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April 2008 Archives
5:17 PM Wed, Apr 30, 2008 | Permalink |
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By Paul Edward Parker  Email
A Providence technology startup has landed a contract to produce online books for MIT Press, the companies announced jointly today. For Tizra, formed in March 2006, MIT Press is the fifth customer to sign on since it unveiled its Agile......
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11:00 AM Wed, Apr 30, 2008 | Permalink |
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By Paul Edward Parker Email
Amtrak's Northeast corridor posted January ridership and revenue numbers well ahead of both last year and the national passenger rail company's budget. Amtrak cited improved on-time performance, faster service, higher gas prices and poor competition from the airline industry as......
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9:17 AM Wed, Apr 30, 2008 | Permalink |
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By John Kostrzewa Email
George Mathewson, former chairman of the Royal Bank of Scotland, owner of Providence-based Citizens Financial Group this morning rejected calls for CEO Fred Goodwin to step down after he resorted to a rights offer to shore up capital. The bank......
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9:13 AM Wed, Apr 30, 2008 | Permalink |
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By John Kostrzewa Email
Verizon said this morning it is making a capital investment of approximately $86 million in new network technology to expand its FiOS cable television service to more communities in Rhode Island. The company said it is also expanding its Providence-based......
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7:41 AM Wed, Apr 30, 2008 | Permalink |
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By John Kostrzewa Email
The Rhode Island Airport Police at T. F. Green Airport said this morning it will install a new emergency notification system to aid in their communications during emergencies and security breaches. The system, supplied by PURVIS Systems Inc., based in......
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4:51 PM Tue, Apr 29, 2008 | Permalink |
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By Andrea Panciera Email
PROVIDENCE — Today, companies are at the Save The Bay Center, 100 Save The Bay Drive, on the Providence/Cranston line, from 4 to 7 p.m., conducting interviews for job openings as part of the projoJobs College Graduate Career Fair. Sponsored......
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10:51 AM Tue, Apr 29, 2008 | Permalink |
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By John Kostrzewa Email
The Rhode Island Economic Development Corporation today announced changes to the agency’s expedited permitting process, known as Certificate of Critical Economic Concern. The changes are designed to make the program a more useful tool in the state’s effort to expedite......
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8:11 AM Tue, Apr 29, 2008 | Permalink |
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By John Kostrzewa Email
The Rhode Island Student Loan Authority plans to sell $64 million of bonds in what would be the first U.S. municipal offering backed by student loan revenue this year, according to data compiled by Bloomberg. The fixed-rate debt will be......
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7:53 AM Tue, Apr 29, 2008 | Permalink |
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By John Kostrzewa Email
Workers at Bradford Dyeing Assoc., Inc. on Westerly have been certified for federal trade adjustment benefits because the business has been adversely affected by foreign competition and imports. The company laid off 44 employees earlier this year. The assistance includes......
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7:50 AM Tue, Apr 29, 2008 | Permalink |
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By John Kostrzewa Email
Rockland Trust Co., of Rockland, Mass., a subsidiary of Independent Bank Corp., has agreed to sell 17 pieces of real estate for $32.2 million to American Realty Capital LLC, based in Pennsylvania. Simultaneously, Rockland, a subsidiary of Independent Bank Corp.,......
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3:52 PM Mon, Apr 28, 2008 | Permalink |
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By Tim Barmann Email
The hottest topic in the tourism business is what impact record-high gasoline prices will have on the business. Will people decide to cut back their vacations this summer? Will Rhode Island benefit from people who choose to stay close to......
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3:21 PM Mon, Apr 28, 2008 | Permalink |
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By Tim Barmann Email
The average price of gasoline in Rhode Island set a new record again today. Regular, self-serve gasoline averaged $3.599 a gallon, up 11 cents from last week, according to the state’s Office of Energy Resources. The agency calculates an average......
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1:32 PM Mon, Apr 28, 2008 | Permalink |
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By Tim Barmann Email
The trade group that represents the major oil companies in the United States has again rejected a request by Senators Jack Reed, D-RI, and Olympia J. Snowe, R-Maine, that the companies set aside some of their profits to help low-income......
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1:05 PM Mon, Apr 28, 2008 | Permalink |
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By Andrea Panciera Email
NEWPORT -- The International Yacht Restoration School will use $500,000 in federal money to help renovate the 1831 Aquidneck Mill building to expand school offerings and help draw businesses to that area of the city. The money will also "help......
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8:40 AM Mon, Apr 28, 2008 | Permalink |
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By John Kostrzewa Email
The Preservation Society of Newport County and the U.S.-China Institute at Bryant University are teaming up to benefit Chinese-speaking tourists visiting the Newport Mansions and others interested in learning about Chinese culture. Bryant University President Ronald K. Machtley and Preservation......
