THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Friday, October 4, 1996 TAG: 9610040570
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 52 lines
Crestar Financial Corp. said its net income in the Sept. 30 quarter will be reduced by about $12 million, or 25 to 30 cents a share, because of legislation designed to strengthen the federal insurance fund for thrift deposits. The congressional measure requires commercial banks to share the cost of replenishing the Savings Association Insurance Fund. Richmond-based Crestar said it expects to take an after-tax charge of $22 million against its third-quarter earnings because of the assessment for deposit insurance. However, part of this charge will be reduced by a one-time gain from changes in the way merging thrifts have had to account for their loan-loss reserves. (Staff) Portsmouth ship-repair firm wins carrier job
The Navy awarded Earl Industries Inc. a contract worth almost $1.4 million for work on the aircraft carrier George Washington. The Portsmouth-based downriver ship repair firm will make structural modifications and do preservation work on the huge carrier's ventilation system. The work will be done at the Norfolk Naval Shipyard in Portsmouth where the carrier is in for an overhaul. Earl Industries employs about 400 people. ``This won't add any new people,'' said Earl President Jerry Miller. ``It just keeps people busy.'' The work is scheduled to last until February. (Staff) Shipbuilding nations to meet over subsidies
The Organization for Economic Cooperation and Development confirmed it has convened a meeting in Oct. 17-18 in Paris of the world's leading shipbuilding nations in a bid to salvage a global accord to outlaw subsidies. The fate of the agreement was thrown into doubt after the U.S. Senate failed last week to ratify the accord, which has been approved by the European Union, Japan, South Korea and Norway. The pact was opposed by most major U.S. shipbuilders including Newport News Shipbuilding. The meeting, at OECD headquarters. (Journal of Commerce) Hampton named top retirement town
Money magazine named Hampton as one of the 20 ``top retirement towns'' in North America, citing the Peninsula city's numerous marinas, strong economy, active arts program and proximity to Norfolk and Williamsburg as factors in the decision. Hampton was the only Virginia community and one of only four on the East Coast - the others being Myrtle Beach, S.C.; Newport, R.I., and Sarasota, Fla. - to make the list. It is part of a special Money Extra issue, ``America's Top Places to Live Today,'' that hit newsstands this week. (Staff) by CNB