inRich News Business

Energy-independence recipe?

Thu, 21 Aug 2008 00:08:52 -0400

A truck stop in Henry County sells canola-based biodiesel fuel.

Oil prices stage comeback

Thu, 21 Aug 2008 00:08:52 -0400

The price of oil bounced back near $115 a barrel yesterday, as traders shrugged off a major increase in U.S. crude inventories and a stronger dollar and focused on possible supply threats. It was a volatile day for energy prices, which initially retreated after the U.S. Energy Department said a big gain in imports drove crude inventories up by a hefty 9.4 million barrels in the week that ended Aug. 15. The figure came in much higher than the average analyst forecast for a 1.7 million-barrel increase, according to energy information provider Platts.

Owens & Minor looks to Midwest

Thu, 21 Aug 2008 00:08:52 -0400

Owens & Minor Inc.'s planned acquisition of The Burrows Co. will give the medical-products distributor a stronger foothold in the Midwest, executives said yesterday. Burrows is based in Chicago and has nine distribution centers. The company serves about 950 customers, including urban and rural hospitals. "Burrows' acute-care customers include a number of large hospitals located primarily in the Midwest, a region where we are not as strong as in other geographic areas," said Craig R. Smith, Owens & Minor's president and chief executive officer, in a conference call with analysts yesterday.

Commodities slump likely won't mean lower food prices

Thu, 21 Aug 2008 00:08:52 -0400

As prices for crude oil and other commodities ease, consumers have gotten a small dose of relief at the gas pump. But don't expect less pain at the grocery counter. Food inflation is here to stay -- and will probably get worse for some things. That's because retail prices for cereal, eggs, cheese and meat generally lag by several months or longer world prices for wheat, corn and soybeans -- the raw ingredients of so much of our food. Some food items may come down modestly as commodities prices cool off; others might not budge a cent and some may actually increase.

WALL STREET

Thu, 21 Aug 2008 00:08:51 -0400

Stocks gain moderately after up-and-down day NEW YORK Wall Street scored a moderate gain after a volatile session yesterday that saw the major indexes ratchet up and down on the seesawing price of oil and mixed feelings about the financial sector. Concerns about mortgage financiers Fannie Mae and Freddie Mac initially dragged down financials. Wall Street is nervous that the government-chartered companies will need a bailout from the Treasury Department, a move that could wipe out shareholders' equity. Fannie Mae shares tumbled nearly 27 percent to $4.44, while McLean-based Freddie Mac shares lost 22 percent to $3.25.

BUSINESS BRIEFS

Thu, 21 Aug 2008 00:08:50 -0400

Hilb Rogal & Hobbs Co. is introducing a tool that can measure a company's response to data loss or theft. The Henrico County-based insurance and risk-management company developed the Privacy Breach Index with the Ponemon Institute, a privacy and information management research firm. The publicly available index is compiled by surveying 768 individuals in the data protection, information technology security and compliance professions to assess their organization's responsiveness and quality of response after breach incidents.

EARNINGS EARNINGS

Thu, 21 Aug 2008 00:08:50 -0400

Winchester-based cabinetmaker American Woodmark Corp. reported net income of $156,000, or 1 cent a share, in its fiscal first quarter, compared with $5.1 million, or 34 cents a share in the year-earlier period. For the three months that ended July 31, sales fell 16 percent, to $139.2 million. The company attributed the declines to fewer remodeling and new construction customers.

Tri-Cities-area sports park adds indoor events

Thu, 21 Aug 2008 00:08:50 -0400

PRINCE GEORGE When Glenn Swader first saw the 31-acre tract off Temple Avenue a few years ago, he envisioned building a boat dealership there. But the previous landowner persuaded him to build a sports park instead. So shortly after buying the land in 2005, Swader, wife Tammy and brother Ken, embarked on a $4 million-plus project to build Swaders Sports Park. The facility has batting cages, miniature golf and driving ranges.

