Wonya Lucas has been named President and CEO of TV One, effective Monday, August 8. the cable industry programming veteran succeeds Johnathan Rodgers, who has announced his retirement as of July 31.
Most recently, Lucas was Executive Vice President and Chief Operating Officer for Discovery Channel and Science Channel, where she was responsible for strategy and operations for the networks as well as oversight of the networks’ research and marketing departments. she joined Discovery Communications in 2008 as the Chief Marketing Officer.
Prior to joining Discovery, Lucas served as Executive Vice President and General Manager of the Weather Channel Networks, where she was responsible for corporate strategy and development, strategic marketing for the Weather Channel and weather.com, and operations and programming for the Weather Channel, the Weather Channel HD, Weatherscan, the Weather Channel Radio Network, and newspaper syndication.
“Wonya Lucas is the perfect choice to help us build on the terrific success we have achieved at TV One over the past seven years,” said TV One Chairman and Radio One President and CEO Alfred Liggins. “Her successful career as a top-level, mainstream cable programming executive will be invaluable to us as we continue to grow the network and the company. Her expertise in marketing some of the best brands in television will also be a tremendous plus as we continue to define and strengthen TV One’s brand in a constantly evolving media marketplace.”
“It’s an incredible opportunity to lead TV One, which in just a few years has become such a success story,” said Lucas. “I am also personally passionate about TV One’s mission to provide high quality entertainment and information to the African American audience that authentically reflects our lives, history and culture.
“Through the leadership of Johnathan Rodgers, TV One is well positioned for the future and has tremendous growth potential. I look forward to working with Alfred Liggins, Cathy Hughes, and the TV One staff, as well as /Comcast and NBCU to chart the network on a path to achieve even greater success in the years ahead,” Lucas added.
Before joining the Weather Channel in 2002 as Executive Vice President of Strategic Marketing, Lucas held several positions at Turner Broadcasting System, including Senior Vice President of Strategic Marketing for CNN Domestic Networks and Vice President of Business Operations and Network Strategy for Turner Broadcasting’s General Entertainment Networks, including TNT, TBS and TCM. Additional experience includes brand management for the Coca-Cola Company and the Clorox Company. she began her career as an engineer for Westinghouse Electric Corporation.
In 2010, Lucas was named among the “75 most Powerful Women in Business” by Black Enterprise magazine, one of the “50 most Powerful Women in Cable” by CableFAX magazine and among “the most Influential Minorities in Cable” by CableFAX. she received similar recognition by CableFAX in 2009, and has been honored as a “Woman To Watch” by Women in Cable and Telecommunications (WICT), received a Brand Builders Award at the 2006 Promax & BDA Conference, recognized as a “Woman To Watch” at the 2005 Multichannel News Wonder Women Awards, and received the Inspiration Award for “Woman of the Year” at the WICT-Atlanta’s 2007 Red Letter Awards. Lucas has served on the Board of Directors of the Cable & Telecommunications Association for Marketing, and she was the co-chairperson for the 2007 CTAM Summit. she also has served as a board member for WICT, inc and is a graduate of the Betsy Magness Leadership Institute.
Ms. Lucas is a graduate of the Georgia Institute of Technology with a B.S. in Industrial Engineering and the Wharton School at the University of Pennsylvania with an M.B.A. in Finance and Marketing.
Launched in January 2004, TV One (tvoneonline.com) serves nearly 53 million households, offering a broad range of real-life and entertainment-focused original programming, classic series, movies, and music designed to entertain, inform and inspire a diverse audience of adult African American viewers. in December 2008, the company launched TV One High Def, which now serves more than 10.3 million households. TV One is a joint venture owned by Radio One (NASDAQ: ROIA and ROIAK; radio-one.com), the largest radio company that primarily targets African American and urban listeners; and Comcast Corporation (NASDAQ: CMCSA, CMCSK; comcast.com), one of the nation’s leading providers of entertainment, information and communications products and services.
Wed 8:06 am
The Times
Tiddler to Watch: three new contracts to supply amusement and gaming machines to Joseph Holt, the brewer, De Vere Hotels and the McManus Pub Company spurred Sceptre Leisure shares 8.3% to 19p, on AIM. Panmure Gordon, the leisure and gaming groups broker, again urged clients to buy shares on which its has set a target price of 31p.
