BUSINESS BRIEFS

VIRGINIA

Loudoun OKs marketing deal with Redskins

LEESBURG -- The Loudoun County Board of Supervisors has approved a two-year marketing deal with the Washington Redskins, branding the county as the team's "corporate home."

The deal calls for the county to spend $250,000 over two years from funds devoted to promoting tourism. The money would come from restricted hotel tax funds.

Board members voted 5 to 3 on Tuesday, with one abstention, for the two-year deal. Supervisor Jim Burton questioned what the return would be on the county's investment.

The board also approved a resolution directing county staff to pursue the possibility of creating a Redskins Hall of Fame in Loudoun. Fairfax County also has expressed interest.

New vote ordered on MeadWestvaco union

COVINGTON -- An administrative law judge has ordered a new vote on which union will represent nearly 1,000 workers at MeadWestvaco's paper mill in Covington.

Workers voted in October 2007 to cut ties with the United Steelworkers after more than a year of failed contract negotiations. In March 2008, the Covington Paperworkers Union Local 675 won an election to represent the workers.

The Steelworkers alleged pre-election misconduct by officers and others affiliated with the small paperworkers union.

The paperworkers union has until Feb. 13 to appeal the decision by National Labor Relations Board Administrative Law Judge Eric Fine. The union's attorney, John Fishwick, says it will evaluate whether its members are best served by appealing or holding a new election.

Virginia electric co-ops send crews to Kentucky

Seven Virginia electric cooperatives are helping rural cooperatives in Kentucky to restore power to victims of an ice storm.

Central Virginia, Community, Mecklenburg Electric, Powell Valley Electric, Rappahannock Electric, Shenandoah Valley Electric and Southside Electric cooperatives sent crews to Kentucky over the weekend.

They will replace transformers, broken poles and crossarms and rebuild downed power lines.

THE NATION

USPS loses money as mail volume declines

WASHINGTON -- The U.S. Postal Service had a $384 million loss in the October-December period, usually a profitable time for the agency because of holiday cards, gifts and catalogs.

But the worsening recession pushed mail volume down by 5.2 billion pieces compared with the same period a year earlier.

It was the eighth consecutive quarter that mail volume fell by increasing amounts. Without an economic recovery, mail volume for the year could be down 12 million to 15 million items, the post office said.

The post office lost $2.8 billion last fiscal year. If current trends continue, the loss could be much greater this year.

A rate increase is scheduled to take effect in May, but the amount has not yet been announced. Because rates are tied to inflation, a 2-cent increase in the 42-cent first-class price is likely. Officials could seek a higher rate, citing the extraordinary economic conditions, but they are concerned that could lead to even greater declines in business.

Wells Fargo may face cancellation fees

WASHINGTON -- Wells Fargo & Co. is likely on the hook for hefty cancellation fees after abruptly scrapping its upcoming retreats to Las Vegas casinos.

The company, which received $25 billion in taxpayer bailout money and recently announced a $2.3 billion loss for the last quarter of 2008, had booked 12 nights at two of the most expensive hotels in Las Vegas for events that included a luxurious four-day employee sales conference.

After lawmakers and investigators admonished the company, Wells Fargo scrapped the trip Tuesday night.

Goldman Sachs aims for payback this year

NEW YORK -- Goldman Sachs Group Inc.'s chief financial officer said yesterday that the bank would like to pay back the $10 billion in financial-rescue funds it received from the Treasury Department some time this year.

Goldman Sachs received the investment last fall as part of the government's bailout program intended to encourage lending between banks and to consumers. Under the agreement, companies that receive funds through the program can repay the government with money raised from sales of new stock.

The Treasury Department has invested about $195 billion in more than 350 institutions since October.

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