THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Tuesday, March 5, 1996 TAG: 9603050298
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 56 lines
International Family Entertainment Inc., based in Virginia Beach, said it terminated an agreement to buy a majority stake in a Pakistani mobile-phone company from Motorola Inc. IFE, parent of The Family Channel, had announced it suspended talks to conclude the agreement, but left open the possibility of resuming negotiations. Some analysts had criticized the Pakistani venture as a distraction for IFE. IFE Chairman Pat Robertson said the company decided to focus its efforts in Asia instead on entertainment programming. (Staff) Tobacco exports rise while leaf imports fall
Exports of U.S. tobacco increased last year, according to the U.S. Agriculture Department. Hampton Roads is one of the nation's top ports for the import and export of tobacco given its proximity to the prime growing areas and some of the nation's largest cigarette plants. The United States exported 209,482 tons of unmanufactured tobacco worth $1.4 billion in 1995, an increase of 6 percent by volume and 7 percent by weight. About 231 billion cigarettes worth nearly $4.8 billion were also shipped overseas last year. Imports of unmanufactured tobacco slipped 22 percent to 190,291 tons. (Staff and wire report) Rose's will be bought by Fred's of Memphis
Rose's Stores Inc. has agreed to be acquired by Fred's Inc. of Memphis, Tenn., a chain with 201 discount stores in the Southeast. Rose's, which operates five discount outlets in South Hampton Roads, does not expect to change the name or locations of its 105 retail stores. Fred's intends to buy Rose's stock for $18.5 million and assume about $60 million in debts in a transaction approved last week by Rose's board. The deal requires shareholder approval and is expected to be completed in July. (Associated Press) AT&T completes filings to begin local service
AT&T Corp. has filed for permission to offer local telephone service in all 50 states, the company said, completing its first goal in expanding from its long-distance and cellular businesses. The company plans to begin talks with the regional Bell and other local phone companies on terms for connecting to their phone networks. AT&T hopes to enter the local telephone market this summer. It finished last week with filings to utility commissions in more than a dozen states. The company may use cable television and wireless technologies to offer local phone service. In some cases, it might also build its own network facilities. (AP) by CNB