FTI Consulting reports 6.9% profit increase in Q2
FTI Consulting Inc., a Baltimore firm that finds financial fraud, helps companies restructure and provides other business-advisory services, said Tuesday that its second-quarter profit was $37.2 million, up 6.9 percent from a year earlier. Revenue for the three months ending June 30 was $360.5 million, an increase of 6.8 percent from a year earlier. Per-share earnings were 69 cents, up 6.2 percent from a year earlier. FTI also said it now employs more than 3,400 worldwide.
- Jamie Smith Hopkins
State workers' pension system sees 20% drop
The Maryland State Retirement and Pension System ended fiscal 2009 with $28.5 billion, a 20 percent drop from a historical high of a year earlier, state officials said Tuesday. Officials blamed the decrease on declines in the global financial markets that brought the U.S. equity market down 26.6 percent and international equity markets down more than 30 percent for the year ended June 30. But despite the turmoil, the pension fund benefited from a shift away from heavy reliance on public equities, officials said. "The diversification of our portfolio and the strong leadership of the system's investment staff assure our 350,000 current members and beneficiaries, and their employers, that the system is strong and their retirement benefits continue to be safe and secure," said State Treasurer Nancy K. Kopp, chair of the fund's board of trustees. The system administers retirement and pension allowances of 115,000 retirees and beneficiaries as well as future benefits for more than 199,000 active and vested members. Members include state and local government employees.
- Lorraine Mirabella
UMBC launches business incubator for minorities
The University of Maryland, Baltimore County has launched a new incubator for minority-, women- or veteran-owned start-ups whose businesses are aimed at technology-related products and services for state and federal agencies. The Advantage Incubator @bwtech opened last week with four tenants at the bwtech@UMBC Research Park in Catonsville.
- Hanah Cho
PNC gives financing to buy, rehab E. Baltimore rentals
