After a bleak day on Wall Street, investors are tracking General Motors to see if it crumples under pressure.

The Fed’s report released Thursday said commercial banks averaged a record $75 billion in daily borrowing over the past week. That surpassed the old record - a daily average of $44.5 billion - logged in the previous week.

Circuit City Stores Inc. said yesterday that it has a good relationship with vendors and that it shouldn’t be affected by a downgrade from a retail credit-rating service.

Bernard Sands, a credit reporting company that advises manufacturers whether to ship goods to retailers, has pulled it recommendation from Circuit City Stores Inc. after the company reported last week $239 million in losses for the second quarter.

The move is part of the company’s announcement last week, that it has launched a comprehensive review in order to operate as a standalone business while it continues to explore strategic alternatives.

But Wachovia Securities spokesman says analyst’s report is just speculation

J. Alfred Broaddus Jr. says the severity is equal to the savings and loans crisis of the late 1980s and early 1990s

Lehman Brothers says it will sell a majority stake in its prized investment management business and spin off its commercial real estate operations.

Ralph Torning, an international trade manager for the Virginia Economic Development Partnership, said companies are short-changing themselves if they don’t export their products and services to other countries

Shareholders as of Sept. 15 will receive a dividend Oct. 10 of 32 cents per share, up from 29 cents.

Henrico-based firm’s $1.52 closing price is lowest in 20 years

Broker, mutual funds may be put on block after loss, says CEO

Marshall N. Morton, the company’s president and chief executive officer, blamed the results on a weakening economy and a continued challenging business environment in the publishing division.

James River Coal Co. is acquiring nearly 20 million tons of central Appalachian coal reserves from Cheyenne Resources Inc.

Investor Mark J. Wattles expects an announcement from one of the three companies to be made within a month.

Sales fell 7.4 percent in the quarter that ended May 31. The Henrico County-based retailer also said it has suspended future dividend payments. 

About 300 shareholders attended the annual meeting of cigarette maker Philip Morris USA’s parent company this morning at the Greater Richmond Convention Center.  It was the company’s first annual meeting in Richmond since 2003.

Moore & Giles, based in Forest, works with about 15 tanneries in Europe, Asia and other locations to develop long-lasting leather full of natural beauty

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.