Private sector employment up in New Bedford area
NEW BEDFORD – Private sector employment is playing a key role in reviving this city’s economy, according to statistics released recently by the state’s Department of Employment and Training. The latest statistics show that in May of this year the private sector employed 57,000 persons in the New Bedford area, compared with 55,500 a year ago and 56,400 last month. The increase was noted despite a slight rise in unemployment since April of this year, from 5.0 percent in April to 5.2 percent in May. That was attributed, however, to a normal seasonal increase created by students getting out of school, either by graduation or summer vacation, and coming into the job market. The report also noted that unemployment in May of this year was still lower than last May’s 6 percent. However, the New Bedford unemployment rate remained considerably higher than the overall state rate of 2.9 percent in May
Leading ad agencies merge
BOSTON – Holland Mark Martin Edmund, the fifth largest advertising agency in Massachusetts announced that it had agreed to buy the fourth largest agency, Ingalls. Terms of the acquisition were not disclosed. The new agency will be known as Holland Mark Edmund Ingalls. Combined the two agencies employ about 180 people. Among the agencies’ clients are Citizens Financial Group, the Boston Globe, T.J. Maxx and U.S. Trust.
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Raytheon wins Tomahawk upgrade contact
LEXINGTON – Raytheon Co. announced that it had won a $414 million contact to upgrade 624 older Tomahawk cruise missiles to replace the 208 fired during the Serbia-Kosovo conflict and 320 fired against the Iraqis. Delivery of the updated missiles is scheduled by 2002. About half of the work will be done at Raytheon’s Tucson facility; the rest at various sites around the country.
Roxbury struggles with prosperity
BOSTON — The city’s Roxbury neighborhood has struggled with crime and poverty. Now, some residents think its next problem will be handling prosperity. Rising real estate prices indicate that Roxbury is more appealing to home buyers than it’s been in years. Falling crime rates, new parks and restored streetscapes are just a few of the reasons for the price surge, according to real estate officials. But as home values reach new heights, some residents fear that Roxbury’s recovery could eventually price them out of the neighborhood. The prices in Roxbury, while not remarkable compared to some parts of Boston, are the highest the neighborhood has ever seen. Last year, one house sold for $400,000. Another home is selling for $375,000 this year after going for $300,000 last year.
UK power supplier to build plant in Mass.
BOSTON — The largest electric power supplier in the United Kingdom is planning to build a gas-fired power plant in Massachusetts, becoming the second British power firm to enter the state in the last three months. National Power PLC announced it will spend about $750 million to build a 550-megawatt gas turbine plant in Blackstone, and a 1,100-megawatt gas-fired plant near San Marcos, Texas. National Power’s move comes on the heels of May’s $3.2 billion takeover of the Westboro-based New England Electric Systems by the British company National Grid PLC.
Pittsfield radio station sold
PITTSFIELD — Pittsfield radio station WBEC, with its AM and FM sides, is being sold to Tele-Media Broadcasting for more than $4.6 million, owners say. Tele-Media will also take over WZEC-FM in Hoosick Falls, N.Y., which was recently acquired by WBEC owner Aritaur Communications. WBEC owners Joseph Gallagher and William Collatos bought the station, which was then in Chapter 11 reorganization, for $695,000 in 1993. Tele-Media Vice President Ira Rosenblatt said the company has no plans to change the format or staffing at WBEC. Tele-Media Broadcasting is an affiliate of Delaware-based Tele-Media Corp., which has cable television and other businesses.
Community papers to buy Shrewsbury weekly
NEEDHAM — Community Newspaper Company is buying the Shrewsbury Chronicle, a 2-year-old local weekly newspaper, the company announced. Jim Morgan, the paper’s founder, will serve as publisher emeritus and help form a community advisory board for the newspaper. The terms of the purchase weren’t disclosed. The Shrewsbury paper has a circulation of about 7,500, with a combination of paid subscribers and free distribution. CNC publishes 89 weekly newspapers and several daily papers, The MetroWest Daily News, as well as a variety of other publications.
Laura Ashley completes sale of unprofitable chain
BOSTON — British-based Laura Ashley announced it has completed the sale of its unprofitable chain of 94 North American stores. But the retailer of English country fashions and furnishings still has to overcome years of losses and management turmoil. Laura Ashley first succeeded in the 1970s selling women’s clothes, bedding and other home furnishings. After the sudden death in 1995 of its founder, designer Laura Ashley, the company suffered a string of reversals. During the 1980s it failed to keep up with changing fashions. In 10 years, Laura Ashley had seven chief executives. early all of it attributable to its U.S. operations. Now Laura Ashley has sold its U.S. and Canadian stores to a group of investors supported by Malayan United Industries, the Malaysian firm that last year injected $70 million into Laura Ashley in exchange for a 40 percent stake.