States push paid sick leave

Thu, 21 Aug 2008 00:08:50 -0400

For school bus driver Jamille Aine, a cold is more than an inconvenience. His employer does not offer paid sick days, so if he can't shake the bug, he may not be able to pay his bills. Some 46 million U.S. workers lack paid sick days, but lawmakers in 12 states -- including California, Connecticut, Minnesota and West Virginia -- have proposed legislation in the past year that would require businesses to provide them.

Plant helps Louisa bloom

Wed, 20 Aug 2008 00:09:58 -0400

Thirty years ago, peaceful, agricultural Louisa County went nuclear.

Waste container found to be source of warehouse fire

Wed, 20 Aug 2008 00:08:57 -0400

Investigators have determined the source, but not the cause, of a fire that destroyed a half-block-long warehouse north of the Virginia Commonwealth University campus Monday.

Testers trying safety features

Wed, 20 Aug 2008 00:08:52 -0400

RUCKERSVILLE No dummies are needed to try out safety features on two Volvo cars at the Insurance Institute for Highway Safety's vehicle research center. Researchers are test-driving cars fitted with technological features to prevent auto crashes. Using accident data collected from law-enforcement agencies across the country, the researchers hope to estimate how many accidents could be prevented if these features were standard in all vehicles.

Appraisal practices criticized

Wed, 20 Aug 2008 00:08:52 -0400

Appraisers from Virginia, Florida, Texas and Pennsylvania came to Henrico County yesterday to voice concerns about practices they say taint their estimates of property values. A petition echoing their concerns before the Real Estate Appraiser Board, the state regulatory authority, was withdrawn yesterday by the petitioner. George Dodd, an appraiser from Mechanicsville who filed the petition, is pressing ahead nonetheless with plans to change the electronic transmission of real estate appraisals.

Board member turns exec

Wed, 20 Aug 2008 00:08:52 -0400

Circuit City Stores Inc. yesterday made one of the board members imposed on it by a disgruntled investor its second-ranking executive. As vice chairman, James A. Marcum joins executives of the Henrico County-based electronics retailer and will help speed the turnaround strategy Circuit City has been working on for more than a year, the company said. His annual salary is $750,000, which would be second only to the chief executive's $894,615 last year, according to a company filing and proxy statement.

Ad agency shares secrets of its success

Wed, 20 Aug 2008 00:08:52 -0400

About 150 people came to the University of Richmond last night to watch TV commercials -- and to learn about the creative process behind advertising campaigns. Cliff Sorah, creative director at The Martin Agency, spoke to students, faculty and people interested in advertising. Using nothing but a projection screen and laptop in a room adorned with wood-paneled walls better suited for a library, he discussed the creative process and showed the ideas that led to some of the campaigns that made the Shockoe Slip business one of the largest ad agencies in the country.

Ad agency shares secrets of its success

Wed, 20 Aug 2008 00:08:52 -0400

Money Pinch Tips: August 20

Wed, 20 Aug 2008 00:08:52 -0400

Plan errands together so you don't have to make multiple trips.

WALL STREET

Wed, 20 Aug 2008 00:08:51 -0400

Stocks tumble hard for second straight day NEW YORK Wall Street fell sharply for a second straight session yesterday after a hefty jump in wholesale inflation and a drop in home construction gave investors more reason to believe an economic recovery is far off. The Dow Jones industrial average dropped 130 points after losing 180 Monday for the worst two-day performance since late June.

BUSINESS BRIEFS

Wed, 20 Aug 2008 00:08:50 -0400

Higher interest rates may be needed to bring down inflation even before growth and financial markets return to normal, Federal Reserve Bank of Richmond President Jeffrey Lacker said yesterday. "It is important to withdraw this monetary-policy stimulus in a timely way," Lacker said in a Bloomberg Television interview. "That may require us to withdraw before we are certain all of the weakness is behind us and before we are completely certain that financial markets are as tranquil as we would like to see."

