THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, October 26, 1996 TAG: 9610260468
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 51 lines
Commonwealth Bankshares Inc., parent of Bank of the Commonwealth in Norfolk, reported a 22 percent decline in third-quarter net income. The bank holding company attributed the falloff to a onetime rebate from the Federal Deposit Insurance Corp. that helped its year-earlier earnings and to additional expenses in the latest quarter from opening another branch. Commonwealth said it earned $162,200 in the three months ended Sept. 30, compared with $207,000 for the third quarter of 1995. Per-share earnings were 68 cents, down from 87 cents. (Staff) Durable goods orders increased in September
Durable goods orders rebounded in September and existing home sales remained strong despite a four-month decline, suggesting to analysts that the economy is expanding at a modest, noninflationary rate. Interest rates shot up in the bond market, but retreated when investors saw the dip in housing and realized that much of the orders gain, biggest in nearly four years, was in the highly volatile aircraft component. The 30-year bond was up 9-16 point and yielding 6.80 percent. (Associated Press) Viacom, MCA terminate talks over USA Network
Viacom Inc. and MCA Inc. have ended settlement talks to resolve a pair of lawsuits in a dispute over the two entertainment companies' joint ownership of cable TV's USA Network. Terse statements Friday issued by both sides dashed speculation that the two were near an agreement that would have allowed Viacom to gain MCA's 50 percent of USA Network in return for a $1.45 billion payment and its 50 percent interest in the Sci-Fi Channel. Viacom announced Friday that it has terminated settlement discussions with MCA and that any proposal that Viacom may have had is no longer under consideration,'' the company said. MCA parent Seagram Co. announced that discussions ``have terminated.'' Viacom and Seagram declined to comment beyond their statements. (AP) In other news. . .
South Korea on Friday was formally invited to become the 29th member of the Organization for Economic Cooperation and Development, the club of the world's wealthiest nations. . . . The Russian central bank cut its reserve requirements on most types of bank deposits, citing the economy's growing health. Correction
The newly expanded Lifestyle Health and Fitness Center of Chesapeake General Hospital will have an open house from 9 a.m. to noon today and from 1 to 4 p.m. Sunday. Today's hours were incorrect in a BusinessNews story Friday. The center is at 800 N. Battlefield Blvd. by CNB