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February 1, 2009 - February 7, 2009 Archives
3:59 PM Fri, Feb 06, 2009 | Permalink |
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By Paul Grimaldi  Email
Rhode Island reaped far less from holiday shoppers at Providence Place mall last year than in previous years. The December total was the lowest since at least 2005. Sales tax receipts in December plunged by 31.5 percent, or about $820,000,......
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2:39 PM Fri, Feb 06, 2009 | Permalink |
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By News staff Email
WARWICK - The city is facing a $5-million shortfall for the current fiscal year thanks to state aid cuts, and Mayor Scott Avedesian said he is looking at ways to cut the budget, including layoffs and furloughs. The mayor said......
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1:29 PM Fri, Feb 06, 2009 | Permalink |
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By Paul Edward Parker Email
More than a dozen individuals and organizations with Rhode Island addresses appear on lists of clients and other potential creditors of Bernard L. Madoff that were filed this week in U.S. Bankruptcy Court in New York City. Madoff, right, has......
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12:34 PM Fri, Feb 06, 2009 | Permalink |
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By Paul Grimaldi Email
Thrift-store operator Savers is cutting prices 50 percent during a Presidents' Day sale. The chain, which has outlets in East Providence, Warwick and Woonsocket, will halve prices Feb. 16 on its stock of used merchandise during a holiday clearance. Savers......
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11:47 AM Fri, Feb 06, 2009 | Permalink |
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By Alan Rosenberg Email
By Paul Grimaldi Journal Staff Writer The Macy's department store chain will open a district office in Attleboro in early May to support about a dozen of its stores, including two in Rhode Island, a company spokesman said today. The......
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11:01 AM Fri, Feb 06, 2009 | Permalink |
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By Benjamin N. Gedan Email
As financial services juggernaut Fidelity Investments moves ahead with plans to lay off 3,000 employees, it has explained its struggles as the product of the "unprecedented worldwide economic downturn." But in an interview today, Christopher Davis, lead Fidelity analyst for......
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7:59 AM Fri, Feb 06, 2009 | Permalink |
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By Business staff Email
Same-store sales at BJ's Wholesale Inc. of Natick, were down .7 percent in January, reduced by lower sales of gasoline. Revenues from gasoline sales were off because the average price of gas per gallon was down 40 percent compared with......
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1:59 PM Thu, Feb 05, 2009 | Permalink |
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By Jack Perry Email
By Paul Grimaldi Journal Business writer CVS Caremark Corp. said today it wants to build a distribution center in Chemung County, N.Y., near Elmira, in the south-central part of the state. The Woonsocket company said it expects to employ 600......
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1:24 PM Thu, Feb 05, 2009 | Permalink |
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By Bruce Landis Email
Journal photo/ Steve Szydlowski Richard Graefe, right, Rhode Island Chapter chairperson for the Sierra Club, and other state transit advocates unroll 300 post cards signed by citizens that thank Governor Carcieri for his work on extending the commuter rail......
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8:58 AM Thu, Feb 05, 2009 | Permalink |
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By Business staff Email
KVH Industries, of Middletown, this morning reported fourth quarter financial results that showed net income of $300,000, or two cents a share, compared with profits of $1 million, or six cents a share, in the comparable period a year ago.......
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8:01 AM Thu, Feb 05, 2009 | Permalink |
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By Business staff Email
An economic stimulus bill will pass the U.S. Senate after changes made to the wording that will calm worries about protectionism, U.S. Sen. Jack Reed, D-RI, said this morning in an interview with CNBC. "The direct investment in infrastructure, targeting......
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3:48 PM Wed, Feb 04, 2009 | Permalink |
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By Alan Rosenberg Email
By Teresa Stepzinski MCT BRUNSWICK, Ga. -- A former insurance agent who used the mail to obtain $93,000 in auto insurance commissions from a Warwick, R.I.-based company through an elaborate fraud scheme was sentenced Tuesday to a year and a......
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2:11 PM Wed, Feb 04, 2009 | Permalink |
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By Paul Edward Parker Email
The multi-unit housing market in Rhode Island during the last three months of last year looked like a department store the day after Thanksgiving: buyers poured in and snapped up bargains. The median sales price for multi-unit houses for October,......
