THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, February 21, 1996 TAG: 9602210485
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 51 lines
Key forecasting gauge up 0.2 percent in Dec.
A key index used to forecast future economic activity rose 0.2 percent in December. The gain in the Index of Leading Economic Indicators, released by the Conference Board, compared with revised declines of 0.2 percent in November, 0.4 percent in October and 0.1 percent in September. A forward-looking indicator designed to forecast economic activity six to nine months in advance, the December gain represented just the third advance of the year. The report comes amid signs the nation's economy continues to weaken and amid jitters in financial markets. (Associated Press)
Revco plans drugstore at Newport News site
It's been a restaurant and a club. Now, it's going to be a drugstore. Revco plans to open a Newport News store at the site of the old Steamers nightclub on Jefferson Avenue in front of Colonial Courts Motel. Revco spokesman Tom Dingledy said he doesn't know when construction will begin or when the store will open. The old building will be demolished, said Raman Patel, part owner of Colonial Courts Corp., the company that sold the property to Zimmer Development Co. for $450,000. Zimmer will build a new structure and lease it to Revco. (Knight-Ridder/Tribune Business News)
American to upgrade business-class service
American Airlines is joining the ranks of major trans-Atlantic carriers that are upgrading first-class and business-class service. Most of the improvements by the airlines are an effort to catch up to the business-class comfort levels pioneered by Virgin Atlantic Airways eight years ago, and matched three years ago by Continental Airlines. The most significant change American is making from a passenger's perspective is to increase its business-class ``seat pitch,'' or the distance from the back of one seat to the back of the seat in front of it, from 40 to 50 inches. (Knight-Ridder/Tribune Business News)
Tenneco could decide shipyard's fate soon
Tenneco Inc. could decide Newport News Shipbuilding's fate in the next month or two, the shipyard's top executive told state lawmakers Monday. Tenneco confirmed in January that it may sell the Peninsula shipyard or spin it off. ``I suspect over the next 30 to 60 days, they'll make that decision,'' said William P. Fricks, the yard's CEO. Fricks said he's ready to operate the yard as a stand-alone company. In the 1960s, when Fricks joined the shipyard, it was an independent company. He also said he expected that, whatever happens, little will change at the yard. (AP) by CNB