Bet of the Day: Spread-traders were selling Smith & Nephews share price ahead of quarterly results. the maker of hip replacements has been under pressure after Johnson & Johnson, long seen as a potential buyer, agreed to buy the Swiss bone fixer Synthes for $21.3 billion (12.8 billion).
Gilts: Gilts ran higher after further signs of Britains faltering recovery led investors to bet interest rates might not rise before the end of the year. June gilt futures settled 65 ticks higher at 119.81, comfortably outperforming bunds. In the cash market, ten-year gilt yields fell five basis points to 3.41%, their worst since the first trading day of 2011.
Surfer who rode e-commerce wave shares 70 million: An Australian surfer who set up an e-commerce business five years ago with 750,000 has sold it for 70 million. Phillip McGriskin and his partner Paul Townsend started Envoy Services, a cross-border payment processing business, with only three staff.
Nissan to make New York cabs: Nissan has won an exclusive contract to build the next generation of yellow taxicabs for New York City, in a ten-year deal estimated to be worth $1 billion. the new cabs will be a big change to the current models, with charging stations for passengers mobile phones and laptops and a transparent roof for sightseeing, as well as passenger airbags.
EasyJet defies critics to impose higher credit card charges: EasyJet has increased its booking charge by at least 45%, despite an Office of fair Trading investigation into unreasonable debit and credit card fees. the budget airline has imposed an 8 charge on passengers paying for their flights using a debit card, up from 5.50. It is the third increase in seven months. the charge levied on credit card users is now 12.95, or 8 plus 2.5% of the flight cost, whichever is higher.
Citigroup set to auction EMI as early as next month: Citigroup has asked the EMI Boss Roger Faxon to set up a data room for potential buyers of the music business as quickly as possible. the bank, which seized control of EMI from its Private Equity Owner Guy Hands in February, has decided to sell the company as a whole rather than split its music publishing section, whose back catalogue includes the Beatles, from its recording division, which boasts artists including Katy Perry and Kylie Minogue.
Big spenders look past the cars to weigh up bids for the showrooms: Last week Lookers was a car dealership with 71 forecourts. this week it has become a property play being chased by a Whos who of international investors.
Comet announces Bosss shock departure: the Managing Director of Comet has unexpectedly left the electrical goods retailer after a period of poor trading. Hugh Harvey had run Comet, which is owned by Kesa, since 2006. the company said that he had left the business to pursue interests outside the group. he will be replaced by Bob Darke who has been at the company for ten years.
Abu Dhabi fund leads the list of Glencore investors: Glencore is expected to reveal details of Londons largest ever flotation, having already raised about $1 billion from an Abu Dhabi sovereign wealth fund. the prospectus will name the Swiss commodity traders cornerstone shareholders, who will invest about $3 billion (1.8 billion) in the business.
Cranes on the horizon confirm rising confidence in City: the rate at which new offices are being developed in Central London has risen sharply, indicating a renewed confidence in the capital after the credit crunch. Office construction increased by 137% in the six months to March, with economic recovery leading to the initiation of 25 new schemes, according to a benchmark industry report.
The Independent
Ofcom may have to settle BT poles and ducts row: the U.K.s communications watchdog revealed it may have to step in to settle a dispute over how much BT wants to charge rivals to run their superfast broadband cables via its telegraph poles and ducts.
Experian expands Latin American presence: Experian is to expand its Latin American footprint by purchasing a majority stake in a leading Colombian credit information services firm. the FTSE 100-listed credit information group, which is already active in Brazil, has agreed to buy into Computec, which owns Colombia’s most extensive credit behaviour database. the deal, which will see Experian offer 10,419 Colombian pesos, or about 354p, for each Computec share, values the whole business at about 240 million.
Sony admits second security breach with data theft from 25 million more users: after top executives bowed in a traditional Japanese apology at a weekend press conference in Tokyo, Sony has been plunged into further disarray, admitting that a second hack, older than the one revealed last week has been discovered, involving the theft of almost 25 million sets of personal details.
