Industries

VRE prices to increase

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Virginia Railway Express is expecting to raise its rates by as much as 15 percent in January and another 10 percent in July. Some passengers suggested they would rather eliminate the mid-day train than pay for increased fares. The VRE had expected to receive $25 million from taxes raised by the Northern Virginia Transportation Authority, but the group’s taxing powers were struck down by the Virginia Supreme Court earlier this year. (The Free-Lance Star

A report suggests Virginia could reduce its electricity use 20 percent by 2025. The American Council for an Energy-Efficient Economy’s report provided 11 recommendations for increased energy efficiency. (Danville Register & Bee)

Sallie Mae President C.E. Andrews will leave the student loan company Sept. 30. The company did not disclose reasons for his departure. Andrews will receive a $500,000 bonus for individual performance and $2.5 million in cash for his five years with the company. (Reuters)

Earnings

Richmond-based CarMax Inc. reported Monday that its earnings fell 78 percent in second quarter as the weak economy hurt its sales. Earnings were $14 million compared with $68 million the year before. Sales fell 13 percent to $1.84 billion from $2.12 billion last year. (Associated Press

For the Record

Dinwiddie County raised the level of cash proffers for developers from $5,629 to $9,688 per unit in rezoning requests. The unanimous vote of the Board of Supervisors put the increase into effect immediately. To support the increase the board cited expectations that the county’s increasing population will trigger more demand for emergency services and road maintenance. (Richmond Times-Dispatch)

Shenandoah Telecommunications Co. of Edinburg will explore options for selling its Converged Services subsidiary. Converged Services offers video, Internet and voice services to multiple dwelling units, throughout the Mid-Atlantic and Southeastern United States. The move is in line with a long-term strategic plan that focuses on growth in ShenTel’s wireless business as an affiliate of Sprint Nextel, and expansion of its triple play service of high definition television, video on demand, and high speed Internet access. (PRNewswire)

Interstate Hotels & Resorts, an Arlington-based hotel investment and management firm, opened an aloft Hotel in Nashville, Tenn. under a joint operation with The John Buck Company, a Chicago real estate developer. aloft is Starwood Hotels & Resorts’ premium, select-service hotel for business and leisure travelers. There are 18 aloft facilities open in the U.S., Canada and China with two more slated to open this year and 50 worldwide in 2009.
(PRNewswire)

American National Bank & Trust Co., a Danville-based financial services provider, will buy the headquarters building of First State Bank on Mount Cross Road in Danville. First State is relocating to North Union Street in an effort to better service its customer base. American National will use the old First State site as a full-service retail banking office, consolidating two other offices in the process. Pending regulatory approval, the moves should be completed late this year or early 2009. (Danville Register & Bee)


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