When VCU plays UCLA tonight in Philadelphia, fans, the announcers will gush about scholar athletes, pure heart and the integrity of the sport. But the Big Dance is big business. And for a school such as VCU, which has no football team, it can be a way to market to a national audience and increase… Read more »
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NewsFeeds 3.19.09
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… Read more »
More than $1 billion from AIG flows into Virginia
The AIG plot is thickening here in Virginia. According to the company’s announcement on March 15, public entities in Virginia were on the receiving end of more than $1 billion in payouts. That’s the second most of any state behind California. You can see a graph here. According to the press secretary for Tim Kaine,… Read more »
NewsFeeds 3.18.09
Firms had backed Bottom stadium (Times-Dispatch) The same firms hired by Richmond to analyze a proposed $363 million development, including a new baseball stadium in Shockoe Bottom, already endorsed the concept in a study produced for the city six months ago. Robatel Industries technology firm to set up hub in region (Roanoke Times) A French… Read more »
Help on the way for SBA loans
The Small Business Association might not be searching for a new slogan, but it would do well to consider “get ’em while they’re hot.” The SBA loan, an often-used source of financing for startups of all shapes and sizes, has over the past year become far harder to get. That has slowed business at a… Read more »
Gubernatorial candidates need jobs too
Campaigning to be the next governor of Virginia is a full-time job, but that isn’t stopping two of the four candidates from earning a salary. Republican candidate Bob McDonnell and Democrat R. Creigh Deeds are both earning paychecks from separate Virginia law firms, according to a story in today’s Washington Post. “I’m doing what I… Read more »
NewsFeeds 3.17.09
Richmond to study feasibility of Shockoe ballpark project (Times-Dispatch) Richmond Mayor Dwight C. Jones has enlisted the city’s financial advisers to test the feasibility of a proposed ballpark development for Shockoe Bottom. The city is spending $100,000 to get an outside review of the $363 million Shockoe Center project. Controversial Norfolk property for sale (Inside… Read more »
Why do college coaches get guaranteed contracts?
Why do coaches get paid after they’re fired? Is there any other profession that works like this other than golden parachutes for CEOs, which is also absurd. Frankly, it seems like a job lots of guys would want and one you could fill relatively easily without such guarantees. So why do colleges feel the need… Read more »
Office Sense: Flying corporate
Welcome to a new edition of “Office Sense,” BizSense’s intimate look inside the places Richmond companies call home. This month we wanted to take to the friendly skies. Sure, these aren’t the best times to brag about flying corporate, about skipping the indignities of the TSA line and the withering snack packs. But recession be… Read more »
Salaries hold steady for Media General execs
Despite losing $632 million in 2008 and asking salaried employees to take two weeks off, it still pays to be a head honcho at Richmond-based Media General. Chief executive Marshall Morton received $2.76 million in total compensation in 2008, according to an SEC filing. That’s about the same as 2007 and about 15 percent less… Read more »