THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Tuesday, May 14, 1996 TAG: 9605140387
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Long : 110 lines
The Brotherhood of Railroad Signalmen and the nation's major freight railroads, including Norfolk Southern Corp. of Norfolk, agreed last week to a new collective bargaining agreement. Details were withheld pending approval from union members. The agreement covers 5,000 workers, including more than 700 at Norfolk Southern. These negotiations were separate from the one between the railroads and the Transportation Communications International Union in which President Clinton intervened last week. (Staff and wire report) Jackson Hewitt saw 34% increase this year
Helped partly by higher prices and additional facilities, Jackson Hewitt Inc. said its network of tax-preparation offices generated a 34 percent increase in revenues for the fiscal year ended April 30. The Virginia Beach-based company reported combined annual revenues of $67 million, which included revenues for its 600 franchisees. Jackson Hewitt said it ended the fiscal year with 1,346 offices in its system. The number of taxpayers handled during the year totaled 716,000, a 16 percent increase. Jackson Hewitt said it expects to report its own revenues and earnings for the 12 months through April 30 on June 21. (Staff) VRS investments short of expectations
The state retirement system isn't making as much money from its investments as managers hoped, and investments managed most closely by the agency performed the worst. The Virginia Retirement System reported a total return of 26.1 percent on its $20.9 billion portfolio last year - better-than-average market returns but still below a 30.7 percent target VRS set for itself. So-called ``passive'' assets did slightly better last year than those stock holdings actively traded and managed by professional money managers, the independent state watchdog's audit showed. Passively managed domestic stocks achieved a 34.5 percent return last year, compared to 33.3 percent for those farmed out to the 66 money managers the agency hires, the audit showed. (Associated Press) 25% of banks don't detail the risks of mutual funds
The Federal Deposit Insurance Corp. says more than one-quarter of banks fall short in warning customers about the risks of buying mutual funds and other investments that lack federal deposit insurance. The yearlong survey showed that 28 percent of customers weren't told that mutual funds lack federal deposit insurance, which protects savings accounts and certificates of deposit up to $100,000 in the case of a bank failure. In 30 percent of the cases, banks failed to tell customers that stocks, mutual funds and other investments are not bank obligations like certificates of deposit or savings accounts. The survey, conducted by Market Trends Inc. of Bellevue, Wash., involved trained interviewers who posed as shoppers in banks or on the telephone. (AP) Ampolex recommends Mobil takeover bid
Australian oil producer Ampolex has recommended that shareholders accept an increased takeover bid from Fairfax-based Mobil Corp. that values Ampolex at A$1.78 billion (US$1.42 billion). The recommendation means that Mobil will almost certainly gain control of Australia's third-largest publicly traded oil producer, analysts said. The two companies said they reached agreement on a revised bid of A$4.64 per Ampolex ordinary share and A$4.66 per preference share in talks over the weekend in the United States. (Bloomberg Business News) Airbus seeks partners for development costs
Airbus Industries is looking for partners outside Europe to share the estimated $10 billion cost of developing a jumbo jet to compete with the Boeing 747, the world's largest airliner. Manfred Bischoff, chairman of Daimler-Benz' aerospace unit, said U.S., Asian and Russian partners should be brought into the partnership. Last July, Boeing Co. and Airbus' four European partners dropped plans to build a ``super jumbo'' jet, saying not enough airlines were interested in buying it. The companies said then they would take another look at the idea this year. Some airlines have been pressing for a plane that would carry 650 to 800 passengers, thus enabling them to do more business despite limits on the number of flights at busy airports. (Associated Press) Apple to cut products, increase Internet focus
Apple Computer Inc. Chairman Gilbert Amelio laid out a strategy for the struggling computer maker's recovery that includes a slimmed-down product line, stepped-up Internet focus and new management structure. Amelio, who took over the computer maker Feb. 2, provided no concrete details about how he planned to reverse those fortunes. Amelio said that Apple and International Business Machines Corp. are working on a notebook computer using the Macintosh operating system that will be sold by both Apple and IBM. He also said that Apple will sell a Pippin consumer computer under the Apple logo. The U.S. unveiling of Bandai's Pippin is Wednesday. Amelio didn't say when Apple's Pippin, which will serve as a way to browse the Internet's World Wide Web, will be available. (Bloomberg) Allergan says no to Pharmacia & Upjohn
Allergan Inc. said talks on its acquisition by Pharmacia & Upjohn Inc. ended after the companies determined it was ``not feasible.'' London-based Pharmacia & Upjohn had been discussing the possible purchase of Allergan in a stock-swap that could be accounted for as a pooling of interests. The companies determined that the pooling of interests was not possible, and ended the talks, Allergan said. (Bloomberg Business News) by CNB