Archive: April 13, 2008 - April 19, 2008

Early Briefing: Taxi Meters? Not So Fast.

*The District has said all taxis have to have meters by May 1, but thousands of cabs haven't installed them yet. The Fenty administration says drivers face a $1,000 fine every time they're caught picking up rides without meters after the deadline, but the drivers have avoided putting them in...

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

Roundup: NVR and Allied Capital

News from staff and wire reports *NVR of Reston said first-quarter profit fell 49 percent, to $43.5 million from $84.8 million in the comparable period a year earlier. Revenue fell 19 percent, to $887.9 million. *Allied Capital found a buyer for 2.8 million of its shares at $17.87 per share,...

By Terri Rupar | April 18, 2008; 4:45 PM ET | Comments (0)

Raines, Federal Regulators Reach Settlement

By David S. Hilzenrath Former Fannie Mae chairman and chief executive Franklin D. Raines has agreed to a multimillion settlement with a federal regulator over his alleged responsibility for improper accounting at the mortgage finance giant. The regulator, the Office of Federal Housing Enterprise Oversight, said Raines had agreed to...

By Dan Beyers | April 18, 2008; 1:04 PM ET | Comments (0)

A Network of Social Networks

Clarence Wooten used to call himself an "entre-poor-neur." That was back in the 1990s. Wooten -- Baltimore-born, Howard County-bred, Johns Hopkins University-educated -- had created three technology companies, all while still in his 20s. He had spent so much time on those businesses that it took him seven years...

By Zachary Goldfarb | April 18, 2008; 8:23 AM ET | Comments (0)

Early Briefing: Deal With Ex-Fannie Executives Near

*The Office of Federal Housing Enterprise Oversight was preparing to announce a settlement today with former Fannie Mae chairman and chief executive Franklin D. Raines and two other former executives over administrative charges stemming from the company's misstatement of earnings, according to a source familiar with matter. Raines, former chief...

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

Roundup: Capital One, Marriott, Six Flags

From staff and wire reports *Marriott International of Bethesda said first-quarter profit sank 34 percent, to $121 million, as travelers cut back. Revenue gained almost 4 percent, to $2.95 billion, but revenue per available room in the United States grew just 2.3 percent. The key indicator in better times was...

By Terri Rupar | April 17, 2008; 6:16 PM ET | Comments (1)

Three Banks, One Struggling Economy

By Alejandro Lazo Three banks that serve the Washington area offered fresh evidence today that housing market and financial woes are not yet over. Both ETrade Financial, a New York company with banking operations in Arlington, and Provident Bankshares of Baltimore posted first-quarter losses: $91.2 million and $17.6 million, respectively....

By Terri Rupar | April 17, 2008; 5:56 PM ET | Comments (1)

Early Briefing: Stand Clear of the Doors

(Metro Photo By Larry Levine) *News for your commute: Metro train operators have been told to manually open car doors after a malfunction made doors open on the wrong side four times in the past 100 days, officials said. There were no injuries to passengers. Separately, area transportation officials...

By Terri Rupar | April 17, 2008; 5:00 AM ET | Comments (0)

Sallie Mae Cuts 1,000 Jobs; Posts Quarterly Loss

By David Hilzenrath Sallie Mae, the nation's largest student loan company, has eliminated about 1,000 jobs over the past six months representing about 9 percent of its workforce, the company said yesterday. The layoffs are part of Sallie Mae's continuing effort to cope with cuts in federal subsidies, the collapse...

By Dan Beyers | April 16, 2008; 7:30 PM ET | Comments (0)

Roundup: MaxJet, Circuit City, DuPont Fabros

*A federal bankruptcy court approved the sale of assets of MaxJet Airways of Dulles to a company called MaxJet Airways Acquisitions Group, which is owned and operated by NCA Sports. NCA, based in Bentonville, Ark., operates a charter service for university sports teams, according to its Web site. *Shares of...