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7:45 AM Mon, Apr 28, 2008 | Permalink |
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By John Kostrzewa Email
Newport Bancorp, Inc. reported first quarter earnings of $74,000, or two cents per share, compared to $259,000, or six cents per share for last year’s first quarter. The company’s assets increased by $22.4 million, or 6.2%, to $383.6 million. The......
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2:39 PM Fri, Apr 25, 2008 | Permalink |
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By Jack Perry Email
WASHINGTON -- President Bush said tax rebates will start going out Monday, earlier than previously announced, and should help Americans cope with rising gasoline and food prices, as well as aid a slumping economy. Democrats said they were glad the......
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9:15 AM Fri, Apr 25, 2008 | Permalink |
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By John Kostrzewa Email
Duclos Corp., of Somerset, Mass., has won a $628,300 grant by the U.S. Department of Transportation’s Maritime Administration for railway assembly and an extension of the company's dock. The grants are part of the new Assistance to Small Shipyards program,......
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9:08 AM Fri, Apr 25, 2008 | Permalink |
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By John Kostrzewa Email
Public officials and workers this morning will celebrate the "topping off’ of the new Hampton Inn & Suites in downtown Providence. A steel beam will be raised to the top of the building marking the end of the steel construction......
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4:24 PM Thu, Apr 24, 2008 | Permalink |
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By Andrea Panciera Email
Journal photo / Steve Szydlowski Retired banker Terrence "Terry" Murray, left, is stepping down as a director at the A.T. Cross Company after 25 years. Above, he's with Bernardo V. Buonanno Jr. at the company's annual shareholders meeting in......
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1:27 PM Thu, Apr 24, 2008 | Permalink |
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By John Kostrzewa Email
Bancorp Rhode Island (BARI:NASDAQ) the parent company of Bank Rhode Island, today reported first quarter net income of $2.3 million, or 50 cents per diluted share, up 7 percent from $2.2 million, or 44 cents per diluted share, in last......
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7:48 AM Thu, Apr 24, 2008 | Permalink |
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By John Kostrzewa Email
Kansas Gov. Kathleen Sebelius signed a bill to allow the state to issue up to $33 million in bonds to help Cessna Aircraft expand its Wichita plant. Cessna is owned by Providence-based Textron The expansion will allow Cessna to manufacture......
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7:12 AM Thu, Apr 24, 2008 | Permalink |
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By John Kostrzewa Email
Cheryl Snead, president and chief executive officer, and Roland Snead, executive vice president of Banneker Industries, of North Smithfield, have won the National Subcontractor of the Year award from the U.S. Small Business Administration. The pair were honored at a......
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12:37 PM Wed, Apr 23, 2008 | Permalink |
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By John Kostrzewa Email
A labor union came close to winning a shareholder proposal at today’s annual shareholders meeting of Textron. Proposals from shareholders that are not supported by management typically fail. That was the case today for proposals from two separate shareholder groups.......
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10:10 AM Wed, Apr 23, 2008 | Permalink |
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By John Kostrzewa Email
Tom McKillop, chairman of Royal Bank of Scotland Group, owner of Providence-based Citizens Financial Group, this morning said plans to raise $24 billion in a rights offer serves the “best interests” of shareholders. “It does not mean destruction of value,”......
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8:04 AM Wed, Apr 23, 2008 | Permalink |
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By John Kostrzewa Email
A New York City man has been sentenced to more than six years in prison after pleading guilty to a bank fraud that prosecutors say netted $42,000 from accounts in New Hampshire and Rhode Island in two days. Twenty-eight-year-old Warren......
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8:01 AM Wed, Apr 23, 2008 | Permalink |
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By John Kostrzewa Email
The Washington Trust Company said it will open a new branch at 156 Westminster Street in Providence’s Financial District on Aug. 1. The bank’s current Providence Branch, located at 180 Washington Street, will relocate to the Westminster address at that......
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7:42 AM Wed, Apr 23, 2008 | Permalink |
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By John Kostrzewa Email
Raytheon Co. Chairman and Chief Executive William H. Swanson received 2007 compensation of nearly $15 million, up almost 25 percent from the previous year, according to regulatory filing Tuesday by the world’s fifth-largest defense contractor. Swanson received $1.23 million in......
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3:38 PM Tue, Apr 22, 2008 | Permalink |
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By Tim Barmann Email
PROVIDENCE – The amenities list in a hotel guidebook may soon look like this: indoor pool, premium movie channels, and low carbon footprint. The major tourism groups in Rhode Island are embracing the public’s growing concern about global warming and......
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12:53 PM Tue, Apr 22, 2008 | Permalink |
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By John Kostrzewa Email
KVH Industries, Inc., (KVHI:Nasdaq) yesterday reported first quarter revenue of $23.1 million, up 13% from last year’s first quarter. Net income was $1.6 million , or 11 cents per-diluted share, compared with $57,000, or breakeven on a per- diluted share......
