Business News for Lynchburg News Advance

Home values hold steady in Lynchburg

Thu, 24 Jul 2008 19:38:00 EDT

Homes are selling slowly in nearly all parts of Virginia, but the Lynchburg area’s prices are holding up stronger than many other regions, according to data from the Virginia Association of Realtors.

House OKs rescue for homeowners, Freddie, Fannie

Thu, 24 Jul 2008 06:57:01 EDT

WASHINGTON (AP) _ Rescue legislation sailed through the House on Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac.

This year’s Va. peach crop looking good

Wed, 23 Jul 2008 08:03:00 EDT

RICHMOND, Va. (AP) — Virginia’s 2008 peach crop is expected to make growers forget all about last year’s freeze-damaged season.

Funerals going high-tech because of boomers

Tue, 22 Jul 2008 12:04:00 EDT

When Roberta Winston attended her mother’s viewing, a video slideshow tribute documented her mother’s life with pictures.

Wachovia loses $8.9B in 2nd Q, cuts 6,350 jobs

Tue, 22 Jul 2008 10:12:00 EDT

CHARLOTTE, N.C.—Wachovia Corp. said today it lost $8.86 billion in the second quarter, slashed its dividend and announced 6,350 job cuts after losses tied to mortgages soared.

American National promotes three to new positions

Mon, 21 Jul 2008 22:07:01 EDT

American National Bank & Trust Company has announced the promotion of three executives to newly created operating positions.

Stocks mixed on worries about earnings, oil

Mon, 21 Jul 2008 14:28:00 EDT

NEW YORK (AP)—Wall Street fluctuated Monday as investors worried about earnings at drug makers Merck & Co. and Schering-Plough Corp., and oil prices moved higher.

Coming soon to a theater near you … another theater near you

Sat, 19 Jul 2008 23:00:00 EDT

Movie theaters in Lynchburg are slated to get a new competitor next year, as Regal Entertainment opens the first new theater here in 17 years.
Regal will operate the 56,000- square-foot movieplex in River Ridge mall, in the location of the Value City store that closed last month.

Oil markets: Bottoming out or taking a breather?

Fri, 18 Jul 2008 07:30:00 EDT

NEW YORK (AP) - Oil prices tumbled below $130 a barrel for the first time in more than a month Thursday, as crude’s dramatic slide entered a third day accompanied by a sharp sell-off in natural gas.

Fannie, Freddie spent millions on lobbying

Thu, 17 Jul 2008 06:36:00 EDT

WASHINGTON (AP) _ For years, mortgage giants Fannie Mae and Freddie Mac tenaciously worked to nurture, and then protect, their financial empires by invoking the political sacred cow of homeownership and fielding an army of lobbyists, power brokers and political contributors.

Local banks still finding growth

Wed, 16 Jul 2008 20:18:00 EDT

The failure of one California-based bank and troubles in other large banks cast a shadow on the banking industry early this week.

Energy prices fuel fastest consumer price surge in 26 years

Wed, 16 Jul 2008 09:01:01 EDT

WASHINGTON (AP) — Consumer prices shot up in June at the fastest pace in 26 years with two-thirds of the surge blamed on soaring energy prices.

Lynchburg-area housing market struggles

Tue, 15 Jul 2008 20:46:00 EDT

Struggles in the national housing market began to hit home in the Lynchburg area during the first half of 2008.

Anheuser Busch to be sold for $52B

Mon, 14 Jul 2008 08:39:00 EDT

The maker of the King of Beers has agreed to go to work for the Belgian brewer InBev.

Lynchburg man sees big future in Virginia wine

Sun, 13 Jul 2008 23:22:00 EDT

Virginia is becoming a more popular stop for wine lovers, with wineries playing an increasingly important role in the Commonwealth’s tourism industry.
Frank Britt is trying to make sure that trend continues.
The Lynchburg man teamed up with a graphic design firm in Virginia Beach to launch a lifestyle magazine that promotes wine made in Virginia.

Passenger trains are a hot ticket in Lynchburg

Sun, 13 Jul 2008 23:13:00 EDT

To see people doing something about gas prices these days, it’s only necessary to be at the Lynchburg train station at 6 a.m.

