Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, April 3, 1993 TAG: 9304050204
SECTION: BUSINESS PAGE: A-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
House panel adopts financial-adviser billConsumers lose $1 billion annually because they're getting bad advice from financial planners, said Rep. Rick Boucher, D-Abingdon sponsor of legislation to regulate financial planners and investment advisers.
The legislation, adopted this week by the House subcommittee on telecommunications and finance, would require financial planners and investment advisers to reveal all conflicts of interest, such as investment fees and commissions they receive when they sell an investment product.
It also would require advisers to inquire into the financial condition and investment goals of their clients and to carry a fidelity bond.
Boucher called it the most comprehensive reform since regulation of investment advisers was enacted in 1940. He said the bill has the support of consumer groups and some portions of the financial-planning industry. - Staff report
Charter Fed delays recapitalization plan
Charter Federal Savings Bank's chief financial officer, Douglas Deppen, said Friday the Bristol thrift has postponed announcement of a recapitalization plan "until final details can be worked out."
Friday was the target date for completion of the plan, which Charter officials have said would bring it into compliance with capital requirements set by federal regulators.
The U.S. Supreme Court on Monday rejected Charter's attempt to sue two regulatory agencies for breach of contract related to its acquisition of four unprofitable thrifts. If Charter's recapitalization plan is not accepted by the Office of Thrift Supervision, the agency could name a receiver to take over the thrift. - Staff report
Uni-Mart employees lose jobs abruptly
The four employees in Uni-Mart Inc.'s office in Roanoke County learned this week that their jobs ended Friday. A spokeswoman said the State College, Pa., convenience-store company is involved in a "major reorganization."
Jill Swanson said the reorganization affects offices in the six states where the company operates, but would not affect its retail outlets.
The Roanoke County office was the division headquarters for stores in Virginia. The Roanoke-area stores will report to supervisors in Harrisburg, Pa., and Chesapeake-area stores to offices in Lancaster, Pa., Swanson said.
She said the Roanoke staff consisted of an area manager, an area merchandising manager and two secretaries. The office was in the Travelers Building, which has been acquired by Roanoke County. - Staff report
Briefly . . .
\ Chesapeake & Potomac Telephone Co. of Virginia plans to hire 178 people for customer service jobs in the state. A spokesman said Thursday C&P is adding service representatives at business offices in Richmond, Hampton, Virginia Beach, Chesapeake, Lynchburg, Roanoke and Northern Virginia.
\ Hauizu Zhou, doing business as Happy Palace Restaurant in Abingdon, has filed for reorganization in U.S. Bankruptcy Court in Roanoke. Zhou estimated the restaurant's debt at less than $50,000 and its assets at less than $100,000.
Earnings . . .
\ Bassett Furniture Industries Inc. on Friday reported income up 45 percent in its first quarter, ended in February, to $7.1 million from $4.9 million a year earlier. Net sales were $120.3 million, up 13 percent from $106.4 million a year ago.
\ Flowers Industries Inc., a Thomasville, Ga., baker with retail and distribution facilities in Roanoke, on Friday reported third-quarter sales of $211.3 million, up 5 percent from $201.8 million a year earlier. Net income was $7.7 million, or 21 cents per share, up 13 percent from $6.8 million, or 20 cents per share.