Archive: November 30, 2008 - December 6, 2008

BearingPoint Approves Plan to Boost Share Price

BearingPoint, the McLean information technology company whose stock has ceased being traded on the New York Stock Exchange, took steps on Friday to boost its share price so that it will be in compliance with the exchange's rules. Shareholders approved a plan for a reverse stock split at a one-for-50...

By Alejandro Lazo | December 5, 2008; 3:26 PM ET | Comments (0)

More Layoffs at FBR Capital Markets

FBR Capital Markets, a publicly traded affiliate of Friedman, Billings, Ramsey Group, is laying off 70 more employees, or a little over 10 percent of its workforce, as it continues to grapple with a struggling economy. FBR Capital Markets, based in Arlington, employed 758 a year ago. It downsized over...

By Tom Heath | December 5, 2008; 12:37 PM ET | Comments (1)

Morning Brief: A Local Banking Dream Is Realized

Richard Fairbank, the chief executive of Capital One of McLean, had long desired the landmark Washington bank Chevy Chase, but he thought the privately held company was out of reach. Then, just a day after telling his business associates about what he had dreamed, Fairbank learned that a New...

By Alejandro Lazo | December 5, 2008; 8:38 AM ET | Comments (1)

Morning Brief: Capital One to Buy Chevy Chase

In a local match-up born out of the financial crisis, Capital One, the McLean credit card company, is expected to buy Chevy Chase Bank, a landmark Washington financial firm with branches throughout the region, sources familiar with the matter told the Washington Post. Capital One, which would pay $520 million...

By Alejandro Lazo | December 4, 2008; 8:28 AM ET | Comments (0)

Carlyle Group Announces 100 Layoffs

The Carlyle Group, the District-based private equity giant, will lay off 10 percent of its staff due to the current economic conditions, a spokesman said yesterday. The company, which employs around 1,000 full-time staffers in 33 offices around the world, said it will lay off around 100 employees, who were...

By Tom Heath | December 3, 2008; 2:18 PM ET | Comments (0)

Morning Brief: Inauguration Business Parties On

The city's bartenders must be happy. For four days in January (you guessed it, inauguration weekend) bars in the District will be open 24 hours a day. Staff writer David Nakamura reports that, under emergency legislation approved by the D.C. Council on Tuesday, any District establishment with a liquor...

By Alejandro Lazo | December 3, 2008; 8:53 AM ET | Comments (0)

Carlyle's Rubenstein Sees Opportunities Ahead

By Thomas Heath The Washington region is going to grow and many parts will prosper under the incoming Obama Administration and the federal government's impetus to spend up to a trillion dollars to stimulate the economy. So says David Rubenstein, one of the co-founders of The Carlyle Group. Rubenstein spoke...

By Tom Heath | December 2, 2008; 11:27 AM ET | Comments (1)

Morning Brief: Stalling Development

The promise of new homes and high-end retail is running headlong into a withering economic slowdown and paralyzed credit markets, bringing new construction to a virtual stop throughout the Washington area and fueling anxiety among those who dreamed that their neighborhoods were the next frontiers. "There's a question mark over...

By Alejandro Lazo | December 2, 2008; 8:32 AM ET | Comments (0)

Up and Down: Intersections, Online Resources, Sallie Mae, American Capital

Local stocks gained 15 percent last week, a short week, while the S&P 500 increased 12 percent. *The top gainers of last week made big jumps - the largest was 100 percent, from Intersections (INTX) of Chantilly. On Monday, shares hit their 52-week low of $1.92 before taking substantial jumps...

By Terri Rupar | December 1, 2008; 12:00 PM ET | Comments (0)

Value Added: A Trip To The Spa

By Thomas Heath So you want to escape from the economic malaise and set your mind adrift with a 50- minute deep facial or a 50-minute deep massage for $95 each. Sounds like an unaffordable indulgence these days, doesn't it? The $11 billion U.S. spa industry, which has enjoyed several...

By Dan Beyers | December 1, 2008; 8:58 AM ET | Comments (5)

Morning Brief: Washington Feels Economic Pinch

Monday morning brings us a look at all business news that is local. The economic view first: the Washington area, long considered one of the most economically resilient in the country, is beginning to feel the pinch of the sharp national downturn. The unemployment rate for the Washington area...

By Alejandro Lazo | November 30, 2008; 10:15 PM ET | Comments (0)

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