Newsfeed 5.4.09

Top 50 employers list will undergo changes (Times-Dispatch)
Given the upheaval in the local economy, including the bankruptcies and closings of three of the area’s largest employers, one might expect this year’s list of the Top 50 employers in the Richmond area to be markedly different. The latest list still ranks Qimonda and Circuit City, but they didn’t break the top ten. The number one employer: Virginia Commonwealth University Health System.

Former Qimonda employee files class-action lawsuit over layoffs (Times-Dispatch)
A former Qimonda employee has filed a class-action lawsuit in Delaware on behalf of more than 2,000 offs (Times Dispatch)employees who were laid off. The suit seeks $40 million in damages. Lakita Blair, who worked at Qimonda’s plant in eastern Henrico County, filed suit in U.S. District Court in Delaware against Infineon Technologies AG, Infineon Technologies North America Corp. and Qimonda AG.

WexTrust couldn’t weather the storm (Inside Biz)
If ever there was a case study on an absolute investment disaster, the story of WexTrust Capital is it.
WexTrust, through details uncovered over the last seven months and described recently in Chesapeake by attorney Timothy Coleman, was a classic Ponzi scheme perpetrated around a perfect storm of conditions that almost guaranteed its eventual failure.

As restrictions hit payday loans, lenders change tactics (Virginian-Pilot)
For years, payday lenders expanded throughout Virginia, promoting quick cash to borrowers who have a job and a checking account. That’s changing in the wake of new state rules that took effect Jan. 1 . More of the store front lenders now are offering larger loans, including car-title loans, that fall outside the scope of state regulation. Since the year’s end , the number of payday lenders in the state has declined 16 percent to 58, according to Virginia’s Bureau of Financial Institutions. Some closed their doors. Others remain in business but concentrate on title loans and other forms of open-end credit.

N.Y. Times to File Notice It Will Close Boston Globe (Washington Post)
The New York Times Co. said last night that it is notifying federal authorities of its plans to shut down the Boston Globe, raising the possibility that New England’s most storied newspaper could cease to exist within weeks.

Tests of Banks May Bring Hope More Than Fear (New York Times)
The results of the bank stress tests to be released by the Obama administration this week are expected to include more detailed information about individual banks — assessing specific parts of their loan portfolios — than many analysts have been expecting.Using these results, the administration seems prepared to argue that, while a few banks may need additional money, the broad financial system is healthier than many investors fear.

States and cities borrow big (USA Today)
Following in the federal government’s footsteps, states and cities are borrowing heavily to finance spending, a strategy that could speed economic recovery while leaving a heavier debt for future generations.
States and local governments borrowed $53.5 billion in the first three months of the year, just shy of the first-quarter record set in 2003, Thomson Reuters Financial reports. Governments also refinanced $31 billion in debt to get lower interest rates and longer repayment schedules.

Cheap Ways to Motivate Your Team (Entrepreneur)
It is critical, particularly during these tough economic times, that small-business owners recognize their employees for their hard work, says Cindy Ventrice, author of Make Their Day! Employee Recognition that Works. If you can reaffirm your employees’ value while your organization is having difficulty, when there’s a turnaround, you won’t lose your best people.

Top 50 employers list will undergo changes (Times-Dispatch)
Given the upheaval in the local economy, including the bankruptcies and closings of three of the area’s largest employers, one might expect this year’s list of the Top 50 employers in the Richmond area to be markedly different. The latest list still ranks Qimonda and Circuit City, but they didn’t break the top ten. The number one employer: Virginia Commonwealth University Health System.

Former Qimonda employee files class-action lawsuit over layoffs (Times-Dispatch)
A former Qimonda employee has filed a class-action lawsuit in Delaware on behalf of more than 2,000 offs (Times Dispatch)employees who were laid off. The suit seeks $40 million in damages. Lakita Blair, who worked at Qimonda’s plant in eastern Henrico County, filed suit in U.S. District Court in Delaware against Infineon Technologies AG, Infineon Technologies North America Corp. and Qimonda AG.

WexTrust couldn’t weather the storm (Inside Biz)
If ever there was a case study on an absolute investment disaster, the story of WexTrust Capital is it.
WexTrust, through details uncovered over the last seven months and described recently in Chesapeake by attorney Timothy Coleman, was a classic Ponzi scheme perpetrated around a perfect storm of conditions that almost guaranteed its eventual failure.

As restrictions hit payday loans, lenders change tactics (Virginian-Pilot)
For years, payday lenders expanded throughout Virginia, promoting quick cash to borrowers who have a job and a checking account. That’s changing in the wake of new state rules that took effect Jan. 1 . More of the store front lenders now are offering larger loans, including car-title loans, that fall outside the scope of state regulation. Since the year’s end , the number of payday lenders in the state has declined 16 percent to 58, according to Virginia’s Bureau of Financial Institutions. Some closed their doors. Others remain in business but concentrate on title loans and other forms of open-end credit.

N.Y. Times to File Notice It Will Close Boston Globe (Washington Post)
The New York Times Co. said last night that it is notifying federal authorities of its plans to shut down the Boston Globe, raising the possibility that New England’s most storied newspaper could cease to exist within weeks.

Tests of Banks May Bring Hope More Than Fear (New York Times)
The results of the bank stress tests to be released by the Obama administration this week are expected to include more detailed information about individual banks — assessing specific parts of their loan portfolios — than many analysts have been expecting.Using these results, the administration seems prepared to argue that, while a few banks may need additional money, the broad financial system is healthier than many investors fear.

States and cities borrow big (USA Today)
Following in the federal government’s footsteps, states and cities are borrowing heavily to finance spending, a strategy that could speed economic recovery while leaving a heavier debt for future generations.
States and local governments borrowed $53.5 billion in the first three months of the year, just shy of the first-quarter record set in 2003, Thomson Reuters Financial reports. Governments also refinanced $31 billion in debt to get lower interest rates and longer repayment schedules.

Cheap Ways to Motivate Your Team (Entrepreneur)
It is critical, particularly during these tough economic times, that small-business owners recognize their employees for their hard work, says Cindy Ventrice, author of Make Their Day! Employee Recognition that Works. If you can reaffirm your employees’ value while your organization is having difficulty, when there’s a turnaround, you won’t lose your best people.

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Newsfeed 5.4.09
15 years ago

[…] News Sources wrote an interesting post today onHere’s a quick excerptTop 50 employers list will undergo changes (Times-Dispatch) Given the upheaval in the local economy, including the bankruptcies and closings of three of the area’s largest employers, one might expect this year’s list of the Top 50 employers in the Richmond area to be markedly different. The latest list still ranks Qimonda and Circuit City, but they didn’t break the top ten. The number one employer: Virginia Commonwealth University Health System. Former Qimonda employee files class-action […]

trackback
Newsfeed 5.4.09
15 years ago

[…] Random Feed wrote an interesting post today onHere’s a quick excerptTop 50 employers list will undergo changes (Times-Dispatch) Given the upheaval in the local economy, including the bankruptcies and closings of three of the area’s largest employers, one might expect this year’s list of the Top 50 employers in the Richmond area to be markedly different. The latest list still ranks Qimonda and Circuit City, but they didn’t break the top ten. The number one employer: Virginia Commonwealth University Health System. Former Qimonda employee files class-action […]

trackback
Newsfeed 5.4.09
15 years ago

[…] Original post: Newsfeed 5.4.09 […]