Projo Biz Blog

September 2008 Archives


State Unveils Workforce Initiative

5:57 PM Tue, Sep 30, 2008 | | Write a comment
By Andy Smith    Email

Governor Carcieri today announced a $3.3 million initiative, funded by the Governor's Workforce Board, designed to connect Rhode Islanders with jobs in four of the state's high-growth industries: hospitality, the marine trades, information technology, and construction. Even at a time......

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Shouting utility customers overwhelm PUC meeting

5:16 PM Tue, Sep 30, 2008 | | Write a comment
By Tim Barmann    Email

WARWICK -- A meeting this afternoon of the state's Public Utilities Commission deteriorated into a one-way shouting match, with some members of the audience yelling at the three commissioners not to delay a decision on a proposal that would make......

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Months after laying off nearly 200, Foxwoods to cut 700 jobs

3:58 PM Tue, Sep 30, 2008 | | Write a comment
By maria caporizzo    Email

Foxwoods Resort Casino in Ledyard, Conn., will cut 700 jobs during the next few weeks. The Mashantucket Pequot Tribal Nation, the tribe that owns the casino, made the announcement today to employees of Foxwoods and MGM Grand at Foxwoods, according......

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Carcieri calls for push to stabilize economy

8:57 AM Tue, Sep 30, 2008 | | Write a comment
By Business staff    Email

Governor Carcieri told a radio audience this morning that one way to stablize the markets and restore confidence in the economy would be for the Federal Deposit Insurance Corporation to increase the amount it backs deposits above the current level......

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Rockland Trust settles lawsuit

8:39 AM Tue, Sep 30, 2008 | | Write a comment
By Business staff    Email

Rockland Trust Company, a subsidiary of Independent Bank Corp., said it settled a lawsuit with Community Associates International by making a $750,000 payment, according to a regulatory filing by the bank. The $750,000 was paid from a $1.5 million reserve......

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Workforce training grants to be announced

8:31 AM Tue, Sep 30, 2008 | | Write a comment
By Business staff    Email

Governor Carcieri this morning is scheduled to announce workforce training grants and an investment in updated technology for the public to conduct job searches and career research. Carcieri and the Workforce Board of Rhode Island also will unveil the Industry......

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Report: Sovereign to name new chief executive

8:22 AM Tue, Sep 30, 2008 | | Write a comment
By Business staff    Email

Sovereign Bancorp, struggling with a declining stock price, plans to name a new chief executive as early as Wednesday, the Wall Street Journal reported. The board of the regional bank, with offices in Rhode Island, is scheduled to vote to......

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Textron to build helicopter-parts plant in Mexico

1:35 PM Mon, Sep 29, 2008 | | Write a comment
By Business staff    Email

Providence-based Textron Inc., the maker of Cessna and Bell aircraft, said it is building a factory in Mexico's Chihuahua state to produce parts for the Bell 429 commercial helicopter. The northern Mexico plant, which will operate as Textron International Mexico,......

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Providence software firms wins state investment

10:25 AM Mon, Sep 29, 2008 | | Write a comment
By Business staff    Email

Tizra, Inc., a Providence-based developer of web publishing software, this morning received a $350,000 investment from the Slater Technology Fund, bringing its total funding from Slater to $650,000. Founded two years ago, Tizra has closed deals with a number of......

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RI announces additional research grants available

9:47 AM Mon, Sep 29, 2008 | | Write a comment
By Business staff    Email

Another $1.4 million will be invested by the Rhode Island Science and Technology Advisory Council for research that promotes collaboration by the state's academic and commercial institutions, STAC announced this morning. "Rhode Island is committed to making strategic investments into......

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Gas prices slip in RI

9:30 AM Mon, Sep 29, 2008 | | Write a comment
By Business staff    Email

Prices for regular gasoline in Rhode Island slipped seven cents a gallon in the last week, according to a survey released this morning by the state Energy Office. The report set the average price at $3.48 a gallon. The prices......

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Stock tumbles at parent of Citizens Financial Group

8:52 AM Mon, Sep 29, 2008 | | Comments (1)
By Business staff    Email

Stock in Royal Bank of Scotland Group Plc, the owner of Providence-based Citizens Financial Group, fell the most in 20 years in London trading this morning, according to Bloomberg News. The shares tumbled after the bailout of Fortis, the Belgian......

