THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Friday, September 27, 1996 TAG: 9609270509
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 95 lines
Virginia Natural Gas filed a request on Wednesday with the Virginia State Corporation Commission to increase its current rates by 8.46 percent. If this is approved, the gas company's revenues would increase by $13.9 million annually in order to cover increased operating costs and capital spending. A customer using 55 hundred cubic feet of gas in November of last year paid approximately $54, excluding utility tax. Under the new rate the customer would pay about $58 a month for the same amount of gas (assuming no change in gas cost). Under Commission rules, the company may place the new rates, subject to refund, into effect on Oct. 25. (Staff) Tiny Portsmouth yard gets big Navy contract
Associated Naval Architects Inc. won a $1.8 million contract to completely renovate a barracks barge for the Navy. The tiny Portsmouth shipyard on the Elizabeth River's Western Branch just finished a similar job. The yard employs about 75 people, said its president Bill Craft. The six-month job will involve rehabilitating the barge's living spaces, replacing its heating and air-conditioning systems and painting its hull. The barge is used to house sailors when their ship is in for work in a shipyard. (Staff) Currituck Crab is sold to Biloxi, Miss. company
International Custom Pack Inc. of Biloxi, Miss., said it agreed to buy the New Bern, N.C.-based Currituck Crab Co. from Steve and Art Sandler of Virginia Beach. Currituck Crab, a processor of fresh and pasteurized crabmeat, has 25 employees. The Sandlers are principals in L.M. Sandler & Sons, which formerly controlled the big Virginia Beach wholesaler Sandler Foods. The latter company is now controlled by Sara Lee Corp., but the Sandlers still have other interests in seafood importing and distribution, financial services and real estate development. (Staff) Jefferson Bankshares to buy back shares
Jefferson Bankshares Inc., the Charlottesville-based parent of Jefferson National Bank, said its board authorized a buyback of as many as 1.25 million shares. That would be slightly more than 8 percent of the company's 15.1 million common shares. Jefferson said shareholders will have the opportunity to sell all or part of their stock to the company for not less than $25 per share and not more than $28 per share. Unless the buyback offer is extended, it will expire at 5 p.m., Oct. 31. Jefferson also declared a quarterly dividend of 22 cents a share. (Staff) Sea Containers to build plant at S. Carolina base
Sea Containers Ltd. said it's building a container factory on eight acres at a closed navy base in Charleston, S.C. The plant will make such things as steel boxes for lightweight cargo and flat racks for carrying heavy loads, such as tractors. The products will be leased or sold to shipping lines or railroads. Some will also be sold to the military, the company said. Sea Containers said it will be the first plant in the United States to make these types of products. The new 194,000-square-foot plant, called Charleston Marine Containers Inc., will employ at least 180 people and could be operating by next spring. (Bloomberg Business News) Indonesia gets FAA approval
The Federal Aviation Administration gave Indonesia conditional approval for aviation safety Thursday, meaning airlines from that country can fly to the United States under close supervision. The FAA reviews foreign aviation supervision and carriers from countries that meet International Civil Aviation Organization standards are permitted to operate to and from the United States. In the case of Indonesia, flights will be permitted under heightened supervision while the agency works with that country to solve any problems. The agency did not disclose the findings that led to the conditional rating for Indonesia. (AP) Regulator urges banks to rein in card solicitations
A federal banking regulator urged large banks Thursday to perform basic research before mailing preapproved credit card applications, such as determining if the potential borrower is creditworthy. The Comptroller of the Currency, the agency which regulates 2,800 national banks, issued an advisory letter reminding banks not to ignore basic lending controls as they aggressively compete in the fast-growing credit card business. Comptroller Eugene Ludwig said there's no fundamental threat to banks from consumer lending at this time, since banks are earning near-record profits and have large reserves against potential losses. (AP) Conseco makes deal to buy Transport Holdings
Conseco Inc., a fast-growing financial services company, is buying insurer Transport Holdings Inc. for $311 million, the sixth acquisition announced by Conseco this year. Transport Holdings is a provider of cancer insurance and other supplemental health insurance products. Conseco, based in suburban Indianapolis, said Thursday it will pay $228 million, or $70 a share, to buy Transport Holdings' 3.2 million common shares and other securities. Conseco will also spend $83 million to retire the other company's bank debt and preferred stock. The deal would add $110 million in annual premiums and $600 million in assets to Conseco. The deal requires the approval of Transport stockholders and government antitrust regulators. On completion of the six acquisitions announced this year, Conseco said it will have $31 billion of investments under management, $27 billion of assets and $7 billion of annual premiums and revenue. (AP) by CNB