MeadWestvaco closing Louisa plant (Times-Dispatch)
MeadWestvaco Corp. is planning to close a manufacturing plant in Louisa County, eliminating 171 jobs, as the packaging company continues to restructure its business operations.
LiteSteel starts work in Botetourt (Roanoke Times)
Australia-based LiteSteel Technologies launched production last month in Botetourt County at the company’s first factory and headquarters in the United States. The company manufactures lightweight steel beams for residential and light commercial construction.
Chesapeake builder files for bankruptcy (Virginian-Pilot)
C.E. Bryan Custom Builders Inc. said in its Chapter 7 filing Friday that its largest creditor, Bank of The Commonwealth, is owed more than $3 million. Part of the debt to the Norfolk-based bank is secured by six residential properties in a Virginia Beach subdivision south of Oceana Naval Air Station and by two properties in Chesapeake, according to the filing.
Companies Reward Executives Despite Poor Results (Washington Post)
FBR Capital Markets failed to reach its performance goals in 2008. But the board of the Arlington investment bank awarded six-figure payouts to its executives anyway. The awards, the company said in a regulatory filing, recognize that executives “perform functions that are not directly related to the corporate performance” of the company. The bonuses, the filing said, are meant to reward individual performance.
More car owners behind on auto loans (USA Today)
Car loans that were 60 days past due — and likely to soon go into default — were up 17% in the fourth quarter, says Experian Automotive credit tracking. And the share of loans 60 days past due is expected to be up 40% by December, compared with the share in December 2007, TransUnion Credit says.
Productivity Madness (Slate)
Editor’s Pick: If you believe what you read in the press, fan devotion to March Madness could cost employers $3.8 billion or more in lost productivity as workers slip away to check NCAA Tournament scores, participate in office pools, read stories about the contests, or avail themselves to CBS’ free streaming videocasts of the games on their office computers. But lost productivity estimates are almost always bogus, especially when they come from attention-seeking professionals who are in the business of increasing productivity.
Labor Legislation Could Be Bad News for Businesses (Smart Money)
Introduced in both houses of Congress last week, the Employee Free Choice Act, or EFCA, represents the most sweeping change in labor laws since the passing of the National Labor Relations Act in 1935. If signed into law, EFCA would not only make it easier for workers to join unions, but would also allow government intervention should labor disputes arise.
MeadWestvaco closing Louisa plant (Times-Dispatch)
MeadWestvaco Corp. is planning to close a manufacturing plant in Louisa County, eliminating 171 jobs, as the packaging company continues to restructure its business operations.
LiteSteel starts work in Botetourt (Roanoke Times)
Australia-based LiteSteel Technologies launched production last month in Botetourt County at the company’s first factory and headquarters in the United States. The company manufactures lightweight steel beams for residential and light commercial construction.
Chesapeake builder files for bankruptcy (Virginian-Pilot)
C.E. Bryan Custom Builders Inc. said in its Chapter 7 filing Friday that its largest creditor, Bank of The Commonwealth, is owed more than $3 million. Part of the debt to the Norfolk-based bank is secured by six residential properties in a Virginia Beach subdivision south of Oceana Naval Air Station and by two properties in Chesapeake, according to the filing.
Companies Reward Executives Despite Poor Results (Washington Post)
FBR Capital Markets failed to reach its performance goals in 2008. But the board of the Arlington investment bank awarded six-figure payouts to its executives anyway. The awards, the company said in a regulatory filing, recognize that executives “perform functions that are not directly related to the corporate performance” of the company. The bonuses, the filing said, are meant to reward individual performance.
More car owners behind on auto loans (USA Today)
Car loans that were 60 days past due — and likely to soon go into default — were up 17% in the fourth quarter, says Experian Automotive credit tracking. And the share of loans 60 days past due is expected to be up 40% by December, compared with the share in December 2007, TransUnion Credit says.
Productivity Madness (Slate)
Editor’s Pick: If you believe what you read in the press, fan devotion to March Madness could cost employers $3.8 billion or more in lost productivity as workers slip away to check NCAA Tournament scores, participate in office pools, read stories about the contests, or avail themselves to CBS’ free streaming videocasts of the games on their office computers. But lost productivity estimates are almost always bogus, especially when they come from attention-seeking professionals who are in the business of increasing productivity.
Labor Legislation Could Be Bad News for Businesses (Smart Money)
Introduced in both houses of Congress last week, the Employee Free Choice Act, or EFCA, represents the most sweeping change in labor laws since the passing of the National Labor Relations Act in 1935. If signed into law, EFCA would not only make it easier for workers to join unions, but would also allow government intervention should labor disputes arise.