BUSINESS BRIEFS

Wed, 20 Aug 2008 00:08:50 -0400

Wholesale inflation up in July

Wed, 20 Aug 2008 00:08:50 -0400

Wholesale inflation soared in July, as prices rose at the fastest pace in nearly three decades. Meanwhile, construction of homes and apartments slid to a 17-year low in July. While recent declines in oil and other commodity prices raise hopes inflation may have peaked, some economists worry about the widespread nature of the July price surge and caution it will take more time for that pressure to ease on Wall Street and Main Street.

EARNINGS

Wed, 20 Aug 2008 00:08:50 -0400

Hewlett-Packard Co.'s fiscal third-quarter profit jumped 14 percent, beating Wall Street's expectations, as strong laptop sales and a robust international presence lifted the technology bellwether. The California-based company's results, reported after the market closed yesterday, signaled that HP is holding its ground as the world's No. 1 seller of personal computers even with stronger competition from Dell Inc. and Apple Inc. and aggressive price cuts.

Wholesale inflation up in July

Wed, 20 Aug 2008 00:08:50 -0400

Wholesale inflation soared in July, leaving prices rising at the fastest pace in nearly three decades. Meanwhile, construction of new homes and apartments slid to a 17-year low in July. While recent declines in oil and other commodity prices raise hopes inflation may have peaked, some economists worry about the widespread nature of the July price surge and caution it will take more time for that pressure to ease on Wall Street and Main Street.

Foreclosures may distort housing market

Wed, 20 Aug 2008 00:08:50 -0400

The record-setting surge in foreclosures could be distorting some of the closely watched housing data used to gauge the market's health. The foreclosure glut is making listings of homes for sale a less reliable indicator, because much of the distressed inventory might be left out. In addition, fire-sale prices for such properties may also be skewing volume figures.

Frozen yogurt is back, with youth appeal

Wed, 20 Aug 2008 00:08:50 -0400

NEW YORK Leonardo DiCaprio has a Red Mango yogurt machine in his office. Paris Hilton and Lindsay Lohan have been photographed clutching Pinkberry yogurt cups while ducking the paparazzi.

Circuit City still considering sale

Tue, 19 Aug 2008 08:32:31 -0400

Circuit City Stores Inc. today said it is still looking at options that include a possible sale of the struggling consumer electronics retailer.

Safety of playgrounds a concern in Roanoke

Tue, 19 Aug 2008 00:08:58 -0400

A handful of Roanoke elementary schools could find themselves temporarily without playground equipment when school starts Sept. 2.

Coal test begins in Southwest Virginia

Tue, 19 Aug 2008 00:08:52 -0400

Researchers began a small-scale test yesterday to determine whether carbon dioxide can be captured in a coal seam instead of being released into the air.

Second wave of foreclosures looms

Tue, 19 Aug 2008 00:08:52 -0400

In the mortgage industry, they are called "liar loans" -- mortgages approved without requiring proof of the borrower's income or assets. The worst of them earn the nickname "ninja loans," short for "no income, no job and [no] assets."

Will Phelps be golden outside the pool?

Tue, 19 Aug 2008 00:08:52 -0400

MILWAUKEE Visa Inc. popped out ads almost as quickly as Michael Phelps swam his laps. Pizza Hut is giving him and his teammates free pizza and pasta for a year because he beat Mark Spitz's record of seven gold medals in one Olympics. The makers of a new sports drink are embarking on their first national advertising campaign, banking on his most recent swimming glories.

Money Pinch Tips: August 19

Tue, 19 Aug 2008 00:08:52 -0400

Consult a do-it-yourself book for home projects.

Car buyers give edge to Asia, Europe

Tue, 19 Aug 2008 00:08:52 -0400

U.S. car buyers are growing less satisfied with their purchases from domestic automakers while their Asian and European competitors continue to improve, according to a recent survey. Consumer satisfaction with U.S. auto brands slipped as Lexus and BMW tied for first place, followed by Toyota and Honda, according to the University of Michigan's American Customer Satisfaction Index, released today.