Oil hits new high, nears $150 per barrel

Fri, 11 Jul 2008 10:14:00 EDT

NEW YORK (AP)—Oil prices spiked to a new record above $147 a barrel Friday, as rising hostilities between the West and Iran and the potential for attacks on Nigerian oil facilities gave investors reason to rush back into the energy markets.

Fed chief: Gov’t needs more power when firms fail

Fri, 11 Jul 2008 07:06:00 EDT

WASHINGTON (AP) _ The nation’s top economic officials urged Congress on Thursday to give them new regulatory tools to better protect the country from economic and financial havoc if a major Wall Street firm were to fail.

City earmarks up to $1 million for Areva expansion

Thu, 10 Jul 2008 14:05:00 EDT

Lynchburg’s Industrial Development Authority on Thursday agreed to spend up to $1 million supporting the local expansion of Areva.

Steve & Barry’s files for bankruptcy protection

Thu, 10 Jul 2008 11:16:00 EDT

NEW YORK (AP)—Steve & Barry’s LLC, once a growing force in low-priced fashion retailing, said Wednesday that it filed for Chapter 11 bankruptcy protection, the latest merchant to succumb to a harsh consumer spending climate.

US stocks head for moderately higher open

Thu, 10 Jul 2008 07:15:00 EDT

NEW YORK (AP) _ U.S. stocks headed for a moderately higher open Thursday as investors awaited a weekly government report on unemployment claims and reports from retailers on their June sales.

Apple Hopes Online Store Augments Updated iPhone

Thu, 10 Jul 2008 06:46:00 EDT

Amid the hype around Apple Inc.’s new iPhone going on sale Friday, the company is launching an online software store.

A look at the season at the midway point

Wed, 09 Jul 2008 16:21:00 EDT

One thing about NASCAR: It always delivers the unexpected.

Stocks fall on uneasiness about financials

Wed, 09 Jul 2008 08:14:00 EDT

NEW YORK (AP)—Stocks headed for a narrowly mixed open Wednesday as rebounding oil prices drained away the momentum from Wall Street’s big Tuesday rally.

Fed to curb shady home-lending practices

Wed, 09 Jul 2008 07:05:00 EDT

WASHINGTON (AP) _ The Federal Reserve will issue new rules next week aimed at protecting future homebuyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs.

Stocks rise modestly after Bernanke talk; oil down

Tue, 08 Jul 2008 09:40:00 EDT

NEW YORK (AP)—Stocks are down in early trading, with investors still jittery about the nation’s ailing banking system.

Microsoft backs Icahn’s bid to oust Yahoo boar

Tue, 08 Jul 2008 07:11:00 EDT

Microsoft Corp. threw its weight behind investor Carl Icahn’s effort to dump Yahoo Inc.’s board on Monday.

NRC to discuss Areva’s safety record at public meeting

Mon, 07 Jul 2008 19:54:00 EDT

The Nuclear Regulatory Commission will hold a public meeting in Lynchburg on July 24 to discuss Areva NP’s safety record.

Craddock-Terry records may help researchers

Sun, 06 Jul 2008 23:08:00 EDT

About 120 years ago, a Lynchburg man sent a letter to retailers in the shoe business to tell them about a new company called Craddock, Terry Shoes.

Lynchburg’s WLNI changes owners

Thu, 03 Jul 2008 22:30:00 EDT

Lynchburg’s talk radio station WLNI (105.9 FM) now belongs to a Washington, D.C.-based media company connected to the Washington Redskins.

Executives try to keep their sanity in a 24/7 world

Thu, 03 Jul 2008 13:48:00 EDT

Erika Thompson remembers the thrill of her first BlackBerry. She was so smitten that she slept with it turned on and next to her bed. Missing an overnight e-mail was apparently too much to bear. “And every time it would vibrate, I’d probably look at it,” she says.

Experts expect other bidders for Circuit City

Thu, 03 Jul 2008 09:12:00 EDT

The future of Circuit City Stores Inc. is again in limbo a day after an interested buyer backed out. Stock of the consumer electronics retailer dropped to $2.32, the lowest it has been since November 1990.