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12:50 PM Tue, Apr 22, 2008 | Permalink |
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By John Kostrzewa Email
More than 100 communities in the region, including four in Rhode Island, have committed to curb energy use, cut greenhouse gas emissions, and save money through the EPA New England Community Energy Challenge. They will assess energy use, improve energy......
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8:02 AM Tue, Apr 22, 2008 | Permalink |
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By John Kostrzewa Email
Royal Bank of Scotland Group Plc, the owner of Providence-based Citizens Financial Group, will sell $23.7 billion of new shares to investors to boost capital depleted by writedowns. Stock in Royal bank fell as much as 5.7 percent in London......
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7:57 AM Tue, Apr 22, 2008 | Permalink |
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By John Kostrzewa Email
Summer Infant, Inc., of Woonsocket, said it completed the acquisition of Kiddopotamus & Company, a manufacturer and supplier of infant nursery, travel and feeding accessories. Kiddopotamus, based in Stilwell, Kansas, manufactures a broad range of infant safety, comfort and developmental......
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4:50 PM Mon, Apr 21, 2008 | Permalink |
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By Andrea Panciera Email
NORTH KINGSTOWN — Ryan’s Market, a family-owned business that has survived 10 recessions and the Great Depression, closed Saturday, its future uncertain. A throwback to an earlier time, the 122-year-old business featured hand-carved aged beef, naked fluorescent bulbs and bag......
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4:47 PM Mon, Apr 21, 2008 | Permalink |
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By Andrea Panciera Email
PROVIDENCE -- The state transit agency board elected Robert D. Batting, a retired business executive, as its new chairman today. Batting said the Rhode Island Public Transit Authority faces enormous financial challenges, particularly because it is threatened with the loss......
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2:38 PM Mon, Apr 21, 2008 | Permalink |
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By John Kostrzewa Email
Students from the Warwick Area Career and Technical Center this morning helped kick-off the 2008 Teen Summer Job Safety Campaign, a program sponsored by the U.S. Department of Labor’s Occupational Safety and Health Administration. “We have a strong and effective......
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7:27 AM Mon, Apr 21, 2008 | Permalink |
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By John Kostrzewa Email
NORTH KINGSTOWN — Sen. Jack Reed, D-R.I. praised the state’s fledgling shellfish aquaculture industry and discussed how $400,000 in federal money approved this fiscal year will help bolster the fish farmers. “We all understand how important Narragansett Bay is to......
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7:23 AM Mon, Apr 21, 2008 | Permalink |
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By John Kostrzewa Email
Pawtucket-based Hasbro Inc.'s earnings rose 14 percent in the first quarter of 2008 on growth in brands such as Transformers and Littlest Pet Shop. The world's second biggest toy company said this morning that its profit rose to $37.5 million,......
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7:20 AM Mon, Apr 21, 2008 | Permalink |
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By John Kostrzewa Email
Bank of America Corp. said profit dropped 77 percent as job losses and falling house prices caused more people to miss payments on credit cards and home loans. First-quarter net income declined to $1.21 billion, or 23 cents a share,......
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5:32 PM Fri, Apr 18, 2008 | Permalink |
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By Andrea Panciera Email
U.S. Sen. Jack Reed said he will seek a $40 million increase in the Securities and Exchange Commission’s budget to bolster the agency’s monitoring of Wall Street investment banks and credit-rating companies. The SEC needs more staff “in terms of......
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3:06 PM Fri, Apr 18, 2008 | Permalink |
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By John Kostrzewa Email
A study by the Pew Charitable Trusts released this week projects that an average of one in 31 homeowners in Rhode Island who took out high-cost mortgages during the real-estate boom will lose their homes to foreclosure, most of them......
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9:04 AM Fri, Apr 18, 2008 | Permalink |
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By John Kostrzewa Email
U.S. Representative Barney Frank, D-New Bedford, yesterday introduced legislation to let states buy vacated homes and a federal agency insure refinanced loans to stem foreclosures amid the worst housing slump in a quarter century. One bill would create a $15......
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9:02 AM Fri, Apr 18, 2008 | Permalink |
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By John Kostrzewa Email
Weaver’s Cove Energy will make the first public presentation of its plans to offload LNG supertankers in the town waters of Mount Hope Bay when company officials appear before the Somerset Board of Selectmen during its regular meeting Wednesday night.......
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2:43 PM Thu, Apr 17, 2008 | Permalink |
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By Tim Barmann Email
A state utilities regulator has decided that financial data and customer counts submitted by cable television companies in Rhode Island are no longer public information and has declined release the figures as requested by The Providence Journal. Thomas F. Ahern,......
