Maryland governor announces venture-capital initiative

VENTURE CAPITAL

O'Malley announces bioscience initiative

Maryland Gov. Martin O'Malley (D) has a new proposal aimed at boosting venture capital for businesses such as bioscience companies.

He rolled out the proposal Tuesday in a speech in Rockville.

Under InvestMaryland, which will require legislative approval, insurance companies would be eligible for state tax credits if they invested in Maryland's venture infrastructure. The money would be used to help businesses creating jobs in fields such as biosciences and nanotechnology.

-- Associated Press

ENERGY

Va. Cooperatives buy distribution business

Allegheny Energy says it has completed the sale of its Virginia distribution business to a pair of electric cooperatives.

The energy company says it has sold Potomac Edison's Virginia service territory to Fredericksburg-based Rappahannock Electric Cooperative and Mount Crawford-based Shenandoah Valley Electric Cooperative.