Pfizer sales fall after key patents expire: Falling sales of Pfizers key cholesterol drug, Lipitor, in the face of generic competition hit sales at the American pharmaceuticals giants in the first quarter. Pfizer reported a 13% fall in sales of Lipitor yesterday as it posted $16.5 billion (10 billion) in overall revenues for the first three months of the year, slightly below the figures for last year and missing the $16.6 billion expected by analysts. but net income was higher, rising to $2.2 billion against $2 billion last year.
Nixon pulls out of Simonseeks: Simon Nixon, the entrepreneur behind Moneysupermarket.com, has walked away from his online travel venture after two years saying the business model was “simply not viable”. In a letter to its Simonseek’s writers, Mr Nixon said: “Consumers are not currently ready to pay for professionally written travel content online and the amounts generated through hotel bookings and page impressions are not significant enough.”
SFO drops inquiry into Keydata failure: the serious Fraud Office (SFO) has dropped an investigation into Keydata Investment Services, in which thousands of U.K. pensioners sank hundreds of millions of pounds, because it could not find enough evidence to prosecute.
India raises base rate to 7.25%: Indias central bank stepped up its fight against stubbornly high inflation, raising interest rates by a bigger-than-expected 50 basis points to 7.25%, and vowing to battle price pressures even at the cost of economic growth.
Clothing costs less but food prices resume rise: the cost of clothing, footwear and electrical goods at Britains shops fell for the second month running in April, with the annual rate of inflation easing to its lowest since the beginning of the year, as retailers sought to lure consumers with Easter discounts, according to a new survey published.
Financial Times
ITV falls in London after forecasts cut: Advertising worries left ITV among the sharpest fallers even as the FTSE 100 flat lined for a third consecutive day. Signs of a sharp deterioration in ad spending over the second quarter, particularly among carmakers and retailers, led Merrill to cut its 2011 earnings forecast for ITV by 8% to 7.2p per share.
Kenmare dismisses strike: Kenmare Resources, the FTSE 250 titanium minerals miner, said recent industrial unrest in Mozambique would not affect its plans to boost its production capacity to 1.2 million tonnes of ilmenite per year by the end of 2012.
No prosecutions in Keydata case: No one will face criminal charges in connection with the collapse of Keydata, one of the largest failures of a retail investment firm in recent years, the serious Fraud Office confirmed.
Pessina is at Alliance Boots for long term: at an age when many executives are preparing for the golf course, Stefano Pessina is in the midst of another turbo-charged day running Europes largest pharmacy chain by number of stores.
BP to pay $25 million for 2006 spill in Alaska: BP has agreed to pay a $25 million (15 million) civil penalty to settle a federal investigation into an oil spill from its pipeline network in Alaska in the spring and summer of 2006.
Meeting prompts talk of sidelining Lansley: Health experts have been called in for a breakfast meeting with Paul Bate, David Camerons new special adviser on healthcare, prompting fresh speculation on Tuesday that Andrew Lansley, the health secretary, is being sidelined.
Cable criticises RBS over report on collapse: Vince Cable has attacked Royal Bank of Scotland for putting up obstacles to prevent the publication of a long-awaited report into the collapse of the bank, amid concern that legal wrangling could delay its release indefinitely. the business secretary expressed concern on Tuesday that the report into RBS by the Financial Services Authority was being held up by legal disputes as he confirmed that the government was working with the City watchdog to find a way through the barriers to publication.
Man fund attracts $1.5 billion in Japan: Man Group has raised $1.5 billion (910 million) in Japan for its largest post-financial crisis fund, as the countrys investors seek to diversify their holdings in the wake of the devastating March earthquake and tsunami.
McAlpine feels pressure of spending cuts: Sir Robert McAlpine, the builder charged with delivering Londons Olympic stadium, reported a drop in sales during 2010 as government spending cuts started to take a toll on the construction industry. Turnover at the family-controlled building and civil engineering group dropped to 687 million in the year to October 31, down 34% from 1.03 billion in 2009, according to accounts filed to Companies House on Tuesday.
Nexar to acquire U.K.-based Ermitage: In a sign of the continuing pressure on the business prospects of so-called hedge funds of funds, Nexar, the New York- and Paris-based fund of funds business, is to acquire U.K.-based Ermitage.