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9:21 AM Thu, Apr 17, 2008 | Permalink |
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By John Kostrzewa Email
Concordia, a Coventry-based manufacturer, said this morning it plans to expand in Warwick with the help of a $500,000 small business loan from the Rhode Island Economic Development Corporation. Concordia will be lease a 24,575 square foot facility located at......
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7:24 AM Thu, Apr 17, 2008 | Permalink |
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By John Kostrzewa Email
Providence-based Textron Inc., the world's biggest maker of business jets through its Cessna unit, this morning reported an 18 percent increase in first-quarter earnings as demand rose for aircraft. Net income climbed to $231 million, or 91 cents a share,......
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7:20 AM Thu, Apr 17, 2008 | Permalink |
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By John Kostrzewa Email
Aspen Aerogels, the Northboro, Mass.-based company that recently opened a plant in East Providence, has been awarded a contract from Helix Energy Solutions Group, of Houston, to supply insulation for a subsea pipe line in the Anadarko Petroleum oil discovery......
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2:35 PM Wed, Apr 16, 2008 | Permalink |
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By John Kostrzewa Email
Providence-based NTK Holdings, Inc., parent of Nortek Holdings, Inc. and Nortek, Inc., reported 2007 net sales of $2.4 billion, an increase of 6.8 percent from the $2.2 billion recorded in 2006. Operating earnings were $185.3 million compared to $264.5 million......
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2:28 PM Wed, Apr 16, 2008 | Permalink |
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By Tim Barmann Email
Oceanlinx, the Australian company that has proposed building a wave energy project on Rhode Island’s southern shore, has dropped its plans to build a similar facility in Oregon. But a company executive said Oceanlinx hasn’t changed its plans for Rhode......
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2:01 PM Wed, Apr 16, 2008 | Permalink |
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By Lynn Arditi Email
Rhode Island's single-family house prices during January and February declined 9 percent, to $240,000, compared with $264,000 during the same two months of last year, according to The Warren Group, a Boston-based research firm. House prices in the state......
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8:01 AM Wed, Apr 16, 2008 | Permalink |
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By John Kostrzewa Email
Government officials in Wichita, Kansas have approved a slate of financial incentives for a new Cessna Aircraft Company assembly plant in Wichita. The package includes $10 million in forgivable loans, the consolidation of numerous leases into a 50-year agreement and......
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7:51 AM Wed, Apr 16, 2008 | Permalink |
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By John Kostrzewa Email
General Growth Properties, owner of 200 malls including the Providence Place mall, has $18.78 million in debt coming due in the next four months and is looking for joint venture partners for parts of its portfolio, the Wall Street Journal......
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5:15 PM Tue, Apr 15, 2008 | Permalink |
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By Tim Barmann Email
The state’s top airport official says that the proposed Delta-Northwest merger isn’t likely to have any impact on TF Green Airport. Though neither airline has talked about what route changes they might make as a merged company, Kevin Dillon, president......
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11:54 AM Tue, Apr 15, 2008 | Permalink |
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By Paul Edward Parker Email
A Johnston company that manages the automobile insurance assigned-risk pool for more than three dozen states has laid off eight workers as the number of drivers signing up for assigned-risk insurance has dropped sharply. AIPSO, which employs 272 in Johnston......
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8:10 AM Tue, Apr 15, 2008 | Permalink |
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By John Kostrzewa Email
Delta Air Lines Inc. agreed to buy Northwest Airlines Corp. in a $3.63 billion stock deal that would create the world's largest carrier. Delta is the fourth biggest passenger carrier at T.F. Green Airport. Northwest is the sixth largest. Together,......
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8:05 AM Tue, Apr 15, 2008 | Permalink |
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By John Kostrzewa Email
Kelly Space & Technology, Inc., of San Bernadino, Calif., this morning said it will set up an East Coast operation in Rhode Island to commercialize its lightweight ballistic protection armor technology for watercraft. “Rhode Island’s great marine and defense industry......
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10:31 AM Mon, Apr 14, 2008 | Permalink |
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By John Kostrzewa Email
The New York furniture store chain that last year took over Alperts Furniture Showplace in Seekonk will celebrate on Wednesday the opening of its first Rhode Island store. Raymour & Flanigan Furniture chose a vacant storefront at 444 Quaker Lane,......
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10:21 AM Mon, Apr 14, 2008 | Permalink |
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By John Kostrzewa Email
Cardi’s Furniture plans to expand its retail operation this summer in two new locations. The company plans to renovate into a new showroom a 15,000 square foot former electronics store in the Capetown Plaza, 768 Iyannough Rd., across from the......
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8:20 AM Mon, Apr 14, 2008 | Permalink |
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By John Kostrzewa Email
Ocean State Theatre Company, Inc., the producing entity of Theatre By The Sea, in Matunuck, said it has been granted non-profit status by the Internal Revenue Service and has been designated a 501(c)(3) charitable corporation. The theater historically has been......
