsee could receive a severance package worth $54 million....

By Terri Rupar | October 10, 2007; 5:00 AM ET | Comments (0)

SEIU Keeps Pressure On Sunrise Senior Living

The Service Employees International Union Master Trust, the union's $1.7 billion pension fund, today made clear they plan an active agenda for Tuesday's annual meeting of Sunrise Senior Living, the McLean assisted living company. Though it's not among Sunrise's largest shareholders, the group has been among its most active. SEIU...

By Dan Beyers | October 9, 2007; 5:25 PM ET | Comments (0)

Will Northern Virginia Lose Sprint Headquarters?

One of Sprint CEO Gary Forsee's final requests prior to his departure was apparently to urge the company to move headquarters back to Kansas, according to this story in the WSJ (subscription required). If that were to come to pass, it would follow AOL's plans to move headquarters to New...

By Dan Beyers | October 9, 2007; 6:49 AM ET | Comments (0)

Early Briefing 10.09.07

Here's some of the local business stories in today's paper: * We look at one of the factors in the ouster of Sprint CEO Gary Forsee, his high-risk and so-far-unrealized bet on building a WiFi network. See story. Here's a link to our more expansive story on his departure. *...

By Dan Beyers | October 9, 2007; 6:05 AM ET | Comments (0)

Sprint's CEO Steps Down

Associated Press Sprint Nextel Corp., the nation's third-largest wireless provider, said Monday Gary Forsee, its chairman, president and chief executive, is stepping down, effective immediately. The company also said it expects operating revenue for 2007 to come slightly below its prior targeted range. [Here's a link to the press release.]...

By Dan Beyers | October 8, 2007; 5:07 PM ET | Comments (0)

Early Briefing: The Monday Roundup

On Mondays, we turn the Business section over to local news. Here's what's in today's paper: * Sales of office buildings in the District tumbled in the third quarter to the lowest level in five years, according to a new report. See story. * Centreville start-up EcoEternity is launching an...

By Dan Beyers | October 8, 2007; 6:57 AM ET | Comments (0)

 
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