State tax collections lower than expected

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State tax collections are continuing to be lower than expected, state Finance Secretary Richard D. Brown told the House Appropriations Committee Tuesday. Revenues through August were down 1.8 percent when they had been budgeted to increase 2 percent. Individual income taxes, sales taxes, recordation taxes and corporate taxes are all below targets. (Richmond Times-Dispatch)

Two Virginia banks could be affected by the federal government’s takeover of Freddie Mac and Fannie Mae. Central Virginia Bankshares of Powhatan County and Gateway Financial Holdings of Virginia Beach both hold shares of the mortgage companies. Both Freddie and Fannie’s stock prices plunged on news of the takeover. Central Virginia Bankshares says it only held minimal shares in the companies, while Gateway Financial reportedly had invested $40 million in the companies. (Richmond Times-Dispatch

The Norfolk City Council yesterday approved a $70 million medical office building to be built near Sentara Norfolk General Hospital. The nine-story medical office building was delayed because of financing troubles, but has since acquired new investors.  Dr. Keith Newby, a Norfolk cardiologist, is the primary developer and says the office is 70 percent leased. (The Virginian-Pilot)

Albemarle County is considering allowing its residents to put small wind turbines on their properties to allow residents to experiment with renewable power sources. (Daily Progress)

For the Record: Business announcements from around the state

ADS Inc., a Virginia Beach-based supplier of equipment to military and emergency response markets, acquired Mar-Vel International of Pennsauken, N.J. in an effort to expand its business with state and local law enforcement. Mar-Vel will operate as a wholly-owned subsidiary, retaining its name and locations. It will also manage the sales and operations of ADS’ law enforcement division. Counting the addition of Mar-Vel’s 50 employees, ADS expands to 290. Another 100 people are expected to be hired in the next year. (The Virginian-Pilot)

As many as 50 nurses at the Naval Medical Center in Portsmouth will be laid off by the end of September. The layoffs were announced by Spectrum Healthcare Resources, a St. Louis company that staffs military hospitals and clinics, as a result of a lost contract. (Richmond Times-Dispatch)

A new style Marriott hotel opened in Chesapeake. The 120-room Courtyard by Marriott Newport News Airport has a different look and design in its lobby and rooms than traditional Courtyard facilities. This location is the first of 12 new style operations planned for this year. Another 100 will open in 2009. The hotel is owned and operated by LTD Management of Chesapeake, which runs an additional 13 locations for the chain. (Daily Press)

CSC Inc., a Falls Church-based technology company, launched its first national brand advertising campaign as part of a global brand repositioning strategy started earlier this year. The company recently changed its name from Computer Sciences Corp. and added a company unit to focus on global sales and marketing. The ad campaign is part of CSC’s strategic business initiative and a five-year plan to increase growth and profits. (PRNewswire)

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