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8:16 AM Mon, Apr 14, 2008 | Permalink |
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By John Kostrzewa Email
Paul Teutul, Sr. and Paul Teutul, Jr., - the starts of the television program American Chopper – are scheduled to appear at the headquarters of Dryvit Systems, Inc. in West Warwick this morning at 8:30 a.m. The Teutuls are creating......
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5:27 PM Fri, Apr 11, 2008 | Permalink |
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By Paul Edward Parker Email
JOHNSTON — The landlord for one of the world’s largest commercial property insurance companies has asked the town to stop the company from building a new headquarters on an adjacent parcel of land — at least for now. PREFCO, also......
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4:48 PM Fri, Apr 11, 2008 | Permalink |
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By Paul Grimaldi Email
Cranston-based Ross-Simons opened its 14th store, this one in Stamford, Conn., today. Founded in 1952, the company sells jewelry in its stores, in catalogs, on its Internet Web site and through televised shopping channels. Ross-Simons is controlled by Freeman Spogli......
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4:37 PM Fri, Apr 11, 2008 | Permalink |
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By John Kostrzewa Email
The owner of the iconic Newport Creamery chain is reopening its restaurant Saturday in the Garden City Shopping Center after a renovation project it hopes will serve as a prototype for the 13-outlet chain. The Jan Cos., of Cranston, tried......
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12:50 PM Fri, Apr 11, 2008 | Permalink |
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By John Kostrzewa Email
Providence-based Textron Inc., the world's biggest maker of business jets through its Cessna unit, said first- quarter earnings surpassed the company's previous forecast of 75 cents to 85 cents a share. “Slightly weaker-than-forecasted” results at its finance segment were more......
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12:44 PM Fri, Apr 11, 2008 | Permalink |
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By John Kostrzewa Email
But just in case you procrastinated, the Providence Main Post Office will stay open Tuesday until midnight for people looking to mail last-minute income tax returns. Of course, these days, taxpayer responsibilities can be taken care of online. Find tax......
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8:35 AM Fri, Apr 11, 2008 | Permalink |
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By John Kostrzewa Email
Rite Aid Corp. reported a fourth-quarter loss of $960.4 million, largely due to costs from the acquisition of 1,850 Brooks and Eckerd stores it acquired last June. The company, based in Pennsylvania, said it expects to lose money in fiscal......
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2:55 PM Thu, Apr 10, 2008 | Permalink |
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By Tim Barmann Email
For those traveling through T.F. Green Airport this weekend, expect crowds. The weekend before April vacation week is among the busiest of the year at the Warwick airport, said Patti Goldstein, a spokeswoman for the Rhode Island Airport Corporation. She......
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1:14 PM Thu, Apr 10, 2008 | Permalink |
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By John Kostrzewa Email
The Rhode Island Airport Corporation will receive $5 million from the Federal Aviation Administration to acquire 21 houses in the voluntary house acquisition program located near T.F. Green Airport. “This program continues to provide an alternative for families around T.F.......
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12:04 PM Thu, Apr 10, 2008 | Permalink |
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By John Kostrzewa Email
Stock in Amgen (AMGN:NASDAQ) gained the most in the Standard & Poor's 500 Index this morning, rising 6 percent to $44.15 a share, up $2.56. U.S. District Judge William Young ruled Roche Holding AG's anemia medicine Mircera violates patents owned......
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9:06 AM Thu, Apr 10, 2008 | Permalink |
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By John Kostrzewa Email
Mayor David N. Cicilline, City Councilman Luis Aponte and others will be pushing an ordinance the mayor says will help small businesses and artists displaced by development. The mayor will sign the ordinance this morning at MEDPort, 99 Hartford Ave.,......
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8:52 AM Thu, Apr 10, 2008 | Permalink |
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By John Kostrzewa Email
The grounding of more than 1,000 American Airlines flights yesterday, after 460 flights were scrubbed the day before, has had little impact on passengers at T.F. Green Airport. The MD 80 aircraft that were pulled from flight schedules and are......
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7:39 AM Thu, Apr 10, 2008 | Permalink |
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By John Kostrzewa Email
FGX International, the sunglasses company with offices in Smithfield, has settled a lawsuit filed by Sun Optics, based in Salt Lake City, over patents for designs of transparent eyeglass cases. FGX, also known as Foster Grant, will pay Sun Optics......
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5:16 PM Wed, Apr 09, 2008 | Permalink |
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By John Kostrzewa Email
JOHNSTON – With construction of FM Global’s new, four-story headquarters already underway in the background, local, state and company officials this afternoon celebrated the $60 million investment of a 175-year-old Rhode Island company. FM Global, one of the world’s largest......
