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August 2013 Archives

Banks merge to simplify and cut costs

Virginia residents would be interested to know that one of the largest banks in America is seeking to merge one of its subsidiaries into the parent company, a move that most outsiders claim will be unnoticeable. The main bank believes that this effort will be helpful in simplifying its organization, as well as reducing costs of the company. This merge comes after the acquisitions the bank did on its subsidiary in midst of the nationwide financial crisis back in the late 2000s.

Virginia governor's race may be affected by green tech fallout

Virginia voters may have to consider an extra wrinkle in the state's gubernatorial race, as a green auto manufacturing firm scaled back production plans. Terry McAuliffe is running for governor in Virginia, but the Mississippi auto plant's business formation was followed only by disappointments. McAuliffe was chairman of the firm when it received a donation of 100 acres worth $1.8 million by a Mississippi development foundation, as well as a $3 million loan for site preparation from the state.

American Airlines and US Airways to fight merger lawsuit

Virginia residents may be interested to learn that the United States Justice Department is attempting to block a merger between American Airlines and US Airways. Such a merger would create the largest airline in the world, which, executives claim, would be better armed to compete against United and Delta. The department files the suit in the District of Columbia, Virginia and four other states.

Amazon CEO buys Washington Post for $250 million

News coverage in Fairfax County, and the rest of the world, got a shot in the arm when Amazon CEO Jeff Bezos purchased The Washington Post for $250 million. The whole field of business acquisition and mergers has changed in the Internet Age, as proven by Bezos buying the newspaper as an individual, not as a part of mega-retailer Amazon.com. The Post's current owner, Washington Post Co., will be changing its name as it moves forward with its remaining divisions but will still hold onto its remaining businesses, such as its Kaplan education operation.

Convenience store faces massive lawsuit

Convenience store chain 7-Eleven is being accused of fraudulent business practices related to not properly claiming its workers as employees and other unethical practices, such as manipulating franchise agreement terms and discrimination against Asian and Middle Eastern franchise owners. These accusations come at the same time the company is under federal investigation for human trafficking in Virginia and other states. According to an attorney representing the franchisees, there are currently 60 people who have joined in the lawsuit and there are hopes of taking the litigation nationwide.

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