Archive: October 14, 2007 - October 20, 2007

Early Briefing

*A developer wants to buy all 60 houses in the Sacks neighborhood of Bethesda, off Wisconsin Avenue, and redevelop the property. The plan could make millionaires out of the residents, but officials and residents aren't sold. See story *Sprint Nextel's interim chief executive, Paul Saleh, says he has been working...

By Terri Rupar | October 19, 2007; 5:00 AM ET | Comments (0)

Capital One Posts Loss on Mortgage Unit Shutdown

From the Associated Press Capital One Financial Corp. posted a third-quarter loss Thursday, hurt by charges from shutting down its GreenPoint Mortgage business. The McLean-based company, a credit card issuer that continues to expand into retail banking, said its third-quarter net loss totaled $81.6 million, or 21 cents per share,...

By Mike Shepard | October 18, 2007; 7:45 PM ET | Comments (0)

Danaher Reports 80 Percent Jump in Quarterly Profit

From the Associated Press Danaher, a manufacturing conglomerate whose products include dental instruments and Sears' Craftsman tools, said Thursday its third-quarter earnings jumped 80 percent on a lower-than-expected tax rate and a one-time business sale gain. The District-based company earned $483.7 million, or $1.48 per share, compared with $268.1 million,...

By Mike Shepard | October 18, 2007; 6:39 PM ET | Comments (0)

Early Briefing

*In Federal Diary, Stephen Barr breaks down what the cost-of-living increase means to federal retirees. *Mayor Fenty has flagged down a meter system, ready to abandon the zone system for taxis in the District. See story *U.S. District Judge Richard D. Bennett struck down a Maryland law that barred companies...

By Terri Rupar | October 18, 2007; 5:00 AM ET | Comments (0)

SEIU Presses Carlyle Group on Manor Care Deal

It began a few weeks ago when the Service Employees International Union (SEIU) staged a protest outside the Pennsylvania Avenue headquarters of The Carlyle Group as part of the union's bid to organize Manor Care, the Toledo-based nursing home giant Carlyle is buying for $6.3 billion. Then the SEIU started...

By Mike Shepard | October 17, 2007; 5:00 PM ET | Comments (0)

Data File: Consumer Prices On The Rise

Consumer prices have risen faster over past year in the Washington-Baltimore region than they have in the rest of the country, according to a new report from the U.S. Department of Labor. Inflation in the region crept up 3.4 percent in September compared to the same month a year ago....

By Dan Beyers | October 17, 2007; 1:17 PM ET | Comments (0)

Gannett Earnings Slip 10.5 Percent in Latest Quarter

From the Associated Press Gannett, the largest newspaper publisher in the country and owner of USA Today, said today that third-quarter earnings fell 10.5 percent, fueled in part by slumping real-estate ads and a tough comparison to year-ago results boosted by heavy political advertising. Net income dropped to $234 million...

By Mike Shepard | October 17, 2007; 12:40 PM ET | Comments (0)

The Ice Cream Biz

WaPo's small business blogger Sharon McLoone recently stopped by Moorenko's in McLean, "a sunny, brightly colored parlor that makes ultra premium ice cream two tubs at a time." The proprietor and sole full-time employee, Susan Soorenko, will celebrate the business's five-year anniversary next month. (Soorenko also operates a parlor in...

By Dan Beyers | October 17, 2007; 12:29 PM ET | Comments (0)

Early Briefing

*Sunrise Senior Living chief executive Paul Klaassen let slip that just two of the company's nine board members are on a committee looking at allegations of financial misconduct. See story. *AOL employees got information on their severance packages yesterday. See story A rendering of law firm Mayer Brown's new Washington...

By Terri Rupar | October 17, 2007; 5:00 AM ET | Comments (0)

Early Briefing 10.16.07

Here's a look at some of the local business stories in today's paper: * Staff writer Frank Ahrens takes a look at Discovery's growing digital presence following its $250 million deal to buy HowStuffWorks. And HowStuffWorks founder Marshall Brain explains how to create the perfectly integrated media company. * Freddie...

By Dan Beyers | October 16, 2007; 6:39 AM ET | Comments (0)

Trammell Crow Starts Work at Germantown Site

Trammell Crow has broken ground on a six-story office building in a Germantown office park, a sign developers are continuing to chase rent dollars further into the suburbs. The aptly named Building III, is the third office structure to rise in the Milestone Business Park, a 44-acre corporate campus located...

By Mike Shepard | October 15, 2007; 1:51 PM ET | Comments (0)

AOL Chief Details Layoffs

AOL chief executive Randy Falco notified employees today of the company's plans to lay off 2,000 employees. The Associated Press is reporting that about 750 staff positions will be cut from Northern Virginia offices, including the former headquarters in Dulles; 1,200 total in the U.S. According to an e-mail Falco...

By Dan Beyers | October 15, 2007; 12:22 PM ET | Comments (0)

Hearing Opens For Former Freddie CEO

Former Freddie Mac chairman and chief executive Leland C. Brendsel should be held liable for more than $1 billion of costs incurred by the company in connection with a massive restatement of earnings, the government said today at the outset of Brendsel's administrative trial on charges of overseeing elaborate accounting...

By Dan Beyers | October 15, 2007; 12:16 PM ET | Comments (0)

Firm Seeks to Escape Breakup Fee in Sallie Mae Deal

From the Associated Press The investor group that seeks to walk way from a $25 billion buyout of student lender Sallie Mae told a Delaware court on Monday that it should not have to pay the $900 million breakup fee stipulated in the agreement. The legal maneuver by the investor...

By Mike Shepard | October 15, 2007; 11:38 AM ET | Comments (0)

Discovery Snags HowStuffWorks

The Silver Spring cable giant Discovery Communications said Monday it is buying the popular Web knowledge site HowStuffWorks.com. Terms of the deal, which is slated to close later this year, were not disclosed. The 160-person How Stuff Works team will continue to be based in Atlanta. The company said it...

By Dan Beyers | October 15, 2007; 8:02 AM ET | Comments (1)

Danaher Buys Electronic Test Firm

Washington industrial conglomerate Danaher announced today that it plans to buy electronic test and measurement company Tektronix for $2.8 billion, or $38 a share, a 34 percent premium over Friday's closing price. The companies said the deal is expected to close later this year, pending shareholder and regulatory approval,...

By Dan Beyers | October 15, 2007; 7:47 AM ET | Comments (0)

Early Briefing: Washington Business

Monday is the day we turn the financial section over to news about local business. Here's some of the stories in today's paper: Eric Billings, chief executive of FBR. (By David Seibert -- Arizona Republic) * We talk to Eric Billings, chief executive of Arlington investment bank Friedman Billings Ramsey,...

By Dan Beyers | October 15, 2007; 7:23 AM ET | Comments (0)

 
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