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Federal heating assistance for R.I. could double to $30 million

3:23 PM Fri, Sep 26, 2008 | | Comments (2)
By Tim Barmann    Email

PROVIDENCE -- The U.S. Senate is considering a bill to increase federal funding for heating assistance, bringing more money to states to distribute to low-income families who are struggling with heating costs. The measure, already approved in the U.S. House......

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Rhode Island OKs rate hikes for Blue Cross, UnitedHealthcare

1:47 PM Fri, Sep 26, 2008 | | Comments (2)
By Paul Grimaldi    Email

The Rhode Island health insurance commissioner has approved rate increases for Blue Cross and UnitedHealthcare policies covering "small-group" employers. The commissioner approved increases averaging 9.2 percent for United Healthcare and 8.7 percent for Blue Cross Blue Shield of Rhode Island......

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Moody's releases Twin River financial rating report

1:24 PM Fri, Sep 26, 2008 | | Write a comment
By Paul Grimaldi    Email

Credit-rating agency Moody's Investors Service today released the details of its recent downgrade of the company that owns the Twin River greyhound track and slot parlor in Lincoln. The report notes the slot parlor is "barely generating enough cash to......

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Carcieri to discuss wind farm project on TV

8:01 AM Fri, Sep 26, 2008 | | Write a comment
By Business staff    Email

Governor Donald L. Carcieri will appear as a guest on the Bloomberg Television news magazine "In Focus" today to discuss the state's renewable energy program and the announcement of Deepwater Wind, of New Jersey, as the recommended developer for the......

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Photo: Contract signing launches wind farm project

deepww.jpg 5:46 PM Thu, Sep 25, 2008 | | Write a comment
By Andrea Panciera    Email

Journal photo / Steve Szydlowski Governor Carcieri signs the contract today with Christopher Brown, CEO of Deepwater Wind, whose company was chosen to construct a $1.5 billion wind energy project off the coast of Rhode Island. The project would......

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Wind developer's attorney was Carcieri's chief of staff

1:03 PM Thu, Sep 25, 2008 | | Write a comment
By Jack Perry    Email

By Timothy C. Barmann Journal Staff writer The developer selected by Governor Carcieri to build a $1.5 billion wind farm off the coast of Rhode Island is represented by a local attorney who served as Carceri's chief of staff for......

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Rite Aid Corp. rehires former company president

11:12 AM Thu, Sep 25, 2008 | | Write a comment
By Paul Grimaldi    Email

Rite Aid Corp., the company that bought Rhode Island's Brooks-Eckerd drugstore chain in 2006, upended its leadership with three executives leaving the Pennsylvania-based company and a former company president returning. The moves come two weeks after trading in Rite Aid......

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CVS Caremark added to stock short-sale ban

10:58 AM Thu, Sep 25, 2008 | | Write a comment
By Paul Grimaldi    Email

Woonsocket-based CVS Caremark Corp. (CVS:NYSE) was added today to the New York Stock Exchange's list of companies for whom short sales of stock are not permitted. Short-sellers borrow shares they consider overvalued and sell them. If the price drops, the......

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Despite price drop, houses still unaffordable for many in R.I.

9:34 AM Thu, Sep 25, 2008 | | Write a comment
By Jack Perry    Email

By Randall Edgar Journal staff writer Housing prices have dropped in many Rhode Island communities, but rising costs for other necessities such as food and gas have made it even harder for many people to buy a house, a report......

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Truck leasing company consolidates in Cranston

8:52 AM Thu, Sep 25, 2008 | | Write a comment
By Business staff    Email

Penske Truck Leasing today said it is opening a 21,000-square-foot facility at 65 Amflex Drive, in Cranston. About 38 people will be employed on the 8.5-acre site that will keep an inventory of 650 vehicles. Penske, based in Reading, Penn.,......

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House approves more heating aid

8:12 AM Thu, Sep 25, 2008 | | Write a comment
By Business staff    Email

The U.S. House voted yesterday to nearly double federal money to help poor people cope with record home heating bills expected this winter. Spending for the government's Low Income Home Energy Assistance Program would rise to $5.1 billion. The increase......

