Time Warner faults FCC rules
The government's new rules for cable TV penalize the industry and harm development of better communication systems, the head of the nation's largest media company said yesterday.
Gerald Levin, chairman and chief executive officer of Time Warner Inc., sharply criticized the Federal Communications Commission, which last month invoked the second rate cut in less than a year on the industry.
"The FCC issues eloquent calls for achieving American leadership in building the communications systems of the next century, then turns around and does its best to postpone or prevent that achievement," Mr. Levin said.
Delta, Virgin Atlantic reach accord
Delta Air Lines has reached an agreement with Virgin Atlantic Airways that will give Delta a toehold at London's Heathrow Airport, Europe's busiest.
Delta and Virgin announced yesterday that Delta would buy seats on Virgin flights to London and that the two carriers would share frequent-flier benefits.
Crestar posts record net income
Crestar Financial Corp. yesterday reported record net income of $40.5 million, or $1.07 a share, for the first quarter of 1994, compared with the $30.9 million, or 83 cents a share, earned in the first quarter of 1993.
Crestar Financial Corp. is the holding company for three banks and 321 banking offices in Virginia, Maryland and Washington.
Largest German developer missing
Stock prices fell and construction sites all over Germany shut down yesterday after the country's biggest real estate developer disappeared, leaving his company and its creditors in the dark and possibly holding the bag for hundreds of millions of dollars' worth of debts.
The developer, Juergen Schneider, 59, was last seen before Easter, according to officials at his company, Dr. Juergen Schneider AG.
The company's managers said Mr. Schneider had informed board members that he has withdrawn from the company on the advice of doctors.
Since Mr. Schneider and his wife personally held all the company's assets, there was no way to get hold of any money to continue operations.
More trucking firms cut deals
Three more companies pulled out of the trucking companies' bargaining unit yesterday in an attempt to cut their own deals with Teamsters union drivers, who have been on strike for a week.
TNT Holland Express and TNT Red Star Express Lines, subsidiaries of TNT Freightways Corp., notified Trucking Management Inc. that they are withdrawing from the bargaining unit. Sea-Land Service Inc. also was negotiating with the union. Preston Trucking Co., based on the Eastern Shore, said 5,000 workers returned to work Monday after signing an interim agreement.