Business

The Port Covington Development Team announced Thursday that it has invested $2.5 million in South Baltimore community organizations over the past year, as part of its community benefits agreement with six South Baltimore neighborhoods. This latest round of grants includes 12 macro grants totaling $815,000 and 25 micro grants totaling $262,000. Macro grants went towards organizations working on initiatives that will create positive change in at least two of the six South Baltimore neighborhoods — Brooklyn, Cherry Hill, Curtis Bay, Lakeland, Mt. Winans and Westport — while micro grants went towards organizations working on smaller projects.  

The state of Maryland added 1,500 jobs and the unemployment rate remained at 4.0% in June, according to preliminary figures released Friday by the U.S. Department of Labor’s Bureau of Labor Statistics (BLS). June’s unemployment rate is the lowest since the beginning of the COVID-19 pandemic. Compared with June 2021, Maryland jobs are up by 86,900, an over-the-year change of 3.3%. The education and health services sector experienced the most growth with an increase of 4,000 jobs from the health care and social services (3,500) and educational services sub-sectors (500).

Chet Gladchuk is in a waiting pattern. In February, the long-time president of the Naval Academy Athletic Association and Naval Academy Golf Association sent a letter to the Secretary of the Navy requesting a formal agreement to design, develop and operate an 18-hole golf course at Greenbury Point. More than five months later, the Navy is still reviewing the proposal. Environmental advocates immediately condemned the idea this spring, saying the land use will harm the Chesapeake Bay and wetlands at Greenbury Point, and detract from the nature conservation and public access already on the peninsula.

An affordable housing investor recently acquired a 727-unit apartment complex in Prince George’s County’s Landover Hills for $139 million, with help from a county program aimed at preserving affordable housing for lower-income residents. The property, dubbed Verona at Landover Hills, whose main address is 4085 Warner Ave., comprises 727 workforce units in 18 low-rise buildings on five parcels just southwest of Annapolis Road.

F.N.B. Corporation on Thursday announced plans to open a new First National Bank retail location in Baltimore at 2700 Remington Ave. in Remington Row. The branch, which FNB anticipates will open by the end of 2022, will enable the company to continue building out its physical delivery channel to promote access for all residents throughout the greater Baltimore area.

Amazon.com Inc. (Nasdaq: AMZN) is pushing deeper into health care, announcing that it will buy primary-care company One Medical for in a deal valued at $3.9 billion, including debt. The online retail giant said it will pay $18 a share for San Francisco-based 1Life Healtchcare Inc., the parent company of One Medical. That’s almost 77% above 1Life’s $10.18 closing price on Wednesday and almost 29% above the $14-a-share price that it went public at in January 2020.

American Airlines earned $476 million in the second quarter on record revenue from summer travelers and said Thursday that it expects to remain profitable in the third quarter. It was American’s first quarterly profit without government pandemic aid in the COVID-19 era. While revenue from leisure travelers is soaring, so are costs, especially for fuel. That kept quarterly profit 28% below the same period in 2019.

United Airlines said Wednesday that it earned $329 million in the second quarter as summer vacationers packed planes, but the results fell far short of Wall Street expectations due largely to soaring fuel prices. United said it will keep flying at current levels instead of growing about 10% in the second half of the year, as it had originally planned.