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Tuesday, Aug. 18, 1998
Business Briefs
International Bancshares reports higher earnings
From Staff Writer wire services
International Bancshares Corp. on Monday reported second quarter earnings of $12.8 million, or 99 cents per share diluted, vs. 1997 second quarter earnings of $11.3 million, or 88 cents.
The Laredo bank holding company had assets of $4.64 billion on June 30 compared with $3.73 billion a year earlier.
IBC operates bank offices in Corpus Christi and elsewhere in South Texas.
Chrysler fined for not obeying car-recall order
WASHINGTON - A judge has fined Chrysler Corp. $800,000 for failing to recall 91,000 Cirrus and Stratus cars after the government told the company the rear seat belt systems were unsafe.
U.S. District Judge Emmet G. Sullivan's fine, issued in court papers released on Monday, is the largest such monetary punishment meted out to an automaker for failure to comply with a government recall order.
The government had sought a $1.6 million penalty, $800,000 apiece for failing to notify owners of a recall and failing to obey the order of the National Highway Traffic Safety Administration to recall the autos. But Judge Sullivan said the failures were one related series of events, and thus deserved one penalty.Post your comments about local news eventsFront Page || Main Index || News || Business || Texas || South Texas Outdoors || Birdwatching || Sports || Entertainment || Selena || Education || South Texas Attractions || World Wide Web