Area jobless rate up from last year

Wed, 02 Jul 2008 20:57:00 EDT

The jobless rate in May was up from last year in the Lynchburg area, but it could have had a lot to do with timing.

Appalachian Power looks to launch renewable energy program

Wed, 02 Jul 2008 20:57:00 EDT

Appalachian Power Company wants to launch a program allowing customers to support the use of renewable energy through a voluntary monthly fee.

Baseball team’s success has sweet cost

Wed, 02 Jul 2008 14:43:01 EDT

TAMPA — Another measure of success for the surging Tampa Bay Rays: Dunkin’ Donuts says it has given away more free doughnuts during the first half of this baseball season than in all of 2007.

Va. unemployment up in May

Wed, 02 Jul 2008 10:51:00 EDT

RICHMOND, Va. (AP) — Virginia’s unemployment rate went up one-half of a percentage point to 3.8 percent in May.

Blockbuster withdraws plan to acquire Circuit City

Wed, 02 Jul 2008 08:04:00 EDT

DALLAS (AP) - Blockbuster Inc. is withdrawing its proposal to buy Circuit City Stores Inc., the big-box electronics retailer whose sales have tumbled this year.

Manufacturers struggle to overcome rising prices

Wed, 02 Jul 2008 07:07:01 EDT

NEW YORK (AP) _ Each week, Ira Cooper opens a letter from another supplier with the same message as the last: We’re raising our prices, effective immediately. We can’t tell you how long the new prices will last.

Columbia Gas customers to pay more

Mon, 30 Jun 2008 22:50:00 EDT

Columbia Gas of Virginia, which provides natural gas to customers in the Lynchburg area, increased its purchased natural gas cost rate Monday.

NRC won’t fine Areva NP for violation

Mon, 30 Jun 2008 22:48:00 EDT

The Nuclear Regulatory Commission will not fine Areva NP for a violation earlier this year when Areva shipped equipment to Tennessee carrying a radioactive “hot spot” exceeding regulatory limits.

Closing of Campbell County landfill has some area garbage collectors worried

Sun, 29 Jun 2008 23:00:00 EDT

The plan to close the Campbell County landfill on July 1 and switch to a regional trash operation stinks to one local trash collector. Ray Roakes will have an extra 20-mile round trip every time his company Rustburg Trash Removal hauls off garbage.

Evington man can’t wait to get hands on ‘air car’

Sun, 29 Jun 2008 23:00:00 EDT

David Evans of Evington is willing — actually anxious — to give up his Toyota Prius hybrid that gets great gas mileage. But only once he can get a car that runs on air.

Dominion Virginia Power eyes rate increase

Fri, 27 Jun 2008 21:15:00 EDT

Dominion Virginia Power customers could see their bills go up by around 18 percent after July 1, according to the State Corporation Commission.

Attention, Shoppers: Soon Nielsen May Be Rating You

Fri, 27 Jun 2008 13:53:00 EDT

The next time you go shopping, the cameras in the ceiling may be watching for a lot more than shoplifters. They could be helping track your every step through the store and find out why you’re buying that pasta sauce, that Barbie doll or that case of beer.

Stocks mostly lower again after big drop

Fri, 27 Jun 2008 13:47:00 EDT

NEW YORK (AP)—Stocks slid again Friday after their sharp dive in the previous session, with investors anxious about a new oil price record and dubious that personal income and spending will remain resilient.

Forest company buys 15 more Apple Markets

Thu, 26 Jun 2008 21:59:00 EDT

The Apple Market convenience store signs common in Central Virginia will soon be raised in Kentucky as well.

Company banking on youth sports

Thu, 26 Jun 2008 06:53:00 EDT

BRANDON, Fla. - Who knew that kiddie flag football could become big business?

Senate bill aids exports for C.B. Fleet

Wed, 25 Jun 2008 20:34:00 EDT

C.B. Fleet’s ability to continue selling cosmetics overseas hinges on a document that no one in the state currently has specific legal permission to sign.

With international attention, is Danville’s economy bouncing back?

Wed, 25 Jun 2008 09:40:00 EDT

As Danville and Pittsylvania County make front-page stories in national media outlets, city and county officials point out a beneficial correlation between positive media coverage and economic growth.

