Production halted at GM
A strike at General Motors' chief axle supplier halted production at GM Powertrain's Baltimore Transmission Plant. About 280 hourly workers were laid off at the White Marsh plant. Operations ceased April 7 when workers stopped manufacturing a hybrid transmission for the Chevrolet Tahoe. Production of a transmission for the Chevrolet Silverado and GMC Sierra was stopped March 10.
Port cargo rises to $41.5 billion
Propelled by a weakening dollar, a surge of exports - especially autos - drove the value of cargo moving through the port of Baltimore last year to a record $41.5 billion, though tonnage increased less than 1 percent, the Maryland Port Authority reported. The gain of more than 13 percent overall represented a 5 percent increase over 2006. Auto exports rose 80 percent.
Losses grow at Laurel Park
Laurel Park continued to lose money last year, according to documents filed with the Maryland Racing Commission, as questions linger about the racetrack's viability as a potential spot for slot machines. Laurel Park's net loss grew to $4.3 million in the year ended Dec. 31, up from a $3.6 million deficit in 2006.
U.S. spending in state up 9%
Federal spending in Maryland - a key engine for this government-town state - rose faster in the 2006 fiscal year than it did nationwide, according to a new tally. Total spending, which ranges from salaries to Social Security checks to spy drones, jumped nearly 10 percent to $75 billion after accounting for inflation, according to the U.S. Census Bureau.
Legg's Miller expects upturn
Legg Mason money manager Bill Miller hopes his Value Trust fund has seen the worst of market volatility. Miller wrote shareholders that his Value Trust fund is turning a page on its "awful" performance. "For planning purposes, here is my forecast: I think we will do better from here on and that by far the worst is behind us." He called volatility in commodities a wild card in the market recovery.