BUSINESS BRIEFS

VIRGINIA

Norfolk to lose 475 jobs in USAA consolidation

NORFOLK -- Norfolk is losing 475 jobs as part of a broader consolidation by USAA, an insurance and financial-services company that serves military members and their families.

USAA employs nearly 900 workers in Norfolk.

The San Antonio-based company said yesterday that the moves are designed to reduce excess real estate capacity. Employees in good standing will be offered relocation to San Antonio; Phoenix; Colorado Springs, Colo.; or Tampa, Fla. Those who do not accept transfers will be eligible for severance packages.

Va. ad firm gets jobs worth over $100,000

Roanoke-based ad agency Neathawk Dubuque & Packett has won three new accounts.

The agency announced yesterday that it would develop a Web site for Roanoke Regional Airport Commission; handle marketing and brand development for Virginia Western Community College Foundation; and public-relations services for Roanoke City Public Schools.

Billings for the accounts will exceed $100,000, ND&P said.

"We have been fortunate that our agency continues to see growth in a down economy," Roger Neathawk, chairman and CEO, said in a statement.

ND&P has offices in four states, including two in Virginia -- Richmond and Roanoke.

State lost some 521,000 farm acres in five years

Virginia is losing farmland, and its farmers are getting older.

According to the U.S. Census of Agriculture, the state lost almost 521,000 acres of farmland between 2002 and 2007.

The total number of farms declined by 223 during the period. But the number of very small farms that generate $1,000 or less annually increased from 10,502 to 13,667.

During the same period, the average age of a principle farm operator increased from 56.7 years to 58.2 years.

The director of the Virginia office of the National Agricultural Statistics Service says the retirement of farmers is a likely factor in the loss of farmland. Herman Ellison says Virginia lost almost as much farmland in the latest census than in the three previous counts combined. THE NATION

Senate panel considers credit-card protections

NEW YORK -- Swiping your credit card would come with dramatic new protections under regulations considered by congressional lawmakers yesterday.

Among the industry practices blasted at the Senate Banking Committee's hearing was the piling on of hidden fees on consumers. Fees can be incurred for telephone payments, balance transfers, replacing lost cards and cash advances. Card issuers also can raise interest rates for a variety of reasons.

Any new regulations would be in addition to a sweeping clampdown on the industry adopted by the Federal Reserve late last year. Those rules, which take effect in July 2010, shield consumers from arbitrary interest-rate increases and inadequate time to pay bills.

Legislation introduced Wednesday also would prohibit credit-card companies from charging interest on penalty fees, prohibit charging consumers to pay bills via mail or telephone, and require card issuers to lower penalty interest rates if no further violations occur after six months.

Americans' net worth off 22 percent, Fed says

WASHINGTON -- The recession has cut many Americans' net worth by about 20 percent as the value of homes, stock portfolios and businesses have plummeted, the Federal Reserve said yesterday.

The Fed said the average net worth of American households plunged 22.7 percent since the recession began in December 2007 through October, when the report was prepared.

The median net worth, or the midpoint between the wealthiest and poorest, fell 17.8 percent.

The impact has disproportionately fallen on the wealthiest households and those between the ages of 55 and 64, a Federal Reserve economist said. Net worth tends to peak in that age bracket, as retired Americans begin to spend their savings.

If the value of second homes and businesses are excluded, the Fed said in its report, average household net worth fell 12 percent, which reflects that such assets are "relatively concentrated among wealthier families."

Elsewhere

-- From Staff and Wire Reports