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1:27 PM Wed, Apr 09, 2008 | Permalink |
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By John Kostrzewa Email
Pawtucket-based Hasbro Inc., the world's second- largest toymaker, may push the Trivial Pursuit board game into the movies. Hasbro acquired the intellectual property rights to Trivial Pursuit for $80 million from Horn Abbot Ltd. last month to expand the brand......
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10:44 AM Wed, Apr 09, 2008 | Permalink |
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By Tim Barmann Email
Four U.S. senators have introduced a bill that would repeal portions of a 2005 law that gave overall authority for the siting of liquefied natural gas terminals to the Federal Energy Regulatory Commission. The sponsors, Sens. Ron Wyden, D-Ore., Hillary......
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9:31 AM Wed, Apr 09, 2008 | Permalink |
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By John Kostrzewa Email
Textron Systems, a unit of Providence-based Textron Inc., this morning appointed Fred Strader as its chief operating officer. Strader, previously the president of AAI, an operating unit of Textron Systems, will oversee the day-to-day operations of the company's seven operating......
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8:13 AM Wed, Apr 09, 2008 | Permalink |
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By John Kostrzewa Email
A.T. Cross Co. workers who lose their jobs during the next two years will be able to apply for federal assistance, including training and allowance for job search and relocation by the U.S. Office of Trade Adjustment Assistance. The Lincoln-based......
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8:07 AM Wed, Apr 09, 2008 | Permalink |
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By John Kostrzewa Email
Edwin Crawford, the former executive of Caremark Rx Inc. who negotiated with Tom Ryan, CEO of CVS, to sell the pharmacy benefits company for $26.5 billion to the Woonsocket-based drug store chain, is setting up a turnaround firm. Crawford will......
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6:42 PM Tue, Apr 08, 2008 | Permalink |
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By Andrea Panciera Email
BOSTON -- The retiring chief executive of Hasbro saw his pay grow 27 percent in 2007. The Pawtucket-based toy company says Alfred Verrecchia received compensation totaling $10.4 million last year, largely due to grants of stocks and options. That's according......
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5:15 PM Tue, Apr 08, 2008 | Permalink |
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By Paul Edward Parker Email
Countering the recent trend of manufacturing job losses in Rhode Island, a Massachusetts company is expanding into East Providence, where it is hiring to staff a factory that opened in February. The company, privately held Aspen Aerogels, now has about......
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12:30 PM Tue, Apr 08, 2008 | Permalink |
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By John Kostrzewa Email
Voters in Mashpee, Mass. have approved an agreement with the Wampanoag tribe which protects the town from future land claims while guaranteeing that a casino will not be built on tribal land. The deal was struck after more than a......
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12:06 PM Tue, Apr 08, 2008 | Permalink |
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By Tim Barmann Email
Retirees of Verizon Communications have launched a campaign to pursuade the telephone company's board of directors to separate the offices of chairman and chief executive officer. The Association of BellTel Retirees Inc. wants directors to adopt a policy requiring that......
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11:00 AM Tue, Apr 08, 2008 | Permalink |
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By John Kostrzewa Email
FM Global, the commercial property insurance company that was founded in Rhode Island in 1835, begins a new era Wednesday with a ground-breaking for a new four-story headquarters in Johnston. The new building is expected to cost about $60 million.......
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9:33 AM Tue, Apr 08, 2008 | Permalink |
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By John Kostrzewa Email
First Marblehead Corp., the Boston-based student lender that acquired Union Federal Savings Bank in North Providence, lost a third of its value in early trading this morning after its guarantor of private student loans filed for bankruptcy protection. First Marblehead......
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9:03 AM Tue, Apr 08, 2008 | Permalink |
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By John Kostrzewa Email
About 25 members of the World Affairs Council of Rhode Island gathered at the Hope Club in Providence this morning to hear a presentation, "Unlocking the Latino Consumer and Business Markets: What's Really on the Other Side of the Door......
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4:55 PM Mon, Apr 07, 2008 | Permalink |
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By John Kostrzewa Email
Chris W. Bodine, executive vice president and president, CVS Caremark Health Care Services, has decided for personal reasons to scale back his day-to-day responsibilities and will begin a transition to retirement in 2009, Woonsocket-based CVS Caremark Corp. said in a......
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4:50 PM Mon, Apr 07, 2008 | Permalink |
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By Paul Edward Parker Email
The Rhode Island Convention Center Authority operated at a loss in the first eight months of its fiscal year, but the loss was less than expected and less than for the same period a year ago, if a one-time payment......
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3:24 PM Mon, Apr 07, 2008 | Permalink |
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By Paul Grimaldi Email
A suspect in an Internet fraud scheme that bilked customers of $13 million this afternoon waived his right to a preliminary hearing, clearing the way for the case to be presented to a federal grand jury. The suspect, 33-year-old David......
