THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Tuesday, January 23, 1996 TAG: 9601230365
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 61 lines
General Dynamics Corp. plans to cut 3,200 jobs, or 23 percent, from its Electric Boat shipbuilding division this year, company spokesman Neil Ruenzel said. The division now employs 13,900 people. The cuts include the dismissal of 1,500 workers at facilities in Groton, Conn., that the company disclosed last week. Falls Church, Va.-based General Dynamics isn't expecting a charge against earnings from the job cuts. During 1992, Electric Boat had 13 submarines under construction. By next year, it's expected to have two. According to a congressional plan for submarine construction, from 1998 to 2003 the company will receive funding for just two new submarines. (Bloomberg Business News) AT&T invests in DirecTV, will sell satellite service
AT&T Corp. has invested $137.5 million to acquire a small stake in DirecTV Inc. and will market direct broadcast satellite service this summer, the companies said. The agreement provides another boost to Los Angeles-based DirecTV, a unit of Hughes Electronics Corp., which has 1.25 million customers just 18 months after its service became available. Thomson Consumer Electronics and Sony Electronics Inc. already sell the 18-inch satellite dish and receiver box, which cost about $600 to $900. DirecTV and United States Satellite Broadcasting Co. provide programming with up to 175 TV channels. Monthly subscription fees range from $20 to $70. AT&T's arrangement with DirecTV will allow it to sign up customers and charge them for TV in the same bill they get for long distance. (Associated Press) USAir reports profits for first time in 7 years
The dominant carrier at Norfolk International Airport, USAir Group Inc. reported earnings Monday of $60.3 million in the fourth quarter and $119.3 million for 1995, the first annual profit the debt-ridden airline posted in seven years. The nation's fifth-largest airline lost $322 million in 1994's fourth quarter. While the number of passengers was down slightly from 1994, Arlington-based USAir benefited from a year without price wars among major carriers. USAir's revenues for 1995 were $7.5 billion, up $477.1 million from 1994. (AP) Lincoln Continentals recalled to fix headlight
Ford Motor Co. recalled 42,700 1995 and 1996 Lincoln Continentals on Monday to fix a problem that can cause the cars' headlights to turn off without warning. The problem has occurred with Continentals with the ``autolamp'' feature - a switch that makes the headlights go on automatically as it gets dark and turn off when the driver leaves the car. Ford said a problem with the system can cause the headlights to turn off unexpectedly. The problem doesn't occur when the regular headlight switch is used to turn on the lights, the automaker said. Ford said no accidents or injuries caused by the problem have been reported. (AP)
KEYWORDS: RECALL
by CNB