THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Tuesday, September 17, 1996 TAG: 9609170424
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 78 lines
South Hampton Roads' largest general business showcase, BizExpo, is slated to be open free to the public Wednesday from 9 a.m. to 8:30 p.m. and Thursday from 9 a.m. to 6 p.m. at the Virginia Beach Pavilion. The theme for this year's show, chiefly sponsored by Cox Communications Inc. and organized by the Hampton Roads Chamber of Commerce, is ``21st Century - right here, right now.'' High-tech changes in business and personal communications will be highlighted. Free tickets are available at any chamber office. There is a small entry fee at the door. For information, call 622-2312. (Staff) Duracell purchasers face insider-trading charges
The Securities and Exchange Commission sued unidentified purchasers of Duracell International Inc. securities, accusing them of insider trading. The SEC said the trades occurred in the two days before the battery maker's Sept. 12 announcement that it would be acquired by Gillette Co. In a civil suit filed in federal court in New York, the SEC said certain investors bought call options of Duracell through the offices of financial institutions in Switzerland and the Bahamas before the announcement. (Bloomberg Business News) Business inventories up 0.4 percent in July
Stockpiles of unsold goods at U.S. businesses soared to the highest level in more than a decade in July, government figures showed. Business inventories advanced by a higher-than-expected 0.4 percent during the month to a seasonally adjusted $1 trillion, the Commerce Department said. The last time inventory levels passed the $1 trillion mark was during 1982. Rising inventories suggest a slowing economy because a slump in demand often crowds warehouses. Businesses also could be boosting their stocks in anticipation of a pickup in sales. (Bloomberg) Circuit City reports low profits for quarter
Circuit City Stores Inc. said Monday that second-quarter profits plunged 32 percent because of higher expenses and weak demand for consumer electronics and personal computers. The Richmond-based company posted net earnings of $31.6 million, or 32 cents per share, for the three months ending Aug. 31. That was down from $41.2 million, or 42 cents per share, in the second quarter last year. Net earnings for the first six months of the year were $48.4 million, or 49 cents per share, a 36 percent decrease from the year-ago figure of $65.9 million, or 67 cents per share. (AP) Lockheed begins split-off of Martin Marietta
Lockheed Martin Corp. on Monday began the split-off of its 81 percent stake in Martin Marietta Materials Inc. Lockheed, the Bethesda, Md.-based defense and aerospace giant, said its shareholders will be able to exchange some of their Lockheed shares for the Martin Marietta Materials shares. The deal is different than a spinoff, in which shares of a unit are distributed to a parent company's shareholders without exchanging shares in the parent. Lockheed said it will exchange 4.72 Martin Marietta Materials shares for each Lockheed Martin share. Lockheed Martin said it would exchange up to 7.9 million shares in the offer, which is to expire Oct. 18. (Dow Jones News) Ohio Edison Co. to buy Centerior
Ohio Edison Co. said it will buy Centerior Energy Corp. for $1.61 billion in stock, a move intended to make two high-cost utilities competitive when the Ohio electricity market is deregulated. In the latest of several multibillion utility acquisitions announced over the past year, the two Ohio-based utilities plan to form a holding company, FirstEnergy Corp., that would be the 11th-largest electric company in the United States and serve about 2.1 million customers in Ohio and western Pennsylvania. It would have a market capitalization of $4.8 billion based on Friday's closing stock prices. Analysts question whether the two utilities, which have large nuclear plant debt and charge the highest rates in the state, are a good match. (Bloomberg) Maytag to invest in Chinese ventures
Maytag Corp. said Monday it will invest $70 million to form three joint ventures with China's Hefei Rongshida Group Corp., a laundry products and supplies company. The Newton, Iowa-based appliance maker said the ventures will involve the manufacture of parts for laundry machines and refrigerators. Maytag said it will own a 50.5 percent stake the joint ventures and Hefei Rongshida Group will own 49.5 percent. The joint ventures will operate under the name Hefei Rongshida. (Dow Jones News) by CNB