ENERGYAES to Sell Stake in Venezuelan Oil FirmPower producer AES said it has reached a definitive agreement to sell its 82 percent stake in Electricidad de Caracas to Venezuela's state-owned oil company for about $739 million. AES, of Arlington, said it expects to receive its share of a dividend that will provide up to $98.6 million after conversion into U.S. dollars. As a result of the sale, AES said it expects to record a pretax, non-cash charge of $550 million to $650 million in the first quarter of 2007. Venezuelan President Hugo Chávez's government announced on Feb. 8 that it had signed an agreement to buy the stake, clinching the nationalization of Venezuela's largest private electric company.
MEDIAWashington Post Partners With Web TV ServiceWashingtonpost.Newsweek Interactive, a wholly owned subsidiary of The Washington Post Co., said it is partnering with Internet television service Brightcove to launch ad-supported video channels on its Web sites, including washingtonpost.com. Post subsidiaries Slate.com and Newsweek.com already use Brightcove. The Post's Web site will feature Brightcove-powered videos with Post journalists, as well as documentaries and eventually user-generated videos, the company said. RETAILMexx Stores in Georgetown, Tysons to CloseLiz Claiborne plans to shut its remaining Mexx clothing stores in the United States, including those in Georgetown and Tysons Corner, to focus on better-known brands such as Lucky and Juicy Couture. Liz Claiborne, which had closed seven Mexx stores in early 2006, is to shut the four remaining U.S. locations by July. Mexx stores in Europe and Canada are to remain open. The shutdown ends a 3 1/2 -year run for Mexx, which sells casual clothes geared toward people younger than 40. Liz Claiborne brought the brand to the United States in September 2003 after buying the Dutch chain in 2001 for $300 million. MORTGAGESFannie Mae Again Misses Filing Deadline Fannie Mae of the District said in a Securities and Exchange Commission filing that it would miss a regulatory deadline yesterday for submitting its financial report for 2006. It said that recent cost-cutting measures could trim operating expenses by $200 million this year but that expenses rose by $900 million last year, to $3.1 billion. About $850 million of the costs from last year were to pay for accounting fixes, lawsuits and regulatory compliance related to its earnings overstatement. Fannie, which is recovering from an accounting scandal, said its internal financial controls continued to be weak last year. It has not reported or forecast its results beyond June 2004. DEFENSEGeneral Dynamics' Divestment Plan ApprovedA plan by General Dynamics of Falls Church to divest its 50 percent stake in a military ammunition company, American Ordnance, was approved by the Federal Trade Commission. The sale was required before the defense contractor could buy SNC Technologies of Canada for $275 million. General Dynamics plans to sell its share of American Ordnance to Day & Zimmerman, which owns the other half of American Ordnance. EXECUTIVESLegg Mason Names Board MemberLegg Mason said former AT&T pension manager Robert E. Angelica will replace Carl Bildt on its board. Bildt stepped down as a board director in October to become Sweden's minister of foreign affairs, the Baltimore-based company said.