Hearing Set for Public to Comment on Gas Company’s New Rate Plan Bizworld
The State Corporation Commission has scheduled a hearing for 10 a.m. Oct. 14 in Richmond to take public comments on Virginia Natural Gas’ plan to add a new rate to customer bills to cover the cost of several conservation programs.
The company, based in Norfolk, has proposed to spend $7.5 million on the fuel-cutting measures, which it projects will save customers $39.5 million over 10 years. The additional monthly rate, which would amount to about 80 cents for most residential customers, would help recoup the revenue the company would lose if customers use less natural gas. Consumers must submit written comments by Oct. 7. For more information, call (800) 552-7945 or visit www.scc.virginia.gov/ case and search for case number PUE-2008-00060.
– Carolyn Shapiro
nation
Failed bank under FBI investigation
WASHINGTON | The FBI is investigating failed bank IndyMac Bancorp Inc. for possible fraud, an official said Wednesdays.
It was not immediately clear whether the inquiry was opened before Friday’s takeover of IndyMac by the Federal Deposit Insurance Corp. The investigation appears to be focused on the company and not individuals who ran it, a law enforcement official told The Associated Press. IndyMac Bank’s assets were seized by federal regulators after the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures.
Volkswagen eyes gain in U.S. sales
NEW YORK | Volkswagen AG is expanding its U.S. presence and looking to grab a bigger slice of the country’s market as part of its plan to become the world’s No. 2 automaker.
Stefan Jacoby, president and chief executive of Volkswagen Group of America, said the automaker has the fuel-efficient vehicles Americans want as gas prices remain above $4 per gallon. Volkswagen, which accounts for about 2 percent of the U.S. market, sold 230,000 vehicles in the United States last year and wants to increase that number to 800,000 by 2018.
Study: Menthol data aided sales
WASHINGTON | Tobacco companies deliberately changed the menthol levels in cigarettes depending upon whom they were marketing them to – lower levels for young smokers who preferred the milder brands and higher levels to “lock in lifelong adult smokers,” researchers at the Harvard School of Public Health concluded.
The researchers reviewed industry documents going back decades on product development and on strategic plans for menthol products. They said the tobacco companies researched how controlling menthol levels could increase sales among specific groups. Milder brands with lower menthol levels appealed to younger smokers.
Alaska Oil and gas leases up for bid
ANCHORAGE, Alaska | For the fifth time in a decade, the federal government will allow oil companies to bid for oil and gas leases in the sprawling National Petroleum Reserve-Alaska, officials announced Wednesday.
No oil or gas production has resulted from previous sales. Officials with the Bureau of Land Management touted the upcoming sale, the fifth since 1999, as an opportunity to offset high fuel costs. The government estimates the roughly 3 million acres it plans to put up for bid this fall could yield several billion barrels of oil and a significant amount of natural gas.
CSX has four new board directors
NEW YORK | CSX Corp. said preliminary results of the railroad’s contentious board vote show that four out of five directors nominated by activist hedge fund shareholders TCI and 3G Capital have been elected to its board.
The company said Wednesday that shareholders elected TCI founder Chris Hohn, 3G Managing Director Alexandre Behring, Gilbert H. Lamphere and Timothy T. O’Toole. Lamphere is a managing director of private investment firm Lamphere Capital Management and a former director at Canadian National Railway Co. O’Toole is managing director of the London Underground.
Union: Pilots told to use less fuel
WASHINGTON | The pilots union for US Airways said Wednesday the airline is pressuring pilots to use less fuel than they feel is safe in order to save money.
US Airways Capt. James Ray, a spokesman for the US Airline Pilots Association, which represents the airline’s 5,200 pilots, said eight senior pilots and the union have filed complaints with the Federal Aviation Administration. The union paid for a full-page ad in Wednesday’s USA Today addressed to “our valued passengers.” The ad accuses the airline of “a program of intimidation to pressure your captain to reduce fuel loads.”
Ray said soaring jet-fuel prices have sent all the airlines scrambling to find ways to cut the weight of airliners because the heavier the plane, the more fuel the plane burns.
earnings
American, Delta post $1B losses
Two major airlines each reported quarterly losses of more than $1 billion on Wednesday, reflecting the industry’s struggle to cope with higher jet-fuel costs and an economic slowdown.
The losses were reported by AMR Corp., the parent of American Airlines, and Delta Air Lines. American Airlines reported a loss of $1.45 billion, compared with a profit of $317 million a year earlier. Delta reported a loss of $1.04 billion, compared with a profit of $1.59 billion in the quarter a year ago.
Gannett sees 36% drop in profit
McLEAN | The nation’s largest newspaper publisher on Wednesday reported a 36 percent drop in second-quarter earnings. The profit of $233 million compared with a $366 million in the year-ago quarter.
– From staff and wire reports
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