Newsfeeds 8.23.10

Richmond seeks to reduce the number of vacant properties (Times-Dispatch)
About 800 properties in the city of Richmond are vacant and uninhabitable. An additional 800 could be lived in but need work. And 800 other vacant properties are in good condition, said Rachel O. Flynn, director of planning and development for Richmond. In all, the city is dealing with about 2,400 vacant properties.

Dispute deepens between Lerner, Virginia over land for Tysons Metro (WaPo)
Tysons Corner developers spent more than a decade lobbying for Metrorail to be extended there, but with construction now underway, real estate magnate Theodore N. Lerner is locked in a nearly two-year legal battle with the state over the value of some of his land needed for the project.

Norfolk looks to cook up something new at Waterside (Virginian-Pilot)
The slow pace of planning has left tourists wondering what has happened to Norfolk’s mostly empty waterfront plaza. It’s put a squeeze on city coffers and it has angered residents, many of whom say the city’s prime spot on the waterfront should be bustling, not gasping for life.

Bid to infuse money into Imperial rejected (Martinsville Bulletin)
State regulators shut down Martinsville Imperial Savings & Loan last week. The week before the Office of Thrift Supervision rejected a bid to save the bank with a $6 million capital infusion from out-of-state investors.

‘Cash for clunkers’ car dealers investigated (USA Today)
The government is investigating at least 20 car dealerships it claims violated the rules of last year’s cash-for-clunkers program. Government auditors say up to $94 million in rebates may be ineligible because they lack the proper documentation.

Stocks in for summer slip ‘n’ slide (CNN Money)
It’s the end of the summer, trading volume is light, and even though company earnings are generally strong, dismal economic reports have been kicking fears of a second-half slowdown into higher gear.

American Apparel faces bankruptcy as store chain unravels (The Independent)
The LA-based company’s shares, which touched $14 in 2008 were trading at an all-time low of 75 cents at close of play on Friday, a drop of almost 50 per cent over the past week. It now has debts totalling $120m, and has admitted that it is currently losing money at a rate of nearly $30m a year. The chain has a retail store in Carytown.

Cities levy an array of taxes on visitors (LA Times)
Anyone who has recently traveled to a major U.S. city knows the shock of finding a hotel, car rental or restaurant bill laden with extra charges. A new report looks into which cities have the most hidden taxes.

Seven Wealth Builders That Most B2B Companies Ignore (Fast Company)
The “new normal” has accelerated industry consolidation, longer sales cycles, fee pressures, and tight credit. If you are a seriously growth-oriented B2B company, what can you do to ensure that you swiftly return to wealth creation mode?

Business Schools Need to Do a Better Job Teaching Students Values (Wall Street Journal)
Just as teenagers who take a chastity vow in lieu of better sexual education are more vulnerable to the consequences of unprotected sex—vow takers are actually more likely to engage in risky sexual behavior—M.B.A.s who take an ethics oath without enough supporting leadership education are likely more vulnerable to ethical breaches.

Richmond seeks to reduce the number of vacant properties (Times-Dispatch)
About 800 properties in the city of Richmond are vacant and uninhabitable. An additional 800 could be lived in but need work. And 800 other vacant properties are in good condition, said Rachel O. Flynn, director of planning and development for Richmond. In all, the city is dealing with about 2,400 vacant properties.

Dispute deepens between Lerner, Virginia over land for Tysons Metro (WaPo)
Tysons Corner developers spent more than a decade lobbying for Metrorail to be extended there, but with construction now underway, real estate magnate Theodore N. Lerner is locked in a nearly two-year legal battle with the state over the value of some of his land needed for the project.

Norfolk looks to cook up something new at Waterside (Virginian-Pilot)
The slow pace of planning has left tourists wondering what has happened to Norfolk’s mostly empty waterfront plaza. It’s put a squeeze on city coffers and it has angered residents, many of whom say the city’s prime spot on the waterfront should be bustling, not gasping for life.

Bid to infuse money into Imperial rejected (Martinsville Bulletin)
State regulators shut down Martinsville Imperial Savings & Loan last week. The week before the Office of Thrift Supervision rejected a bid to save the bank with a $6 million capital infusion from out-of-state investors.

‘Cash for clunkers’ car dealers investigated (USA Today)
The government is investigating at least 20 car dealerships it claims violated the rules of last year’s cash-for-clunkers program. Government auditors say up to $94 million in rebates may be ineligible because they lack the proper documentation.

Stocks in for summer slip ‘n’ slide (CNN Money)
It’s the end of the summer, trading volume is light, and even though company earnings are generally strong, dismal economic reports have been kicking fears of a second-half slowdown into higher gear.

American Apparel faces bankruptcy as store chain unravels (The Independent)
The LA-based company’s shares, which touched $14 in 2008 were trading at an all-time low of 75 cents at close of play on Friday, a drop of almost 50 per cent over the past week. It now has debts totalling $120m, and has admitted that it is currently losing money at a rate of nearly $30m a year. The chain has a retail store in Carytown.

Cities levy an array of taxes on visitors (LA Times)
Anyone who has recently traveled to a major U.S. city knows the shock of finding a hotel, car rental or restaurant bill laden with extra charges. A new report looks into which cities have the most hidden taxes.

Seven Wealth Builders That Most B2B Companies Ignore (Fast Company)
The “new normal” has accelerated industry consolidation, longer sales cycles, fee pressures, and tight credit. If you are a seriously growth-oriented B2B company, what can you do to ensure that you swiftly return to wealth creation mode?

Business Schools Need to Do a Better Job Teaching Students Values (Wall Street Journal)
Just as teenagers who take a chastity vow in lieu of better sexual education are more vulnerable to the consequences of unprotected sex—vow takers are actually more likely to engage in risky sexual behavior—M.B.A.s who take an ethics oath without enough supporting leadership education are likely more vulnerable to ethical breaches.

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