Archive: January 13, 2008 - January 19, 2008

Real Estate

*Local renters are among the winners as the real estate market weakens and dwellings that were condos are turned into apartments. See story *A D.C. house listed at $18.5 million is the most expensive on the market. See story *High Ridge in Howard County and Cleveland House in the District...

By Terri Rupar | January 19, 2008; 1:05 PM ET | Comments (0)

Early Briefing: State of Maryland Treasury

*In Maryland's first State of the Treasury speech in recent history, state Comptroller Peter Franchot (D) was not cheery. He said recent changes to the state's tax laws could negatively affect an already dire financial outlook coming from factors including the mortgage crisis, instability in financial markets and declining retail...

By Terri Rupar | January 19, 2008; 5:00 AM ET | Comments (0)

More Job Cuts, Retrenchment At Sprint

Sprint Nextel said today plans to cut 4,000 more jobs, close 125 stores and eliminate thousands of third-party distribution points as it copes with "continued downward pressure" on its subscriber numbers, revenues, and profitability. Shares of the nation's third-largest wireless carrier, which has struggled since its merger with Nextel...

By Dan Beyers | January 18, 2008; 1:51 PM ET | Comments (5)

Early Briefing: More Pain at Sallie

*Sallie Mae, hurt by the credit crunch and legislation, is going to lay off about 3 percent of its workforce, or 350 employees. Fourteen of those cuts are coming at its Reston headquarters. See story *Massey Energy of Richmond agreed to pay $20 million largest such fine imposed by the...

By Terri Rupar | January 18, 2008; 5:00 AM ET | Comments (0)

Xerox Chief Joining Washington Post Co. Board

The Washington Post Co. today named Xerox chairman and chief executive Anne M. Mulcahy to its board, expanding the number of company directors to 11. Mulcahy, who has run Xerox since 2001, also serves as a director at discount retailer Target and financial services giant Citigroup. (See company statement.) The...

By Mike Shepard | January 17, 2008; 1:30 PM ET | Comments (0)

Early Briefing: English in the Workplace

*Virginia Sen. Ken Cuccinelli II, a Republican from Fairfax County, introduced a proposal that would let a boss fire workers who don't speak English in the workplace. That would make them ineligible for unemployment benefits. "This is the most mean-spirited piece of legislation I have seen in my 30 years...

By Terri Rupar | January 17, 2008; 5:00 AM ET | Comments (2)

Diversity On The Airwaves

Metro columnist Courtland Milloy today recounts the achievements of former Black Entertainment Television vice president of news Deborah R. Tang, who recently died of cancer. His commentary adds another voice to a debate that's been raging before the Federal Communications Commission in recent years over what if anything the government...

By Dan Beyers | January 16, 2008; 7:47 AM ET | Comments (0)

Early Briefing: Carlyle-Booz?

*Carlyle Group of the District is in talks to buy the government business of McLean's Booz Allen Hamilton, which accounts for most of its employees and about half its revenue. See story. If an agreement is reached, the sale price will likely be around $2 billion, the WSJ reported (subscription...

By Terri Rupar | January 16, 2008; 5:00 AM ET | Comments (0)

More Job Cuts At Sprint?

The WSJ has a story (subscription required) suggesting that "a few thousand" more jobs may be cut at Sprint as newly installed chief executive Dan Hesse "seeks to show investors a new commitment to efficiency and cost discipline." The company has already chopped 5,000 jobs from the payroll. And rumors...

By Dan Beyers | January 15, 2008; 7:30 AM ET | Comments (0)

Early Briefing: Robert Johnson's New Hotel Fund

* Washington entrepreneur Robert L. Johnson yesterday announced he has raised $1.2 billion for his third private-equity fund that invests in the hotel industry. The new fund, known as RLJ Real Estate Fund III, will focus primarily on lodging. But Johnson said he will expand it to include acquisition and...

By Dan Beyers | January 15, 2008; 6:53 AM ET | Comments (0)

Harman Shares Tumble on Reduced Forecast

Harman International Industries today slashed its earnings forecast for the current fiscal year, sending the District-based consumer electronics manufacturer's stock tumbling to its worst single-day performance in 21 years. Shares of Harman dropped $25.97, or 37.6 percent, to close at $43 in New York Stock Exchange trading. The company...

By Mike Shepard | January 14, 2008; 2:37 PM ET | Comments (0)

Ashburn WiMax company scores $20 million in funding

By Zachary A. Goldfarb Ashburn-based DigitalBridge Communications is set to announce tomorrow $20 million in venture capital from several local investment firms. DigitalBridge is bringing WiMax--a high-speed, long-range wireless network--to small- and medium-sized cities around the country. The company's service is already available in Rexburg and Pocatello, Idaho; Missoula, Montana;...

By Zachary Goldfarb | January 14, 2008; 12:27 PM ET | Comments (0)

Early Briefing: Alma Mater of D.C.'s Business Elite

On Mondays, we turn the Business section over to local news. Here's a sampling of what you'll find in today's Washington Business: From left to right, St. John's College High School alumni Kevin Plank, Raul Fernandez, Joe Robert and Jim Kimsey. (Vicky Pombo - For The Washington Post) There's something...

By Mike Shepard | January 14, 2008; 6:18 AM ET | Comments (0)

 
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