Archive: December 7, 2008 - December 13, 2008

General Growth Refinances Some Debt; Deadline Looms

General Growth Properties, the struggling Chicago real estate behemoth that owns Tysons Galleria, Landmark Mall and the Mall in Columbia, said Friday morning it had refinanced some of its debt, but it still faces a major deadline as it negotiates terms for $900 million worth of mortgages due to be...

By Alejandro Lazo | December 12, 2008; 11:54 AM ET | Comments (0)

Morning Brief: Mall Owner Faces Debt Deadline

General Growth Properties, the Chicago real estate behemoth that owns Tysons Galleria, Landmark Mall and the Mall in Columbia, faces a major deadline today as it tries to negotiate new terms for $900 million worth of loans on two Las Vegas properties. The company took on substantial debt when...

By Alejandro Lazo | December 12, 2008; 10:00 AM ET | Comments (0)

Graham Joins Facebook Board

Washington Post Co. Chairman Donald E. Graham is joining the board of directors of Facebook next month, the social-networking site announced today. Graham, who currently has 1,315 Facebook friends, joins Netscape founder Marc Andreessen, venture capitalist Jim Breyer, PayPal co-founder Peter Thiel and Facebook founder Mark Zuckerberg. "Don Graham understands...

By Terri Rupar | December 11, 2008; 4:22 PM ET | Comments (0)

Newsweek Offers More Buyouts, to Cut 10 Jobs

This item was reposted from The Ticker blog on Economy Watch. Newsweek magazine, which is owned by The Washington Post Co., told employees today that the magazine is extending early-retirement, or "buyout," packages offered earlier this year and will lay off 10 employees. Newsweek, like all news weekly magazines, has...

By Terri Rupar | December 11, 2008; 2:45 PM ET | Comments (0)

Morning Brief: Local Leaders Want Green Jobs

Local leaders are looking for a piece of the green jobs pie. With President-elect Barack Obama already drafting an economic stimulus package that could provide up to $1 trillion, local elected officials combined forces Wednesday to pursue support for environmentally friendly public works projects. According to a report by staff...

By Alejandro Lazo | December 11, 2008; 9:06 AM ET | Comments (0)

NPR to Cut Workforce

Dennis Haarsager, interim president and chief executive of NPR, sent out a memo today saying the company is canceling two shows, News & Notes and Day to Day, and cutting 7 percent of its workforce. Many of the 64 filled and 21 unfilled jobs that are getting cut are linked...

By Terri Rupar | December 10, 2008; 3:22 PM ET | Comments (8)

Morning Brief: Mortgage Giants Take Hill Grilling

Federal mortgage giants Fannie Mae and Freddie Mac took a grilling Tuesday on Capitol Hill. A congressional panel told former Fannie chief executive Franklin D. Raines that he and his colleagues acted irresponsibly in making decisions that led to the housing crisis. Raines, in turn, blamed the federal regulator...

By Alejandro Lazo | December 10, 2008; 8:46 AM ET | Comments (1)

Danaher Expands Job Cuts

Manufacturing conglomerate Danaher said Monday evening that it would take further measures to cut costs as the global economic downturn hampers its ability to grow through acquisitions and slows sales. The company said it would cut a total of 1,700 jobs and close 13 factories in the fourth quarter as...

By Terri Rupar | December 9, 2008; 3:26 PM ET | Comments (0)

Morning Brief: Fannie, Freddie Knew Of Risks

We begin today with more news from the mortgage giants Fannie Mae and Freddie Mac. Staff writer Zachary Goldfarb reports that internal Freddie documents show senior executives at the company were warned years ago they were offering mortgages that could pose dangers to the firm. At Fannie, top executives were...

By Alejandro Lazo | December 9, 2008; 8:08 AM ET | Comments (2)

Up and Down: DiamondRock, Sucampo, American Capital

The S&P 500 fell 2.3 percent last week, while the Post-Bloomberg index dropped 0.7 percent. *DiamondRock Hospitality (DRH) was last week's biggest gainer,with shares rising 28 percent, to close Friday at $4.77. They hit a 52-week low of $2.30 last month, and they're still down about 72 percent in the...

By Terri Rupar | December 8, 2008; 12:00 PM ET | Comments (0)

Morning Brief: Policy Wins At Fannie, Freddie

In this week's Washington Business section, we take a deeper look at how Fannie Mae and Freddie Mac are doing under conservatorship. Staff writer Zachary Goldfarb examines how the companies are handling their sometimes contradictory missions of making money and serving the public good. "Fannie and Freddie have always...

By Alejandro Lazo | December 8, 2008; 7:17 AM ET | Comments (0)

Looking for B. Francis Saul II

I called up a handful of businesspeople I know around Washington after local business legend B. Francis Saul II agreed to sell his Chevy Chase Bank for $520 million to McLean-based Capital One last week. I was looking for some good stories about Saul, who is notoriously private and never...

By Terri Rupar | December 7, 2008; 8:00 PM ET | Comments (0)

Tech Community Gathers for Prayer

As the sun was rising last Thursday, cars poured into the Hilton McLean Tysons Corner parking lot -- so many that a police officer stood in the street to direct traffic. Driving nearly 800 local professionals to wake up early was the High Tech Prayer Breakfast, an annual event...

By Terri Rupar | December 7, 2008; 7:45 PM ET | Comments (2)

 
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