The most-read stories of 2010 by The Daily Record’s business reporting team mirror many of the big ongoing stories that have dominated the news since the economy cratered two years ago — failed banks, slot machine gambling, struggling commercial real estate developments, and City Hall politics.

1. Two Maryland banks closed by regulators – Ben Mook

Federal regulators closed two troubled Maryland banks, including one that was believed to have been the oldest black-owned financial institution in the state. Bay National Bank and Baltimore-based Ideal Federal Savings Bank Friday became the fourth and fifth Maryland banks to be closed over the last two years.

2. Baltimore’s FiOS chances getting slimmer – Staff and Wire reports

Verizon is nearing the end of its program to replace copper phone lines with optical fibers that provide much higher Internet speeds and TV service. Its focus is now on completing the network in the communities where it has already secured “franchises” — and that means major cities such as Baltimore and downtown Boston will be left without FiOS.

Read the rest of this entry »

Powered by Bookmarkify™

The Washington Post has published three interesting business stories this week that promise to reverberate into the new year.

One is on bank failures: 2010 saw the most U.S. banks go under since 1992, and analysts see more “on the horizon” in 2011.

“The FDIC’s list of ‘problem’ banks – those whose weaknesses ‘threaten their continued financial viability’ – stood at 860 as of Sept. 30, the highest since 1993. Historically, about a fifth of banks on the watch list end up failing.”

K Bank and Bay National Bank were among the local banks seized by the feds this year. In a bit of good news, FDIC officials and banking industry analysts think 2010 will be the “high-water mark” for failures.

Another story (via Bloomberg) is on Wall Street and its largely successful efforts to parry regulatory reform of the way it does business, even with the lingering effects of the financial meltdown still causing an economic hangover.

Read the rest of this entry »

Powered by Bookmarkify™

Pensions, horse racing and football were some of the topics driving last week’s most-read stories reported by The Daily Record’s business news team. There was also news for Maryland oenophiles and mergers and acquisitions buffs.

1. Md. pension commission recommends shifting burden to employees
The recommendations will be forwarded to the governor and General Assembly before the start of the legislative session Jan. 12. But, the Public Employees’ and Retirees’ Benefit Sustainability Commission will be back in 2012 for another go at finding solutions to keep the massive and underfunded benefits system afloat.

2. Maryland comptroller wants to allow direct shipments of wine
After reviewing direct wine shipping practices and laws in 37 states and the District of Columbia and interviewing hundreds of people, the Comptroller of Maryland’s office is recommending legislators draft a law that would allow the direct shipment of wine to state residents.

Read the rest of this entry »

Powered by Bookmarkify™

Last week’s top five business stories by The Daily Record staff was dominated by real estate. A multibillion-dollar, state government-backed development gets thrown a roadblock. A multibillion-dollar, mixed-use project in Prince George’s County gets its first apartment stock. And an author who’s sold millions of books gobbles up coveted penthouses at a prime Inner Harbor address.

1. Downtown Baltimore property owners sue to halt State Center development
A group of downtown property owners is seeking to halt the massive $1.5 billion redevelopment of State Center by claiming the state failed to follow its own procurement rules in hiring a developer for the project.

2. Maryland Lottery negotiates way around ban on freebies at casinos
Maryland’s gaming growing pains could ease next month when the state gets its first taste of a staple of the casino industry — booze and a seat at the buffet, on the house.

Read the rest of this entry »

Powered by Bookmarkify™

Years from now, when people look back at Facebook and Mark Zuckerberg, I think naming him Time Magazine’s “Person of the Year” will seem like an understated honor.

Often when my eyes glaze over my Facebook news feed, I think about how many people are active users. As of the end of this year, more than about one out of every 12 people on the planet use the social network (about 550 million users out of the world’s approximate 6.8 billion). When you factor in that the world population includes those too young or too old to use Facebook, and millions of others who are not fortunate enough to have regular Internet access, the number is even more staggering.

