THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, October 12, 1996 TAG: 9610120528
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 44 lines
Gov. George F. Allen joined local lawmakers Friday afternoon to commemorate Sumitomo Machinery Corporation of America's 30th year in the United States. ``Sumitomo is literally keeping the world moving,'' Allen said at the Japanese manufacturer's U.S. headquarters in Chesapeake. Sumitomo, which had $100 million in sales worldwide last year, employs about 400 people - 250 in Chesapeake - and plans an expansion in the next few years, adding up to 130 jobs, according to Dean Johnson, a company spokesman. (Staff) Wholesale inflation up slightly for September
Inflation at the wholesale level rose just 0.2 percent in September as both food and energy costs showed moderation while retail sales turned in a better-than-expected performance. The Labor Department reported Friday that the increase in its Producer Price Index, which measures inflationary pressures before they reach the consumer, came after a 0.3 percent August advance. Meanwhile, the Commerce Department said retail sales rose 0.7 percent in September, the best showing in four months. Sales had fallen 0.2 percent in August. (Associated Press) F & M National reports increased earnings
Net income for the first nine months of 1996 for F&M National Corp. was $20.956 million, compared with $19.506 million for the first nine months of 1995, an increase of 7.4 percent. Earnings were $1.10 per share at Sept. 30, and $1.03 for the same period of 1995. F&M, based in Winchester, said third-quarter net income was $7.066 million, or 37 cents per share, compared to $6.759 million, or 36 cents per share, for the third quarter of 1995. Total assets as of Sept. 30, 1996, were $2.134 billion, up from $2.053 billion as of Sept. 30, 1995. (Staff) In other news...
Netscape Communications Corporation Friday said recent independent studies estimate Netscape's share of the Web server market at approximately 80 percent, which is close to the lead Netscape holds in the browser market. . . market at below fair prices, the Commerce Department said Friday in a proposed settlement. As a result, the department will suspend an anti-dumping investigation that could have led to stiff border taxes on Mexican tomatoes. by CNB