THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Thursday, January 30, 1997 TAG: 9701300564
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 49 lines
A U.S.-based unit of the drug and chemical giant Bayer AG agreed to pay a $50 million fine to settle criminal price-fixing charges involving the worldwide sale of citric acid. The Justice Department said Wednesday the penalty against Haarmann & Reimer and a senior executive, Hans Hartmann, was the second-largest criminal antitrust fine in the department's history. Citric acid - an additive to detergents, cosmetics, and foods - has a worldwide market value exceeding $1 billion a year, said Joel Klein, the agency's antitrust division chief. (Associated Press) Dow snaps losing streak despite bonds jitters
Stocks struggled higher Wednesday, snapping a five-session losing streak for the Dow Jones industrial average, despite another jittery day in the bond market that briefly boosted long-term interest rates to 7 percent. The Dow, which lost 228 points over the previous five sessions, jumped 84.66 to close at 6,740.74, having slipped to a 10-point gain. Broader measures were mostly higher, with smaller and more speculative issues lagging the advance in blue-chips. The Nasdaq composite index rose 0.82 to 1,355.19, and the American Stock Exchange composite index fell 0.40 to 587.67. (AP) Peninsula yard returns Eisenhower to the Navy
Newport News Shipbuilding delivered the aircraft carrier Dwight D. Eisenhower to the Navy on Tuesday, six months ahead of the overhaul schedule. The big Peninsula shipyard completed work on the carrier in 18 months instead of the planned two years. The overhaul contributed more than $404 million to the shipyard's revenue. Newport News Shipbuilding delivered the carrier to Navy in 1977 and first overhauled it in 1985. This overhaul included work on the main propulsion system and all elevators as well as major combat systems upgrades. The Eisenhower is homeported in Norfolk. (Staff) Doctors' suit reinstated against Aetna HMO
A federal appeals court has reinstated the legal claims of 20 New York anesthesiologists who challenged Aetna Health Plans Inc.'s authority to dictate standards of patient care. The doctors objected to clauses allowing the HMO to fire them without cause. They said this would would prevent them from serving as advocates for patients who were denied proper care by Aetna. Aetna has maintained that it has the right to set standards for its doctors in order to deliver high quality cost-effective health care coverage. (AP)