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    <title>WJLA News and Blogs for Category -- Business</title>
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    <description>The latest 25 entries of WJLA News and Blogs for Category -- Business</description>
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    <copyright>Copyright 2012 WJLA</copyright>
   
    <lastBuildDate>Thu, 24 May 2012 17:59:48 EST</lastBuildDate>

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		<title><![CDATA[Arlington food truck regulations sought by Rosslyn leaders]]></title>
		<description><![CDATA[<p>As food trucks and mobile eateries continue to gain in popularity across the D.C. area, some Arlington restaurant owners are fed up with their increasing numbers.</p>
<p>Their fear is that the growth of food trucks is taking customers away from them, and now, they're taking action to restrict the mobile meals. In fact, The Rosslyn Business Improvement District is proposing ways of controlling food trucks, and will pass recommendations on to the Arlington County Board in June.</p>
<p>As first reported by <span style="font-style: italic;">ARLNow</span>, the <a href="http://www.arlnow.com/2012/05/22/rosslyn-mulls-ways-to-control-food-trucks/">dozens of restaurateurs and eatery owners believe that food trucks in Arlington are &quot;inadequately regulated.&quot;</a> One of those owners is Moe Houdaigi, who has owned the Brooklyn Bagel Shop on Wilson Boulevard for more than 13 years.</p>
<p>Despite being surrounded by competing restaurants on both sides, he says his biggest rivals are the food trucks.</p>
<p>&quot;They don't have overhead, they don't pay taxes, they don't have employees (and) they don't pay rent,&quot; Houdaigi said. &quot;It's a big competition.&quot;</p>
<p>Food trucks, of course, are nothing new to Rosslyn. On any given weekday, hungry workers and residents can find more than a half-dozen lined up. Customers love the variety, but business owners dislike the roaming competition.</p>
<p>&quot;It's nice because it gives you more options, and they change,&quot; food truck customer Rebecca Grastsy said. &quot;Last week, there was a truck here that never comes to this area, so we have different options.&quot;</p>
<p>Among the changes the BID would like to see are a limit to the number of food trucks that can be on any given block at a time and making sure sidewalks are cleared so people can move freely. They also want to keep trucks at least 65 feet away from businesses.</p>
<p>Meanwhile, there's no guilt from many food truck vendors, who would rather see both flourish than one side going after another.</p>
<p>&quot;I hope the board finds a way for the food trucks and the brick-and-mortar restaurants to co-exist,&quot; vendor Andy Nguyen said.</p>
<p>Nguyen also disputes one other point the BID makes - he does pay rent, in the form of $4 to park in his spot on Wilson.</p>]]></description>
		
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		<pubDate>Wed, 23 May 2012 15:41:04 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author>Kendis Gibson</author>
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		<title><![CDATA[Facebook, Mark Zuckerberg, Morgan Stanley sued in wake of IPO]]></title>
		<description><![CDATA[<p>NEW YORK (AP) - Facebook's fourth day of trading as a public company saw an increase in the company's stock price and shareholder lawsuits related to the social network's botched initial public offering.</p>
<p>Facebook Inc.'s stock climbed $1, or 3.2 percent, to close at $32 on Wednesday. But the gain was only a small reprieve for shareholders. The stock's rocky inaugural trading day Friday was followed by a two-day decline. The stock is still trading nearly 16 percent below its $38 IPO price.</p>
<p>The initial public trading of Facebook's stock was tarnished Friday morning by a half-hour delay, caused by glitches on the Nasdaq Stock Market. It was marred further this week as investors began accusing the banks that arranged the IPO of sharing important information about Facebook's business prospects with some clients and not others.</p>
<p>Several shareholders who bought stock in the IPO have filed lawsuits against Facebook, its executives and Morgan Stanley, the IPO's lead underwriter. At question is whether analysts at the big underwriter investment banks cut their second-quarter and full-year forecasts for Facebook just before the IPO, and told only a handful of clients about it.</p>
<p>One suit, filed in U.S. District Court in New York, claims Facebook's IPO documents contained untrue statements and omitted important facts, such as a &quot;severe reduction in revenue growth&quot; that Facebook was experiencing at the time of the offering. The suit's three plaintiffs, who bought Facebook stock on its first day of trading May 18, claim they were damaged in the process.</p>
<p>Morgan Stanley declined to comment. Facebook said the lawsuit is without merit.</p>
<p>Another lawsuit, filed in San Mateo County Superior Court in California, holds Facebook and underwriters liable, claiming that Facebook's IPO documents misled investors. Both suits seek class action status on behalf of investors who bought Facebook stock on Friday and lost money.</p>
<p>&quot;No one gets it perfect, as far as saying what the financial results are,&quot; said Anthony Michael Sabino, professor at John's University's Peter J. Tobin College of Business. The bottom line, he added, is whether Facebook or the underwriter had material information about Facebook's finances that was not disclosed publicly.</p>
<p>&quot;At this moment, it's still too early to say,&quot; he said. &quot;We don't know enough, but this could turn out to be an issue.&quot;</p>
<p>What is known is that beginning in March, Facebook began meeting with analysts at the underwriting firms. The gatherings are a customary part of the IPO process and are designed to help analysts understand the company's business so they can make accurate financial projections.</p>
<p>On May 9, day-three of Facebook's pre-IPO roadshow to meet with prospective investors, the company filed an amended IPO document that said its mobile users were growing faster than revenue. According to a person familiar with the matter, Facebook then had another meeting with analysts and told them that based on the new information in the filings, the analysts' forecasts should be at the low end of the range that the company gave them in April. The person spoke on the condition of anonymity because they were not publicly authorized to discuss the matter.</p>
<p>Adding to the day's events, Facebook was in talks with the New York Stock Exchange to move its stock from the Nasdaq Stock Market after the botched offering, according to a person familiar with the matter.</p>
<p>The person spoke on the condition of anonymity because they were not authorized to speak publicly. The news of the talks was first reported by Reuters.</p>
<p>NYSE spokesman Rich Adamonis said: &quot;There have been no discussions with Facebook regarding switching their listing in light of the events of the last week, nor do we think a discussion along those lines would be appropriate at this time.&quot;</p>
<p>A Nasdaq spokesman declined to comment.</p>
<p>&nbsp;</p>]]></description>
		
