THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, May 9, 1996 TAG: 9605090524
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 53 lines
The Navy announced Tuesday that it awarded Newport News Shipbuilding a $119 million contract to prepare for the refueling and maintenance of the aircraft carrier Nimitz. The big Peninsula shipyard is expected to be ready for the Nimitz by January 1997. The Nimitz is based in Bremerton, Wash. The Nimitz was the Navy's second nuclear-powered carrier. Newport News Shipbuilding, which employs about 18,000 workers, built the Nimitz in the early 1970s. (Staff and wire report) Emergency board set up to derail railroad strike
President Clinton moved Wednesday to avert a nationwide railroad strike by creating an emergency board to mediate a dispute between a rail workers' union and a group representing 50 rail companies. Clinton appointed a three-member board to make recommendations for settling the dispute between the National Railway Labor Conference and the Transportation Communications International Union. The president acted after the National Mediation Board notified him that a strike ``would have an immediate and adverse effect on the public,'' White House spokesman Mike McCurry said in a statement. (Associated Press) Stocks bounce back as bond rates fall
Stocks snapped back from steep losses Wednesday as bonds rallied and interest rates fell after a surprisingly strong auction of new U.S. Treasury debt. The Dow Jones industrial average, down as much as 78 points at one point and trading below 5,400 for the first time since early February, surged into positive territory by mid-afternoon. Just before the close on Wall Street, the barometer of 30 big U.S. companies was up about 53 points. Broader blue-chip measures jumped higher with the Dow, but the more speculative elements of the market rebounded less decisively and continued to show a loss. (AP) TFC reports fall off in results for quarter
TFC Enterprises Inc., a Norfolk-based company that specializes in financing used-car loans for high-risk borrowers, said its first-quarter net income tumbled 59 percent on a 4 percent improvement in its net interest revenue. TFC, whose financial condition was battered in late 1995 by soaring loan delinquencies, said it earned $740,000 for the quarter ended March 31. That compared with $1.82 million for the comparable three months of 1995. Its per-share earnings were 7 cents, down from 16 cents. The decline in first-quarter earnings came in the wake of higher charge-offs for credit losses and a $1 million provision for credit losses during the quarter. (Staff) by CNB