THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, June 29, 1996 TAG: 9606290374
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 44 lines
Hampton Roads' three state-owned port terminals saw cargo shipments grow 6 percent in May compared to May 1995, according to Virginia International Terminals Inc. Cargo shipped across VIT-operated terminals in Norfolk, Portsmouth and Newport News had slipped 11 percent in April. The three terminals handled about 703,000 tons of cargo in May, compared with 663,000 tons last May. Shipments of break-bulk cargos such as rubber and cocoa beans, which have fallen throughout the port in recent years, slipped 2.8 percent to 34,000 tons. The three terminals' year-to-date tonnage volume is up 2.2 percent to 3.4 million tons. (Staff) First Union, Justice Dept. agree to HUD settlement
First Union Mortgage Corp. has agreed to a $7 million settlement with the government, which claimed the firm had illegally obtained federal mortgage insurance. The U.S. Justice Department sued the company two years ago, seeking $17 million after allegations that some employees at a St. Louis mortgage office falsified mortgage documents for borrowers. Forty-three loans defaulted, leaving the Department of Housing and Urban Development with a $4.3 million loss after the government claimed documents stated the borrowers had made adequate down payments when they had not. First Union did not admit to wrongdoing in settling the lawsuit. (AP) Dillard's is expanding to California locations
Dillard Department Stores Inc. of Arkansas is expected to open stores in Stockton, Santa Rosa and perhaps other cities in California. The department store chain plans to convert an existing store in Stockton's Weberstown Mall into a 200,000-square-foot Dillard's. It is also in final negotiations to take over a Macy's store in Santa Rosa and is reportedly looking for other sites in the Bay Area and other parts of the state, industry analysts said. Dillard's - with sales of $5.5 billion in 1995 - operates 245 stores, primarily in the Southwest and Midwest. The stores, usually located in suburban shopping centers, target middle-class consumers with brand-name clothing, accessories and furniture. (New York Times News Service) by CNB