			<link>http://www.wjla.com/articles/2012/05/facebook-mark-zuckerberg-sued-in-wake-of-ipo-76265.html</link>
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		<pubDate>Wed, 23 May 2012 09:12:49 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author>Rebecca Cooper</author>
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		<title><![CDATA[Facebook stock price dips again as regulators examine IPO]]></title>
		<description><![CDATA[<p>WASHINGTON (AP) - Regulators are examining whether Morgan Stanley, the investment bank that shepherded Facebook through its highly publicized stock offering last week, selectively informed clients of an analyst's negative report about the company before the stock started trading.</p>
<p>Rick Ketchum, the head of the Financial Industry Regulatory Authority, the self-policing body for the securities industry, said Tuesday that the question is &quot;a matter of regulatory concern&quot; for his organization and the Securities and Exchange Commission.</p>
<p>A spokesman for Facebook Inc. said late Tuesday that the company had no comment. In the meantime, Facebook stock fell $3.03 on Tuesday to close at $31 and has now fallen $7, or more than 18 percent, from its offering price of $38.</p>
<p>After going as low as $30 a share in premarket trading Wednesday, shares were up to $31.40 before the bell.</p>
<p>The top securities regulator for Massachusetts, William Galvin, said he had subpoenaed Morgan Stanley. Galvin said his office is investigating whether Morgan Stanley divulged to only some clients that one of its analysts had cut his revenue estimates for Facebook before the stock hit the market on Friday.</p>
<p>The bank said late Tuesday that it &quot;followed the same procedures for the Facebook offering that it follows for all IPOs,&quot; referring to initial public offerings of stock. It said that its procedures complied with regulations.</p>
<p>The questions about the role played by Morgan Stanley, the lead underwriter for the deal, add to the confusion surrounding Facebook's IPO. In the most hotly anticipated stock debut in years, the offering raised $16 billion for the social networking company, valuing it at $104 billion</p>
<p>On Tuesday, Robert Greifeld, the CEO of the Nasdaq Stock Market, acknowledged to shareholders of Nasdaq's parent company that &quot;clearly we had mistakes within the Facebook listing.&quot;</p>
<p>The stock debut was delayed more than half an hour Friday because of technical problems at Nasdaq. Some brokerages were still sorting out the aftermath on Tuesday.</p>
<p>&quot;Unfortunately, our clients continue to feel the effects of this in some cases,&quot; said Stephen Austin, a spokesman for Fidelity Investments, one of the country's largest brokerages. Fidelity was still waiting for some Facebook stock orders that it placed on Friday to be executed. Fidelity's systems had performed normally, Austin said.</p>
<p>The Reuters news service reported Tuesday that a Morgan Stanley analyst, Scott Devitt, cut his estimate for Facebook's revenue this year to $4.85 billion from more than $5 billion earlier. Reuters reported that it was unclear whether Morgan Stanley had told only select clients about the reduced estimate.</p>
<p>Reuters reported that the analyst cut his figures for Facebook while the company's executives, including founder and CEO Mark Zuckerberg, were shopping the stock to potential investors in the weeks ahead of the IPO, a process known in investing as a road show.</p>
<p>Morgan Stanley, in its statement, did not specifically address which clients might have been told about a reduced estimate from one of its analysts. It said that &quot;a significant number&quot; of analysts, including those from other firms underwriting the stock issue, had reduced their estimates for Facebook to reflect publicly available information about the company.</p>
<p>That was a reference to a May 9 regulatory filing in which Facebook said a shift by many Facebook users toward mobile devices might limit its revenue growth. Social media companies have struggled to make as much money as they would like from mobile advertising. Advertising accounts for more than 80 percent of Facebook's overall revenue.</p>
<p>Morgan Stanley also said that revised analyst views were taken into account in setting the stock offering price at $38 per share. Facebook, working with Morgan Stanley, first set a range of $28 to $35 for the offering price, then raised the range to $34 to $38 before setting it at $38 on the night before the IPO.</p>
<p>When the stock started trading Friday, it jumped several dollars, but quickly fell back toward $38. It never crossed below that level on its first day, and outside analysts said that was probably because Morgan Stanley, eager to avoid the embarrassment of a first-day decline in the stock price, had rushed in with thousands of buy orders at $38.</p>
<p>The Wall Street Journal reported Tuesday night that Facebook's chief financial officer, David Ebersman, decided shortly before the stock debut to raise the number of shares the company would offer by 25 percent. The Journal, citing people familiar with the planning of the stock offering, also reported that Morgan Stanley had assured Ebersman there was plenty of demand for the stock.</p>
<p>The SEC had already said on Friday that it was looking into problems surrounding the IPO. On Tuesday, the agency's chairman, Mary Schapiro, said: &quot;I think there is a lot of reason to have confidence in our markets and in the integrity of how they operate, but there are issues that we need to look at specifically with respect to Facebook.&quot;</p>]]></description>
		
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		<pubDate>Wed, 23 May 2012 08:48:05 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
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		<title><![CDATA[Washington Business Report May 20, 2012]]></title>
		<description><![CDATA[<object id="flashObj" width="610" height="344" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,47,0"><param name="movie" value="http://c.brightcove.com/services/viewer/federated_f9?isVid=1&isUI=1" /><param name="bgcolor" value="#FFFFFF" /><param name="flashVars" value="@videoPlayer=1646398224001&playerID=932647471001&playerKey=AQ~~,AAAAGuN0bcE~,rS1wzGXkRNkBi1RYglqd0AIIsZiMZoqu&domain=embed&dynamicStreaming=true" /><param name="base" value="http://admin.brightcove.com" /><param name="seamlesstabbing" value="false" /><param name="allowFullScreen" value="true" /><param name="swLiveConnect" value="true" /><param name="allowScriptAccess" value="always" /><embed src="http://c.brightcove.com/services/viewer/federated_f9?isVid=1&isUI=1" bgcolor="#FFFFFF" flashVars="@videoPlayer=1646398224001&playerID=932647471001&playerKey=AQ~~,AAAAGuN0bcE~,rS1wzGXkRNkBi1RYglqd0AIIsZiMZoqu&domain=embed&dynamicStreaming=true" base="http://admin.brightcove.com" name="flashObj" width="610" height="344" seamlesstabbing="false" type="application/x-shockwave-flash" allowFullScreen="true" allowScriptAccess="always" swLiveConnect="true" pluginspage="http://www.macromedia.com/shockwave/download/index.cgi?P1_Prod_Version=ShockwaveFlash"></embed></object>
<p>Jon Lovitz explains his negative and profane reaction to President Obama&rsquo;s statements about the tax burden carried by high-income Americans.</p>
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<p>Actor and comedian Jon Lovitz is also a businessman. He talks about tax policy&rsquo;s impact on the comedy club he owns.</p>
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<p>Politico&rsquo;s Josh Boak and the University of Maryland&rsquo;s Peter Morici take on Facebook&rsquo;s IPO, regulation of JPMorgan, and the upcoming G-8 meeting at Camp David.</p>]]></description>
		
