Budget cuts to include layoffs (Chesterfield Observer)
About 25 full-time and an unknown number of part-time county employees may lose their jobs because Chesterfield will spend almost $45 million less in FY10 (starting July1) than is budgeted this year. The county’s general fund – how Chesterfield pays for most county services like police, fire, libraries and parks and recreation – is projected to decline by 5.3 percent to $709.9 million because of economic conditions and less state revenue.
Recession forces increase in endowment spending (The Collegian)
The University of Richmond endowment has lost about 19 percent of its endowment during the past year, losses that total almost $320 million in market value, which has prompted the university administration to begin spending a greater portion of the endowment. Despite the losses, the university will not lay off employees, at least in the short term. In an e-mail interview, Ayers said layoffs would be counter to the university’s mission.
Receiver seizes Stanford Group Co.‘s Richmond office, assets (Times-Dispatch)
The Stanford Group Co. office in Riverfront Plaza in downtown Richmond and all its assets have been seized by a court-appointed receiver. A sign taped to the door yesterday on the broker-dealer and investment company’s fifth-floor office stated, “This office is closed until further notice.”
New barge line to Richmond grows rapidly (Virginian-Gazette)
When the 64 Express barge line made its inaugural trip Dec. 1 from the port of Hampton Roads to Richmond, it carried two dozen cargo containers on its deck. But when it left Sunday for the 100-mile journey up the James River, the deck was a little more crowded, with 8 6 containers on board. The growth is from new business from international packaging company MeadWestvaco Corp., crushed-stone producer Luck Stone Corp., tobacco company Philip Morris USA Inc., cargo shipper K Line America Inc. and others, said Ed Whitmore, president of Norfolk Tug Co. and the James River Barge Line, which operate the 64 Express.
GM posts $9.6-billion quarterly loss (LA Times)
The troubled Detroit automaker also says it lost $30.9 billion for all of 2008 — its second-worst year on record.
How much does it cost to put a hit on someone? (Slate)
Anywhere from a few hundred dollars to a few hundred thousand dollars, if offered rates are anything to go by. According a Texas Monthly profile, undercover investigator Gary Johnson has been hired by more than 60 Texans to off their enemies in the past 20 years. At the high end, a wealthy socialite who wanted her husband dead gave Johnson $200,000 in jewels as a down payment on the killing. At the low end, a teenager once offered him “seven Atari computer games, three dollar bills, and $2.30 in nickels and dimes” to take out a romantic rival.
The Weekly Wind-down: a little video comedy
This week’s weekly wind-down comes from the blog of Mark Cuban, the eccentric business man and owner of the Dallas Mavericks. Cuban used his audio/visual staff to make these great 30-second videos. Definitely safe to watch at work.