Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, August 4, 1994 TAG: 9408050043
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
WASHINGTON - The union representing pilots at USAir offered the financially ailing airline $750 million in wage concessions Wednesday in return for part ownership.
The plan, which could cost the pilots more than 20 percent of their average $100,000-per-year salaries, would not put the carrier's employees in control, as did a similar move at United Airlines.
``This is an offer to invest and not an offer to buy,'' said Peter Gauthier, head of the Air Line Pilots Association executive council for USAir pilots. ``We are insisting that management share control as we jointly attempt to restore our airline to profitability.''
USAir management issued a brief statement agreeing to study the plan but making no commitments.
The proposal faces numerous hurdles. In addition to convincing its own rank-and-file to accept the plan and negotiating a deal with management, the pilots group must line up the support of machinists, flight attendants and other USAir workers.
- Associated Press
Novell settles overcharging case
WASHINGTON - Novell Inc., one of the nation's largest producers of software for networking office computers, will pay the government $1.725 million to settle allegations it overcharged federal agencies.
The agreement, announced Wednesday by the Justice Department, resolves charges brought against the Provo, Utah, company by a former employee, Mary Slutman, under the False Claims Act in federal court in suburban Alexandria, Va., in 1992.
Her complaint alleged Novell failed to inform government negotiators fully about its pricing policies and to advise them that companies that sold Novell products to federal agencies under separate contracts received rebates. Federal law requires contractors to provide such information to General Services Administration contract negotiators.
- Associated Press
Earnings ...
Premier Bankshares Corp., based at Tazewell, reported income of $4.2 million, or 95 cents a share, for the six months that ended June 30. That compared with $4.6 million, or $1.05 a share, for the same period in 1993. Premier said its assets grew 2.6 percent, from $513 million to $577 million, in the year.
Virginia Retirement System reported Wednesday that preliminary results for its fiscal year ended June 30 show a total annual rate of return of 1.7 percent on its investment portfolio, which had a market value of $16.1 billion. That compares to $15.4 billion on June 30, 1993. VRS said its total equity investment rose 2.7 percent, with U.S. equities rising 1.3 percent and international equities up 14.3 percent.
by CNB