			<link>http://www.wjla.com/articles/2012/05/washington-business-report-may-20-2012-76123.html</link>
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		<pubDate>Sat, 19 May 2012 21:14:24 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
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		<title><![CDATA[Facebook IPO: Stock goes on sale]]></title>
		<description><![CDATA[<p>NEW YORK (AP) - After all the hype, Facebook's first day as a public company ended where it began.</p>
<p>Its stock closed at $38.23, up 23 cents, after pricing Thursday night at $38 per share.</p>
<p>After an anxiety-filled half-hour delay, its stock began trading on the Nasdaq Stock Market for the first time as investors were finally able to put a dollar value on the company that turned online social networking into a global cultural phenomenon.</p>
<p>The stock opened at 11:32 a.m. at $42.05, but soon dipped to $38.01. By noon, it was up again at $40.40, a 6 percent increase.</p>
<p>It fluttered throughout the afternoon, but it never hit the double-digit jump that many Facebook-watchers had expected.</p>
<p>By the end of the day, more than 500 million shares had changed hands</p>
<p>The closing price means Facebook is worth about $105 billion, more than Amazon.com, McDonalds and storied Silicon Valley icons Hewlett-Packard and Cisco.</p>
<p>But as many people looked for a big first-day pop in Facebook's share price, the single-digit increase was somewhat of a letdown.</p>
<p>&quot;It wasn't quite as exciting as it could have been,&quot; said Nick Einhorn, an analyst with IPO advisory firm Renaissance Capital. &quot;But I don't think we should view it as a failure.&quot;</p>
<p>Indeed, the small jump in price could be seen as an indication that Facebook and the investment banks that arranged the initial public offering priced the stock in an appropriate range.</p>
<p>It's also a supply and demand issue. Facebook offered nearly 20 percent of its available stock in the IPO, so there was enough to meet demand. In comparison, Google offered just 7.2 percent of its stock when it went public in 2004 - and rose 18 percent on day one.</p>
<p>To IPOdesktop's Francis Gaskins, it means mom-and-pop investors are becoming &quot;much more educated and careful&quot; about not buying into hype. And he said that the banks taking Facebook public have learned from the 10 IPOs of social media companies in the past year and are better able to gauge how much stock to make available in an initial offering.</p>
<p>It might not have been possible for the social network to live up to the hype that led up to its IPO. It's Facebook, after all, a place where people are emotionally invested in endless online diversions and rekindled friendships, an endless depository of baby photos, favorite songs and fleeting memories.</p><p id='page_02'></p><p>&quot;It's probably one of the first times there has been an IPO where everyone sort of has a stake in the outcome,&quot; said Gartner analyst Brian Blau.</p>
<p>While most Facebook users won't see a penny from the offering, they are all intimately familiar with the company.</p>
<p>Earlier Friday, the company's 28-year-old CEO, Mark Zuckerberg, smiled as he rang the opening bell from Facebook's headquarters in Menlo Park, Calif.</p>
<p>Surrounded by cheering Facebook employees and wearing his signature hoodie, he pushed the button that signals the opening of the stock market in New York.</p>
<p>The morning's events followed an all-night &quot;hackathon&quot; at the company, where engineers stayed up coding software and conjuring up new ideas for Facebook and its 900 million users.</p>
<p>&quot;Right now this all seems like a big deal. Going public is an important milestone in our history. But here's the thing, our mission isn't to be a public company. Our mission is to make the world more open and connected,&quot; Zuckerberg said. &quot;In the past eight years, all of you out there have built the largest community in the history of the world. You've done amazing things that we never would have dreamed of and I can't wait to see what you guys all do going forward.&quot;</p>
<p>Afterward, employees tried to get back to business as usual, building the company under immense new pressure to meet shareholders' expectations.</p>
<p>To remind everyone not to get caught up in the hoopla, Facebook's employees were given t-shirts that read &quot;Stay focused &amp; keep hacking.&quot;</p>
<p>On Thursday, Facebook and the investment bankers settled on a price of $38 per share.</p>
<p>The company and its early investors raised $16 billion in the offering, which valued Facebook at $104 billion.</p>
<p>That makes Facebook the most valuable U.S. company to ever go public.</p>
<p>Now, the stock market will begin assigning a dollar value to Facebook that will rise and fall with investor whims.</p>
<p>It will be subject to broad economic forces and held accountable for profit it earns -or loses- from one quarter to the next.</p>
<p>But Facebook is one a rare companies whose IPO transcends Wall Street's money lust. It is a cultural touchstone for the way technology reshapes our lives.</p>
<p>Since its start as a scrappy network for college students, Facebook has come to define social networking by getting people around the world to share everything from photos of their pets to their deepest thoughts.</p>
<p>It has done so while becoming one of the few profitable Internet companies to go public recently. It had net income of $205 million in the first three months of 2012, on revenue of $1.06 billion.</p>
<p>In all of 2011, it earned $1 billion, up from $606 million a year earlier. That's a far cry from 2007, when it posted a net loss of $138 million and revenue of $153 million.</p>
<p>The company makes most of its money from advertising. It also takes a cut from the money people spend on virtual items in Facebook games such as &quot;FarmVille.&quot;</p>]]></description>
		
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		<pubDate>Fri, 18 May 2012 05:05:16 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author>Jummy Olabanji</author>
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		<title><![CDATA[Virgin Atlantic Airlines plans to allow in-flight cell phone calls]]></title>
		<description><![CDATA[<p>If you plan on flying internationally with Virgin Atlantic Airlines this summer, you may be in for an unusual sight. You and your fellow passengers will be allowed to talk on your cell phones in-flight.</p>
<p>The Washington Dulles plans to allow passengers at 35,000 feet to make or take a call.</p>
<p>Airline customer Meshal Alhassan thinks it's a good idea.&nbsp;</p>
<p>&quot;I mean you will be in contact with your friends and family during the flight,&quot; Alhassan said. &quot;Yeah, I mean that is really good things.&quot;</p>
<p>Bola Labinjo told ABC7 in the Middle East, some carriers already allow in -flight cell phone calls.</p>
<p>&quot;You can call people, you can tell them you are about coming, if you are landing, you know, that is what I think...,&quot; Labinjo said.</p>
<p>While some think the new rule is a convenience, others consider it an annoyance. Airline passenger Lori James said the thought of having to endure other people's cell phone conversations while inside an airplane does not appeal to her.</p>
<p>&quot;Cuz if you got ten conversations going on at once, you can't concentrate on the one you're having or what you want to do if you are not on the phone,&quot; she stressed.</p>
<p>There will be some restrictions. No cell phones can be used during take off or landing.</p>
<p>Remember, the FCC forbids the use of American cell phones carriers while in-flight, so you probably won't be able to talk on a cell phone until you are out of U.S. airspace.</p>]]></description>
		
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		<pubDate>Wed, 16 May 2012 17:25:34 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
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		<title><![CDATA[Best Buy chairman, Richard Schulze, steps down]]></title>
		<description><![CDATA[<p>NEW YORK (AP) - Best Buy's founder Richard Schulze is stepping down as chairman of the beleaguered consumer-electronics chain after the company's investigation revealed that he failed to alert the board of directors when he learned that the CEO was having an inappropriate relationship with a female employee.</p>
<p>Best Buy Co. said Monday that a probe it launched in March determined that former CEO Brian Dunn, who resigned last month, violated company policy and showed poor judgment by having a &quot;close personal relationship&quot; with a subordinate.</p>
<p>The inquiry also found that Schulze, who first heard about the relationship in December when another employee gave him a written statement regarding it, acted inappropriately by not telling human resources or the company's board about the allegations.</p>
<p>&quot;I confronted him with the allegations (which he denied), told him his conduct was totally unacceptable and contrary to Best Buy's policies and everything I, and the company, stand for,&quot; Schulze said in a statement on Monday. &quot;I understand and accept the findings.&quot;</p>
<p>The latest revelations are part of a scandal that couldn't have come at a worse time for the 46-year-old retailer. The company, which has more than 1,400 U.S. locations, is struggling to regain its footing as it faces increased competition from online retailers and discounters. Customers have all but abandoned buying at so-called &quot;big box&quot; stores like Best Buy.</p>
<p>Best Buy reported in March that it widened its net loss to $1.7 billion, and the company announced a major restructuring. That included closing some of its big-box stores, cutting 400 corporate jobs and trimming $800 million in costs in addition to opening 100 smaller, more profitable locations.</p>
<p>Later that month, Best Buy's board learned about the allegations that Dunn was having an inappropriate relationship with the employee after they were brought to the attention of a senior human resources executive - several months after Schulze questioned Dunn. Best Buy's board then hired an outside law firm to investigate the allegations.</p>
<p>The company probe found that although Dunn did not misuse company resources or aircraft related to the relationship, he and the employee were in significant contact for no identifiable business purpose. For example, during one four-day and one five-day trip abroad in 2011, the CEO contacted the female employee by cell phone at least 224 times, including 33 phone calls, 149 text messages, and 42 picture or video messages.</p>
<p>Both Dunn and the employee said the relationship was a close friendship but not romantic in nature. Still, the relationship has claimed the executive roles of two long-time Best Buy executives.</p>
<p>Dunn was a 28-year company veteran who worked his way up from being a sales associate to head of the company in 2009. He will receive a compensation package worth $6.6 million, which includes a 2012 bonus of $1.1 million, stock grants of $2.5 million, a severance payment of $2.9 million and more than $100,000 for unused vacation.</p>
<p>Schulze created the company by opening his first store called the Sound of Music in St. Paul, Minn., in 1966. He was CEO for more than 30 years, overseeing it through decades of steady growth before relinquishing that title in 2002.</p>
<p>Schulze's resignation is effective June 21 at the company's annual meeting. He will become chairman emeritus, an honorary position, and serve out his term as director through June 2013. He will be replaced at Best Buy by Hatim Tyabji, who is currently chairman of Best Buy's audit committee and CEO of Bytemobile Inc., a provider of video optimization and traffic management systems for mobile network operators.</p>
<p>R.J. Hottovy, a Morningstar analyst that follows Best Buy, said Schulze's departure might be good for the company as it seeks a &quot;fresh start.&quot; It also may open up the door for a takeover offer, he said, since getting Schulze to part with his shares has been a barrier for private equity companies. Schulze currently owns 20 percent of Best Buy's shares.</p>
<p>&quot;Schulze has been influential in building the business from the beginning,&quot; Hottovy said. &quot;That said, the company has struggled to keep its relevance in today's consumer electronics retail environment.&quot;</p>
<p>On the news of the departure, shares closed up 28 cents at $19.56 on Monday after earlier sinking to $19.02 -  the lowest they've been in more than three years.</p>]]></description>
		