Very few inventions and innovations — if any at all — have both affected so many people on a global scale, and can be traced back to one individual.

It may seem odd now, but skip forward 100 years, and I’d suggest Zuckerberg’s influence in the 21st century will be comparable to the impact Thomas Edison and his light bulb had on the 20th. Edison didn’t invent electricity, he revolutionized it; Zuckerberg didn’t invent the Internet, but he made it something that most of us can’t live without (me included).

Read the rest of this entry »

Powered by Bookmarkify™

I was one burrito away from getting a free one at Gordito’s, and I was really looking forward to it.

Unfortunately for me, my stomach, my colleagues and the Mount Vernon area of Baltimore, Gordito’s Cafe, at 336 N. Charles St. has closed after having only been open for a couple of months.

The anticipation for a “homestyle” Mexican restaurant opening half a block from The Daily Record’s offices was immense (at least for me it was). I mean, who doesn’t love a good burrito?

They redecorated the space — inside and out — painting it with bright yellows, oranges and greens, which stood out from the other earthy-colored buildings on the block.

But a few weeks ago, a small paper sign appeared on the glass windows stating that Gordito’s would be closed temporarily until further notice due to personal family issues. A couple of weeks after that, a giant “Lease/Sale” sign appeared, covering most of the storefront.

My heart sank. OK, well not really. But I was disappointed.

And whether or not Gordito’s closed due to family reasons, it has become a small part of a large, unfortunate statistic: the high rate of failure for small businesses.

Read the rest of this entry »

Powered by Bookmarkify™

The e-mail came last Wednesday: Because the Ravens were once again playing “meaningful” games in December, as a PSL owner I had the opportunity to send the team nearly $900 for four tickets to two potential home playoff games.

I had to decide before 5 p.m. Tuesday.

If the Ravens had beaten Pittsburgh last Sunday night, it would have been an easy decision. They would have had what amounted to a two-game lead in the AFC North with four games to play. They would have had a very good chance of playing at least one playoff game at M&T Bank Stadium. But they lost to the Steelers.

Read the rest of this entry »

Powered by Bookmarkify™

As many car dealerships downsize and close in the Great Recession, a local Audi dealership is unveiling a $3 million renovation in Baltimore County.

Audi Hunt Valley reopened its doors at 9800 York Rd. in Cockeysville. The 18,000 square-foot dealership for the German luxury vehicles has a showroom large enough to hold eight cars, including the sleek A4, A5 and Q5 brands.

Charles Fenwick Jr., president of the dealership, said the re-do was part of an effort to use a new terminal design by Audi’s planners to create a recognizable look for U.S. sales ports for the cars.

“Following the complete renovation, we are excited that the Audi Hunt Valley customer experience is fully aligned with the caliber of its vehicles,” Fenwick says.

Powered by Bookmarkify™

Greg Nalley, a local chef and entrepreneur, is opening a sandwich, burrito and chopped salad lunch spot in the lobby of the SunTrust building.

Nalley Fresh will open in mid-January and operate in the 830-square-foot restaurant previously occupied by Cypriana Cafe. Nalley said last week he has signed a seven-year lease with a five-year option for  the site, located at 120 E. Baltimore St.

“This is a great, open-area space in one of the nicest office buildings downtown,” said Nally, who also owned the popular Harvest Table restaurant in Locust Point for six years before selling it in 2007. He is also the former executive chef at the Maryland Jockey Club

Nalley Fresh will be open weekdays from 10 a.m. to 5 p.m. The menu will feature made-to-order chopped salads with homemade dressings, hand-crafted sandwiches, wraps and burritos with homemade condiments and frozen tart yogurts.

The location – at the corner of Baltimore and Calvert Streets – is close to the central business district and the Clarence M. Mitchell Courthouse. A bank of televisions will  broadcast news and sports for diners. Outdoor seating with umbrellas will be available during seasonal months.

Powered by Bookmarkify™