|
Followups
An update on companies
and trends featured in recent issues
Virginia Business
March 2005
Two
Virginia airports with service from discount airlines
reported record passenger volume in 2004. Newport News/Williamsburg
International Airport, which is served by AirTran, saw
passenger traffic surge 25.6 percent last year to 915,968.
At Norfolk International Airport, passenger volume rose
9.95 percent to 3.78 million. The influence of discount
airlines on Virginia’s airports was explored in
February’s
cover story. The article revealed that airports
without discount carriers, such as Richmond, Roanoke,
Charlottesville and Lynchburg, are losing much of their
customer base to other airports. In reporting its passenger
figures, Newport News said that it added 200 parking
spaces last year and has another 1,200 spaces in some
phase of design or construction.
February’s
issue also looked at a
bid by PNC Financial Services Group Inc. to buy legally
troubled Riggs National Corp. The merger has been
uncertain with the deal called off and then revived
after Riggs agreed to a lower acquisition price - $100
million less than the $779 million the two parties announced
last July. Pittsburgh-based PNC lowered its price following
legal action against Riggs' Washington, D.C., banking
subsidiary. The bank settled a U.S. Justice Department
investigation by pleading guilty to charges of failing
to report suspicious transactions in the accounts of
foreigners and agreeing to pay a $16 million criminal
fine. When PNC first dropped its price, Riggs sued the
company. The two sides have agreed to a new May 31 deadline
to close the deal.
December’s
issue examined the
effects on insurance brokers of a lawsuit filed against
Marsh & McClennan Cos. by New York Attorney
General Elliott Spitzer. In late January, Marsh agreed
to pay $850 million in restitution to end Spitzer’s
investigation into bid rigging and price fixing. Marsh
will provide restitution to clients, most of which are
major corporations.
Return to Virginia Business - March 2005 |