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		<pubDate>Mon, 14 May 2012 20:28:45 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
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		<title><![CDATA[Facebook raises IPO price]]></title>
		<description><![CDATA[<p>NEW YORK (AP) - Facebook is raising the price at which it plans to sell stock to the public.</p>
<p>The social networking company said in a regulatory filing Tuesday that it expects to sell its stock for between $34 and $38 per share. That's higher than a previous range of $28 to $35.</p>
<p>The increased range is a sign of high demand from investors to own a piece of the world's most popular social network. The initial public offering is the most hotly anticipated in years and would value Facebook at more than $100 billion. The offering is expected to happen Friday.</p>
<p>Facebook has more than 900 million users who log in at least once a month.</p>
<p><strong>PHOTOS: <a href="http://www.wjla.com/pictures/2012/01/worlds-largest-ipos-the-ten-largest-public-offerings-in-history/-10---telstra-15954-1129.html">The world's 10 largest IPO's</a></strong></p>
<p>The Wall Street Journal says that Zuckerberg, who turned 28 on Monday, has been <a href="http://online.wsj.com/article/SB10001424052702304203604577398484101517236.html">criss-crossing the country meeting with potential investors for the past several weeks.</a></p>]]></description>
		
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		<pubDate>Mon, 14 May 2012 08:54:20 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
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		<media:thumbnail url="http://images.wjla.com/business/avonnailpolish_296.jpg" />
				
		<title><![CDATA[Avon considering Coty buyout offer]]></title>
		<description><![CDATA[<p>NEW YORK (AP) - Cosmetics maker Avon changed course on a buyout offer it had previously rejected, declaring Sunday that it would consider selling itself to Coty after Coty sweetened the deal.</p>
<p>In a sparse two-sentence statement, Avon said its board would respond to Coty within a week.</p>
<p>Coty Inc. offered $23.25 for Avon on March 30, or about $10 billion.</p>
<p>On Wednesday, Coty sent Avon a letter raising the price about 6.5 percent to $24.75 per share, or almost $10.7 billion.</p>
<p>It demanded a response by Monday and said it would withdraw its offer otherwise.</p>
<p>Avon Products Inc., whose brands include Skin-So-Soft, Anew and mark, had told Coty that it wouldn't discuss any revised offer until its new CEO, Sherilyn McCoy, finishes reviewing all of Avon's operations, according to Coty's letter.</p>
<p>Coty said it was disappointed; agreeing to sell itself would be Avon's best hope for a turnaround, the smaller company said. Avon has been under pressure from a bribery scandal, possible credit rating downgrades, pinched profits and other problems.</p>
<p>McCoy, a longtime Johnson &amp; Johnson executive, became CEO just days after Coty made its offer.</p>
<p>Both of Coty's offers represent a premium to Avon's March 30 closing price of $19.36, the last trading day before Coty's offer was made public. Shares closed Friday at $20.19.</p>
<p>Privately held Coty is a beauty-products maker whose brands include Davidoff and Sally Hansen.</p>
<p>Coty said its financing sources include Warren Buffett's Berkshire Hathaway Inc.</p>
<p>Founded in 1886, Avon became a fixture in households across the country as its legions of &quot;Avon ladies&quot; went door to door selling makeup to family members, friends and acquaintances.</p>]]></description>
		
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		<pubDate>Mon, 14 May 2012 06:15:49 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
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		<media:thumbnail url="http://images.wjla.com/business/yahoo__the_last_paladin_flickr_296.jpg" />
				
		<title><![CDATA[Yahoo CEO Scott Thompson to step down over r�sum� controversy]]></title>
		<description><![CDATA[<p>NEW YORK (AP) - Yahoo CEO Scott Thompson reportedly will step down Sunday amid controversy over mentions on his r&eacute;sum&eacute; and in regulatory filings of a computer science degree he never received.</p>
<p>The Wall Street Journal's technology blog AllThings D cited &quot;multiple&quot; unnamed sources close to the situation in reporting that the Internet giant will say Thompson is stepping down for personal reasons and will appoint another executive as interim CEO.</p>
<p>The board also will appoint three new members and select a new chairman on Sunday, the Journal reported.</p>
<p>A Yahoo Inc. spokeswoman did not immediately return a call for comment.</p>
<p>The Associated Press previously reported that Thompson told his colleagues that he didn't supply the incorrect information.</p>
<p>The Journal said Sunday that the Chicago headhunting firm, Heidrick &amp; Struggles, which Thompson blamed for the bogus information, has denied the claim in an internal memo. Officials from Heidrick &amp; Struggles didn't immediately return calls for comment.</p>
<p>The Journal said Yahoo's board will appoint the company's global media head, Ross Levinsohn, as interim CEO.</p>
<p>The incoming board members reportedly to be selected Sunday are three of those nominated by Daniel Loeb, an activist shareholder and manager of hedge fund Third Point.</p>
<p>Loeb discovered the r&eacute;sum&eacute; discrepancy and has demanded that Thompson be fired.</p>
<p>The flap over Thompson's incorrect bio earlier claimed its first casualty - Patti Hart, the Yahoo director who oversaw the search that culminated in his hiring. Hart is to step down at Yahoo's still-unscheduled annual meeting later this year.</p>]]></description>
		
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		<pubDate>Sun, 13 May 2012 14:11:03 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
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		<media:thumbnail url="http://images.wjla.com/communities/graduation-caps-billaday_296.jpg" />
				