Sales pick up though High Street still weak: Shoppers flocked to U.K. high streets in April, buying more than they did one year earlier, but overall sales are considered poor for this time of year, according to a closely watched survey. the CBIs monthly distributive trades survey, which asks the nations shopkeepers how business is doing, found a balance of 21% more retailers reporting better sales this April than they had in April 2010. the trend of rising sales had been foreseen in the same survey conducted in March.
Lex:
Pfizer: R&D bitter pill is earnings cure: More scientists in a lab doesnt necessarily mean more discoveries, so a few less wont rule out the next breakthrough. at least, thats what Pfizer is betting. three months ago, the U.S. drugs company promised a leaner research and development expenditure line. In the quarter just reported on Tuesday, it delivered. R&D dropped 8% year-on-year while the top line was flat, driving R&D as proportion of sales down by a full point, to just over 12%. the impact on earnings was noticeable. Adjust R&D spend to last years level and earnings per share would have been nearly 3% lower. and there is more to come. Pfizers guidance for 2012 implies that its R&D-to-sales ratio will drop to just over 10%, well below historical levels for the company and industry.
Workplace stress: marvel at the happy majority: Every office has a lazy lump who, in spite of doing nothing all day, always complains of being stressed. the Navy Seals who blasted their way into Osama bin Ladens compound in the dead of night, on the other hand, eat stress every day for breakfast. Such differences can render work-related stress surveys rather silly. different levels of stress suit different people. while some employees rip their hair out when given too much work, others feel anxious if not being stretched. Chief Executives responsible for thousands can whistle the day away as the happiest-looking tennis teacher frets about the rest of his life. A recent survey commissioned by Harris College tells a common story. almost 80% of Americans say they are stressed by at least one thing at work, with low pay and commuting top of the list. Only one worker in 10, however, named fear of being fired as their main cause of stress. and only 5% cite their Boss as causing them the most grief. Are U.S. Managers becoming too soft? even if work-related stress is necessarily a fuzzy science, it does not make the topic a pointless one for executives.
Bin Laden and the markets: Blink and you missed it. Sundays killing of Osama bin Laden moved markets for only a few hours. By Monday afternoon, the mornings sharp price changes oil and gold down, stocks and the dollar up was largely reversed. this event was clearly historic and richly symbolic; but upon a little reflection, investors decided it did not hold any clear economic significance. they may live to regret their indifference. true, if terrorism is actually a threat to the world economic order, then what will be described as the martyrdom of bin Laden is unlikely to lessen it. and if the risk of terrorism remains great in the Wests political imagination, then new dangers will soon be discovered. and yes, this death may prove no more than a minor data-point in the complicated histories of Afghanistan, Pakistan and politics in predominantly Muslim countries (less important than those generated by the challenges to Arab autocrats).
Lombard:
Tesco Law more whimper than Big Bang: Senior lawyers are a tribe apart, revelling in sesquipedalian jargon and in bon mots unleashed by Tom Denning in open court back in 73. this year their tribal loyalties will be tested by the introduction of Tesco Law. Public discussion of the opportunities that might be created by better access to capital has so far been decorous. It has focused, for example, on how law firms might collaborate with supermarkets (though Tesco itself is apparently busy with other things, such as conquering the universe). but the question that intrigues many lawyers and those of us vicariously interested in other peoples money is under what circumstances equity partners can justifiably sell shares in the firms that they currently own. the lure is a personal windfall that may run into millions. but there is a risk of censure from fellow lawyers (as manifested in a volley of bread rolls at Law Society dinners, perhaps) and damage to the businesses themselves. Flotations or private equity deals that further enrich well-remunerated equity partners could look a lot like flogging the family silver. without a profit share to strive for, the brightest young lawyers might defect to other firms, reducing the competitiveness of erstwhile employers.