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Federal agency probing drug store offer

8:06 AM Thu, Sep 25, 2008 | | Write a comment
By Business staff    Email

Longs Drugs Stores Corp., the California-based pharmacy chain that agreed to be bought by Woonsocket-based CVS Caremark Corp. said the U.S. Federal Trade Commission is investigating whether an acquisition offer from Walgreen Co. would hurt competition. The agency is seeing......

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N.J. firm chosen to build wind farm off R.I. shore

12:32 PM Wed, Sep 24, 2008 | | Comments (1)
By Andrea Panciera    Email

By Timothy C. Barmann Journal staff writer State officials have selected Deepwater Wind, a N.J.-based firm, to construct and finance a massive wind farm off the coast of Rhode Island. The project, expected to cost about $1.5 billion, would be......

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Newport Grand to celebrate renovation

9:39 AM Wed, Sep 24, 2008 | | Write a comment
By Jack Perry    Email

Newport Grand tonight will celebrate the completion of a $28 million renovation that has replaced its former jai lai space with additional blackjack tables and video slots. The project, which was originally targeted for completion at the end of 2006,......

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Mohegan Sun delays expansion plans

8:48 AM Wed, Sep 24, 2008 | | Write a comment
By Business staff    Email

The slumping U.S. economy has caused the Mohegan Sun casino in eastern Connecticut to delay the final projects in its $925 million expansion plan. The Mohegan Tribal Council decided to suspend construction of a 39-story hotel, a House of Blues......

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Ceremony for nuclear sub set for Saturday at Quonset

7:48 AM Wed, Sep 24, 2008 | | Write a comment
By Business staff    Email

General Dynamics Electric Boat unit at Quonset Point in North Kingstown will host a keel-laying ceremony on Saturday for Missouri, SSN-780, the seventh ship in the Navy's newest class of nuclear attack submarines. Rebecca W. Gates, who has been named......

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RI to change tax form

3:48 PM Tue, Sep 23, 2008 | | Write a comment
By Business staff    Email

The Rhode Island Division of Taxation is in the process of changing the name on one of the key income-tax forms that some people fill out. The Rhode Island Form 1040EZ is going away. In its place will be the......

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Ratings agency revises hospital outlook

2:15 PM Tue, Sep 23, 2008 | | Write a comment
By Business staff    Email

Fitch Ratings has lowered its debt ratings outook for bonds about to be sold for the Tockwotton nursing home in Providence Fitch, based in Chicago, placed the 'BBB' underlying rating on approximately $3.9 million of Rhode Island Health and Educational......

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Reed defends his bailout provision at Senate hearing

10:41 AM Tue, Sep 23, 2008 | | Write a comment
By Jack Perry    Email

By John Mulligan Journal Washington bureau WASHINGTON, D.C. -- Sen. Jack Reed today defended his plan to require companies to reimburse the taxpayers for their help in bailing out the financial system. In his opening statement at a Senate hearing......

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Sen. Whitehouse warns of 'new financial meltdown,' wants credit card reform

8:35 AM Tue, Sep 23, 2008 | | Write a comment
By Jack Perry    Email

By John Mulligan Journal Washington bureau ``A new financial meltdown'' may loom beyond the current crisis, Sen. Sheldon Whitehouse said yesterday, calling for federal action against ``abusive credit card practices.'' In a letter to colleagues who are leading the efforts......

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Drug store chain prefers takeover by CVS

8:33 AM Tue, Sep 23, 2008 | | Write a comment
By Business staff    Email

Longs Drug Stores Corp. this morning reiterated its support for a proposed $2.7 billion purchase by Woonsocket-based CVS Caremark Corp., saying Walgreen Co. hasn't made any changes to a "unsolicited, non-binding expression of interest." There's no guarantee that Walgreen's proposal......

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RI changes tourism director

8:26 AM Tue, Sep 23, 2008 | | Comments (1)
By Business staff    Email

David C. DePetrillo, director of tourism in Rhode Island, will retire, effective September 30, the Rhode Island Economic Development Corporation announced this morning. MarkBrodeur, current director of tourism operations, will be promoted to director of tourism. "David is a nationally......