		<title><![CDATA[Class of 2012 enters better job market]]></title>
		<description><![CDATA[<p>NEW YORK (AP) - The class of 2012 is leaving college with something that many graduates since the start of the Great Recession have lacked: jobs.</p>
<p>To the relief of graduating seniors - and their anxious parents - the outlook is brighter than it has been in four years. Campus job fairs were packed this spring and more companies are hiring. Students aren't just finding good opportunities, some are weighing multiple offers.</p>
<p>In some ways, members of the class of 2012 got lucky. They arrived on campus in September 2008, the same month that Wall Street investment bank Lehman Brothers collapsed, touching off a financial crisis that exacerbated the recession.</p>
<p>On campus, they were largely insulated from the collapsing U.S. economy. While older brothers and sisters graduated into a dismal job market, they took shelter in chemistry, philosophy and literature classes.</p>
<p>They used their college years to prepare for the brutal realities of the job market that would await them. They began networking for jobs much earlier, as freshmen in some cases. They pursued summer internships not simply as resume boosters, but as gateways to permanent jobs. And they developed more realistic expectations about landing a job in the ideal place and at the ideal salary.</p>
<p>On campuses across the country, spirits are more upbeat this spring, and the employment outlook is especially promising, according to interviews with three dozen seniors and career center directors.</p>
<p>&quot;It's just been such a dramatic change from what we saw in 2008,&quot; says Mercy Eyadiel, who oversees career development at Wake Forest University in Winston-Salem, N.C. Back then, openings disappeared overnight and companies were calling recent graduates to rescind offers. &quot;It was a very bad, ugly situation.&quot;</p>
<p>The job market remains tough, even for those graduating from the best universities. Hiring is not back to its pre-recession level and plenty of seniors are leaving campuses without jobs. Yet this year's graduates are less likely to face the disappointment of moving back in with mom and dad, or being forced to work at a coffee shop to pay off loans.</p>
<p>&quot;I was nervous that my college degree would go to waste,&quot; says Laura Mascari, who arrived on the University of Delaware's Newark campus in the fall of 2008. Mascari, who received two job offers, will work in marketing - her major - for chemicals giant DuPont.</p>
<p>Between September 2008 and August 2010, 6.9 million American jobs were eliminated. In the last year and a half, 3.1 million jobs have been created. The strengthening job market has made a big difference to seniors who are job-hunting in their final semester.</p>
<p>The unemployment rate for college graduates 24 and under averaged 7.2 percent from January through April. That rate, which is not adjusted for seasonal factors, is down from the first four months of 2011 (9.1 percent), 2010 (8.1 percent) and 2009 (7.8 percent.) For all Americans, the unemployment rate is 8.1 percent.</p>
<p>Wake Forest senior Lesley Gustafson started her job search during her freshman year.</p>
<p>She met with a career counselor to discuss her goals. Gustafson picked a double-major - computer science and political science - that made her more marketable. And she found internships every summer that helped her build skills and a network of professionals to offer advice. Gustafson was aggressive in other ways, too: she took part in mock interviews offered by the campus career center so that she'd be better prepared for real employer interviews.</p>
<p>Gustafson's work paid off. In March, she was offered a job with consulting firm Accenture.</p>
<p>&quot;I knew I would find something,&quot; Gustafson says. &quot;I was more nervous finding something that I would be interested in rather than having to take a job just to take one.&quot;</p>
<p>College career centers across the country are reporting seeing more students and seeing them earlier.</p>
<p>At the University of Chicago, just 46 percent of freshman sought advice in the 2008-2009 school year. This year, it is expected to be more than 80 percent.</p>
<p>Students' expectations have also changed. That dream job might just be a dream. Seniors are instead focusing on stepping-stone positions that will hopefully lead to better opportunities.</p>
<p>Jonathan Fieweger, a senior at New York University, doesn't have a long-term job offer. But he was able to turn a public relations internship with TV network Showtime into a year-long, post-graduation job.</p>
<p>Others are willing to move to less desirable locations and settle for lower salaries. Pay for new graduates fell 10 percent during the recession, according to the John J. Heldrich Center for Workforce Development at Rutgers University. Few expect it to climb back soon.</p>
<p>Despite the lower pay, students today have more confidence in the job market. Two years ago, career directors say, seniors were so afraid of the recession that they flocked to graduate schools to wait out the dark times.</p>
<p>&quot;This is a generation of kids that got trophies whether they won or lost the soccer game,&quot; says Farouk Dey, director of career development at Carnegie Mellon University. &quot;They were afraid of being rejected. What would that say about them? Would their parents be disappointed?&quot;</p>
<p>That trend is reversing. The number of U.S. students taking admissions exams for graduate business school and law school are down 8 percent and 16 percent.</p>
<p>This year's grads also have an advantage over those a year or two out of school with equal qualifications. Employers would rather have somebody fresh out of college than somebody who spent two years working at a local book store waiting out the market.</p>
<p>&quot;As a matter of convenience - and you can call it a bias if you will - a lot of employers have said: let's get started quickly by going back (to campus) and getting the new graduates,&quot; says Philip D. Gardner, director of the Collegiate Employment Research Institute at Michigan State University. Companies cut their recruiting staff during the recession. Instead of sorting through thousands of resumes, it's easier to do targeted searches on a few campuses.</p>
<p>Gardner estimates that about 7 percent more college grads will find jobs this year than last year, based on a survey of 4,200 companies.</p>
<p>The recovery is not consistent across all majors. Students seeking jobs in architecture - hit hard by the collapse of the construction industry - are having a tougher time finding employment than those in education and health care, according to the Georgetown University Center on Education.</p>
<p>Colleges say the strongest growth in job offers has come from Fortune 500 companies, investment banks and consulting firms, all of whom make offers in the fall for jobs that don't start until the summer. Most smaller employers hire much closer to when an employee is needed. That means graduates won't get offers until late spring or summer. But college career directors say that, based on conversations with employers, it will be a strong year.</p>
<p>At Florida State University in Tallahassee, the number of job listings jumped from 1,379 last spring, to 2,299 this year. That is down from 5,000-plus listed before the recession.</p>
<p>At Arizona State University's Tempe campus, 1,698 companies have attended job fairs or interviewed on campus, up from 1,357 two years ago but below the roughly 2,000 that visited before the recession.</p>
<p>&quot;We're about halfway back,&quot; says Matthew Brink, director of career services at the University of Delaware.</p>
<p>Packed career fairs and increased job listings don't necessarily translate into employment, warns Sheila Curran, a career consultant who used to run career centers at Duke University and Brown University. Companies might take the time to meet potential employees in case they start hiring again, but it doesn't mean they are going to make job offers.</p>
<p>Those seniors who do have offers say they treated their search like a full-time job and, after some setbacks, managed to secure employment.</p>
<p>Max Gompertz, a senior at the University of Colorado, in Boulder, with degrees in psychology and communication, knows how hard it can be. Many of his friends who graduated last year are still nearby, working in bars and restaurants. Gompertz, however, got an offer in the middle of October for a job he'll soon start providing customer support for financial data provider FactSet.</p>
<p>&quot;I was lucky,&quot; he says. &quot;The stars aligned.&quot;</p>]]></description>
		
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		<pubDate>Sun, 13 May 2012 11:15:44 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
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		<title><![CDATA[Washington Business Report May 13, 2012]]></title>
		<description><![CDATA[<object id="flashObj" width="610" height="344" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,47,0"><param name="movie" value="http://c.brightcove.com/services/viewer/federated_f9?isVid=1&isUI=1" /><param name="bgcolor" value="#FFFFFF" /><param name="flashVars" value="@videoPlayer=1634420889001&playerID=932647471001&playerKey=AQ~~,AAAAGuN0bcE~,rS1wzGXkRNkBi1RYglqd0AIIsZiMZoqu&domain=embed&dynamicStreaming=true" /><param name="base" value="http://admin.brightcove.com" /><param name="seamlesstabbing" value="false" /><param name="allowFullScreen" value="true" /><param name="swLiveConnect" value="true" /><param name="allowScriptAccess" value="always" /><embed src="http://c.brightcove.com/services/viewer/federated_f9?isVid=1&isUI=1" bgcolor="#FFFFFF" flashVars="@videoPlayer=1634420889001&playerID=932647471001&playerKey=AQ~~,AAAAGuN0bcE~,rS1wzGXkRNkBi1RYglqd0AIIsZiMZoqu&domain=embed&dynamicStreaming=true" base="http://admin.brightcove.com" name="flashObj" width="610" height="344" seamlesstabbing="false" type="application/x-shockwave-flash" allowFullScreen="true" allowScriptAccess="always" swLiveConnect="true" pluginspage="http://www.macromedia.com/shockwave/download/index.cgi?P1_Prod_Version=ShockwaveFlash"></embed></object>
<p>Venture capitalist, philanthropist and team owner Mark Ein sizes up the DC business scene and offers suggestions for making it more business friendly.</p>
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<p>Ein is joined by Murphy Jensen coach of WTT Champion Washington. They discuss the business of operating a successful sports franchise and the transformation of the Southwest waterfront.</p>
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<p>Bloomberg White House reporter Kate Andersen Brower reflects JPMorgan&rsquo;s costly gamble and the Ledbetter equal pay law. She is joined by Julie Kantor, Executive Director of the DC region&rsquo;s Network for Teaching Entrepreneurship. More than 50 business leaders from the DC Region are going into area schools bi weekly to coach youth on their business plans and teach them relevant skills on how to make it in the market economy.</p>]]></description>
		
