Early Briefing: Development at Metro

*Metro's board of directors approved new rules designed to spur development around Metrorail stations. The focus will be not just on raising cash but on increasing transit-oriented residential and commercial development to encourage Metro ridership and reduce automobile traffic. See story

*We posted yesterday on earnings reports, but here is the full story on Freddie Mac . Joining the group of companies posting losses yesterday: XM, which added more subscribers in the last quarter and stayed hopeful on a pending merger with Sirius.

*Maryland Attorney General Douglas F. Gansler said a Gaithersburg ordinance making it illegal for anyone to seek work or hire workers on most city streets, sidewalks and parking areas is unconstitutional. See story.

*The District's Alcoholic Beverage Control Board is offering to pay half the cost that bars and nightclubs spend to hire off-duty police officers to work outside their establishments on weekend nights.

Businesses pay about $56 an hour to the D.C. police department for each off-duty officer. The city has allocated $1million to help bars and clubs pay for officers. See Metro's District briefing.

* Lockheed Martin nominated Caterpillar's chief financial officer, David Burritt , to its board. The nomination will be submitted to stockholders for approval April 24, according to this release.

Separately, the company reached a tentative agreement with a union representing about 6,000 machinists, which may help avoid a strike at plants. The proposed agreement, which would run from 2008 to 2011, offers a $2,000 ratification bonus and a 10 percent wage increase over the life of the contract, the International Association of Machinists and Aerospace Workers said. Union members will vote on the contract Sunday.

*The state of Maryland sold $400 million in bonds during its Board of Public Works meeting to Merrill Lynch at an interest rate of 4.14 percent. Proceeds will support the acquisition and construction of schools, jails and correctional facilities, among other projects.

*American Capital Strategies of Bethesda announced that it invested in NextPoint Networks last month. NextPoint is a combination of NexTone Communications and Reef Point Systems, another American Capital company. American Capital's investment takes the form of preferred equity.

*Albemarle said its board authorized the Richmond chemical maker to buy back up to 5 million shares under an existing stock-repurchase program. See release.

By Terri Rupar  |  February 29, 2008; 5:00 AM ET  | Category:  Morning Brief
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