Seriously Foxed Office: the high dudgeon of private client Fund Managers forced to pay 236 million in compensation for failed investments business Keydata just got higher. the serious Fraud Office has dropped an investigation into the business, which tumbled into administration in 2009. A successful prosecution would have bolstered confidence in regulation that has wavered among Fund Managers since they copped stiff costs for a scandal in which they played no part. Keydatas dodgy bonds were distributed by independent financial advisers. A fraud prosecution would have constituted evidence that those at the heart of the imbroglio faced a spanking too.
The Daily Telegraph
Portugal reaches bail-out agreement: Jose Socrates, Portugals caretaker Prime Minister, said on Tuesday night that he has reached agreement on a bail-out from the EU and the International Monetary Fund. No figure was disclosed regarding the value of the loan. however, it is thought to be valued at around 78 billion (70 billion).
U.K. will utterly destroy North Sea industry: Oil and gas leaders will on Wednesday make a last-ditch effort to persuade the Government to abandon a 10 billion tax grab on North Sea energy companies, amid warnings the levy will “utterly destroy” the industry.
U.S. sues Deutsche Bank for $1 billion over reckless mortgages: the U.S. government is suing Deutsche Bank for more than $1 billion (605 million), alleging that Germanys biggest bank lied repeatedly to secure valuable government-backed insurance for mortgages it sold. American authorities allege that Deutsche “recklessly” picked mortgages that failed to meet the criteria for a government-sponsored insurance programme and handed over fraudulent data in the process.
Pierre Cardin ready to sell up at 88: Pierre Cardin, a doyen of French fashion, has said he is ready to sell his group and will seek 1 billion (890 million). According to the report bankers have put a 200 million value on the sprawling fashion empire.
Ebook sales soar, but print is still popular: Sales of digital books are soaring in the U.K., according to figures from the Publishers Association. In 2010, sales of ebooks and audio book download in the “general titles” category, which includes novels and consumer titles, rose from 4 million to 16 million.
Saab gets 150 million lifeline from Chinas Hawtai Motor Group: Swedish car maker Saab appears to have secured cash injection after Hawtai Motor Group, a Chinese company, agreed to invest 150 million (135 million) to rescue the business.
Agnelli in talks with News Corp over Formula 1 bid: the Agnelli family is in talks with Rupert Murdochs News Corporation about launching a joint offer for Formula 1 (F1) motor racing. Exor, an investment vehicle controlled by the Italian family, on Tuesday confirmed it had teamed up with News Corporation, chaired by Rupert Murdoch, with view to making a joint bid for F1.
The Guardian
Manufacturing falters as figures show output has fallen to a seven-month low: Manufacturings role as the engine of the U.K.s recovery appears to be faltering after figures showed output fell to a seven-month low last month. Data released on Tuesday suggested that manufacturing, which has had a starring role in the Treasury’s growth strategy, is now flagging as domestic customers cut their spending. the monthly Markit/CIPS PMI index of the manufacturing sector fell to 54.6 points in April the weakest reading since last September. March’s reading was also revised down, from 57.1 to 56.7 still above the 50-point mark that separates expansion from contraction.
Retailers expect sales gloom to continue: CBI survey shows net balance of -18 of retailers believes sales during may will be poor for the time of year – the most negative view recorded since September 2009. High street retailers are braced for may to be their toughest month in nearly a year, despite a slight rise in sales during April.
Osbornes North Sea tax raid criticised in report by top accountants: Pressure on George Osborne to rethink his North Sea tax reforms will increase on Tuesday with a report from experts criticising the changes as the Commons begins to debate the details of the budget.
City fat cats should give more money to charities, claim MPs: Britain has yet to embrace a culture of philanthropy, despite the millions of pounds made in the City, MPs heard. MPs on the public administration committee quizzed a panel of representatives from banking, hedge funds and a charity thinktank. All agreed the financial services sector should give more, but law firms, accountants and footballers should do their bit too.
Blacks Leisure poaches Figleaves Boss as Comet Chief makes sudden exit: Struggling outdoors specialist Blacks Leisure will announce that it has poached the Chief Executive of online lingerie specialist Figleaves.com to lead its turnaround.
Hollywood in turmoil as DVD sales drop and download steal the show: Online rental and streaming saw the DVD market plunge by 20% in the first quarter of this year. It’s been a huge source of Hollywood profit but the silvery, lucrative DVD could be consigned to the pages of a history book if plunging US sales continue for the rest of the year.
