THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Friday, July 26, 1996 TAG: 9607260612
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Business Briefs
LENGTH: 55 lines
Air South cutting
service by a third
Air South said it is reducing its schedule by one-third in an attempt to improve its on-time reliability. Among the flights being dropped are those between Midway airport in Chicago and Norfolk, Va.; Charleston and Miami; and Charleston and Savannah. Air South, based in Columbia, S.C., also is cutting service to a single flight daily between Norfolk and Jacksonville, Fla.; Myrtle Beach and Columbia, Miami and Jacksonville. The expansion of flights announced this spring resulted in a drop in timeliness, the company said. The airline also discontinued flights from Newark, N.J., to Columbia, Myrtle Beach and Savannah, Ga. (Associated Press)
Hannaford supermarkets
to build more stores
Hannaford Brothers Co., the Scarborough, Maine-based grocer, has acquired two new properties in Virginia Beach. The chain will build a store at the corner of Shore Drive and Northampton Boulevard, and another at the intersection of Virginia Beach Boulevard and King Richard Road. Both stores are expected to open in 1997, according to Divaris Real Estate Inc. Hannaford already has two stores in South Hampton Roads and is building another at Salem Crossings in Virginia Beach. (Staff)
Judge allows investors
to join suit against Merrill
A federal judge has given class-action status to a lawsuit accusing Merrill Lynch & Co. of misleading investors into buying risky limited partnerships, clearing the way for thousands of investors to claim damages in the case. Lawyers for investors said Thursday they also are seeking class-action status for similar suits filed against two other big Wall Street firms, Dean Witter Reynolds Inc. and Lehman Brothers Inc. The development in the Merrill Lynch case broadens the legal fight against large brokerage houses that sold the soured investments in real estate, gas and oil wells, and airlines to hundreds of thousands of investors in the 1980s. (AP)
House panel backs
thrift fund rescue
In a surprise move, the House Banking Committee approved a plan Thursday that would revive the savings and loan industry's shaky deposit insurance fund by having the Federal Reserve pay part of the bill. The committee passed the bipartisan proposal to place the Savings Association Insurance Fund on stable footing, setting the stage for savings and loan associations to become commercial banks later this decade. This proposal also would have banks and thrifts share at paying off bonds related to the S&L rescue. (AP) by CNB