Thursday, June 28, 2012

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Venture capital targeted | Business Matters

The UK is the centre of venture capital in Europe, but this kind of funding can be more difficult to secure in challenging economic times. To help UK-based entrepreneurs fulfil their full potential by expanding globally, UKTI has established a new Venture Capital Unit which will work closely with the BVCA and the venture community.

Trade and Investment Minister Lord Green said:??The Government is committed to making Britain the best place in Europe to start, finance and grow a business. It is essential that entrepreneurs have access to the right funding to turn their ideas into successful companies.

?Through this agreement UKTI and the BVCA will work closely together to promote the UK as an international centre for venture capital, highlight the successes of UK companies and engage with overseas investors.

?I am excited by the possibilities of what the new venture capital unit can achieve, and I am pleased to welcome Chris Wade as it?s new Director. Chris is a serial entrepreneur who has secured significant venture funding and chairs companies in the UK and the US, bringing this expertise to his UKTI role.?

BVCA chief executive Mark Florman said:??This event is the culmination of work lasting more than a year to link the BVCA formally to UKTI. It is an extremely important development for venture capital as it connects our sector with the UKTI?s network of embassies and consulates throughout the world. This is an alliance which could be invaluable on matters ranging from fundraising overseas, particularly sovereign wealth funds, to the promotion of homegrown venture capital-backed start-ups. This partnership is good for venture capital and good for Britain and I look forward to a long and fruitful relationship between the BVCA and the UKTI.?

UKTI and the BVCA will work closely together across a broad range of areas, but have agreed number of priority areas for joint work as part of the agreement signed today:

  • Identifying and highlighting the best elements/companies in the UK venture capital and innovation scene.
  • Finding and supporting the best UK SMEs to pitch to investors.
  • Encouraging overseas pension funds/sovereign wealth funds etc to consider investments in UK venture capital funds.

These Solar-Powered, Floating Island Homes Are a Millionaire's Private Paradise [Luxury]

Start saving yesterday, because as soon as these Orsos luxury island yacht estates become available in 2013, you're not going to want to wait to sail off on your own private paradise. More »


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Matt Kenseth to leave Roush at end of season

CHARLOTTE, N.C. (AP) ? NASCAR points leader Matt Kenseth, one of the longest-tenured drivers in the series, is leaving Roush Fenway Racing at the end of the season.

He will be replaced in the No. 17 Ford ? the car he has driven for all but one of his 452 career starts ? by Nationwide Series champion Ricky Stenhouse Jr. and Kenseth's long relationship with Ford will apparently come to an end. He is believed to be headed to Joe Gibbs Racing, either in Joey Logano's No. 20 Toyota or a fourth unannounced team.

Why? Good question. The team offered no answers in the sudden divorce of one of NASCAR's longest active relationships. Only Jeff Gordon, with Hendrick Motorsports since 1993, has been with his team longer than Kenseth has been with Jack Roush.

"I'd like to thank Matt Kenseth for his many years of loyal service," co-owner Roush said Tuesday. "Matt has been an integral part of this organization for well over a decade, and we are extremely appreciative of his accomplishments and contributions to the team, and will always consider him a part of the Roush Fenway family."

Kenseth and teammate Greg Biffle are ranked 1st and 2nd in the Sprint Cup Series, clearly poised to make a run at the championship. Kenseth opened the season with his second Daytona 500 victory, and has 11 top-10 finishes through 16 races.

Kenseth did not respond to a request for comment on Tuesday, but tweeted about his departure.

"I'm very thankful to Jack Roush for the opportunities he's given me over the past 14 years. Together we have enjoyed a lot of success," he posted. "And as a team we are committed as ever to the remainder of the 2012 season and chasing a 3rd sprint cup title for Jack and RFR."

With Roush, Kenseth has built a career worthy of Hall of Fame consideration. Besides the wins at Daytona, he has won 22 Cup races overall, and the 2003 championship. In the Nationwide Series, Kenseth has won 26 races driving for Roush.

His relationship with current general manager Robbie Reiser, like Kenseth a native of Wisconsin, dates at least to 1997, when Kenseth first drove Reiser's No. 17 entry. It was eventually merged into the Roush organization, and Reiser became Kenseth's crew chief at Roush in 2000, Kenseth's rookie season.

"Matt and I broke into this sport together, learned the ropes and were able to bring home a championship," Reiser said. "Over the 20 years we have worked with each other, Matt has been a fierce competitor and become a close friend, not only for me, but as a mentor to young drivers like Ricky. I wish Matt nothing but the best for the next phase of his career, and know that we'll remain close."