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		<pubDate>Sat, 12 May 2012 21:22:04 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
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		<title><![CDATA[FBI cracks down on economic espionage]]></title>
		<description><![CDATA[<p>It's a constant threat to our economic security that many americans say they know little about.</p>
<p>It's called economic espionage. And according to the FBI, it has cost American businesses at least $13 billion dollars.</p>
<p>&quot;Basically, economic espionage takes our trade secrets, U.S. trade secrets and provides them to a foreign government or foreign entity,&rdquo; says FBI special agent Debra Evans Smith of the counterintelligence division.</p>
<p>American businesses are at almost constant risk of losing sensitive data, such as unique technology, to foreign hackers. Smith has worked these cases and says there's another risk inside company walls in the form of an employee who is helping.</p>
<p>In nine U.S. cities including, Washington, the FBI is using digital billboards to alert Americans that the risk may be as close as the next cubicle.</p>
<p>Since 1996, only eight cases of economic espionage have been resulted in convictions. Smith says companies don't want to admit they've been hacked. Or, don&rsquo;t know.</p>
<p>&ldquo;We want them to know what signs to look for in their employees and in their own networks,&rdquo; Smith says.</p>]]></description>
		
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		<pubDate>Fri, 11 May 2012 18:42:05 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author>Whitney Wild</author>
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		<title><![CDATA[District Taco D.C. location opens, more expansion planned]]></title>
		<description><![CDATA[<p>The rapid and successful growth of <a href="http://www.districttaco.com/">District Taco</a> from food cart to two brick-and-mortar locations is impressive, but founder Osiris Hoil will quickly tell you that it's still a family business.</p>
<p>District Taco has gone from humble beginnings as a food cart in Rosslyn to opening it's second fixed location at 13th and F streets NW near Metro Center in just four years. And, if the line at Friday's grand opening is an indication, the plans to expand to 25 restaurants from New York to Raleigh could become a reality.</p>
<p>That doesn't keep Hoil from keeping himself grounded, though. After losing his construction job in 2008, he shared his dream and a beer with his best friend and neighbor, Marc Wallace.</p>
<p>&quot;He's the hardest worker I've ever met,&quot; Wallace said, though Hoil quickly added that &quot;the cerveza made them think better.&quot;</p>
<p>Soon after their chat, Wallace put up $25,000 for the distinctive, yellow District Taco carts, which quickly became a staple in Rosslyn and Crystal City.</p>
<p>The rapid success of the the cart led to the opening of the first restaurant location on Lee Highway, which in turn paid for the latest location in downtown D.C.</p>
<p>As the gospel of District Taco's burritos and tacos has spread, though, Hoil still knows how to keep things in perspective.</p>
<p>&quot;It's just like tacos...one taco at a time, one restaurant at a time,&quot; he said.</p>]]></description>
		
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		<pubDate>Fri, 11 May 2012 16:23:03 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author>Kimberly Suiters</author>
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		<title><![CDATA[Facebook tests highlighted posts in New Zealand, report says]]></title>
		<description><![CDATA[<p>If you've always thought that your posts on Facebook were just a little bit more important than ones from anyone else, you might soon have a chance to prove it.</p>
<p>According to <em>Stuff</em>, a New Zealand-based news website, users in that nation are being <a href="http://www.stuff.co.nz/technology/digital-living/6904136/Facebook-running-pay-test-for-highlighted-posts">offered the opportunity to &quot;highlight&quot; their Facebook status updates and other posts for a nominal fee</a>.</p>
<p>One user told <em>Stuff </em>that a dialog box gave him an option to pay $2 to highlight his post in Facebook's news feed.</p>
<p>A Facebook spokesperson confirmed that they were testing the new feature.</p>
<p>According to <em>TechCrunch, </em>users who have access to the new feature <a href="http://techcrunch.com/2012/05/10/highlight-facebook-status-updates/">see a &quot;Highlight&quot; option next to the normal Like and Comment functions</a> below a status update. Some users say they haven't been asked to pay anything to highlight a post, while some say they've been prompted to pay a fee.</p>
<p>This is hardly the first time Facebook has made a move to make specific content more visible on the news feed of users. Last month, Facebook rolled out a &quot;Trending Articles&quot; feature on its home page, which shows an updated list of stories and articles from around the Internet that friends are reading.</p>
<p>READ MORE at <em><a href="http://www.stuff.co.nz/technology/digital-living/6904136/Facebook-running-pay-test-for-highlighted-posts">stuff.co.nz</a>.</em></p>]]></description>
		
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		<pubDate>Fri, 11 May 2012 13:16:50 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author>Justin Karp</author>
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		<title><![CDATA[Bowie plumber pays family back after not doing work]]></title>
		<description><![CDATA[<p>A pool of water in the middle of the kitchen is not exactly what Rhonda McDaniel and her mother wanted for Christmas last year.</p>
<p>They didn't want the headache of putting thousands of dollars down to get it fixed only to not have any work done, either. Unfortunately, for McDaniel, that's exactly what happened last December at their Bowie home.</p>
<p>When Rhonda called Jermaine Sturge from Super Sturge Drain and Plumbing, a company she had worked with before, they settled on a $6,000 bill to get the problem fixed. He asked for a down payment of $3,500, which they paid.</p>
<p>Several days later, they canceled he contract and asked for the money back. It never came.</p>
<p>&quot;He said 'I don't have your refund now, but I'll bring it,&quot; McDaniel said. &quot;He never brought it.&quot;</p>
<p>Four months passed. No money ever came back. That's when 7 On Your Side stepped in and made a call to Sturge, who told us that he wasn't bringing their money on a day he promised to do so.</p>
<p>That's when Rhonda and her mother filed complaints with the Better Business Bureau and the state of Maryland. When they did that, ABC 7 and the McDaniels learned that Sturge's company, which also goes by Surge Sewer, Drain and Plumbing, isn't licensed. That led to a $250 fine and a citation from the Washington Suburban Sanitary Commission.</p>
<p>&quot;I feel angry...I feel disappointed,&quot; Rhonda said. &quot;It's so easy to do the right thing that to do the wrong thing takes effort.&quot;</p>
<p>WSSC spokesperson Lyn Riggins says that Sturge was at one point licensed with the utility to do work, but that license expired in 2011. It's a lesson learned by Rhonda and her mother.</p>
<p>&quot;The thought never occurred to any of us to ask if he was licensed,&quot; Nell said. Sturge declined repeated requests to tell his side of the story on camera.</p>
<p>Finally, more than four months later, the McDaniels got a special delivery - their $3,500 for plumbing work never completed.</p>
<p>&quot;We had paperwork, but we needed someone to shove a proverbial boot up his butt,&quot; Rhonda said.</p>
<p>In the meantime, you can protect yourself from problems like the McDaniels encountered by getting at least three estimates before having work done at your home and to do research on the businesses you're hiring. You can check local businesses out on the <a href="http://dc-easternpa.bbb.org/">D.C. region's BBB website</a>.</p>
<p>The Better Business Bureau also offers <a href="http://www.bbb.org/us/Consumer-Tips/">this list of tips</a> on how to spot a scam or protect yourself from shady business dealings. You can also report issues to the <a href="http://www.oag.state.md.us/consumer/">Maryland Consumer Protection Division</a>, <a href="http://www.vdacs.virginia.gov/consumers/oca.shtml">Virginia's Office of Consumer Affairs</a> and the <a href="http://dcra.dc.gov/DC/DCRA">D.C. Department of Consumer and Regulatory Affairs</a>.</p>
<p>Riggins also says that you can get inspection and certification reports directly from WSSC by calling (301) 206-4004 or emailing <a href="mailto:inspectionsupport@wsscwater.com">inspectionsupport@wsscwater.com</a>.</p>]]></description>
		
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		<pubDate>Wed, 09 May 2012 17:58:44 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author>Kris Van Cleave</author>
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		<title><![CDATA[Tanning mom Patricia Krentcil inspires action figure]]></title>
		<description><![CDATA[<p>A New Jersey mother now infamous for allegedly bringing her 5-year-old into a tanning booth has inspired a new action figure.</p>
<p>Connecticut-based toy company Hero Builders unveiled the Tanorexic Action Figure, which is reminiscent of Patricia Krentcil, whose skin is deeply bronze-colored from regular visits to the tanning salon.</p>
<p>The doll has blonde hair, a black jacket and a dark face, and retails for $29.95.</p>]]></description>
		