WALL STREET

Tue, 19 Aug 2008 00:08:51 -0400

Stocks fall on bad news about Fannie, Freddie NEW YORK Wall Street retreated yesterday after Fannie Mae and Freddie Mac fell to their lowest levels in nearly 20 years on concerns that the government might need to bail out the mortgage financiers. Weakness in the overall financial sector sent the Dow Jones industrial average down more than 180 points.

BUSINESS BRIEFS

Tue, 19 Aug 2008 00:08:50 -0400

The Greater Richmond Chamber yesterday announced five local companies that are finalists for the 21st annual Impact Award. The finalists are American Family Fitness; CRT/tanaka, a public-relations and marketing firm; CXI, a technology services company; Home Care Delivered Inc., a medical-supply company that makes home deliveries; and Madison + Main, an advertising agency.

Treasury rates drop

Tue, 19 Aug 2008 00:08:50 -0400

Interest rates on short-term Treasury bills fell in yesterday's auction to the lowest levels in two weeks. The Treasury Department auctioned $28 billion in three-month bills at a discount rate of 1.85 percent, down from 1.87 percent last week. An additional $27 billion in six-month bills was auctioned at a discount rate of 1.98 percent, down from 2.02 percent last week.

Bank doesn't give away toasters; it sells stuff

Tue, 19 Aug 2008 00:08:50 -0400

TIGHTWAD, Mo. When Ellen T. Lindsey picks up the phone in this flyspeck town, the first question, more often than not, is "Are you a real bank?" Lindsey, the new manager, assures the callers that the institution is, indeed, real. Tightwad Bank may be quirky and unproven, but it is a genuine bank with a real charter and a real vault and a pair of real bankers in charge. For good measure, the business cards say: "Tightwad Bank. Member FDIC."

Local firm cites data breach

Tue, 19 Aug 2008 00:08:50 -0400

A computer server operated by Richmond-based InterActive Financial Marketing Group, which owns financial Web sites including Carloan.com and Autoloan.com, was hacked between November and February, the company announced yesterday. Personal information from 92,095 credit applications potentially was exposed. That information included names, addresses, birth dates and Social Security numbers of applicants who submitted credit applications to InterActive's financial Web sites.

Shopping center planned for former Wigwam site

Mon, 18 Aug 2008 00:06:56 -0400

The spot once occupied by the Wigwam restaurant and dance hall soon will be Hanover County's latest shopping center.

Venture Out networking event scheduled for Thursday

Mon, 18 Aug 2008 00:06:55 -0400

Entrepreneurs and investors are invited to Venture Out and network Thursday from 5:45 to 7:30 p.m. The Venture Forum will hold the event at the Bull & Bear Club, 901 E. Cary St. Venture Out will provide the scenario for entrepreneurs to talk to bankers, accountants, attorneys and other service providers, said Rich Reineck, president of the Venture Forum.

Mind games make it fun

Mon, 18 Aug 2008 00:06:54 -0400

Iforget things. My mind is full of tech-related facts and acronyms - GPON, anyone? But when my wife asks me, "Did you put my phone back in my purse after you charged it?" . . . I am without a clue. These video games and training software try to make memorization exercises, math problems and pattern recognition tasks fun. For example, at Lumosity.com ($9.95 a month after a seven-day free trial), one game tests your visual attention and your working memory by flashing an image of a bird on your computer screen while simultaneously popping up a letter of the alphabet. If you click near the bird's location and remember the letter that popped up, you play a version of "hangman" and spell a variety of bird: "F-I-N-C-H," for instance. Believe me, it's more fun than it sounds.

Company makes workstations work

Mon, 18 Aug 2008 00:06:52 -0400

Partners in Henrico firm know plenty about office space.

Images are everything

Mon, 18 Aug 2008 00:06:47 -0400

Richmond photographer's company is storehouse of photos.

Hagy