Business

On March 30, 2020, amid a national emergency and rising numbers of COVID-19 cases in Maryland, then-Gov. Larry Hogan issued an executive order mandating most workers stay home to mitigate the virus’s spread. As other states were issuing similar shutdown orders, and businesses and workers were forced to adapt to a new normal, suddenly the nation was forced to collectively re-examine the nature of work. Now, with the pandemic economic emergency mostly in the rear-view mirror following an economic recovery that has seen unemployment sink to the lowest levels in 50 years and labor force participation rates boosted to near pre-pandemic levels, businesses face a new set of challenges: attracting and retaining workers in a red-hot labor market. A new bill introduced in the Maryland House of Delegates aims to give private businesses a new tool to attract and retain workers: a new vision for the work week.

Rockville’s Supernus Pharmaceuticals Inc. (NASDAQ: SUPN), which develops treatments for central nervous system diseases, has secured a nine-figure loan as the company pushes multiple product candidates through clinical trials and comes up against some regulatory hurdles. The credit line with UBS Bank USA gives the clinical-stage biotech access to up to $150 million that “can be drawn at any time,” it said in filings with the Securities and Exchange Commission. The company said it plans to use the financing for general corporate purposes. “We are pleased to further enhance the strength and flexibility of our balance sheet with this line of credit,” Supernus President and CEO Jack Khattar said in a statement.

Chris Mfume, son of Congressman Kweisi Mfume, is 32 years old and has already made his mark in development. He’s a developer with an eye on inclusion while preserving Baltimore’s neighborhoods. A few weeks ago, he opened a new, 149-unit, $33 million apartment house built on the footprint of the old Epstein’s Highlandtown department store warehouse. It’s called Hohm Highlandtown and faces Bank and Grundy streets. He worked with partners Doug Schmidt and Richard Manekin, who also mentored him in what it takes to get something built dovetailed around the edges of historic shopping and eating streets.

Maryland Gov. Wes Moore signed an executive order Thursday to require state agencies to report data to assess the performance of the state’s Minority Business Enterprise program. “Our administration has the most diverse cabinet in history, and it’s critical that we take the first step forward in delivering more access and opportunities to our minority-owned businesses in order to create a more economically competitive and inclusive state,” Moore said.

Maureen Daly of Long Island’s North Shore Leader broke the story of George Santos’ deception months prior to the 2022 election. But people didn’t listen, and Santos went on to secure victory in New York’s 3rd Congressional District. He’s since faced scrutiny from local and national outlets alike for embellishing his background. Stories like this are what inspired newly elected state Del. Joe Vogel, D-Montgomery, to sponsor a bill sustaining local journalism in the Maryland General Assembly.

After 25 years, the Open Society Foundations, which funds grants around the world that focus on promoting justice, democracy and human rights, is closing its Baltimore location — its only U.S. field office. Tom Perriello, executive director of Open Society U.S., said the organization is consolidating and restructuring and putting more resources into its global work. A big focus for the foundation, he said, is to try and move more leadership, resources and programming into areas like Africa, Latin America and Asia. Offices in Nigeria, Afghanistan and Myanmar have also closed in the last few years.

The Congressional Budget Office said Wednesday that it expects the U.S. economy to stagnate this year with the unemployment rate jumping to 5.1% — a bleak outlook that was paired with a 10-year projection that publicly held U.S. debt would nearly double to $46.4 trillion in 2033. The updated 10-year Budget and Economic Outlook outlined stark expectations for the coming year as high interest rates and inflation, though easing, continue to impact U.S. households and businesses.