There was speculation last weekend at Sonoma that Kenseth was leaving to join JGR, which is in a contract year with Logano. The team also has room to expand to a fourth car, and it is possible Gibbs officials are trying to move Kenseth in and keep Logano at the same time.

Team president J.D. Gibbs did not respond to a request for a comment Tuesday, and said at Sonoma he could not talk about Kenseth.

Jamie Allison, director of Ford Racing, said the blue oval brand is was disappointed Kenseth is leaving.

"He will be certainly missed by us and the Ford Racing fans," Allison said. "We are thankful for Matt's winning efforts and championship-caliber success with the Roush and Ford racing programs these past 16 years, both on and off the track. We will focus on this year and look forward to more success on the track in his No. 17 Ford Fusion this season."

Kenseth's car has had sponsorship woes the last few years, and Roush is funding a large portion of this year's schedule himself for the 40-year-old Kenseth. The organization dropped David Ragan and its fourth team because of a lack of sponsorship at the end of last season, and also ponied up significant money to re-sign Carl Edwards last season. Roush also signed Biffle to a contract extension last season.

The team desperately needs a slot for the 24-year-old Stenhouse, who is locked into a long-term contract but has nowhere to go in Roush's Cup lineup. The organization has a similar problem with 2011 Daytona 500 winner Trevor Bayne, who is also in a long-term contract and had his Nationwide Series team shuttered earlier this season because of no funding.

Stenhouse will be far cheaper than Kenseth in terms of salary, and he is much younger and clearly has a future with the organization.

"We feel that he is not only a key piece of our team's future, but a key piece of the future of the sport," Roush said of Stenhouse. "Roush Fenway is an organization with a wonderful past and present, as well as an extremely promising future, and I can't think of a better candidate than Ricky to usher in the next era of success for the team."

It's unusual, though, for a team and driver to decide to part ways during a championship run. Roush technically has three shots at the Sprint Cup title, as Biffle has proven to be just as strong as Kenseth this season. And Edwards, who tied Tony Stewart last year for the championship but lost the title on a tie-breaker, could still qualify for the 12-driver Chase for the Sprint Cup championship field.

Roush, meanwhile, doesn't think Kenseth's departure will hurt the No. 17 team's championship hopes.

"The No. 17 is positioned extremely well this season, and I'm committed to providing the team the best resources to continue their run for the 2012 championship," he said. "I have no doubt that Matt will do his part."

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Tuesday, June 26, 2012

Broadway's 'Memphis' to close in August

This theater image released by The Hartman Group shows J. Bernard Calloway, left, and Montego Glover in a scene from the musical "Memphis." Producers said Tuesday, June 26, 2012, that the Joe DiPietro-written musical will play its last performance on Aug. 5 after 30 previews and 1,166 regular performances. It opened in October 2009. (AP Photo/The Hartman Group, Joan Marcus)

This theater image released by The Hartman Group shows J. Bernard Calloway, left, and Montego Glover in a scene from the musical "Memphis." Producers said Tuesday, June 26, 2012, that the Joe DiPietro-written musical will play its last performance on Aug. 5 after 30 previews and 1,166 regular performances. It opened in October 2009. (AP Photo/The Hartman Group, Joan Marcus)

(AP) ? Some soul is leaving Broadway ? the 2010 Tony Award-winning musical "Memphis" is closing up shop.

Producers said Tuesday that the Joe DiPietro-written musical will play its last performance on Aug. 5 after 30 previews and 1,166 regular performances. It opened in October 2009.

While it has not yet recouped its initial investment, producers hope they will by the time the show ends.

The show may be leaving Broadway but there's plenty of "Memphis" to go around: A national tour is entering its second year and there are plans for a London production.

"Memphis," the story of a white disc jockey in Memphis who brought black music to a white audience in the 1950s, won four Tonys, including best book, best original score and best orchestrations.

___

Online: http://www.memphisthemusical.com

Associated Press

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Monday, June 25, 2012

Argentina withdrawing ambassador to Paraguay over Lugo impeachment

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Debby's slow march through Gulf drenches Florida

High winds, high tide strike at the main street of Cedar Key, Fla., as Tropical Storm Debby makes it's way across the Gulf of Mexico early Sunday, June 24, 2012. Parts of Florida, including the Panhandle, remain under a tropical storm warning as Debby churns off the Gulf Coast. (AP Photo/Phil Sandlin)

High winds, high tide strike at the main street of Cedar Key, Fla., as Tropical Storm Debby makes it's way across the Gulf of Mexico early Sunday, June 24, 2012. Parts of Florida, including the Panhandle, remain under a tropical storm warning as Debby churns off the Gulf Coast. (AP Photo/Phil Sandlin)