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Warwick workshop offers help to entrepreneurs

11:57 AM Mon, Sep 22, 2008 | | Write a comment
By Jack Perry    Email

The Secretary of State's office says businesspeople can talk to the government officials who regulate their companies at a free expo today at Warwick's Crowne Plaza Hotel. People can meet with public officials about registering a business, financing, taxes, licensing,......

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Update: Read the transcript of Neil Downing chat

1:51 PM Fri, Sep 19, 2008 | | Write a comment
By maria caporizzo    Email

How do thls week's Wall Street developments affect you? Providence Journal MoneyLine columnist Neil Downing -- who's been on top of the question all week -- hosted a live chat with projo.com readers at noon today. Read the transcript The......

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Massachusetts adds jobs, unemployment rate falls

1:00 PM Thu, Sep 18, 2008 | | Comments (1)
By Lynn Arditi    Email

Massachusetts last month gained 1,700 payroll jobs and the unemployment rate fell 0.3 percent to 5.1 percent, according to a government report released today. Education and health services posted the largest job gain in August, and the highest annual job......

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College Crusade wins national recognition

12:36 PM Thu, Sep 18, 2008 | | Comments (1)
By Andy Smith    Email

The College Crusade of Rhode Island has been named one of 35 programs in the country that are improving U.S. education by the Business-Higher Education Forum, a Washington, D.C., organization of business and education leaders. The College Crusade, the......

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Live chat: Downing to take questions Friday at noon

credit_union.jpg 11:33 AM Thu, Sep 18, 2008 | | Write a comment
By maria caporizzo    Email

This week's financial crisis may remind Rhode Islanders of the banking crisis of 1991. Providence Journal MoneyLine columnist Neil Downing explores how this crisis is different in significant ways. Watch the video: Although Wall Street woes bring RI banking......

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RI has millions more with AIG, but treasurer Caprio confident

2:04 PM Wed, Sep 17, 2008 | | Write a comment
By Jack Perry    Email

PROVIDENCE -- General Treasurer Frank Caprio confirmed today that at least one other government agency has millions of dollars locked in investment accounts with the troubled insurance giant American International Group. Rhode Island Housing Corporation has about $7 million in......

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Vehicle, coin equipment auction on Saturday

12:27 PM Wed, Sep 17, 2008 | | Write a comment
By Business staff    Email

Eight government seized vehicles, metal coining equipment and other goods will be sold by SJ Corio Company for the Rhode Island State Police at a live auction Saturday, Sept. 20 at the company's offices at 22 Dewey Ave., Warwick. The......

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Hands-on approach to jewelry making at MJSA show

10:38 AM Wed, Sep 17, 2008 | | Write a comment
By Andrea Panciera    Email

Jewelry designers and manufacturers are assembling in Providence today to learn the latest techniques and designing trends at the Manufacturing Jewelers and Suppliers of America trade show. Attendees are also offered seminars on a range of topics, including designing with......

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CVS opens first drug-store clinic in Mass.

9:33 AM Wed, Sep 17, 2008 | | Write a comment
By Business staff    Email

Woonsocket-based CVS Caremark Corp. this morning opened its first retail health center in Massachusetts, called MinuteClinic, inside a CVS/pharmacy in Medway Four additional clinics are expected to open inside CVS/pharmacy stores in the near future in Bridgewater, Danvers, Taunton and......

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Ratings agency revises hospital outlook to stable

8:44 AM Wed, Sep 17, 2008 | | Write a comment
By Business staff    Email

Standard & Poor's Ratings Services revised its outlook to "stable" from "positive" on the 'BB' rating of Rhode Island Health & Educational Building Corp.'s series 1998 revenue bonds, issued for Roger Williams Hospital. The rating actions reflect Roger Williams'......

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Some R.I. stocks gain, others lose following Wall Street turmoil

5:40 PM Tue, Sep 16, 2008 | | Write a comment
By Tim Barmann    Email

At the end of the second day of financial turmoil on Wall Street, shares of Rhode Island companies were mixed, with some getting a boost, while others suffered big drops. The good news for local investors is that for the......