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3:19 PM Mon, Apr 07, 2008 | Permalink |
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By John Kostrzewa Email
Five communities and organizations in Rhode Island have been awarded $1.8 million in Environmental Protection Agency funding from the Brownfield’s program to help revitalize former industrial and commercial sites. The EPA grants will help pay to assess, clean and redevelop......
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3:00 PM Mon, Apr 07, 2008 | Permalink |
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By John Kostrzewa Email
Renegotiated fees with two financial institutions will result in an annual savings of about $283,000 in the state Treasury. The savings were identified after an analysis of bank statements related to the short term cash management program, which manages the......
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2:54 PM Mon, Apr 07, 2008 | Permalink |
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By John Kostrzewa Email
Supervalu Inc., the second-biggest U.S. supermarket chain, is recalling puffed-rice and puffed-wheat cereal from its Shaw's stores in six states because of possible salmonella contamination. The recall is of Shaw's Puffed Rice and Shaw's Puffed Wheat cereals, supplied by Malt-O-Meal......
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12:37 PM Mon, Apr 07, 2008 | Permalink |
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By John Kostrzewa Email
Woonsocket-based CVS Caremark Corp. today said it won a contract to provide pharmacy benefits management services to AT&T's employees and retirees, effective January 1. CVS will provide a comprehensive suite of integrated pharmacy services, including claims processing, network management, rebate......
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10:56 AM Mon, Apr 07, 2008 | Permalink |
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By John Kostrzewa Email
Gasoline prices in Rhode Island have increased two cents and are now just three cents below the all-time high, according to a report this morning from AAA Southern New England. The average price for a gallon of regular, unleaded gasoline......
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9:02 AM Mon, Apr 07, 2008 | Permalink |
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By John Kostrzewa Email
The Frontline documentary, "Bush's War" has been one of the most widely-watched online poductions, with more than 1.5 million views for all or part of the program. The four-and-a half hour documentary, originally broadcast on March 24 and 25, was......
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8:54 AM Mon, Apr 07, 2008 | Permalink |
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By John Kostrzewa Email
Journal Register Co., the former owner of several newspapers in Rhode Island, has hired an investment bank, Lazard, to consider restructuring the publicly-traded company and faces delisting from the New York Stock Exchange. The company, based in Yardley, Pa., is......
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2:37 PM Fri, Apr 04, 2008 | Permalink |
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By Tim Barmann Email
"To be honest with you, I didn't want to like it," Leno says of the Vectrix electric scooter. The folks at Newport-based Vectrix must be giving themselves high-fives after they persuaded comedian and late-night talk show host Jay Leno......
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11:04 AM Fri, Apr 04, 2008 | Permalink |
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By John Kostrzewa Email
The U.S. Small Business Administration’s lending in Rhode Island has declined for three straight years, and the contributions of its top lender, Citizens Bank, has shrunk to just a fraction of what it was in 2004. Citizens loaned just under......
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10:46 AM Fri, Apr 04, 2008 | Permalink |
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By Paul Grimaldi Email
The man federal authorities say is the architect of a multi-million dollar Internet scheme appeared briefly this morning in U.S. District Court in Providence, two weeks after his arrest in California. David Whitaker, 33, is suspected of leading a scheme......
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8:33 AM Fri, Apr 04, 2008 | Permalink |
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By John Kostrzewa Email
The U.S. lost jobs for a third consecutive month in March and unemployment rose to the highest level in two and a half years, pointing to an economy that may already be in a recession. The U.S. Labor Dept. reported......
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8:02 AM Fri, Apr 04, 2008 | Permalink |
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By John Kostrzewa Email
More competition, a shaky national economy and an occasional bout of bad weather combined to make business difficult for New England gambling halls in the last few months as they look looked for returns on millions of dollars in recent......
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7:49 AM Fri, Apr 04, 2008 | Permalink |
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By John Kostrzewa Email
Pawtucket-based Hasbro Inc. won approval from Greece's archaeological council to use images of the Acropolis on Monopoly board games, according to Kathimerini, a newspaper in Greece. Hasbro will pay Greece $11,700 for the right to use images of the Acropolis......
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2:39 PM Thu, Apr 03, 2008 | Permalink |
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By Tim Barmann Email
PROVIDENCE – Wind farm developers, show us your plans. That’s the message Governor Carcieri sent today to private developers who may be interested in building a massive off-shore wind farm that would generate at least 15 percent of the electricity......
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10:06 AM Thu, Apr 03, 2008 | Permalink |
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By John Kostrzewa Email
Uruguayan flag pins - made in Rhode Island MONTEVIDEO, Uruguay -- Sure, the U.S. embassy in Montevideo has to buy American. But it chose to buy from Rhode Island, at least for one product: the American and Uruguayan flag......
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8:25 AM Thu, Apr 03, 2008 | Permalink |
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By John Kostrzewa Email
Passenger traffic at T.F. Green Airport ticked up to 354,096 in February, up 1.9 percent from February 2007. But airport officials don't yet see the start of a trend. Patti Goldstein, an airport spokeswoman, said the February school vacation helped......