This NOAA satellite image taken Monday, June 25, 2012 at 1:45 a.m. EDT shows Tropical Storm Debby located about 90 miles southwest of Apalachicola, Florida with maximum sustained winds near 60 mph and higher gusts. A Tropical Storm Warning remains in effect for areas from the Mississippi-Alabama border eastward to the Suwannee River Florida. A Tropical Storm Watch is in effect for areas south of the Suwannee River to Englewood, Florida. (AP PHOTO/WEATHER UNDERGROUND)

Canoe-goers navigate flooded streets as flooding continues to worsen and Tropical Storm Debby pounds the Tampa Bay, Fla., area Sunday, June 24, 2012. Tropical Storm Debby continued to churn in the Gulf of Mexico. (AP Photo/Tampa Bay Tribune, Chris Zuppa)

A surfer rides a wave off Okaloosa Island in Fort Walton Beach, Fla., on Saturday, June 23, 2012. A storm system will bring more heavy showers and thunderstorms to southern Florida and the Gulf Coast. This system has a high chance of tropical cyclone development over the weekend. (AP Photo/Northwest Florida Daily News, Nick Tomecek)

A red flag flies on the beach at Okaloosa Island in Fort Walton Beach, Fla., indicating rough surf conditions on Saturday, June 23, 2012. A storm system will bring more heavy showers and thunderstorms to southern Florida and the Gulf Coast. This system has a high chance of tropical cyclone development over the weekend. (AP Photo/Northwest Florida Daily News, Nick Tomecek)

(AP) ? Tropical Storm Debby whipped Florida with bands of drenching rain Monday while its center was nearly stationary in the Gulf of Mexico. Its slow progress meant the most pressing threat from the storm was flooding, not wind.

Tropical storm warnings were in effect for parts of Florida as the storm parked offshore. A tropical storm warning for the coast of Alabama was discontinued early Monday. Yet even with the storm's center far from land, it lashed Florida with heavy rains and spawned isolated tornadoes that killed at least one person. Another person was missing in rough surf off Alabama.

Residents in several counties near the crook of Florida's elbow were urged to leave low-lying neighborhoods because of the threat of flooding. High winds forced the closure of an interstate bridge that spans Tampa Bay and links St. Petersburg with areas to the southeast. In several locations, homes and businesses were damaged by high winds authorities believe were from tornadoes.

Debby's center was essentially stationary about 90 miles (145 kilometers) south-southwest of Apalachicola, Fla., early Monday. Debby's top sustained winds decreased to near 50 mph (85 kph). The forecast map indicated the storm could inch forward through the week, eventually coming ashore over the Panhandle. However, a storm's path is difficult to discern days in advance.

Underscoring the unpredictable nature of tropical storms, forecasters discontinued a tropical storm warning Sunday afternoon for Louisiana after forecast models indicated Debby wasn't likely to turn west. At one point, forecasters expected the storm to come ashore in that state.

"There are always going to be errors in making predictions. There is never going to be a perfect forecast," said Chris Landsea, a meteorologist at the National Hurricane Center.

A major concern will be flooding from heavy rainfall. The storm is moving slowly, allowing its clouds more time to unload rain. A public advisory said parts of northern Florida could get 10 to 15 inches of rain, with some areas getting as much as 25 inches.

The Highlands County Sheriff's Office said in a news release that several tornadoes moved through the area southeast of Tampa, damaging homes.

Sheriff's Office spokeswoman Nell Hays said a woman was found dead in a house in Venus that was destroyed in the storm. A child found in the same house was taken to the hospital. No further information was available on the child's condition or either person's age.

Authorities urged residents to leave low-lying neighborhoods in Franklin, Taylor and Wakulla counties because of flooding. Shelters were open in the area.

Wind tore the roof off a marina in St. Pete Beach, and a pier was heavily damaged, said Tom Iovino, a Pinellas County government spokesman. He said no injuries were reported.

In Orange Beach, Ala., a 32-year-old man disappeared Sunday in rough surf kicked up by the storm, said Coast Guard Lt. j.g. Torry James. Further information wasn't immediately available.

As of Sunday, 23 percent of oil and gas production in the region had been suspended, according to a government hurricane response team. Employees have been evacuated from 13 drilling rigs and 61 production platforms in the Gulf of Mexico.

The storm was not expected to result in higher oil and gas prices.

"It's largely a non-event for oil," said Tom Kloza, chief oil analyst at the Oil Price Information Service.

___

AP Auto Writer Dee-Ann Durbin in Detroit contributed to this report.

Associated Press

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