THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, March 14, 1996 TAG: 9603140503
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 53 lines
Billionaire investor Warren Buffett received permission to buy up to 17 percent of American Express Co., according to Amex's proxy statement released Wednesday. The investment would add to Buffett's 10.2 percent stake, already the largest holding in the credit-card and financial services giant. Buffett and his companies now hold 49.5 million common shares of American Express. American Express said Buffett agreed his investment would be ``passive'' as long as Harvey Golub remains Amex chief executive and chairman. (AP) Electronics delivers competition at post office
Electronic communication could cost the post office a quarter of its business, Postmaster General Marvin Runyon says. While the post office reported a record $1.8 billion profit last year, Runyon noted that mail volume declined slightly in the first quarter of this year. ``The revolution in electronic commerce and information technology has put one-fourth of our mail volume and revenue at risk to electronic diversion,'' Runyon said. To cope, the post office recently began restructuring its mail classes and will change other services. (AP) Does Eggland's Best really lay a better egg?
Eggland's Best will pay a $100,000 fine to settle charges that it continued to advertise its eggs as lower in cholesterol than others although it had agreed not to, the government said. It was the second Federal Trade Commission challenge to advertising for Eggland's eggs, which cost up to $1 more per dozen than store-brand eggs. The FTC said Eggland's could not prove its claims and that the clinical study was false. Both claims also violated the 1994 agreement, which subjected Eggland's to the $100,000 fine, the FTC said. (AP) Conrail in exclusive talks to sell 400 miles of rail
Conrail Inc. said Wednesday it is in exclusive talks with two companies on the sale of its nearly 400 miles of rail lines in eastern Massachusetts and Connecticut. The talks are with RailTex Inc., of San Antonio, Texas, and Providence & Worcester Railroad Co., which is based in Worcester, Mass. RailTex would get certain tracks in Connecticut and Massachusetts, as well as operating rights on certain other tracks. Providence & Worcester would get ownership of freight service in parts of Connecticut, as well as limited trackage rights on other Conrail tracks. P&W also would get some freight rights in Massachusetts. (Dow Jones News) by CNB