Daily Briefing

DAILY BRIEFING

November 14, 2008

Commercial bakery opens in Halethorpe

Bakery Express opened a new manufacturing facility with 300 employees yesterday on Hollins Ferry Road in Halethorpe. The commercial baking company is the lead tenant in a new 210,000-square-foot plant that was redeveloped by Baltimore-based Merritt Properties. Bakery Express consolidated three divisions from other Baltimore locations into the renovated building: a division that makes baked goods for 1,100 7-Eleven stores in the mid-Atlantic; Ms. Desserts, which serves restaurants; and Jeanne's Gourmet, which bakes goods for school and nonprofit fundraisers. Georgetown Bakery Management Corp., parent of Bakery Express, received a $500,000 loan from Baltimore County's Small-Business Loan Partnership and a $250,000 loan from the county's business Growth Fund Zone.

Lorraine Mirabella

Interbank loan rates are on the rise

NEW YORK : The gradual loosening in bank-to-bank lending may be pausing - a key interbank lending rate rose, albeit modestly, yesterday for the first time in 23 days. The London interbank offered rate, or Libor, for three-month dollar loans rose to 2.15 percent from 2.13 percent on Wednesday. This rate is a rough indicator of banks' willingness to make loans to one another, and determines some consumer loan rates, including those on adjustable-rate mortgages.

FOR THE RECORD - A brief article in yesterday's business section incorrectly named Georgetown Bakery Management Corp. as the parent of Bakery Express. The brief also incorrectly said that three divisions of the commercial baking company were consolidated at a new facility on Hollins Ferry Road. Only two divisions were consolidated at that location. The third division, Jeanne's Gourmet, closed about 18 months ago.
The Baltimore Sun regrets the errors.

Associated Press

International Paper in partial shutdown

MEMPHIS, Tenn. : International Paper Co. said yesterday it will shut down one of its paper production machines at its mill in Franklin, Va., and take downtime out of its uncoated free- sheet paper mills during the fourth quarter. An International Paper spokesman said it has not been determined exactly what will happen to the 50 employees affected by the shutdown.

Associated Press

Finance firm CIT seeks to join bank bailout

NEW YORK : CIT Group Inc. said yesterday that it has applied to the Federal Reserve to become a bank holding company, which would make the commercial finance firm eligible for funding under the government's $700 billion bank rescue program. Bank holding companies - like commercial banks - have permanent access to financing from the Fed. But the change in status also likely means tighter regulations and oversight. The government investment package, administered by the U.S. Treasury Department, is part of a broader program to stabilize the financial services sector.

Associated Press

Mortgage rates drop for second week

WASHINGTON : Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets. Freddie Mac, the mortgage giant, reported yesterday that rates on 30-year, fixed-rate mortgages averaged 6.14 percent this week, down from 6.20 percent last week. It marked a sharp decline since rates hit a high of 6.46 percent two weeks ago. Analysts attributed the back-to-back decreases to financial markets growing more confident that the Federal Reserve will cut rates again at its final meeting of the year in December in an effort to combat a severe slowdown.

Associated Press

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