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Top 5: ‘It’s bad news for Maryland’

Following Tuesday’s primary, Baltimore is on its way to sending Stephanie Rawlings-Blake to a second term as mayor, and the announcement of Bank of America’s 30,000 layoffs will surely be felt in Maryland. Those stories and more in this week’s business top 5.

1. Rawlings-Blake says she will be aggressive in Baltimore’s economic development – by Melody Simmons

Hours after her victory in the city’s Democratic primary, Mayor Stephanie Rawlings-Blake said in a news conference she plans to take aggressive strides in local economic development, including a restructuring of the Baltimore Development Corp.

Rawlings-Blake, 41, defeated five challengers to win the nomination Tuesday with 52 percent of the vote.

“The election is over and for me, the mandate is to move the city forward,” Rawlings-Blake said.

2. Bank of America layoffs to hurt Maryland – by Ben Mook

Bank of America’s plan to shrink its workforce by 10 percent over the next few years will almost certainly have significant effect on Maryland, given the bank’s presence and stature in the state, analysts said.

Bank of America Corp., the biggest U.S. lender by assets, will eliminate 30,000 jobs in the next few years as part of Chief Executive Officer Brian T. Moynihan’s plan to bolster profit and the company’s stock price. Bank of America is the largest bank in Maryland with roughly 3,900 workers and 20 percent of the market share in the state. The company did not provide details on Monday about where the job cuts would come from or when they would happen.

3. Casino changes upset minority groups – by Nicholas Sohr

A collection of minority groups is protesting changes the state made to requirements for casino developers eyeing the gaming license up for grabs in Baltimore.

Last month, the Video Lottery Facility Location Commission stripped explicit minority business enterprise benchmarks from the request for casino proposals. Instead, the state will work with developers to set goals on a project-by-project basis.

4. Howard executive Ken Ulman running $72M project to connect Maryland – by Nicholas Sohr

While the economic malaise lingers, another recession threatens and trillions in federal budget cuts loom, Ken Ulman finds hope in a warehouse in Elkridge.

There sit spools of fiber-optic cable destined to link public institutions and build the backbone of a network that will bring high-speed Internet service to office buildings and business parks throughout central Maryland.

5. Maryland loses 2,500 jobs in August – by Nicholas Sohr

Maryland lost 2,500 jobs in August and the unemployment rate rose to 7.3 percent, according to figures released Friday morning by the state Department of Labor, Licensing and Regulation.

The job losses were widespread across private employers, but labor officials blamed much of the decline on the information sector, which lost 4,400 jobs. The now-resolved strike by Verizon workers “disproportionally contributed to job losses in that sector.”