Business Briefs for Nov. 18

VIRGINIA

Spinnaker's closes at Chesterfield mall

After 22 years, Spinnaker's Restaurant in the Chesterfield Towne Center has closed.

The eatery officially shuttered Sunday after an issue with The Macerich Co., the California-based company that owns regional malls.

Gregg Gregory, the owner of the local Spinnaker's, said his lease was supposed to end next month, but the company told him last week that it was time to go.

A Macerich official declined to comment.

Gregory said the local Spinnaker's started having financial struggles last November. "When the economy went south, we really took a bite," he said. "I wish to goodness sakes I could have kept [the restaurant] up."

Verizon broadband expands in 3 counties

Verizon Communications Inc. is expanding its high-speed Internet service to more than 2,500 customers in Cumberland, Powhatan and Hanover counties.

Prices range between $19.99 and $29.99 per month with a one-year service agreement.

Study cites revenue of Tazewell wind farm

An economic-impact study says a proposed wind farm on East River Mountain would give Tazewell County $9.2 million in tax revenue over 20 years.

The study by Sprinsted Inc. says the $200 million project would create 150 temporary construction jobs. When completed, the wind farm would employ 10 to 15 full-time workers.

Dominion Resources Inc. and BP Wind Energy North America want to install 30 to 40 wind turbines along East River Mountain.

The Mountain Preservation Association citizens group questions the study's validity because it was partially funded by Dominion and BP.

THE NATION

Mixed data on prices and industrial output

Wholesale prices rose less than expected last month, giving the Federal Reserve more leeway to keep interest rates low to try to spur a stronger economic rebound.

Also, industrial production edged up 0.1 percent last month, the Fed reported. It was the poorest showing since output fell 0.4 percent in June. Since then, industrial output had posted strong gains, helped by a rebound in auto production.

Hearing looks at BofA takeover of Merrill

A senior House Democrat says the government didn't force Bank of America to take over Merrill Lynch, but a bank board member said much pressure was applied. Republicans charged that a committee inquiry was covering up the role of an Obama administration official.

The House Oversight and Government Reform Committee is focused on the $45 billion federal bailout of BofA and its hastily arranged acquisition of Merrill in December.

The hearing examined whether BofA executives knew they had little chance of legally being able to back out of the deal to buy Merrill but threatened to do so to pressure the government for more bailout aid.

Elsewhere

• The Securities and Exchange Commission said it opened 6 percent more probes in the latest fiscal year as it overhauled tip-screening and cut bureaucracy.

• Microsoft co-founder and billionaire investor Paul Allen has been diagnosed with non-Hodgkin's lymphoma and is undergoing chemotherapy.

• Simmons Co., maker of Beautyrest mattresses, has filed for bankruptcy protection. The privately held Atlanta-based company filed a prepackaged Chapter 11 plan in Delaware, listing assets between $500 million and $1 billion, and liabilities of more than $1 billion. The bankruptcy plan was announced in September.

• US Airways will add a 5 percent surcharge to all U.S. flights on or after May 8. The surcharge will protect the airline in case fuel prices or other costs increase, a spokeswoman said.

• Fannie Mae said U.S. home sales may jump as much as 11 percent next year as the recession appears to be unofficially over.

• The National Association of Home Builders says its housing-market index remained unchanged at 17 in November for the second month in a row. Readings below 50 indicate negative sentiment about the market.

• The Federal Reserve said it will reduce the length of loans that banks can draw from its emergency lending program since the worst of the financial crisis has passed. The maximum loan amount will be cut from 90 days to 28 starting Jan. 14.

• FedEx is introducing a new device, called Sense Aware, that can track the temperature, light exposure and location of a package at any point in its journey.

• Bernard Madoff's yacht, two smaller boats and a Mercedes-Benz convertible were sold at auction yesterday for more than $1 million combined.

• Daimler AG is testing a rental business for its Smart minicars in Austin, Texas, expanding a pilot program that began in Germany.

American clients who each hid more than 1 million Swiss francs in undeclared bank accounts with UBS AG between 2001 and 2008 could have their details turned over to the U.S. government, Swiss officials said. -- Staff and Wire Reports