Need cash now? Grave’s gotta go

Wed, 25 Jun 2008 06:56:00 EDT

Linda Ledesma needed a little extra money to help pay the rising costs of living in Florida.

Albemarle Co. apple orchard hopes to spark cider comeback

Tue, 24 Jun 2008 09:27:00 EDT

In early America, the undisputed beverage of choice was hard apple cider - even more so than water.

Stocks head for lower open ahead of Fed meeting

Tue, 24 Jun 2008 08:45:00 EDT

NEW YORK (AP)—U.S. stocks headed for a lower opening Tuesday, as investors winced at rising oil prices and a UPS Inc. profit warning ahead of the Federal Reserve’s rate-setting meeting.

Wands, magic and more found in store

Tue, 24 Jun 2008 06:34:00 EDT

The Faery Godmother is one of those stores where you can get a magic wand, a leather renaissance helmet, a Peruvian flute and a Bridezilla voodoo doll.

Lynchburg area’s Internet coverage expanded with link to cell signals

Mon, 23 Jun 2008 22:58:00 EDT

The Lynchburg area is getting more exposure from a mobile Internet technology that allows users to surf the Web essentially anywhere they get a cell phone signal.

Virginia Aviation plans to drop suit pending agreement

Mon, 23 Jun 2008 22:57:00 EDT

Virginia Aviation plans to drop a lawsuit against the city of Lynchburg if City Council members tonight approve two new lease agreements for the Lynchburg Regional Airport.

Smith Mountain Lake business is up 20 percent from last year due to new brand, some say

Sun, 22 Jun 2008 23:00:00 EDT

Smith Mountain Lake’s restaurants, stores and amusement owners say a new brand and TV advertising brought them more traffic than usual for the season’s first big weekend over Memorial Day.

Partnership maps gaps in broadband

Sat, 21 Jun 2008 22:34:00 EDT

Officials at Virginia’s Region 2000 partnership are keeping an eye on where high-speed Internet access is available.

State seeks to monitor phone service quality

Fri, 20 Jun 2008 22:58:01 EDT

The State Corporation Commission wants to require quarterly service quality reports from Verizon and other local phone companies.

2 charged on Wall Street in mortgage meltdown

Fri, 20 Jun 2008 06:56:00 EDT

NEW YORK (AP) _ Two former Bear Stearns hedge fund managers were hauled into jail Thursday and charged with lying to investors about the collapse of the subprime mortgage market, perhaps signaling the start of a wave of prosecutions arising from the housing meltdown.

WiMAX service on hold for two area schools

Wed, 18 Jun 2008 10:02:00 EDT

Two local schools have put on hold the selection of a company to bring a new wireless Internet service to Lynchburg.

Short sales, though tricky, grow as alternative to foreclosure

Wed, 18 Jun 2008 07:07:00 EDT

Joan Peaslee, a top-selling agent at Prudential Slater James River, had never dealt with a short sale — until this year.

Electric cars generate interest

Wed, 18 Jun 2008 06:49:00 EDT

TAMPA - Jim Parish gets envious looks from drivers when his modified plug-in Toyota Prius cruises down the highway.

Speculators seek to buy Cuba claims

Tue, 17 Jun 2008 11:30:00 EDT

WASHINGTON - Estela Roberts and her family have always hoped they would be compensated one day for their property in Cuba seized after that country’s 1959 revolution.

Gas Prices Gush And Drilling Debate Flows

Tue, 17 Jun 2008 08:28:00 EDT

TAMPA — Mike Wyckoff is an unlikely proponent of something Florida politicians and environmentalists have been trying to prevent for decades: The exploration and production of oil and natural gas in the waters off Florida’s Gulf Coast.

Blue Ridge Parkway could get an update

Tue, 17 Jun 2008 07:17:00 EDT

ROCKY KNOB — Either the mountains are getting harder, or the people who spend vacation time in them are getting softer.

Kaine: Pump prices drag down state revenue

Mon, 16 Jun 2008 07:10:00 EDT

State government is also choking on the rising prices at the pump.

