THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Monday, August 22, 1994 TAG: 9408200172
SECTION: BUSINESS WEEKLY PAGE: 15 EDITION: FINAL
COLUMN: Last Week
SOURCE: STAFF AND WIRE REPORT
LENGTH: Medium: 61 lines
South African coal and lower Australian shipping rates contributed to the July battering of Hampton Roads coal exporters.
The region's three coal terminals loaded 2.37 million tons in July, the lowest output in years. During 1994's first seven months, ships took on only 24.48 million tons of coal at Hampton Roads, down 15.38 percent from the same '93 period.
Exports were eroded by the world coal glut and the slow economic pace in Europe, the prime market for U.S. coal shipments. What's more, South Africa renewed coal deliveries and Australia cut into market share with competitive shipping charges and currency exchange rates.
FORMER HAMPTON ROADS SHIPYARD workers could take part in one of the nation's largest asbestos settlements.
A federal judge approved a $1.3billion settlement resolving about 100,000 injury claims in a class-action lawsuit. The lawsuit was filed against 20 asbestos manufacturers.
The manufacturers, organized into a group called the Center for Claims Resolution, included C.E. Thurston & Sons Inc. of Norfolk.
Attorneys representing the workers and the Claims Resolution group negotiated the settlement. Workers who can show they were injured by asbestos will receive payments based on a range set for four medical conditions. The payments will range from $2,500 to $200,000 over 10 years.
``From now on, asbestos victims will receive swift, equitable compensation,'' said Claims Resolution president Lawrence Fitzpatrick.
THE LONGTIME CHAIRMAN of Central Fidelity Banks Inc. died at age 59 of natural causes. Carroll L. Saine, who'd been hospitalized in February for treatment of a cancerous tumor near his lungs, was succeeded by Lewis N. Miller Jr.
Trading in stock of the Richmond-based bank accelerated amid speculation a buyout attempt might eventually occur. Saine, Central Fidelity chairman since 1982, had resisted merging the third-largest bank based in Virginia with another institution.
Miller was the company's president and with Saine was co-chief executive. The bank created the office of co-CEO last year.
FIRST, HILLS STORES Inc. emerged from bankruptcy. Then it announced plans to open three discount stores in Hampton Roads. Next a takeover commenced. Hills sought to fend off the buyer with a poison pill.
The $1.8 billion-sales retailer, based in Canton, Mass, left bankruptcy last October and disclosed Mid-Atlantic expansion plans.
But those plans could collapse.
Dickstein Partners Inc., which already owns 9.5 percent of the retailer, filed buyout papers last week. Dickstein noted Hills' revenue has increased, especially in light of 1991's $274 million loss, but the investor contends management still hasn't boosted profits for shareholders. by CNB