By Terri Rupar | April 16, 2008; 5:03 PM ET | Comments (0)

A Deal Between Two Locals: NetStar-1 and Aviel

NetStar-1 of Rockville announced that it's buying Aviel Systems of McLean. Terms were not disclosed. Both companies do consulting and information technology work for the federal government and other companies. The companies say that combined, they will have more than 750 employees and annual revenue of almost $175 million. Chicago...

By Terri Rupar | April 16, 2008; 2:11 PM ET | Comments (0)

IAC and HealthCentral Form Ad Network

By Zachary A. Goldfarb Arlington-based HealthCentral Network, a collection of health Web sites, and Barry Diller's IAC announced today that they are partnering to launch an online advertising network targeting manufacturers of prescription and over-the-counter drugs and other health-related products. The ads will be shown on HealthCentral sites, which focus...

By Zachary Goldfarb | April 16, 2008; 12:30 PM ET | Comments (0)

Early Briefing: Concerns About Freddie

*The Office of Federal Housing Enterprise Oversight said it has "significant supervisory concerns" about Fannie Mae and Freddie Mac. While both mortgage finance companies have been hurt by the problems in the housing market, Freddie's problems run deeper, OFHEO said. Freddie Mac still has some ineffective internal controls, has invested...

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

Roundup: Sparrows Point, Media General, CapitalSource

*The Justice Department approved the sale of the Sparrows Point steel mill near Baltimore to Russia's OAO Severstal, which agreed to buy it from ArcelorMittal of Luxembourg for $810 million. ArcelorMittal had to sell the mill to settle antitrust concerns. (By Lucian Perkins - The Washington Post) *Another proxy adviser,...

By Terri Rupar | April 15, 2008; 4:49 PM ET | Comments (0)

Value Added: Betting Big

Here's Tom Heath's latest column on Washington's successful business people: One of my favorite books is Joseph Frazier Wall's 1970 biography of Andrew Carnegie, who built a steel empire before selling it to J.P. Morgan for $600 million in 1901. I admire Carnegie's entrepreneurial genius, which included rolling most of...

By Dan Beyers | April 15, 2008; 3:45 PM ET | Comments (0)

A Tax Day Special

Zola's got a way to make tax day better: special prices at the bar and a special drink (the bourbon-based IRS Raspberry). Oh, and no taxes. Zola, at 8th and F streets NW, also has IRS extension forms and No. 2 pencils. The deal brought in a pretty good crowd...

By Terri Rupar | April 15, 2008; 3:11 PM ET | Comments (0)

Early Briefing: CircuitBlock CityBuster?

Blockbuster said it has made a bid to pay up to $1.35 billion for Circuit City, which questioned whether the deal could be financed. (By David Duprey -- Associated Press) * Blockbuster said it has made an unsolicited offer to buy the struggling Circuit City for more than $1...

By Dan Beyers | April 15, 2008; 7:33 AM ET | Comments (0)

Up and Down: EPlus, Celsion, Human Genome Sciences

*EPlus (PLUS.PK) shares rose 12 percent last week, closing at $10.80. The biggest jump came Tuesday, the day the Herndon firm announced that subsidiary ePlus Technology was recertified as a Microsoft Gold Partner in the United States and earned new Microsoft Gold Competencies. Shares of the technology solutions provider are...

By Terri Rupar | April 14, 2008; 12:21 PM ET | Comments (0)

CapitalSource Buys Calif. Bank

By Thomas Heath CapitalSource, a commercial lender based in Chevy Chase, has reached an agreement to buy most of a California community bank with 22 branches and $5.6 billion in deposits. The deal to acquire the assets of Fremont Investment & Loan, based in Brea, Calif., would provide CapitalSource with...

By Dan Beyers | April 14, 2008; 8:03 AM ET | Comments (0)

Early Briefing: Outlook Bright for Solar, Wind Energy Firms

It's Monday, so that means we turn the Business section over to local news: *Last week the Senate agreed to approve tax breaks for solar and wind energy as part of a housing bill that's likely to get the House's okay as well. That's good news for firms like Standard...

By Terri Rupar | April 14, 2008; 5:00 AM ET | Comments (0)

 
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