Ryanair open to talks with Fine Gael over sale of Aer Lingus stake: Ryanair is ready to take control of Aer Lingus if the cash-strapped Irish government puts its stake in the airline up for sale. Undaunted by two failed takeover bids for Ireland’s flag-carrier, Europe’s largest short-haul carrier said it would be “open” to talks with the new Fine Gael administration about buying the state’s 25% shareholding in Aer Lingus, which added to the 29.8% it already holds would give Ryanair a majority stake.
Daily Mail
Tycoon Petchey admits interest in Lookers bid: the potential buyer eyeing car dealership Lookers is a consortium led by veteran investor Jack Petchey, it emerged. Manchester-based Lookers announced last week it had ‘firmly rejected’ a ‘highly speculative informal approach’ but did not identify its suitor.
Glencore float is hit by new allegations: Secretive Swiss commodities firm Glencore stands accused of profiteering and environmental violations in poor and conflict-torn countries, as it prepares to release the prospectus for its 48 billion share float on the London stock market.
Balls calls for review of North Sea tax grab: Shadow Chancellor Ed Balls has pledged to push his Tory counterpart, George Osborne, to review his decision to hike taxes on North Sea oil and gas producers after British Gas Owner Centrica warned higher costs could force it to walk away.
Broker Views:
Immupharma: Panmure Gordon & Co Limited upgrade the stock to Buy and increased the target price to 150.00p
European Goldfields ltd: Numis Securities ltd upgrade the stock to Buy and increased the target price to 1100.00p
Talvivaara Mining Co: Alfa-Bank upgrade the stock to Overweight and increased the target price to 1150.00p
European Nickel: Evolution Securities maintains a Buy rating on the stock, with a target price of 55.00p
Max Petroleum: Barclays Capital maintains a Overwt/Positive rating on the stock, with a target price of 45.00p
Rockhopper Exploration: Canaccord Genuity Corp maintains a Buy rating on the stock, with a target price of 593.00p
Daily Express
Smiths group security Chief Phipson quits: the Boss of the security scanner business of technology firm Smiths Group is quitting after trading at the division failed to live up to expectations. Smiths said the head of the detection arm, Stephen Phipson, would step down immediately after delays to orders hit trading in the second half of the year.
Pound slumps on growth fears and stagnant rates: the pound slumped to its lowest level in over a year against the Euro on fears over growth and a forecast that interest rates will not rise until 2014. Sterling tumbled more than 1 per cent against the single currency, which broke the 90p barrier, and slid sharply against the dollar after figures showed manufacturing growth had unexpectedly slowed to its weakest level in seven months.
William hill deal spreads bets in U.S.A: William Hill is buying Brandywine Bookmaking for about 8.6 million as part of its plans to expand in the U.S. sports betting market. the group will also provide an 848,000 loan as part of the deal for Brandywine, which operates in Nevada and Delaware and had revenues of 4.7 million in 2010.
The Scottish Herald
Scottish hotels outperform U.K. as occupancy rates rise 1.5%: the Scottish hotel sector outperformed the industry in the rest of the U.K. in February, according to a report from respected analysts. PKF, the accountant and business adviser, said in its latest monthly study that occupancy levels north of the Border rose by 1.5% in February compared with the same four-week period last year. Revenue known in the industry as rooms yield was 2.8% higher on the same month in 2010.
Cairn Energy Director leaving for Bowleven: the man who masterminded the development of the huge production facilities that Cairn Energy built in the Indian desert is teaming up with an old colleague from the oil and gas firm at Bowleven.
Ryanair cuts send passenger numbers down at Prestwick: Prestwick Airport suffered an 11% annual fall in passenger numbers after no-frills carrier Ryanair slashed capacity last year at the Ayrshire hub, it emerged.
The Scotsman
Consumer squeeze is blamed for slowdown: Britain’s resurgent industrial sector appears to have hit a plateau after the consumer squeeze was blamed for output hitting a seven-month low. the latest manufacturing purchasing managers’ index (PMI), one of the most widely respected indicators of health in the sector, revealed a larger-than-expected fall in growth last month, quashing hopes of a strong pick-up in wider economic activity in the second quarter.
