Washington's future as the host city for annual meetings of the International Monetary Fund and World Bank may be in doubt, according to officials of the two institutions interviewed during a weekend meeting.
A number of delegates and bankers from foreign countries are unhappy that the official part of the meetings has been compressed to one weekend, the officials said. The decision to shorten the meetings was taken in 2001 because of security concerns from protests and the 9/11 attacks.
The meetings used to run over five days and offered plenty of opportunities for get-togethers between officials from developing countries and their bankers, as well as with IMF and World Bank staffers. But now long meetings are only possible during gatherings like those held every third year outside the United States.
Moving the meetings out of Washington would be a revenue blow to local hotels, restaurants and limo services. Some delegates and officials attending the weekend gathering expressed satisfaction with Washington and said they don't expect the meetings to be moved. But Rodrigo de Rato, the IMF's managing director, was noncommital when asked at yesterday's closing news conference whether consideration was being given to holding more meetings abroad. He thanked Washington for its hospitality, but said, "Right now, I cannot give you an answer," adding that "there are certainly some problems" with security and inconvenience."
Independence Delays Vote
Independence Federal Savings Bank has set its annual shareholder meeting for Oct. 29, but shareholders will not vote on Independence's pending and increasingly shaky merger with Carver Bancorp, said Thomas L. Batties, Independence's acting chief executive.
Shareholders were to have been asked to approve the $21-a-share merger agreement that would make the Washington-based S&L part of a Carver subsidiary, Carver Federal Savings Bank. The agreement was thrown in doubt after a letter from Carver President Deborah C. Wright said the deterioration of Independence's financial condition required renegotiating the deal, reached in March. Batties said Independence told Wright would not renegotiate the price and has notified Carver that it is in default on its merger agreement. Carver has until Oct. 17 to respond to the notice of default, according to the merger agreement.
XM Satellite Radio Holdings said sales of its Delphi XM Roady2 receiver were impeded by a four-week production slowdown that ended in late August. XM did not provide the amount of sales affected, but it said its satellite radio service remains on track to have more than 3.1 million subscribers by the end of the year.
Arlington Capital Partners, a private equity fund, acquired Secor International, a privately held provider of environmental consulting services, in partnership with the company's management. Secor, of Redmond, Wash., is a national provider of cleanup management, consulting, compliance and permitting services to industries including petroleum, chemical, industrial, pulp and paper and power. Terms were not announced.
Grameen Foundation USA merged with Digital Partners of Seattle. Both nonprofit groups are dedicated to using digital technology to aid the world's poor.
DKL International of Vienna, a provider of human-detection technology, said the Japanese Regional Police Headquarters has ordered additional units of the DKL LifeGuard, a passive electronic sensor that detects the electric field created by a beating human heart. The company's products are designed to be used in search-and-rescue operations or in military or police operations to detect an adversary.
SI International of Reston priced a secondary offering of 3.2 million shares of common stock at $21.85 a share. The company would have proceeds of $48 million from the 2.2 million shares it is offering. It said Frontenac, a private equity firm, is selling an additional 1 million shares. After the announcement SI's stock rose 15 percent Friday, closing at $25.25, up $3.34.
Sunrise Senior Living of McLean entered into two joint venture agreements. The agreement with GEM Investors, a real estate investment company, involves developing two senior living communities in Massachusetts and one in New Jersey. The agreement with the California Public Employees' Retirement System and its adviser, AEW Capital Management, involves developing a community in California.
Human Genome Sciences of Rockville said results from an early-stage study shows that its cancer treatment HGS-ETR1 is safe and well-tolerated in doses up to 10 milligrams per kilogram of body weight every 28 days. HGS-ETR1 is an antibody the company is developing for the treatment of advanced solid tumors and non-Hodgkin's lymphoma.