THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, July 25, 1996 TAG: 9607250512
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 77 lines
The State Corporation Commission has named Alfred W. Gross as Virginia's insurance commissioner. Gross, who joined the state's Bureau of Insurance in 1981, had been serving as acting commissioner since May 1. The position became vacant when former commissioner Steven T. Foster resigned to take a post with Prudential Insurance Co. of America. Before being named acting commissioner, Gross had served as deputy commissioner of the insurance bureau's financial regulation section. With 175 employees, the insurance bureau is the largest division within the SCC. (Staff) Target quietly opens first regional stores
Target Stores, the Minneapolis-based discount chain, quietly opened its first Hampton Roads stores Wednesday. The retailer plans to debut its Chesapeake and Hampton outlets, along with stores in Northern Virginia and Colonial Heights, with fanfare on Sunday. Retailers often hold ``soft openings'' without public announcements to give their employees time to get accustomed to their jobs before the crowds arrive. Target's Chesapeake store is located in Greenbrier. The company also plans to open stores in Norfolk's Janaf commercial district and in Virginia Beach at the intersection of Lynnhaven Parkway and Princess Anne Road. (Staff) Bankruptcies up in U.S. and Hampton Roads
Personal and business bankruptcy filings rose 28 percent so far this year as consumer debt levels increased, according to a survey by MasterCard International Inc. Bankruptcy filings have jumped to 607,372 through July 12 of this year from 473,100 in the same period in 1995. In the second quarter, bankruptcies rose 25 percent to 285,617, MasterCard said. Based on the rate of increase so far, MasterCard expects bankruptcy filing to surpass 1.15 million in 1996, up 24 percent from last year. Bankruptcies in Hampton Roads rose to 5,632 for the January to June period this year from 4,733 for the same period last year. (Bloomberg Business News and staff) Media General wants to keep Richmond TV station
Media General Inc. says it plans to ask federal regulators to waive a rule that would bar the company from keeping a Richmond television station that was part of its $710 million purchase of Park Acquisitions. The company had said Monday it likely would trade WTVR-TV for a station in another location because Federal Communications Commission regulations prohibit a company from owning a television station and newspaper in the same city. Media General, based in Richmond, owns the Richmond Times-Dispatch. (AP) Bell Atlantic planning to install lines in Mexico
Bell Atlantic Corp. said it hopes to get the go-ahead soon from the Mexican government to install a fixed-wireless phone system and expects 1.7 million clients by 2000. DeLong told the Bloomberg Forum that Iusacel SA, the Mexican telecommunications company in which it holds a 42 percent stake, expects to have 1.7 million clients on a nationwide, fixed-wireless network by 2000. He made the comments after a speech at the Latin America Wireless conference in Miami. Fixed-wireless phone systems operate regular phone service to residences and businesses through a satellite system rather than through land lines. (Bloomberg Business News) Manassas firm must pay $1 million in patent probe
Global Patent Research Services must pay $1 million in refunds to inventors misled by the Manassas company, the Federal Trade Commission said. The FTC said Global provided essentially worthless services to inventors such as Kevin Jakubowski, who invented a special hockey stick and paid Global $4,600 for patent-related work. Global, also known as Global Development Services, agreed to pay the refunds to settle a complaint that the firm misrepresented what it could do for inventors seeking patents, the FTC said Tuesday. The U.S. attorney in Alexandria is continuing an investigation of the company and its president, Kenneth A. Rogers, for possible criminal violations, according to the FTC. (AP) by CNB