Business Digest

BUSINESS DIGEST

January 28, 2009

Port administration buys 14.6 acres for storage

The Maryland Port Administration has purchased 14.6 acres in Chesapeake Commerce Center near the port of Baltimore for port cargo storage, said Duke Realty Corp., developer of the warehouse and distribution park under development in East Baltimore. State records show a purchase price of $5.25 million. The industrial park, planned for 2.8 million square feet of office, warehouse and distribution space, is being developed on the former site of the General Motor van assembly plant, which Duke bought in 2006.

Lorraine Mirabella

Capital Gazette to cut 111 jobs, close Annapolis plant

Capital Gazette Communications, publisher of The Capital of Annapolis, said yesterday it will eliminate 111 positions across the company and close its Annapolis printing plant. Capital Gazette editor and publisher Tom Marquardt cited declining advertising and the faltering economy as reasons for the cutbacks. The Annapolis-based company will transfer its printing to Comprint Printing, a press in Laurel owned by Post-Newsweek Media Inc., a division of The Washington Post Co. The plant will print The Capital and Capital Gazette's other publications beginning March 2.

Associated Press

Citigroup cancels deal, won't buy corporate jet

NEW YORK : Pressured by the Obama administration, Citigroup Inc. reversed course yesterday and said it will not take delivery of a corporate jet it had planned to purchase. The canceled deal comes amid concerns from lawmakers who are worried about how banks that have received federal funds are spending the money. Citigroup has received $45 billion in capital from the government in recent months amid the credit crisis. An official in President Barack Obama's administration reached out to Citigroup on Monday to reiterate Obama's position that such jets are "an outrageous use of funds" for a company getting taxpayer dollars, said a White House official, who spoke on condition of anonymity to more freely describe private conversations. In a statement late Monday, Citi said it had placed a deposit in 2005 to acquire a new corporate jet, and said it didn't plan to use government funds for the purchase.

Associated Press

Yahoo loses $303 million, still beats expectations

Yahoo finished 2008 the way it started the year: struggling. But this time, it sunk even lower by posting its first quarterly loss in nearly seven years. After the market closed, Yahoo said it had lost $303 million, or 22 cents a share, during the fourth quarter. That compared with a profit of $206 million, or 15 cents a share, in the quarter a year ago. The Internet giant said revenue fell 1 percent to $1.81 billion.

Los Angeles Times

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