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1:15 PM Wed, Feb 04, 2009 | Permalink |
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By Neil Downing Email
Governor Carcieri's tax-reform panel today recommended a sharp reduction in Rhode Island's maximum individual income tax rate, to 5.5 percent from the current 9.9 percent. The panel also recommended cutting the state's lowest individual income tax rate, to 3.5 percent......
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1:09 PM Wed, Feb 04, 2009 | Permalink |
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By Neil Downing Email
If Rhode Island's statewide sales tax is broadened to include more goods and services than it does today, Rhode Island's 7-percent sales tax rate should be lowered That is the finding of Governor Carcieri's tax-reform panel, which met today at......
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1:03 PM Wed, Feb 04, 2009 | Permalink |
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By Neil Downing Email
Governor Carcieri's tax-reform panel today recommended changing Rhode Island's death tax -- also known as the estate tax -- so that fewer estates would be subject to the tax. The tax generally applies if the value of a decedent's estate......
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12:57 PM Wed, Feb 04, 2009 | Permalink |
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By Jack Perry Email
WARWICK, R.I. (AP) -- Plummeting prices fueled a dramatic spike in the sale of multi-family properties in Rhode Island in December compared with the same time last year. The Rhode Island Association of Realtors reported Wednesday that the number of......
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12:27 PM Wed, Feb 04, 2009 | Permalink |
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By Neil Downing Email
Governor Carcieri's tax-reform panel today recommended scrapping Rhode Island's corporate income tax. The proposal, if adopted, would save businesses more than $82 million a year. It would also send a message that "Rhode Island wants to do business," said Alfred......
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10:21 AM Wed, Feb 04, 2009 | Permalink |
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By Benjamin N. Gedan Email
For years, local businesses have been urged to adopt "green" business practices, promised that it would help cut operating costs and attract a growing segment of the tourism market that favors low-flow faucets and compost piles. But despite severe......
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9:35 AM Wed, Feb 04, 2009 | Permalink |
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By Jack Perry Email
PROVIDENCE, R.I. (AP) -- An advisory panel soon issues its final recommendations for changing Rhode Island's tax code in ways that are supposed to attract businesses and retain jobs. Governor Carcieri created the group in May. The panel is expected......
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9:16 AM Wed, Feb 04, 2009 | Permalink |
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By Business staff Email
Providence-based Textron (TXT:NYSE) said this morning it has drawn the balance of the $3 billion committed bank credit lines available to the company and its commercial finance subsidiary, Textron Financial Corporation. After repayment of all commercial paper outstanding, this will......
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4:23 PM Tue, Feb 03, 2009 | Permalink |
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By Pamela Reinsel Cotter Email
By Paul Grimaldi Journal staff writer CVS Caremark Corp. said today it is voluntarily recalling four types of candy containing peanuts that were sold in its stores during the last two years. The candy was sold under the Gold Emblem......
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2:50 PM Tue, Feb 03, 2009 | Permalink |
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By Neil Downing Email
Looking for a job? The State of Rhode Island is hiring. The Department of Labor and Training is in the process of hiring 40 people to help answer the phones and perform other tasks at the agency's unemployment insurance call......
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2:41 PM Tue, Feb 03, 2009 | Permalink |
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By Benjamin N. Gedan Email
Moderating a panel discussion this morning about the state's economy, Laurie White, president of the Greater Providence Chamber of Commerce, tried to remain upbeat. As panelists painted a generally dreary picture of employment and real estate in the near future,......
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12:10 PM Tue, Feb 03, 2009 | Permalink |
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By Benjamin N. Gedan Email
Organizers of the Buy Local RI campaign, designed to boost locally owned businesses struggling to survive the economic downturn, are calling for submissions for a campaign logo. "The competition is open to anyone who resides, or is employed in Rhode......
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11:41 AM Tue, Feb 03, 2009 | Permalink |
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By Benjamin N. Gedan Email
Journal photo / Steve Szydlowski Jennifer Weiner, a policy analyst for the New England Public Policy Center in Boston, speaks this morning in Providence about the state's economy. Jennifer Weiner, a policy analyst for the New England Public Policy......
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9:37 AM Tue, Feb 03, 2009 | Permalink |
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By Benjamin N. Gedan Email
Eighty percent of Rhode Island businesses have no plans to hire new employees this year, according to a report released this morning by Sovereign Bank. The report, based on the bank's annual Economic Outlook survey, offers little reason to hope......