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Neil Downing on investment vs. 'regular banks' / Video

neil_downing.jpg 3:56 PM Tue, Sep 16, 2008 | | Write a comment
By maria caporizzo    Email

Neil Downing is the MoneyLine columnist at the Providence Journal. Watch the video: Providence Journal MoneyLine columnist Neil Downing talks us through the difference between investment banks like Lehman Brothers and Bear Stearns, and deposit-taking "regular banks" like Bank Newport......

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Reporter's query: MoneyLine seeks your Wall Street concerns

12:34 PM Tue, Sep 16, 2008 | | Write a comment
By Andrea Panciera    Email

Neil Downing, The Providence Journal's MoneyLine columnist, wants to know what Rhode Islanders want -- and need -- to know about their finances in the wake of this week's Wall Street shakeup. What does this mean to your 401K? What......

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TV switch from broadcast to analog to be discussed

8:57 AM Tue, Sep 16, 2008 | | Write a comment
By Business staff    Email

Attorney General Patrick C. Lynch and Lori Kalani, director of government affairs and senior counsel of DISH Network, are scheduled to visit an apartment complex and a senior citizen center today and Wednesday to inform consumers of the upcoming switch......

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Providence Equity adds executive in Hong Kong

8:51 AM Tue, Sep 16, 2008 | | Comments (4)
By Business staff    Email

Providence Equity Partners, the Providence-based firm founded by Brown University graduate Jonathan Nelson, moved to boost its investments in Asia with the hiring of Sean Tong, currently managing director at General Atlantic in Hong Kong, as managing director of Providence......

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Parliament member visits R.I.

8:17 AM Tue, Sep 16, 2008 | | Write a comment
By Business staff    Email

Diana Ruth Johnson, a member of Parliament in the United Kingdom, is visiting Rhode Island today to meet several public officials, including Saul Kaplan, executive director of the Rhode Island Economic Development Corporation. They will be discuss economic development issues.......

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Rhode Island has no exposure to troubled investment banks

5:59 PM Mon, Sep 15, 2008 | | Write a comment
By Neil Downing    Email

The State of Rhode Island has no exposure in companies that have been swept up in the recent financial market turmoil, state Gen. Treas. Frank Caprio said. "It is important to note that the State of Rhode Island currently does......

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Reacting to Wall Street at One Citizens Plaza / Video

4:46 PM Mon, Sep 15, 2008 | | Write a comment
By Business staff    Email

By Paul Edward Parker Journal Staff Writer PROVIDENCE -- Is the sky falling? Or is a cloud passing overhead? People passing by One Citizens Plaza around lunchtime today offered varying opinions on the shakeup in the financial markets. Citizens Plaza......

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LIN unable to reach contract with Time Warner

7:57 AM Mon, Sep 15, 2008 | | Write a comment
By Business staff    Email

Providence-based LIN TV Corp. (TVL:NYSE said this morning its current contract with Time Warner Cable, Inc. expires on October 2, and LIN TV has been unable to reach an extension agreement. As a result, LIN TV said it expects Time......

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Walgreen's bid for Longs pushes back CVS tender offer

7:44 AM Mon, Sep 15, 2008 | | Write a comment
By Business staff    Email

CVS Caremark Corp. pused back its tender offer for shares of Longs Drug Stores after Walgreen's on Friday topped CVS's bid. Walgreen's offered $75 per share in cash, or a total of $3 billion for Longs. That topped the $71.50......

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Lenders give Twin River slot parlor until Jan. 31 to fix finances

3:30 PM Fri, Sep 12, 2008 | | Write a comment
By Paul Grimaldi    Email

The Twin River slot machine parlor this afternoon said its lenders extended their financing arrangement with the Lincoln gambling venue until Jan. 31. The slot parlor will suspend interest payments to some of its lenders until then, an action Twin......

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Carcieri to focus on technology in schools

9:33 AM Fri, Sep 12, 2008 | | Write a comment
By Business staff    Email

Governor Carcieri this morning is scheduled to chair the meeting of the PK-16 (pre-kindergarten to fourth year of college) council on education, reviewing the advances in use of technology applications to improve education in Rhode Island. In fiscal year 2007,......

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CVS to hold firm on bid for drug store chain

8:00 AM Fri, Sep 12, 2008 | | Write a comment
By Business staff    Email

CVS Caremark Corp. Chief Executive Officer Tom Ryan this morning said the drugstore chain won't raise its $2.7 billion offer to buy Longs Drug Stores Corp. even though some investors believe the price is too low. CVS, based in Woonsocket,......