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		<pubDate>Tue, 08 May 2012 06:13:18 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
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		<title><![CDATA[Boeing 787: The Dreamliner cruises into D.C. area]]></title>
		<description><![CDATA[<p>On swooping wings like non other, the Boeing 787 &ldquo;The Dreamliner&rdquo; cruised first into Dulles and then taxed into the historic terminal at Reagan National Airport.</p>
<p>The plane is made of composite material. It's lighter, uses less fuel, is cheaper to operate and it's a lot quieter.</p>
<p>One of the first things you'll notice when you get on board the 787 is you actually fit inside the cabin. When was the last time you were able to get inside the overhead bin and not have to duck?</p>
<p>In fact, the overhead bin looks like a traveler's dream. They hold four full size roller bags.</p>
<p><strong><a href="http://www.wjla.com/pictures/2012/05/787-dreamliner-photos-boeings-newest-plane-lands-at-reagan/21235-1506.html">PHOTOS: See amazing photos of the Boeing 787. </a></strong></p>
<p>The windows are bigger than any airplane window you've seen and no shades on board. Push the button the windows darken. The inflight entertainment systems are top notch.</p>
<p>And the new sky interior - as Boeing calls it - has a lighting system that can simulate sun rise or sun set.</p>
<p>They can humidify the airplane and the experience in improved because they&rsquo;ve pressurized the plane at to 6000 feet instead of 8,000 or 9,000 feet.</p>
<p>But we'll have to wait a while as there's no word on when Boeing's jet of the future will be calling a D.C.-area airport home.</p>]]></description>
		
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		<pubDate>Mon, 07 May 2012 18:31:30 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author>Kris Van Cleave</author>
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		<title><![CDATA[Abbott Laboratories Depakote case: Lab pleads guilty, must pay $1.5B fine]]></title>
		<description><![CDATA[<p>WASHINGTON (AP) - Abbott Laboratories has pleaded guilty and agreed to pay $1.5 billion over allegations that it promoted the anti-seizure drug Depakote for uses that were not approved by the Food and Drug Administration.</p>
<p>Deputy Attorney General James Cole said Monday the settlement reflects the determination by government &quot;to hold accountable those who commit fraud.&quot;</p>
<p>At a news conference at the Justice Department, U.S. Attorney Timothy Heaphy said that the top levels of Abbott carried out a strategy of systematically marketing the drug for purposes other than what federal regulators had intended.</p>
<p>The misconduct was not the product of &quot;some rogue sales representatives,&quot; said Heaphy, the U.S. attorney for the western district of Virginia. The company engaged in the strategy from 1998 to at least 2006, said Heaphy.</p>
<p>The case includes a criminal fine and forfeiture of $700 million and civil settlements with the federal government and states totaling $800 million.</p>
<p>Virginia Attorney General Ken Cuccinelli announced the state portion of the settlement between the company and 45 states and the District of Columbia.</p>
<p>Depakote is an anti-seizure and mood-stabilizing drug prescribed for bipolar disorder.</p>
<p>However, the federal and state governments alleged that Abbott Laboratories marketed the drug for unapproved uses, including treatment of schizophrenia, agitated dementia and autism.</p>
<p>Illinois-based Abbott said the company was pleased to resolve the matter. It said that it takes its responsibility to patients and health care providers seriously. Under the settlement, the company has agreed to enter a five-year probationary period designed to ensure that there is no repeat of the company's illegal conduct.</p>]]></description>
		
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		<pubDate>Mon, 07 May 2012 15:49:49 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
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		<title><![CDATA[Washington Business Report May 6, 2012]]></title>
		<description><![CDATA[<object id="flashObj" width="610" height="344" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,47,0"><param name="movie" value="http://c.brightcove.com/services/viewer/federated_f9?isVid=1&isUI=1" /><param name="bgcolor" value="#FFFFFF" /><param name="flashVars" value="@videoPlayer=1622129006001&playerID=932647471001&playerKey=AQ~~,AAAAGuN0bcE~,rS1wzGXkRNkBi1RYglqd0AIIsZiMZoqu&domain=embed&dynamicStreaming=true" /><param name="base" value="http://admin.brightcove.com" /><param name="seamlesstabbing" value="false" /><param name="allowFullScreen" value="true" /><param name="swLiveConnect" value="true" /><param name="allowScriptAccess" value="always" /><embed src="http://c.brightcove.com/services/viewer/federated_f9?isVid=1&isUI=1" bgcolor="#FFFFFF" flashVars="@videoPlayer=1622129006001&playerID=932647471001&playerKey=AQ~~,AAAAGuN0bcE~,rS1wzGXkRNkBi1RYglqd0AIIsZiMZoqu&domain=embed&dynamicStreaming=true" base="http://admin.brightcove.com" name="flashObj" width="610" height="344" seamlesstabbing="false" type="application/x-shockwave-flash" allowFullScreen="true" allowScriptAccess="always" swLiveConnect="true" pluginspage="http://www.macromedia.com/shockwave/download/index.cgi?P1_Prod_Version=ShockwaveFlash"></embed></object>
<p>John Reiter, Senior VP for BB&amp;T, and Kim Fiske, founding partner of Fiske &amp; Harvey discuss trends in banking and legal services.</p>
<object id="flashObj" width="610" height="344" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,47,0"><param name="movie" value="http://c.brightcove.com/services/viewer/federated_f9?isVid=1&isUI=1" /><param name="bgcolor" value="#FFFFFF" /><param name="flashVars" value="@videoPlayer=1622148392001&playerID=932647471001&playerKey=AQ~~,AAAAGuN0bcE~,rS1wzGXkRNkBi1RYglqd0AIIsZiMZoqu&domain=embed&dynamicStreaming=true" /><param name="base" value="http://admin.brightcove.com" /><param name="seamlesstabbing" value="false" /><param name="allowFullScreen" value="true" /><param name="swLiveConnect" value="true" /><param name="allowScriptAccess" value="always" /><embed src="http://c.brightcove.com/services/viewer/federated_f9?isVid=1&isUI=1" bgcolor="#FFFFFF" flashVars="@videoPlayer=1622148392001&playerID=932647471001&playerKey=AQ~~,AAAAGuN0bcE~,rS1wzGXkRNkBi1RYglqd0AIIsZiMZoqu&domain=embed&dynamicStreaming=true" base="http://admin.brightcove.com" name="flashObj" width="610" height="344" seamlesstabbing="false" type="application/x-shockwave-flash" allowFullScreen="true" allowScriptAccess="always" swLiveConnect="true" pluginspage="http://www.macromedia.com/shockwave/download/index.cgi?P1_Prod_Version=ShockwaveFlash"></embed></object>
<p>John Reiter and Kim Fiske are involved in donating time and company resources to charities in the Alexandria, Virginia, area. BB&amp;T and Fiske &amp; Harvey have been honored for their community contributions by the &ldquo;Spring for Alexandria&rdquo; business philanthropy summit.</p>
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<p>Pamela Sorensen of PamelasPunch.com explains the business of planning and promoting charitable events, a staple of Washington DC&rsquo;s springtime social calendar. And Sahil Kapur, Washington Reporter for TPM.com gives us the back story on the high-profile smack talk between Congressman Paul Ryan and economist Paul Krugman.</p>]]></description>
		
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		<pubDate>Sat, 05 May 2012 20:46:11 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
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		<media:thumbnail url="http://images.wjla.com/technology/0805_facebook_296.jpg" />
				