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8:09 AM Tue, Feb 03, 2009 | Permalink |
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By Business staff Email
Legalized slot machines and casinos are back on the agenda in Massachusetts. House Speaker Robert A. DeLeo, who replaced casino opponent Salvatore DiMasi as leader in the House, signaled yesterday that there will be debate in the House relative to......
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8:01 AM Tue, Feb 03, 2009 | Permalink |
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By Business staff Email
The Northern Rhode Island Chamber of Commerce will hold its 18th annual dinner Monday at the Kirkbrae Country Club, Lincoln. The event will begin with a reception at 5:30 p.m., followed by dinner at 6:30 p.m. General Treasurer Frank T.......
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1:29 PM Mon, Feb 02, 2009 | Permalink |
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By Paul Grimaldi Email
A pair of Bancorp Rhode Island investors renewed their battle with the banking company's management, according to regulatory and other filings, this time seeking changes in the way its board of directors is constituted. Richard Lashley and John Palmer, partners......
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12:31 PM Mon, Feb 02, 2009 | Permalink |
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By Business staff Email
The cost to protect against a default by Providence-based Textron Inc. soared to a record as Standard & Poor's said it may cut the aircraft maker's ratings, according to Bloomberg News. Credit-default swaps protecting Textron bonds for five years jumped......
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12:12 PM Mon, Feb 02, 2009 | Permalink |
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By Benjamin N. Gedan Email
Journal photo / Steve Szydlowski Attendance at the Providence Boat Show grew by 10 percent this year, despite declines in consumer spending that have had devastating effects on many boat builders. In a statement released today, the producers of......
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11:55 AM Mon, Feb 02, 2009 | Permalink |
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By Neil Downing Email
U.S. Sen. Sheldon Whitehouse said today that Rhode Island seniors could see a one-time boost in their Social Security benefits by late spring if federal economic stimulus legislation is enacted. Under a legislative provision that Whitehouse has promoted, Social Security......
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11:43 AM Mon, Feb 02, 2009 | Permalink |
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By Neil Downing Email
U.S. Sen. Jack Reed today predicted that a final vote on proposed federal economic stimulus legislation could come by Presidents' Day, Feb. 16. The Senate will debate its own version of the measure this week, Reed said at a meeting......
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11:35 AM Mon, Feb 02, 2009 | Permalink |
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By Neil Downing Email
North Providence Mayor Charles A. Lombardi told U.S. Senators Jack Reed and Sheldon Whitehouse today that he would use money from the proposed federal economic stimulus bill to rebuild roads, prevent flooding, and make needed repairs to schools and other......
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10:59 AM Mon, Feb 02, 2009 | Permalink |
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By Benjamin N. Gedan Email
Coming off a year in which Rhode Island recorded the highest rise in unemployment in the country, Sovereign Bank is issuing a report about the prospects for recovery. The bank's annual "economic outlook" focuses on the region around Providence, and......
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10:32 AM Mon, Feb 02, 2009 | Permalink |
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By Business staff Email
Gasoline prices in Rhode Island continue to creep higher The average price of self-service regular, unleaded gasoline is $1.94 a gallon, up 9 cents from a week ago, according to a survey released today by the Rhode Island Office of......
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10:21 AM Mon, Feb 02, 2009 | Permalink |
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By Benjamin N. Gedan Email
Displaced employees of The Colibri Group are gathering tomorrow at the company's East Providence headquarters to demand that laid off workers receive an additional two months of wages and health care coverage. The rally, reported by the Rhode Island's Future......
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9:23 AM Mon, Feb 02, 2009 | Permalink |
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By Business staff Email
Raytheon Co. said this morning it has delivered the first production equipment for the U.S. Navy's DDG 1000 Zumwalt-class destroyer. "The delivery of the first production equipment for Zumwalt is a critical milestone, demonstrating that with the right processes and......
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8:24 AM Mon, Feb 02, 2009 | Permalink |
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By Business staff Email
Rite Aid Corp. and Longs Drugs, a unit of CVS Caremark Corp., have pulled from their shelves several Valentine's day stuffed-animal toys with lead that exceeded the new national standards that take effect on Feb. 10. The Center for Environmental......
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