Appraiser examines the sale of Randolph College painting

Sun, 15 Jun 2008 23:04:00 EDT

Guitar in hand and accompanied by a two-woman audience, the troubadour on the canvas sings on, unaware of his value within the world of art collectors.

Texas-based firm picks four locations in Lynchburg that may play a role in economic development

Fri, 13 Jun 2008 22:02:00 EDT

Economic development officials in Lynchburg have identified four sites in the city for a study of potential retail and restaurant locations.

Wall Street rises as data point to stable rates

Fri, 13 Jun 2008 13:51:00 EDT

NEW YORK (AP)—Stocks advanced for a second session Friday after government readings on inflation and a decline in oil prices helped contain some worries about the effect of rising prices on strapped consumers. The Dow Jones industrial average rose but was well off its highs of the day.

Retail sales jump by largest amount in 6 months

Thu, 12 Jun 2008 11:18:01 EDT

WASHINGTON (AP) _ Retail sales jumped by the largest amount in six months in May as 57 million economic stimulus payments helped offset the headwinds buffeting consumers.

Technology firm locating in Danville area

Wed, 11 Jun 2008 16:44:00 EDT

DANVILLE - A Canadian technology firm will open a joint facility in Danville and Pittsylvania County that will eventually make all IDs and driver’s licenses for the Virginia Division of Motor Vehicles, Gov. Timothy M. Kaine said Wednesday in a news release.

Senate GOP blocks windfall taxes on Big Oil

Wed, 11 Jun 2008 07:04:00 EDT

WASHINGTON (AP) _ Saved by Senate Republicans, big oil companies dodged an attempt Tuesday to slap them with a windfall profits tax and take away billions of dollars in tax breaks in response to the record gasoline prices that have the nation fuming.

Recession-proof professions focus on need

Tue, 10 Jun 2008 11:48:00 EDT

Recession-proof businesses — and jobs — do exist.

Lynchburg’s Goody’s store to close

Mon, 09 Jun 2008 22:40:00 EDT

Just inside the front door of Goody’s Family Clothing store, the largest retailer in Candlers Station shopping center, Monday afternoon was a sign reading “Now Hiring.”

Region 2000’s executive director plans to fill Lee Cobb’s shoes

Sun, 08 Jun 2008 23:30:00 EDT

If Lee Cobb were Obi Wan Kenobi, Bryan David would consider himself Luke Skywalker. David said he learned a lot of lessons from Cobb — a force in the region’s economic development since 1982 — when David was the Amherst County administrator for five years.

New suit filed against Bluffwalk Center’s developers

Fri, 06 Jun 2008 22:41:00 EDT

An interior design firm that helped Bluffwalk Center in downtown Lynchburg is suing the hotel project’s developers.

Surprise: Housing slump doesn’t affect the rich

Fri, 06 Jun 2008 07:14:00 EDT

Four years ago when Middleburg, Va., landowner Zohar Ben-Dov learned that his neighbors planned to sell their lush rolling land, he was concerned that a new owner might come in and spoil the pristine views surrounding Kinross, his 587-acre horse farm. The solution? Buy the 150 acres that were for sale.

Plant with Areva nuclear reactor design gets review

Thu, 05 Jun 2008 22:12:00 EDT

The effort to build Areva’s new nuclear reactor design in the United States took a small step forward this week.

Verizon could soon service Lynchburg

Thu, 05 Jun 2008 22:11:00 EDT

Verizon Wireless could soon offer its wireless phone service in Lynchburg, issue local phone numbers, and let its customers use more data services locally, thanks to a bid to buy Alltel.

Liberty officials: Plaza plans nixed

Thu, 05 Jun 2008 06:13:01 EDT

The tentative sale of The Plaza has officially been called off, according to Liberty University officials.

Spike in natural gas prices unusual

Tue, 03 Jun 2008 21:58:00 EDT

The price of natural gas zipped upward about 18 percent at the end of May, though the price usually drops in the summer.

CEO at Wachovia ousted

Tue, 03 Jun 2008 07:16:00 EDT

A shake-up at the top echelons of Wachovia Corp., which led to Ken Thompson’s departure yesterday as chief executive, has a Richmond connection.