		<title><![CDATA[Facebook sets public stock prices]]></title>
		<description><![CDATA[<p>NEW YORK (AP) - Facebook has set a price range of $28 to $35 for its initial public offering of stock.</p>
<p>At the high end, this could raise as much as $11.8 billion.</p>
<p>That's much higher than any other Internet IPO in the past, even Google Inc. in 2004.</p>
<p>The range came in a regulatory filing Thursday.</p>
<p>The Wall Street Journal reported earlier Thursday that the price range would value Facebook Inc. at $85 billion to $95 billion.</p>]]></description>
		
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		<pubDate>Thu, 03 May 2012 16:57:20 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
	</item>

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		<media:thumbnail url="http://images.wjla.com/politics/ap_unemployment_296.jpg" />
				
		<title><![CDATA[Unemployment benefit applications drop sharply]]></title>
		<description><![CDATA[<p>WASHINGTON (AP) - The number of people seeking unemployment benefits fell last week by the most in nearly a year. The figure was a hopeful sign that hiring could pick up in coming months.</p>
<p>The Labor Department said Thursday that weekly unemployment aid applications fell 27,000 last week to a seasonally adjusted 365,000. The four-week average, a less volatile measure, ticked up to 383,500 last week.</p>
<p>Applications are a measure of the pace of layoffs. When they fall below 375,000, it generally suggests that hiring will be strong enough to lower the unemployment rate.</p>
<p>Last month, applications jumped after steadily declining since the fall. At the same time, hiring slowed. Those figures sparked concerns that the job market was worsening after strong gains during the winter. But some economists said temporary layoffs stemming from the spring holidays might have inflated benefit applications.</p>
<p>Last week's drop reversed the increase during April. Applications are now roughly back at their level four weeks ago.</p>
<p>&quot;These data are consistent with the notion that while the labor market is not as robust as December-February data suggested, neither is it in the process of falling apart,&quot; said Joshua Shapiro, an economist at MFR Inc., in a note to clients.</p>
<p>Other recent data have been mixed. A survey by payroll provider ADP, released Wednesday, said businesses sharply cut back on hiring in April.</p>
<p>A report earlier this week showed that the economy's manufacturing sector expanded at the fastest pace in 10 months. Measures of new orders, production and exports rose. And a gauge of employment reached its highest level in 10 months.</p>
<p>On Friday, analysts expect the government to report that employers added 163,000 jobs in April, while the unemployment rate was unchanged at 8.2 percent. That would be an improvement from March, when job growth slowed to just 120,000. But it would be below the average of 246,000 jobs a month added from December through February.</p>
<p>Thursday's report on unemployment applications will have no direct effect on Friday's report on hiring in April. The government calculates job creation by surveying companies during one week in the middle of each month.</p>
<p>Unemployment applications during April's survey week were higher than in March's survey week. That suggests hiring last month might have been weaker than in March.</p>
<p>But the connection between the applications figures and job gains isn't always direct. And the drop in unemployment applications last week suggests that any slowdown may be temporary</p>
<p>Many economists downplayed the weak hiring in March. They said a mild winter led employers to accelerate hiring in January and February. That made March's job figures weaker.</p>
<p>ADP's report said companies added only 119,000 jobs last month. The ADP report has deviated sharply from the government's figures in the past and isn't always a reliable indicator. For example, the government's estimate of 120,000 jobs created in March was much lower than ADP's estimate of 201,000.</p>
<p>Most economists said the ADP figures would not lead them to change their forecasts for job creation during April.</p>
<p>The number of people receiving benefits also declined. In part, though, that's because some extended benefit programs are winding down. Nearly 6.6 million people received benefits during the week of April 14. That's down from about 6.7 million the previous week.</p>
<p>The unemployment rate has fallen to 8.2 percent in March from 9.1 percent in August. Part of the reason was that some people gave up looking for work. People who are out of work but not looking for jobs aren't counted among the unemployed.</p>]]></description>
		
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		<pubDate>Thu, 03 May 2012 11:04:45 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
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		<title><![CDATA[Spirit Airlines raising carry-on bag fee to $100]]></title>
		<description><![CDATA[<p>NEW YORK (AP) - Putting a bag in the overhead bin will soon cost some Spirit Airlines passengers $100, more than they paid for their tickets.</p>
<p>The Miramar, Fla., airline currently charges $45 for a carry-on bag. As of Nov. 6, customers who pay the fee at the boarding gate will fork over $100.</p>
<p>Any bag that needs to fit in the overhead bin is considered a carry-on. A bag that fits under the seat is free.</p>
<p>The fee stays at $45 if passengers pay at an airport counter or kiosk.</p>
<p>Spirit is one of two airlines that charge for carry-ons.</p>
<p>Spirit will increase a handful of other fees between $2 and $10. In the first quarter, Spirit's average revenue from fees per passenger on a round-trip flight topped $100 for the first time.</p>]]></description>
		
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		<pubDate>Thu, 03 May 2012 07:54:03 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
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		<title><![CDATA[Gas rewards programs come with deep discounts and caveats]]></title>
		<description><![CDATA[<p>If you thought you saw gas at $3.05 per gallon for the last time, think again. Of course, though, you've got to have the right goods to find the lower prices.</p>
<p>That's where gas rewards programs come in to help you cut the price at the pump. Fair warning, though - as 7 On Your Side discovered, most of these programs have some big limitations.</p>
<p>In looking at three popular gas rewards programs from some of the biggest retailers in the area - Safeway, Giant and Sunoco, the fine print shows some pretty severe limits to what you can get and how realistic your expectations should be.</p>
<p>For example, the Sunoco A+ rewards card earns you discounts for buying certain special items listed on widely-distributed circulars. If you save up enough, you could technically get up to 20 gallons of gas for less than two cents per gallon. However, not only is that level of savings not entirely typical, your discounts expire just one month after they're earned.</p>
<p>The Safeway card can save you up to a dollar off the price of gas by earning one point for every dollar you spend at the grocery chain. However, beyond the list of exempted products, the gas can only be redeemed at Safeway stations.</p>
<p>Like Sunoco, your points expire at the end of the month. Rewards at Safeway include 10 cents off per gallon for the first 100 points you earn, but to get the $1/gallon off, you have to accrue 1,000 points during the course of a month.</p>
<p>Giant's rewards program, which is linked with Shell gas stations, gives you a bit more freedom and offers a bigger potential discount. Their discount, though, maxes out at $2.20, nearly double the Safeway promotion.</p>
<p>Much like every other program like this, you should choose a program that works for you.</p>
<p>&quot;Every little bit helps,&quot; AAA Mid-Atlantic spokesman Lon Anderson said. &quot;People are really feeling the pain at the pump right and they are looking for ways to lessen that pain.&quot;</p>]]></description>
		
			<link>http://www.wjla.com/articles/2012/05/gas-rewards-programs-come-with-deep-discounts-and-caveats-75494.html</link>
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		<pubDate>Tue, 01 May 2012 16:13:52 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author>Kris Van Cleave</author>
	</item>

	<item>
		
		<media:thumbnail url="http://images.wjla.com/business/dog_food_direz_flickr_296.jpg" />
				
		<title><![CDATA[Diamond Puppy Formula dry dog food recalled]]></title>
		<description><![CDATA[<p>Diamond Pet Food is recalling its&nbsp;Diamond Puppy Formula dry dog food over salmonella concerns.</p>
<p>The dog food was sold in 12 states, including Maryland and Virginia, and may be tainted with salmonella.</p>
<p>There are no reports of dogs becoming sick, but the company says operations have been suspended at the South Carolina plant where the food was produced.</p>]]></description>
		
			<link>http://www.wjla.com/articles/2012/05/diamond-puppy-formula-dry-dog-food-recalled-75485.html</link>
			<guid isPermaLink="true">http://www.wjla.com/articles/2012/05/diamond-puppy-formula-dry-dog-food-recalled-75485.html</guid>
			
		<pubDate>Tue, 01 May 2012 08:53:09 EST</pubDate>
		<source>WJLA</source>
		<category>Business</category>
		<author></author>
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<!--  timestamp {ts '2012-05-24 17:59:48'} -->
