Business briefs for Feb. 27

VIRGINIA

Danville, Pittsylvania plan big industrial park

DANVILLE -- Danville and Pittsylvania County officials plan to build a $13 million industrial park.

The project announced this week is a joint effort between the city and county through their Regional Industrial Facilities Authority.

It would be the state's first so-called megapark, occupying about 3,000 acres west of Danville in the Berry Hill community.

Pittsylvania Board of Supervisors Chairman Coy Harville said there are no prospects yet for the park, which would be marketed internationally.

State regulators OK Norfolk creek project

NORFOLK -- State regulators have approved plans for a "super yacht" development on Little Creek in Norfolk, one that would include new condominiums and a scenic walkway around the waterfront parcel.

The Virginia Marine Resources Commission voted unanimously to issue a permit for the project, despite objections from dozens of local residents.

Dividend declared

THE NATION

Colo.'s oldest paper to cease publication today

DENVER -- The Rocky Mountain News, Colorado's oldest newspaper and a Denver fixture since 1859, will publish its last edition today. Owner E.W. Scripps Co. said yesterday that the newspaper lost $16 million last year and the company was unable to find a buyer.

"Today the Rocky Mountain News, long the leading voice in Denver, becomes a victim of changing times in our industry and huge economic challenges," Scripps CEO Rich Boehne said.

Financial problems are widespread in the newspaper industry as the economy has deteriorated, ad revenue has tumbled and readers have gravitated toward the Internet.

Four owners of 33 U.S. daily newspapers have sought Chapter 11 bankruptcy protection in the past 2½ months.

A number of other papers are up for sale.

AIG could be split into U.S.-controlled units

CHARLOTTE, N.C. -- Beleaguered insurer American International Group Inc. could be split into at least three government-controlled divisions in an effort to save the business, according to a report on yesterday by the Financial Times.

New York-based AIG was reported to be asking for its fourth loan from the federal government just days before it is expected to report a fourth-quarter loss.

Once one of the world's largest insurers, AIG already has received $150 billion in loans from the government. In return, the government has taken an 80 percent stake in the insurer.

Under the new proposed plan, the government would swap its 80 percent stake for even bigger pieces of three units that would be split off from the company. Details of the plan could come Monday, when AIG is expected to report a $60 billion fourth-quarter loss.

Elsewhere

THE WORLD

Canadian bank strength reflected in earnings

TORONTO -- Canada's dominant banks are reporting earnings that show they are doing far better than banks in the United States and Europe.

Royal Bank of Canada CEO Gord Nixon told shareholders yesterday in Vancouver that the country's banks are the envy of the world and have stood out internationally.

Prime Minister Stephen Harper said Canada has strong regulation that encourages a cautious culture in the banks.

Canada has avoided government bailouts and has not experienced the failure of any major financial institution. There has been no crippling mortgage meltdown or banking crisis north of the U.S. border. -- From Staff and Wire Reports