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8:10 AM Thu, Apr 03, 2008 | Permalink |
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By John Kostrzewa Email
Providence-based GTECH, a unit of Lottomatica, said this morning it has agreed to acquire 90 percent of Gibraltar-based St Enodoc Holdings Limited and its subsidiaries including St Minver Limited, a provider of white label gaming services. GTECH will pay $43.5......
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4:33 PM Wed, Apr 02, 2008 | Permalink |
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By Tim Barmann Email
Governor Carcieri plans to announce tomorrow that the state is seeking bids from private companies to construct and operate an off-shore wind farm designed to generate 1.3 million megawatt-hours of electricity each year. The governor has proposed building a state-owned......
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3:42 PM Wed, Apr 02, 2008 | Permalink |
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By Tim Barmann Email
WARWICK – The state’s three cable television companies have requested state regulators to keep secret some of the details they are required to file about their operations each year. Cox Communications, Verizon Communications and Full Channel TV Inc. all contend......
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9:18 AM Wed, Apr 02, 2008 | Permalink |
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By Andrea Panciera Email
WASHINGTON -- Federal Reserve Board Chairman Ben Bernanke is due to testify today before Congress' Joint Economic Committee on his ecnomic outlook. Watch his testimony live, start at 9:30 a.m., by clicking on this link. Get the latest story on......
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8:30 AM Wed, Apr 02, 2008 | Permalink |
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By John Kostrzewa Email
GTECH Corp., the Providence-based unit of Lottomatica, said this morning it as signed a six-year contract to provide new lottery technology and ongoing services to the Michigan Lottery. GTECH expects to receive approximately $250 million in revenues over the six-year......
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8:22 AM Wed, Apr 02, 2008 | Permalink |
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By John Kostrzewa Email
Summer Infant Inc., of Woonsocket, has acquired Basic Comfort Inc., of Denver, for an undisclosed price. Basic Comfort has annual sales of $10 million and manufactures infant comfort and safety products. John Lord and Larry Jewett, the two principal officers......
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8:11 AM Wed, Apr 02, 2008 | Permalink |
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By John Kostrzewa Email
One of the biggest job fairs of the season will be held today as graduating college seniors and unemployed workers navigate one of the toughest job markets in years. The annual Career & Job Fair sponsored by the University of......
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4:13 PM Tue, Apr 01, 2008 | Permalink |
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By Tim Barmann Email
National Grid has proposed a major restructuring of its distribution rates in Rhode Island that would allow the utility company to speed up replacement of aging gas lines, create a discount for low-income customers, and protect the company from revenue......
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11:06 AM Tue, Apr 01, 2008 | Permalink |
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By John Kostrzewa Email
Two U.S. senators want government watchdogs to review the Securities and Exchange Commission's aggressiveness in fighting fraud after fines against companies and individuals plunged. U.S. Sen. Jack Reed, D-RI, said in a speech this morning that he and Senate Banking......
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10:33 AM Tue, Apr 01, 2008 | Permalink |
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By John Kostrzewa Email
Media General, owner of WJAR-Channel 10, along with its two other equal partners in SP Newsprint Company, Cox Enterprises, Inc. and The McClatchy Company, has completed the sale of SP Newsprint to White Birch Paper Company. Media General (MEG:NYSE) received......
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10:27 AM Tue, Apr 01, 2008 | Permalink |
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By John Kostrzewa Email
Webster Bank, a subsidiary of Webster Financial Corp. (WBS:NYSE) has completed the placement of 140 ATMS in select Walgreens drugstores in Rhode Island, Massachusetts and Connecticut. Webster customers will have surcharge-free use of the ATMs for cash withdrawals, inquiries and......
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9:10 AM Tue, Apr 01, 2008 | Permalink |
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By John Kostrzewa Email
B.J. Finnell has been hired as news director of WLNE-TV, ABC6 and will join the station on May 5, the company said this morning. Finnell is currently the assistant news director at WOIO-TV in Cleveland, Ohio. Previously, Finnel was news......
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8:26 AM Tue, Apr 01, 2008 | Permalink |
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By John Kostrzewa Email
Stocks tumbled in the first quarter that ended Monday, with all three major indexes suffering big declines. The Standard & Poor 500 index was off 9.92 percent. The Dow Jones Industrial Average was down 7.55 percent. And the Nasdaq Composite......
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8:21 AM Tue, Apr 01, 2008 | Permalink |
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By John Kostrzewa Email
Amgen Inc. paid Chief Executive Officer Kevin W. Sharer $19.9 million in 2007, a 17 percent decline, as reports of health risks from two anemia drugs caused the biotechnology company's stock to plummet. Sharer received $1.55 million in base pay,......
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