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Mattress Discounters to close stores in New England

2:51 PM Thu, Sep 11, 2008 | | Write a comment
By Paul Grimaldi    Email

Cut-price retailer Mattress Discounters said it wants to close the nearly 50 stores it operates in New England as part of an effort to turn around its ailing operations, according to court documents and company statements. The closings will come......

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GTECH wins Dominican Republic contract

2:38 PM Thu, Sep 11, 2008 | | Write a comment
By Business staff    Email

GTECH Corp., the Providence-based unit of Lottomattica, said yesterday it has signed a 20-year contract with Loto Real Del Cibao C.X.A. to be the exclusive technology provider to LOTO REAL for an online lottery system, terminals, and future commercial services......

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Textron sells fluid and power unit

9:18 AM Thu, Sep 11, 2008 | | Write a comment
By Business staff    Email

Providence-based Textron Inc. this morning said it agreed to sell its Fluid & Power unit to U.K.-based Clyde Blowers Ltd. in a transaction valued at as much as $645 million. Textron will receive about $526 million in cash, a six-year......

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Insurance offices merge

8:02 AM Thu, Sep 11, 2008 | | Write a comment
By Business staff    Email

Two John Hancock Financial Network offices in Warwick and Rocky Hill, Connecticut have merged to expand services in Rhode Island, Connecticut, western massachusetts and Westchester County, New York. The new organization will be named Independence Financial Partners. The firm will......

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RI venture capital fund finances 11 companies

7:53 AM Thu, Sep 11, 2008 | | Write a comment
By Business staff    Email

Eleven Rhode Island-based technology companies received $3.1 million in funding commitments from the Slater Technology Fund, according to a new report for the fiscal year that ended June 30. Of the $3.1 million, $1.75 million was completed during the fiscal......

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Gov. Carcieri to host series of dinners to woo Mass. business

1:57 PM Wed, Sep 10, 2008 | | Comments (1)
By Neil Downing    Email

Governor Carcieri will serve as host at a series of dinners in the Boston area to try to lure Massachusetts businesses to Rhode Island. The dinners, which will begin soon, are mainly for executives in certain sectors, such as financial......

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Rhode Island will soon get a new business, governor says

1:46 PM Wed, Sep 10, 2008 | | Write a comment
By Neil Downing    Email

A business is moving to Rhode Island soon -- and its impact and scope will be significant, according to Governor Carcieri. "We're going to have a good announcement in a couple of weeks," he told the state Economic Policy Council......

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Tough times for Rhode Island, governor says

1:36 PM Wed, Sep 10, 2008 | | Write a comment
By Neil Downing    Email

Rhode Island is suffering from the nation's economic downturn, says Governor Carcieri. "Clearly, we're going through a tough time right now economically,'' he told the state's Economic Policy Council earlier today. "We felt the effects of this downturn dramatically and......

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CVS acquisition target settles lawsuit

9:22 AM Wed, Sep 10, 2008 | | Write a comment
By Business staff    Email

Longs Drug Stores Corp. said this morning that it's agreed in principle to settle lawsuits with plaintiffs related to the retailer's planned acquisition by CVS Caremark Corp for $2.7 billion. Under the settlement, the claims by the purported class of......

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New project to open in South Providence

7:42 AM Wed, Sep 10, 2008 | | Write a comment
By Business staff    Email

SWAP, the nonprofit organization known for providing affordable housing in South Providence, will enter a new phase of its development today with the opening of a $10.2 million mixed use commercial and rental property. Called SouthSide Gateways, the three-story building......

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Carcieri appearance on Bloomberg TV scrubbed

7:27 AM Wed, Sep 10, 2008 | | Write a comment
By Business staff    Email

Governor Carcieri's scheduled appearance today on the Bloomberg Television news magazine has been cancelled, according the the governor's office. Carcieri was scheduled to discuss Rhode Island's renewable energy program and the potential economic impact of an offshore wind project.......

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Providence Equity buys 'Ironman' triathlon company

4:33 PM Tue, Sep 09, 2008 | | Write a comment
By Tim Barmann    Email

Providence Equity Partners has acquired the Florida-based company that runs the grueling Ironman triathlon races held around the United States and in other countries. The investment group bought World Triathlon Corp, a privately held company based in Tarpon Springs, Fla.......

