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Metro considering $200M in spending cuts
Move could lead to service cuts, shorter hours, layoffs
The Metro Board of Directors is contemplating $200 million in spending cuts to maintain a balanced budget in the event that federal CARES Act funding runs out, which could lead to service cuts, shorter hours and layoffs. On Friday, the board for the Washington Metropolitan Area Transit Authority (WMATA) voted on potential service cuts, schedule
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Four Va. localities earn Main Street designation
Cape Charles, Onancock, Tappahannock, Tazewell to revitalize downtown communities
Published
Gov. Ralph Northam announced Wednesday that the towns of Cape Charles, Onancock, Tappahannock and Tazewell have joined the Virginia Main Street Program, which, through the Department of Housing and Community Development (DHCD), provides services to strengthen downtown communities. Designated towns must participate in an application process to receive services including market analysis, marketplace development, capacity
Trustar Bank names senior adviser
Samuel A. Schreiber joins the Great Falls-based bank
Published
Great Falls-based Trustar Bank announced Tuesday it has hired Samuel A. Schreiber as senior adviser. Schreiber was most recently president of Chain Bridge Bank, but spent 25 years of his career with Wachovia as well as Wells Fargo after their 2008 merger. He was Washington, D.C., president and mid-Atlantic regional president with Wachovia and became
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Booz Allen Foundation doles out $1M to 21 COVID-related projects
Winners received between $10K and $100K in grants
Published
McLean-based global management consulting company Booz Allen Hamilton Inc. announced Thursday that its foundation has awarded $1 million through the Innovation Fund it launched in May that was open to nonprofits, small businesses and individuals who had ideas for projects that could help solve COVID-19-related social problems. The 21 winners received between $10,000 and $100,000
Va. hotel revenues drop again
Revenues declined by 48% when compared to same week last year
Published
Following a small improvement associated with the Labor Day holiday weekend, Virginia hotels saw a steep decline in revenues last week, according to data from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry. For the week of Sept. 6 through Sept. 13, hotel revenues decreased by 48%
Va. initial jobless claims slightly drop last week
Number of ongoing claims down 50% from May 16 peak
Published
Virginia saw a slight decrease in the number of initial jobless claims last week, the Virginia Employment Commission reported Thursday, but the number of ongoing claims has dropped to 50% from the May 16 filing week peak, when 403,557 Virginians filed for unemployment. For the week ending Sept. 12, 10,100 Virginians filed initial claims for
Northrop Grumman lands $298M Space Force contract
Falls Church company to develop hardware, software for satellite
Published
The U.S. Space Force (USSF) awarded Falls Church-based Fortune 500 defense contractor Northrop Grumman Corp. a $298 million contract to help the agency develop hardware and software for a new military satellite communications system, the Department of Defense announced Wednesday. Under the contract, Northrop Grumman will build a payload to support the Space and Missile
A reason to smile
Operation Smile co-founder, president to appear on Lay's potato chip bags as part of national campaign
Published
Kathy Magee, co-founder and president of Operation Smile, will be featured on Lay’s potato chip bags as part of Frito-Lay’s Smile with Lay’s national campaign, the Virginia Beach-based nonprofit announced Wednesday. The snack food giant’s revived campaign features 30 smiles of “ordinary people”, including Magee, who is a former nurse and social worker. She started
HUD awards Fairfax firm $42M contract
Pyramid Systems to migrate loan processing system to cloud
Published
The U.S. Department of Housing and Urban Development awarded Fairfax-based tech contractor Pyramid Systems a two-year, $42 million contract to migrate loan processing system applications to cloud computing infrastructure designed for government use, the company announced Wednesday. Pyramid Systems will use Salesforce to restructure existing software code for the Federal Housing Administration’s (FHA) legacy information
Tysons software company converts $425M cash holdings to bitcoin
MicroStrategy CEO Michael Saylor made announcement via Twitter
Published
The CEO of Tysons-based business software company MicroStrategy Inc., Michael Saylor announced Tuesday that the company has now purchased $425 million worth of bitcoin. In August, the company had announced that it had converted $250 million from its cash holdings into more than 21,000 bitcoins, making it one of the first public companies to use