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September 2008 Archives
5:57 PM Tue, Sep 30, 2008 | Permalink |
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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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5:16 PM Tue, Sep 30, 2008 | Permalink |
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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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3:58 PM Tue, Sep 30, 2008 | Permalink |
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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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8:57 AM Tue, Sep 30, 2008 | Permalink |
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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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8:39 AM Tue, Sep 30, 2008 | Permalink |
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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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8:31 AM Tue, Sep 30, 2008 | Permalink |
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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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8:22 AM Tue, Sep 30, 2008 | Permalink |
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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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1:35 PM Mon, Sep 29, 2008 | Permalink |
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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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10:25 AM Mon, Sep 29, 2008 | Permalink |
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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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9:47 AM Mon, Sep 29, 2008 | Permalink |
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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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9:30 AM Mon, Sep 29, 2008 | Permalink |
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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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8:52 AM Mon, Sep 29, 2008 | Permalink |
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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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3:23 PM Fri, Sep 26, 2008 | Permalink |
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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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1:47 PM Fri, Sep 26, 2008 | Permalink |
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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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1:24 PM Fri, Sep 26, 2008 | Permalink |
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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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8:01 AM Fri, Sep 26, 2008 | Permalink |
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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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5:46 PM Thu, Sep 25, 2008 | Permalink |
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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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1:03 PM Thu, Sep 25, 2008 | Permalink |
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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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11:12 AM Thu, Sep 25, 2008 | Permalink |
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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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10:58 AM Thu, Sep 25, 2008 | Permalink |
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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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9:34 AM Thu, Sep 25, 2008 | Permalink |
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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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8:52 AM Thu, Sep 25, 2008 | Permalink |
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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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8:12 AM Thu, Sep 25, 2008 | Permalink |
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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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8:06 AM Thu, Sep 25, 2008 | Permalink |
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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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12:32 PM Wed, Sep 24, 2008 | Permalink |
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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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9:39 AM Wed, Sep 24, 2008 | Permalink |
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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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8:48 AM Wed, Sep 24, 2008 | Permalink |
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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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7:48 AM Wed, Sep 24, 2008 | Permalink |
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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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3:48 PM Tue, Sep 23, 2008 | Permalink |
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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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2:15 PM Tue, Sep 23, 2008 | Permalink |
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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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10:41 AM Tue, Sep 23, 2008 | Permalink |
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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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8:35 AM Tue, Sep 23, 2008 | Permalink |
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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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8:33 AM Tue, Sep 23, 2008 | Permalink |
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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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8:26 AM Tue, Sep 23, 2008 | Permalink |
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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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11:57 AM Mon, Sep 22, 2008 | Permalink |
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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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1:51 PM Fri, Sep 19, 2008 | Permalink |
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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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1:00 PM Thu, Sep 18, 2008 | Permalink |
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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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12:36 PM Thu, Sep 18, 2008 | Permalink |
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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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11:33 AM Thu, Sep 18, 2008 | Permalink |
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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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2:04 PM Wed, Sep 17, 2008 | Permalink |
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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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12:27 PM Wed, Sep 17, 2008 | Permalink |
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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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10:38 AM Wed, Sep 17, 2008 | Permalink |
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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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9:33 AM Wed, Sep 17, 2008 | Permalink |
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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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8:44 AM Wed, Sep 17, 2008 | Permalink |
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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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5:40 PM Tue, Sep 16, 2008 | Permalink |
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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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3:56 PM Tue, Sep 16, 2008 | Permalink |
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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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12:34 PM Tue, Sep 16, 2008 | Permalink |
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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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