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Downtown Providence building undergoing renovations

9:09 AM Tue, Sep 09, 2008 | | Comments (2)
By Business staff    Email

A prominent, office building in downtown Providence, formerly known as the Bank of America building and before that the Fleet Center, is undergoing a multi-million dollar renovation of the lobby and retail spaces to give the landmark a new identity.......

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Supermarkets end dispute over trademark

8:41 AM Tue, Sep 09, 2008 | | Write a comment
By Business staff    Email

Quincy-based Stop & Shop Supermarket Co. has voluntarily dismissed the lawsuit that accused Whole Foods Market Inc. of violating its trademark by using "The Real Deal" in its marketing. "The dispute has been resolved amicably, and Whole Foods has agreed......

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Sovereign stock slips after report of charge-off

8:27 AM Tue, Sep 09, 2008 | | Write a comment
By Business staff    Email

Stock in Sovereign Bancorp Inc., the Pennsylvania-based company with a large branch network in Rhode Island, slipped 64 cents a share to close yesterday at $9.02 after the company said it expects a non-cash impairment charge on Fannie Mae and......

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Amtrak ridership up 10 percent in August

8:14 AM Tue, Sep 09, 2008 | | Write a comment
By Business staff    Email

Amtrak, the national passenger railroad, posted a 10 percent increase in August ridership as higher gasoline prices helped spur more travelers to use trains. Amtrak carried 2.68 million people, and ticket revenue rose 14 percent over the same month a......

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Executive at Middletown company resigns

8:08 AM Tue, Sep 09, 2008 | | Write a comment
By Business staff    Email

KVH Industries Inc. said Ian Palmer, executive vice president of satellite sales, told the company on Sept. 4 that he will resign to pursue other opportunities, effective on Sept. 19, according to a regulatory filing made by KVH. "His resignation......

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No word yet on financing deal for Twin River

6:02 PM Mon, Sep 08, 2008 | | Write a comment
By Andrea Panciera    Email

By projo.com staff The owners of Twin River, the Lincoln slot parlor that had sought to finish financial negotiations with lenders last week, again had no progress to report today. Twin River's owner, UTGR Inc., has negotiated for months with......

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Frustration, anger voiced over National Grid gas rate increase

5:52 PM Mon, Sep 08, 2008 | | Comments (4)
By Tim Barmann    Email

WARWICK -- National Grid's proposal to raise its natural gas distribution charges was assailed at a public hearing yesterday by several speakers who said the increases would lessen a customer's ability to lower their gas bill by conserving energy. The......

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New Executive Director for Year Up

1:13 PM Mon, Sep 08, 2008 | | Write a comment
By Andy Smith    Email

Year Up Providence, a program designed to provide low-income urban youth with educational and career opportunities, has named Nick Richardson as new executive director. Richardson replaces Sara Strammiello Enright who is leaving to take a position in the program's national......

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Gas prices in RI slip again

10:46 AM Mon, Sep 08, 2008 | | Write a comment
By Business staff    Email

Gasoline prices in Rhode Island slipped another three cents today, as the potential effect of the approaching Hurricane Ike on U.S. Gulf Coast production has yet to be felt at the pump. The average price of unleaded regular yesterday was......

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CVS clears regulatory waiting period

8:15 AM Mon, Sep 08, 2008 | | Write a comment
By Business staff    Email

Woonsocket-based CVS Caremark Corp. said this morning it cleared a hurdle to its acquisition of Longs Drugs Stores Corp. now that the regulatory waiting period under the Hart-Scott-Rodino Antitrust Improvement Act has expired CVS (CVS:NYSE) said the waiting period ended......

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Senior housing project in West Warwick to open

8:08 AM Mon, Sep 08, 2008 | | Comments (1)
By Business staff    Email

Women's Development Corporation, a nonprofit developer, will celebrate the opening of Wildberry Apartments in West Warwick at noon today on the site at 95 Archambault Ave. The senior housing complex has 47 apartments which were available to low-income residents as......

