Capitalizing on the buzz around thoroughbred racing’s biggest event, UPS has inked a sponsorship deal with Kentucky Derby winner Big Brown, who was named in honor of the shipping giant known for its distinctive brown trucks and uniforms.

The Chesapeake Bay Foundation says it has settled a lawsuit with Philip Morris USA and Virginia over pollution in the James River

Turmoil in financial markets has eased somewhat, but the situation is still “far from normal,” Federal Reserve Chairman Ben Bernanke said Tuesday.

Under the terms announced Tuesday, Palo Alto-based HP will pay $25 per share in cash for EDS, which pioneered the concept of running computer systems and providing other high-tech help for large companies and government agencies.

Elmseed Enterprise Program provides small loans and intensive technical support primarily to low income and other disadvantaged entrepreneurs.

The damage still is being assessed — it could be June before growers know the full extent — but most expect smaller-than-average harvests this year.

The Fed move was in line with expectations. Wall Street believes this could well wrap up the Fed’s rate cuts unless the economy threatens to fall into a worse slump than currently expected.  The Fed said it stood ready to “act as needed to promote sustainable economic growth and stability.” That phrase was seen as a signal that the Fed is as worried about weak growth as it is about the risk of higher inflation.

The merger of Mars, maker of M&Ms, Snickers bars and other candy, and Wrigley, which produces such gums as Extra, Eclipse, and Orbit, could force other snack companies to merge to compete with the new confectionary giant.

Media General shareholders today elected three new directors nominated by Harbinger Capital Partners.

Net income advanced 29 percent to $1.87 billion, or 89 cents a share, from $1.45 billion, or 69 cents, a year earlier, the New York-based company said. Revenue climbed 18 percent to $15.6 billion. The company said full-year profit would increase faster than it previously expected.

First-quarter profit fell 45 percent as the company set aside more money to cover bad loans to homeowners and builders.

The cuts do not affect financial advisers or investment associates at most of the branch offices, such as the one in Richmond, a spokeswoman for the brokerage said yesterday.

The long-term financial structure that Centra used to cover the cost of the new East Tower at Lynchburg General Hospital was hit by aftershocks from the subprime mortgage crisis — briefly almost tripling interest rates for the local health care system. 

Proxy firm backs one nominee as company pushes its own slate

About 235 business representatives are expected to attend the sold-out luncheon at the University of Richmond on Thursday. An overflow room for students and others also will be filled, said council President Randolph Bell, former U.S. ambassador at large.

Circuit City Stores Inc. wants to reduce the size of its board of directors at the chain’s annual shareholder’s meeting in June.

Circuit City Stores Inc. has agreed to meet with renegade investor Mark J. Wattles.  In a letter delivered this morning, Mikael Salovaara, lead director of the Circuit City board of directors, agreed to meet with Wattles and discuss company strategy.

Raycom Media Inc., which already owns WTVR, bought WWBT. That’s generally against federal regulations, but the Federal Communications Commission agreed last week to allow the situation to stand for six months. During that time, Raycom will have to sell WTVR.

Investors heard from both sides yesterday in a proxy battle between Media General Inc. and a dissident shareholder over the direction of the Richmond-based media company, owner of the Richmond Times-Dispatch, and WSLS.

S&K Famous Brands Inc. is the latest competitor to jump into the uniform business.  The Henrico County-based discount menswear retailer has created a division to design and sell uniforms and other corporate apparel to companies for their employees to buy.

The Fortune 500 company is coming to Richmond to join its subsidiary, Philip Morris USA, the nation’s largest cigarette maker

In an effort to deal with the problems highlighted by the current severe credit crisis, the new plan would give major new powers to the Federal Reserve, according to a 26-page executive summary obtained Friday by The Associated Press.

After falling for six straight months, sales of existing homes posted an unexpected increase in February. But the median home price tumbled by the largest amount on record.

AT&T Inc. and Verizon Wireless, the nation’s two biggest cell phone carriers, bid a combined $16 billion of the record $19.6 billion pledged in the auction, according to an AP analysis of the results. Verizon Wireless bid $9.4 billion while AT&T Inc. bid $6.6 billion.

The Labor Department said Thursday that applications for jobless benefits totaled 378,000 last week. That was an increase of 22,000 from the previous week and was a far bigger jump than had been expected.

The chairman of the House Financial Services Committee said Wednesday he will push for stricter federal regulation of investment banks, including making them hold reserves similar to those required of commercial banks.

Declining issues outpaced advancers by more than 2 to 1 on the New York Stock Exchange

If money can be made on the deal, a purely private-sector buyout could have been arranged, but “the markets right now are so opaque, and have been for so long, that investors don’t know what to believe,” Mason said.

Delta Air Lines, faced with a weak economy, dimmer hopes of a combination with Northwest Airlines and record fuel prices that are eating up profits, said Tuesday it will offer voluntary severance payouts to roughly 30,000 employees - more than half its work force - and cut U.S. capacity by an extra 5 percent.

The latest action brought the federal funds rate - the interest that banks charge each other - down to 2.25 percent, the lowest point since late 2004. It marked the second back-to-back cuts of three-fourths of a percentage point.