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 (1)
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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