Growth in equity business drives AAM’s profits to half-year record: Aberdeen Asset Management posted record half-year profits, aided by a rise in high-fee earning business and a slowdown of outflows from fixed income investments. Pre-tax profit for the six months to end-March came in 54% higher at 143 million largely due to growth in the firm’s equities business, which has expanded from 40% to 45% of total assets, but also helped by ongoing control of costs.
Summer rates rise proves a favourite: one in three Britons expects interest rates to rise this summer, with a fifth predicting a July change. Another one in five think it will be October before the Bank of England moves the base rate from its historic low of 0.5%, where it has stayed since March 2009, a poll by Lloyds TSB found. In all, two thirds say interest rates will definitely be higher by the end of the year, although a mere 5% think the change will come as soon as ‘s monetary policy committee (MPC) announcement.
Savers not put off by economic clouds: More than half of Scottish adults believe they will either maintain or increase their savings levels over the remainder of 2011, a survey suggests. almost nine in ten Scots think they will be adversely affected by external economic factors over the coming months, particularly inflation and public sector spending cuts.
SeaEnergy offshore arm sales talks: SeaEnergy, the Aberdeen-based energy group, is in advanced talks with a consortium of European companies over the sale of a majority stake in its offshore wind subsidiary. the company, chaired by Steve Remp who founded Sea-Energy’s predecessor Ramco, said it had granted a period of exclusivity to the consortium to negotiate the sale of its 80% interest in SeaEnergy Renewables (SERL) which owns interests in the Beatrice, Inch Cape and the Moray Firth offshore wind farm developments in Scotland.
Vedanta buys up Cairn India minority holdings: Vedanta Resources raised its stake in Cairn India to more than 18% following an open offer to minority shareholders. the company, which is still awaiting approval from the Indian government to acquire the bulk of Edinburgh-based Cairn Energy’s stake in the business, said it had received acceptances in respect of 8% of the Indian oil and gas explorer. It will pay a total of $1.24 billion (751 million) for the shares.
Cosalt sells marine division for 31 million: Cosalt, the safety equipment business, announced it had sold its marine subsidiary to SurviTec for 31 million. the company, which has an offshore division based in Aberdeen, said the deal would enable it to focus on the oil and gas and renewables sectors.
Union campaigning for new method of setting milk prices: the first meeting to discuss a new method of setting the price of milk seems to have caught the imagination of producers, with more than 120 farmers gathering in Dumfries to listen to the detailed proposals. NFU Scotland which is backing the new price-fixing method, believes the formula could transform the fortunes of all dairy farmers in the country.
Hot weather melts sales for troubled Thorntons: Last month’s record temperatures have triggered a fresh profit warning at Thorntons after the chocolatier suffered a sales meltdown. the group, which owns about 370 stores, said that the summer-like conditions put customers off buying chocolate. Same-store sales plunged 23% over the crucial Easter week.
Hot weather drives up demand for hotel rooms: the late Easter and good weather should set Scottish hotels up for a busy summer after a new survey showed they are outperforming the rest of the UK. Scotland was the only part of the UK where both occupancy and hotel revenue rose during February, according to the monthly survey by accountants and business advisers PKF, published.
Royal wedding and heatwave lays golden egg for Dobbies: Garden centre chain Dobbies has reported record Easter bank holiday sales thanks to the build-up to the royal wedding and unseasonably warm weather. the Lasswade-based group said overall sales across its 29 centres and website were up 70%, year-on-year, over the holiday period.
Easter fails to lift high street: Figures showing slightly better-than-expected sales in the run-up to Easter failed to lift the gloom for downbeat retailers. the latest survey by the CBI showed a balance of 21% of retailers reported that sales volumes increased in the year to April, up from 15% in the previous month.
Harvey quits troubled Kesa: Kesa Electricals, Europe’s third-biggest electricals retailer which issued a profit warning in January, said Hugh Harvey, Managing Director of its UK Comet business, had left the firm. A spokesman for Kesa said Harvey, the operation’s Managing Director since 2006, had left Comet with immediate effect and been succeeded by Commercial Director Bob Darke.