Forest subdivision stopped in its tracks

Tue, 03 Jun 2008 07:05:00 EDT

Anthony Inturrisi stands in his stopped-in-its tracks subdivision in Forest and sees what might have been — more than two dozen expansive homes on lovely lots, all on streets named for his grandkids.

Students at Virginia Aviation in Lynchburg are earning valuable experience for their future

Sun, 01 Jun 2008 23:01:00 EDT

The comfort word in business circles recently has been “insulated,” meaning that certain sectors are not experiencing the economic slowdown that is reflected in job losses and fewer factory orders.

Wall Street points to higher open ahead of data

Fri, 30 May 2008 07:32:00 EDT

NEW YORK (AP)—Wall Street is pointing to a higher open Friday after strong results from Dell Inc. and ahead of data expected to show personal spending rose in April.

UVA to host global economic conference

Fri, 30 May 2008 07:18:00 EDT

High-ranking financial leaders from around the world will convene this fall at the University of Virginia to address issues arising in the rapidly evolving global marketplace.

State denies rate increase to Appalachian Power

Thu, 29 May 2008 22:53:00 EDT

RICHMOND — Appalachian Power Co. won’t be able to recover construction costs for a new coal-fired power plant in West Virginia from its Virginia customers.

Veterans job fair planned Tuesday

Thu, 29 May 2008 22:50:00 EDT

A local employment fair Tuesday will aim to link military veterans to employers who could use their skills.

Busch bid may spin off theme parks

Thu, 29 May 2008 16:24:00 EDT

Busch Entertainment Corp, which operates 10 U.S. theme parks, could become an attractive buyout target if a Belgian brewer moves ahead with a $46 billion takeover of Anheuser-Busch Companies Inc., according to published reports.

Bedford County builder files bankruptcy

Wed, 28 May 2008 18:20:01 EDT

A developer in Bedford County filed for bankruptcy Wednesday morning, halting the foreclosure on a subdivision that was slated for auction at noon.

Areva apologizes for ‘hot spot’ on truck

Wed, 28 May 2008 16:05:01 EDT

Areva NP apologized to regulators Wednesday over a shipment of equipment that contained a radiation “hot spot” that exceeded federal guidelines and traveled more than 400 miles, from its Mt. Athos Road plant near Lynchburg to Tennessee.

Report: Lynchburg area tops in job growth

Wed, 28 May 2008 14:54:00 EDT

The Lynchburg area topped the totem pole of job growth in Virginia from April 2007 to the same month this year.

Point, click, buy, eat

Wed, 28 May 2008 14:26:00 EDT

In the march of progress, American society now verges on a significant leap that will deliver something incredible for couch potatoes.

Americans Driving Less As Gas Is Costing More

Wed, 28 May 2008 13:56:01 EDT

As gas prices reach new highs, Americans are driving fewer miles.

Va. unemployment rate fell in April

Wed, 28 May 2008 11:08:00 EDT

RICHMOND, Va. (AP) — Virginia’s unemployment fell slightly in April to 3.3 percent.

Forest company proves there is longevity in leather

Sun, 25 May 2008 23:00:01 EDT

A local company with roots in the Great Depression is branding itself to be a source for quality leather around the world.

Bank of the James’ shareholders to get 10 percent dividend

Fri, 23 May 2008 22:27:00 EDT

The Board of Directors of Bank of the James Financial Group Inc. has voted to declare a 10 percent stock dividend. The company announced the vote Tuesday at the annual shareholder’s meeting.

Kroger to build new store in Forest

Fri, 23 May 2008 22:26:00 EDT

Kroger is planning to expand one of its Lynchburg locations and to build a new store in a growing part of Forest.

Businesses Feel Squeeze Of Escalating Gas Prices

Fri, 23 May 2008 13:26:00 EDT

TAMPA — As gasoline prices inch closer to $4 a gallon, the tips keep getting smaller for Jessica Mendoza and the other waitresses at a Village Inn Restaurant in Tampa.

Wall Street is down after home sales report

Fri, 23 May 2008 07:03:00 EDT

NEW YORK (AP)—Wall Street tilted toward a lower open Friday as investors awaited a report on existing home sales and adjusted their portfolios before the three-day holiday weekend