Business

As a boy, David Rubenstein lived in a red-brick rowhouse house on Fallstaff Road in Northwest Baltimore. He went to City College high school, where he was friends with future Baltimore Mayor Kurt Schmoke and gravitated toward government and civics studies. At 75, he’s the fun-loving owner of the Orioles, turning up game after game at Camden Yards as the team limps toward the playoffs.

Six-thousand delivery jobs are up for grabs in the D.C. and Baltimore area, according to a new statement from UPS. Both seasonal and full-time jobs are included in the hiring push from UPS as part of a nationwide campaign to add 125,000 jobs over the 2024 holiday season. “There may be four less shopping days for the 2024 holiday season, but UPS … will be ready,” the courier service said Friday.

The Federal Reserve gave home shoppers what they hoped for this week: a big rate cut and a signal of more cuts to come. Even so, aspiring homebuyers and homeowners eager to refinance should temper their expectations of a big drop in mortgage rates from here. While the Fed doesn’t set mortgage rates, its policy pivot does clear a path for mortgage rates to go lower. But in this case, the Fed’s action was widely anticipated, so rates moved lower well before the cut was even announced.

Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay. A failure to get a deal done could be even more expensive. In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.

The Daily Record is proud to recognize 57 honorees for the 2024 Influential Marylanders awards. The Influential Marylanders honorees are chosen for their contributions to their respective fields and for their leadership in Maryland in the following areas: civic leadership, communications, education, finance, freestyle, general business, health care, law, philanthropy, real estate and technology.

A lender is threatening to take control of a city-backed hotel that is part of an ambitious redevelopment of an East Baltimore neighborhood, court records show. The owner of the 15-story Residence Inn Baltimore at the Johns Hopkins Medical Campus missed a July deadline to repay a $21 million loan. The lender is now asking a judge to put the entire complex — which includes several commercial and restaurant spaces — in the hands of another operator while its finances are sorted out.

A Baltimore County shopping center has traded for $16.65 million in its first ownership change since 1981. The two-building Arbutus Shopping Center at 1052–1082 Maiden Choice Lane and 4733-4741 Westland Blvd. was sold to an LLC belonging to local investorMeir Duke, whose portfolio includes commercial assets and other shopping centers. The seller — Stamford, Connecticut-based AmCap Inc. — was looking to offload the center ahead of its debt maturation, according to KLNB Principal Chris Burnham, who advised the company along with his colleague Vito Lupo.

The FTC said it stands by its study. “Just three companies control nearly 80% of the market that millions of Americans must use to purchase necessary drugs at high costs,” an agency spokesman said. “This is a complicated and opaque market, and the FTC is committed to using its clear authority to help the public and policymakers understand it.”