BUSINESS BRIEFS: Prince George transfers land to Rolls-Royce

By Staff Reports

Published: November 29, 2008

VIRGINIA

Prince George transfers land to Rolls-Royce

Prince George County has officially transferred more than 1,000 acres of land to Rolls Royce for development of a jet engine production and testing facility.

Because the county could not transfer the land directly to Rolls Royce, the county transferred it first to its own Industrial Development Authority, which then transferred it to Rolls-Royce.

County Administrator John Kines said the property transfer was part of a memorandum of understanding between the county and Rolls-Royce for the development of the land into the industrial facility.

Rolls-Royce announced last year plans for a $170 million production-and-testing facility for its next-generation jet aircraft engines at the Crosspoint Centre Industrial Park.

Reston ponders how to handle new development

The walkable, environmentally friendly, suburban community plan that Reston has followed for more than 40 years is a model other communities across the Washington region want to follow.

Now Reston is contemplating how to manage some big changes in the future.

Metro's extension to Dulles International Airport is slated to bring three Metrorail stations to town. That could bring new high-density development near the transit hubs and the redevelopment of a lakeside plaza that was modeled after a European village.

Some residents are objecting because of the traffic the new development could bring.

But one of the strongest proponents of change for Reston is the man who founded the community in 1964. Robert Simon, now 94, says Reston needs more people, housing and shops to keep it vibrant.

SCC approves workers' compensation changes

The Virginia State Corporation Commission has approved adjustments in premiums charged for workers' compensation insurance.

The National Council on Compensation Insurance requested the changes. The Florida-based ratemaking group represents insurance companies licensed to write workers' compensation insurance in Virginia. Almost all Virginia employers are required to carry the coverage.

Under the changes, overall premiums for the federal and surface coal mine classifications will increase.

Overall premiums for the industrial and underground coal mine classes in the voluntary and assigned risk markets will decrease.

The changes will take effect April 1.

THE NATION

Icahn raises stake in Yahoo, filings show

NEW YORK -- In a move likely to fuel speculation over Yahoo Inc.'s search for a new chief executive, activist investor Carl Icahn has bought up close to 7 million additional shares of the Internet company, according to regulatory filings.

Icahn, a billionaire hedge-fund manager who threatened to oust Yahoo's board this summer after it rejected a deal with Microsoft Inc., snapped up about $67 million worth of shares over three days this week, according to a filing with the Securities and Exchange Commission.

Icahn bought 6.8 million shares for an average of $9.92 each in three batches from Monday through Wednesday, bringing his total stake to 75.6 million, or nearly 5.5 percent of the company, according to the filing made Wednesday.

2 SEC employees probed in handling of trades

The Securities and Exchange Commission, the top U.S. cop for insider trading, is examining whether two of its employees broke agency rules or tapped nonpublic information while making a high volume of trades.

SEC Inspector General David Kotz said his office has reviewed more than two years of brokerage records to see if the investments were approved, properly reported and held for required amounts of time. The probe also examines whether trades were based on confidential information from casework, co-workers or agency resources.

The report doesn't suggest investigators found evidence of misconduct. The inquiry was prompted by an allegation that an employee had a high volume of personal securities trading, raising suspicions that the employee may have violated the commissions rules, Kotz wrote. The inquiry later widened to include another person who may have engaged in similar behavior, he said.

The two employees sent numerous e-mails discussing stocks and securities transactions from SEC computers, the report said.

Investigators are trying to determine whether they violated confidentiality requirements by discussing nonpublic information between themselves or with others outside the agency.

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