THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, October 24, 1996 TAG: 9610240505
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 48 lines
Virginia Power asks SCC for 1.1% rate increase
Virginia Power is asking for its first rate increase in more than four years. The Richmond-based utility asked the State Corporation Commission for a 1.1 percent rate increase to cover fuel costs, for a total of $48 million. For a consumer using 1,000 kilowatt-hours of electricity, the increase would boost monthly bills by about 93 cents to about $83.81. The increase would take effect Dec. 1, a year after Virginia Power cut the fuel rate by an almost identical amount. State law allows utilities to recoup fuel costs from consumers with SCC approval. (Associated Press)
AT&T names John Walter as president in 2 years
AT&T Corp. named John Walter, R.R. Donnelley & Sons Co. chairman, as president and chief operating officer, and said he will take charge at AT&T in less than two years. Walter, 49, will split the role of AT&T chairman and chief executive with Robert Allen in January 1998. He will succeed Allen, 61, later that year, two years ahead of Allen's retirement age. Walter replaces Alex Mandl, who quit AT&T in August to head a wireless start-up company. Walter joins AT&T as the company is investing billions to enter new markets and upgrade its phone network while preparing for competition in the long-distance market from the Baby Bells. (Bloomberg Business News)
ValuJet is returning to Raleigh-Durham
ValuJet will return to Raleigh-Durham International Airport today with four daily round-trip flights between RDU and Atlanta. ValuJet stopped flying this summer after a crash in the Everglades that killed 110 people. Last month, the U.S. Transportation Department allowed ValuJet to resume flights. ValuJet will have 15 planes flying to 17 cities. The company has hired 25 employees to load bags and sell tickets. Many of them worked for ValuJet before it shut down. ValuJet is offering a $29 one-way fare for flights from RDU to Atlanta between today and Oct. 31. (AP)
Va. Beach Federal reports loss in quarter
Virginia Beach Federal Financial Corp., the parent of Virginia Beach Federal Savings Bank, reported a net loss of $1.36 million, or 27 cents a share, for the third quarter after paying a $3.31 million assessment for the Federal Deposit Insurance Corp.'s Savings Association Insurance Fund. The thrift holding company earned $390,000, or 8 cents a share, in the comparable three months of 1995. Without the one-time charge to earnings for the latest quarter, it would have earned $689,000, or 14 cents a share, the company said. (Staff) by CNB