THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Friday, September 13, 1996 TAG: 9609130549
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 90 lines
Stung by falling sales in the wake of criticism that its Trooper utility vehicle may tip over in sharp turns, Isuzu executives rolled out engineering studies, videotapes and reports Thursday in its defense. ``Consumers Union's charges are not scientific or credible,'' said Terry Maloney, an Isuzu vice president. R. David Pittle, technical director for Consumers Union, responded: ``The statements and documentation provided by Isuzu . . . were seriously flawed and just plain wrong. We stand firmly behind our test and results.'' (Associated Press) Gerber recalling 60,000 rattles
Gerber Products Co. is recalling 60,000 ``Flip Fingers'' baby rattles that might break apart and pose a choking hazard. The U.S. Consumer Products Safety Commission and Gerber said the rattles were sold between May and September for about $1.40 each, mostly in grocery or specialty stores. The affected rattles have red, U-shaped handles with the word Gerber on them. The rattles were sold in clear plastic packages on a blue card and carry the words ``Gerber Flip Fingers Rattle . . . number 76250.'' To reach Gerber about returning a recalled rattle, call 1-800-443-7237. (AP) DJ Business Center on America Online
America Online, the Dulles-based consumer online service, and Dow Jones Business Information Services, have launched the Dow Jones Business Center on America Online. The Dow Jones Business Center provides members with updated news on companies, industries and markets in one central location, at no extra cost to members. The center is available on America Online in the Personal Finance area and via keyword: Dow Jones. Its features include The Front Page; Economy & Nation; Markets; Technology; International Section; Best of Dow Jones; and Search by Topic. (Staff) Wholesale prices rose 0.3 percent in August
Food and energy costs misbehaved in August but other wholesale prices actually declined, raising hopes on financial markets that the Federal Reserve may hold off raising interest rates. The Labor Department said its Producer Price Index, which measures price pressures before they reach the consumer, was up 0.3 percent in August, the biggest gain in five months. That reflected a big jump in energy prices, which had been falling for three months, and a gain in food costs spurred by a big jump in beef and pork prices. (AP) Gillette to buy Duracell for $7 billion
Gillette Co. said it will buy Duracell International Inc. for about $7 billion in a deal that brings the consumer products company into the battery business. The deal also completes the divestiture of Duracell by the buyout firm Kohlberg Kravis Roberts & Co., which purchased Duracell from Kraft for $1.8 billion in 1988. It had retained a 34 percent stake. The transaction is a stock-swap calling for Duracell shareholders to receive 0.904 share of Gillette stock for each share they hold. At the market's close Wednesday, the deal was worth about $7 billion. Gillette has a market value of $30 billion. (AP) Plan to buy Viacom stock delivers a blow to bonds
A plan by Viacom Inc. and Chairman Sumner Redstone to purchase as much as $500 million of the entertainment company's shares has stockholders smiling and bondholders scowling. Since Viacom, Redstone and his investment firm said a week ago that they would buy 5.2 percent of Viacom shares, the stock has jumped almost 11 percent to 33 5/8. Redstone and his National Amusements Inc. would buy $250 million of shares from time to time and Viacom would repurchase the rest. The plan has hurt Viacom's bonds, however, because some investors say it's a retreat from the company's goal of getting an investment-grade credit rating. (Bloomberg Business News) JC Penney plans more stores and modernizing
JC Penney Co. plans to open 100 stores by 1998, spending $700 million to build the new outlets and modernize existing ones, the company's President Barger Tygart said. The retailer has been making progress in updating its private label offerings, including St. John's Bay for women, Arizona jeans and a new line for teen-agers called Zonz. The company is also broadening its men's clothing offerings with the Stafford Options line. Tygart said the company continues to see strong sales in national brands such as Levi's Dockers and added that JC Penney is Levi's best customer in that area. JC Penney, based in Plano, Texas, owns 1,250 stores. (Dow Jones News) FCC moves to ease entry of utilities into telecom
Electric utilities will be able to invest in telecommunications businesses more easily under regulations adopted Thursday by the Federal Communications Commission. The FCC rules are among several orders implementing the Telecommunications Act of 1996, which allows companies in different industries to enter the telephone, cable TV and other telecommunications businesses for the first time. Under the streamlined regulations adopted Thursday by the FCC, utilities need to file only a brief description of their planned activities with the FCC. (Knight-Ridder/Tribune)
KEYWORDS: RECALL by CNB