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Danka names new chairman and CEO

By Times wire
Published March 15, 2006

Danka Business Systems PLC named A.D. Frazier its new chairman and chief executive officer. Frazier held chief executive positions with Caremark Rx, the Chicago Stock Exchange and INVESCO. He was also chief operating officer of the Atlanta Committee for the 1996 Olympic Games. Frazier replaces Todd Mavis, who held the top post at Danka for two years and will leave the company after an unspecified transition period to pursue other interests. Frazier will also become chairman of the Danka board, replacing W. Andrew McKenna, who will remain a director. Based in London, Danka's U.S. headquarters are in St. Petersburg.

Refinery problem to push up gas prices

Gasoline futures surged nearly 7 percent Tuesday on word of a large refinery snag, marking an almost 50-cent-per-gallon increase over the past month that is sure to send pump prices higher. Gasoline futures rose 12.27 cents to settle at $1.866 a gallon on the New York Mercantile Exchange. Brokers said the rally was sparked after Amerada Hess Corp. said Tuesday that it unexpectedly shut a gasoline producing unit at a refinery in St. Croix.

Sears Holding Corp.'s Kmart chain agreed to settle a suit filed by disabled customers by paying $13-million and redesigning stores to make them more accessible, according to a court filing. Under the settlement, qualified customers will share $8-million in cash and $5-million in gift cards.

Albertson's Inc., the nation's second-largest grocery store chain, announced Tuesday that the Federal Trade Commission has approved the $9.7-billion sale of the company to a consortium led by Minnesota-based grocer Supervalu Inc. and drugstore chain CVS Corp. The sale was expected to close within four months, pending shareholder approvals. Albertson's shareholders will receive about $26.29 in cash and Supervalu stock for each Albertson's share.

Apparel retailer Lane Bryant has declared its test of Cacique, a new chain of intimate apparel for plus-sized women, a success. That means the company's parent, Charming Shoppes Inc., will open 50 more this year. Touted as Victoria's Secret for plus-size women, one of the six test Cacique stores opened late last year in Westfield Brandon mall.

The U.S. Treasury sold $18-billion in four-week bills at a high discount rate of 4.395 percent. Last week's auction was 4.38 percent. The return is 4.471 percent, with a $10,000 bill selling for $9,965.82.

[Last modified March 15, 2006, 14:52:46]