LandAmerica to cut 291 more jobs (Times-Dispatch)
Bankrupt Henrico title insurer LandAmerica filed notice with the state that all headquarters jobs would be phased out by Dec. 31. Employees will not receive any severance. The first wave of cuts will come April 1 and affect 42 people. The biggest wave will happen April 15 when 139 people, from accountants to technical support specialists, will be let go.
TMD Friction’s Dublin plant to close amid bankruptcy (Roanoke Times)
The company, which calls itself the world’s leading maker of brake pads and linings, is in bankruptcy proceedings in a court in Cologne, Germany. TMD is based in Leverkusen, Germany.The 140 employees of the bankrupt German company will lose their jobs by May 31.
Despite Federal Aid, Many Banks Fail to Revive Lending (Washington Post)
The federal government has invested almost $200 billion in U.S. banks over the last three months to spark new lending to consumers and businesses. So far, it hasn’t worked. Lending has declined, and banks that got government money on average have reduced lending more sharply than banks that didn’t.
Angels Flee From Tech Start-Ups (NY Times)
Unlike venture capitalists, angels invest small amounts of their own money — as little as $10,000 and usually less than $1 million — in very young companies. But like all investors, many angels suffered deep losses when the market plunged last fall. That has left them skittish, investing in fewer technology start-ups and demanding more of those they do consider, leaving founders struggling to find money at the stage they need it most. The slowdown, entrepreneurs and investors say, could stunt the growth of new companies and have long-term effects on innovation.
Postal Service seeks to weather economic storm (USA Today)
These days, the check isn’t in the mail. It’s increasingly on the Internet — and that’s bad news for the U.S. Postal Service. Electronic communication and a withering economy have pushed the Postal Service into its worst financial crisis since Benjamin Franklin founded the institution in 1775. The Postal Service has lost $7.9 billion in the past two years. It has borrowed money to pay its bills. Mail volume fell 4.5% last year and the Postal Service expects a bigger drop this year. Last week, the agency asked Congress for permission to consider reducing delivery from six days a week to five.
Six companies born during downturns (Fortune)
Think a recession is a bad time to start a company? Imagine if the founders of these major corporations had thought the same.
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