THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Tuesday, February 20, 1996 TAG: 9602200376
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 60 lines
Businesses announced investment in Virginia worth $5.93 billion in 1995, according to the Virginia Department of Economic Development. The department announced Monday that 218 companies in the past year said they were coming to the state or expanding business in the state. The value of the projects nearly tripled the amount of investment announced in 1994, the report said. The report also said the number of jobs coming to the state from the investment was 30,810, an increase of 80 percent compared to the number of jobs announced in 1994. (AP) Corporate job-cut plans hit 97,379 in January
U.S. companies announced plans to cut 97,379 jobs in January, the most positions slated for elimination in a single month during the past two years, according to a survey by employment consultants Challenger Gray & Christmas Inc. AT&T Corp. accounted for the largest number of jobs to be lost. AT&T said it plans to cut 40,000 positions as it splits into three companies. Challenger Gray said January's job cuts were the largest since January 1994, when 108,946 cuts were announced. The telecommunications companies GTE Corp., Nynex Corp. and Pacific Telesis Group's Pacific Bell accounted for 43,800 of the job cuts. January is the leading month for layoffs. Seven of the 20 largest layoff announcements since 1993 have taken place in the first month of the year. (Bloomberg) Continental Airlines restructures service
Continental Airlines will add flights to its hubs in Houston and Cleveland and will eliminate flights to its Greensboro minihub starting in June. The nation's fifth largest airline announced the changes Monday as part of an expansion of its Houston and Cleveland hubs. Starting June 6, Norfolk International Airport will host two daily, nonstop, round-trip flights to Houston with a $218 introductory fare. One flight to Cleveland will be added with a $298 introductory fare. The flights mark Continental's first expansion in Norfolk since its low-priced Peanuts fares campaign fizzled early last year and it went to 7 flights a day from 24. Four flights a day to Greensboro are being eliminated. (Staff) FDA may get deadlines to approve new therapies
Congress begins debating legislation Wednesday to make the U.S. Food and Drug Administration approve new therapies for patients faster. A Senate plan would force the FDA to review new medicines under strict deadlines and streamline the time spent testing new products. The House will explore a much more radical alternative: let private companies approve new medicines to reduce the FDA's role to that of a gatekeeper that ensures the firms are certified to work properly. Government doctors say drugs are approved on a pace on par with Europe, but criticism continues. ``Patients are still waiting longer than necessary,'' said Robert Goldberg of George Washington University. (AP) by CNB