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GI Joe creator to speak in Pawtucket

8:06 AM Mon, Sep 08, 2008 | | Comments (1)
By Business staff    Email

The creator of GI Joe & The Almighty Heroes, Donald Levine, will talk about how the internationally-acclaimed GI Joe action figure was created and found worldwide popularity at a discussion at 7 p.m. tonight at the Visitor Center, 175 Main......

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Lynch to discuss hospital merger

8:04 AM Mon, Sep 08, 2008 | | Write a comment
By Business staff    Email

Rhode Island's health care industry and the proposed merger of Lifespan and Care New England, will be discussed by Atty. Gen. Patrick C. Lynch today at Westerly Hospital 5:30 PM. Lynch will speak to hospital's directors, medical personnel, and staff.......

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Still no financing deal for Twin River's debts

5:48 PM Fri, Sep 05, 2008 | | Comments (1)
By maria caporizzo    Email

Despite Twin River's push to finish financial negotiations with lenders by the end of the work week, the owners of the Lincoln gambling parlor had no announcements today. The slot parlor's owner, UTGR Inc., has negotiated for months with its......

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A.T. Cross to switch to NASDAQ market

4:59 PM Fri, Sep 05, 2008 | | Write a comment
By Business staff    Email

LINCOLN - A.T. Cross Company announced today that its board of directors has approved the decision to switch the listing of its common stock from the American Stock Exchange to the NASDAQ stock market, effective September 16, 2008. The company......

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R.I. house foreclosures in 2nd quarter 6th highest in the nation

10:04 AM Fri, Sep 05, 2008 | | Write a comment
By Lynn Arditi    Email

Rhode Island ranked 6th highest nationally for the rate of new homes entering foreclosure during the second quarter, according to a report released today by the Mortgage Bankers Association in Washington. About 1.22 percent of the estimated 140,232 home mortgages......

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Investors question CVS buyout of Longs

8:32 AM Fri, Sep 05, 2008 | | Write a comment
By Business staff    Email

Some Longs shareholders said they'll oppose CVS Caremark Corp.'s $2.7 billion buyout of the drug srtore chain if Longs doesn't tell them more about the value of its real estate. On Aug. 12, CVS Caremark agreed to pay $71.50 per......

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National Grid now wants to lower natural gas rate

4:37 PM Wed, Sep 03, 2008 | | Write a comment
By Tim Barmann    Email

Just seven weeks after increasing natural gas rates by 8 percent, National Grid has filed a request to lower rates for its Rhode Island customers by 4.6 percent. The company said the market price for natural gas has fallen since......

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Providence-based biotech firm wins MS grant

2:23 PM Wed, Sep 03, 2008 | | Write a comment
By Business staff    Email

The Montel Williams MS Foundation today announced a grant to Providence-based Epivax, Inc., the first biotech-related company to be awarded a grant from the foundation. Epivax is a privately held company run by Anne Searls DeGroot that is dedicated to......

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Gtech to create online lottery in Belarus

1:39 PM Wed, Sep 03, 2008 | | Write a comment
By Business staff    Email

GTECH Global Services Corp. said today it signed an agreement with Sport Pari to create the first online lottery system in Belarus. Sport Pari has received a government license to become the exclusive license holder and operator of online lottery......

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New unemployment insurance claims rise

10:25 AM Wed, Sep 03, 2008 | | Write a comment
By Lynn Arditi    Email

Rhode Island's weak labor marked drove up initial unemployment insurance claims for the week ending Aug. 23rd by 328 from the previous week, according to the state Department of Labor and Training. So far this year, initial unemployment insurance......

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U.S. to lease Northeast tracts for wind turbines

7:46 AM Wed, Sep 03, 2008 | | Write a comment
By Business staff    Email

The U.S. Department of the Interior is set to lease areas of the country's continental shelf off the northeast coast for wind turbines, the Wall Street Journal reported. Wind farms could be built in areas off the coast near Delaware,......

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Thai government suspends online lottery

7:38 AM Tue, Sep 02, 2008 | | Comments (1)
By Business staff    Email

Thailand's Finance Ministry indefinitely suspended a state-run online lottery pending clarification of a supplier-contract with a venture between Loxley, a local company and Providence-based Gtech Holdings Corp., Bloomberg News reported ``We will ask the Council of State to look at......

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