THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Friday, April 19, 1996 TAG: 9604190649
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 54 lines
May Department Stores Co. of St. Louis has agreed to settle Federal Trade Commission charges that it wrongly introduced negative information into consumer credit files when it transferred customer accounts from Thalhimers. May acquired Thalhimers, a Richmond department store chain which operated several stores in Hampton Roads, in 1990. May agreed to delete the information from its own files, and notify credit-reporting bureaus to remove the material from their records. May agreed to the settlement, without acknowledging that it violated the law. (Bloomberg Business News) Winn-Dixie to anchor malls in Newport News
A 72,000-square-foot shopping center anchored by Winn-Dixie is coming to the intersection of Oyster Point Road and Warwick Boulevard in Newport News. Gibson Development Co. of Virginia Beach is buying the property from about six or seven different families, and construction probably will begin in the next 60 days. Winn-Dixie has signed a 20-year lease. (Knight-Ridder/Tribune Business News) German interest rates slashed to historic low
The Bundesbank slashed German interest rates to historic lows, seizing the chance to revive a listless economy while inflation remains at bay. The unexpected cuts were followed in Austria, Belgium, the Netherlands and Denmark and boosted optimism that Europe could avoid recession and remain on track for single-currency union in 1999. The Bundesbank cut its floor discount rate by a half-point to 2.50 percent, matching its record low after the 1987 global stock market crash. The reductions take effect today. (Bloomberg) Day after 70-point slide, Dow posts slight gain
The Dow Jones industrial average gained almost 2 points Thursday after wavering between a 14.45-point gain and a 20.59-point loss. It had plunged 70 points Wednesday. Thursday's recovery in drug and computer companies was tempered by the fear that long-term interest rates would rise and erode corporate profits. ``There seems to be a lot of indecision on the economy right now, and with indecision comes weaker stock prices,'' said Joseph DeMarco of HSBC Asset Management. Meanwhile, the Nasdaq composite index reached record territory as industry leaders Intel Sun Microsystems and Microsoft rebounded. (Bloomberg) by CNB