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February 15, 2009 - February 21, 2009 Archives
5:03 PM Fri, Feb 20, 2009 | Permalink |
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By Benjamin N. Gedan  Email
Troubled financial giant Bank of America moved forward today with plans to cut between 30,000 and 35,000 employees over the next three years, spokeswoman Anne Pace told The Providence Journal. The bank, which has received millions of dollars in tax......
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2:29 PM Fri, Feb 20, 2009 | Permalink |
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By News staff Email
By C. Eugene Emery Jr. Journal staff writer PROVIDENCE, R.I. -- The executive director of the Rhode Island Broadcasters Association today declared that this week's transition to digital television "was extremely successful." Lori Needham said broadcasters will continue to offer......
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12:21 PM Fri, Feb 20, 2009 | Permalink |
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By Benjamin N. Gedan Email
State lawmakers next Wednesday will debate whether to increase the minimum wage to $7.75 and adjust it annually based on inflation. The lowest legal salary has been fixed at $7.40 per hour since Jan. 1, 2007. The federal minimum wage......
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8:24 AM Fri, Feb 20, 2009 | Permalink |
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By Business staff Email
Royal Bank of Scotland Group, the owner of Providence-based Citizens Financial Group, has hired Morgan Stanley to help sell some of its overseas assets. The Royal Bank, the biggest government-controlled bank in the United Kingdom, is considering plans to sell......
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12:38 PM Thu, Feb 19, 2009 | Permalink |
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By Andy Smith Email
Media General, the company that owns WJAR-TV, Channel 10, is mandating employees to take 10 days of unpaid leave as part of the company's cost-saving measures. Lisa Churchville, general manager of Channel 10, said the measure would apply to about......
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11:39 AM Thu, Feb 19, 2009 | Permalink |
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By Business staff Email
By Business staff Southwest Airlines, the biggest passenger carrier from T.F. Green Airport in Warwick, plans to begin flying out of Logan International Airport in Boston this fall. Southwest plans to start with 8 to 12 daily departures from Logan......
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11:07 AM Thu, Feb 19, 2009 | Permalink |
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By Alex Kuffner Email
PROVIDENCE -- A survey of office space in Providence last year has found a dramatic increase in vacancy rates over 2007. The survey conducted by Hayes & Sherry Real Estate Services, of Providence, showed that vacancy rates increased from 9.23......
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10:39 AM Thu, Feb 19, 2009 | Permalink |
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By News staff Email
Small business owners beware: Someone's out looking for your bank account information. The U.S. Small Business Administration issued a scam alert today warning small businesses not to respond to letters falsely claiming to have been sent by the business administration.......
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9:24 AM Thu, Feb 19, 2009 | Permalink |
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By News staff Email
PROVIDENCE -- Twenty-four people this morning were marching in front of the Greater Providence Chamber of Commerce, which was hosting a breakfast and providing employers with information about the Employee Free Choice Act, a piece of national legislation that would......
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7:48 AM Thu, Feb 19, 2009 | Permalink |
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By Business staff Email
Woonsocket-based CVS Caremark Corp. this morning reported that fourth-quarter profits rose 17 percent, helped by sales in its retail network. Net income rose to $952.8 million, or 65 cents a share, from $815 million, or 55 cents, a year earlier,......
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5:29 PM Wed, Feb 18, 2009 | Permalink |
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By News staff Email
By Lynn Arditi Journal staff writer Congressman Jim Langevin has asked Rhode Island lenders to "temporarily suspend" new foreclosure proceedings in the state while President Obama's administration and Congress finalize their plan to stem the foreclosure crisis. Rep. Langevin said......
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5:19 PM Wed, Feb 18, 2009 | Permalink |
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By Paul Edward Parker Email
Leaders who deal daily with the Rhode Island housing industry reacted this afternoon -- mostly with approval -- to President Obama's plan to address the foreclosure crisis nation wide. Those who commented, generally favored the plan, though not everyone agreed......
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2:18 PM Wed, Feb 18, 2009 | Permalink |
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By Benjamin N. Gedan Email
Citizens Bank is temporarily halting most foreclosures, the Providence-based company said in a statement today. "Citizens Financial Group has placed a temporary moratorium on Citizens-owned mortgages on owner-occupied residences of the customer and on mortgage loans serviced by CFG for......
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10:10 AM Wed, Feb 18, 2009 | Permalink |
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By Jack Perry Email
By C. Eugene Emery Jr. Journal staff writer PROVIDENCE -- The phones weren't exactly ringing off the hook this morning as the Rhode Island Broadcasters Association opened its call center to help people left without over-the-air television programming as a......
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8:12 AM Wed, Feb 18, 2009 | Permalink |
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By Business staff Email
Fitch Ratings has maintained below-average ratings on debt issued by local governments in Rhode Island, reflecting historically challenging economic conditions in the state. Fitch said that while the operating reserves in the cities and towns have mitigated some of the......
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8:06 AM Wed, Feb 18, 2009 | Permalink |
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By Jack Perry Email
Journal photo / Ruben Perez William Hague, director of engineering for Channels 12 and 64, makes some last minute adjustments on the copper tubing carrying the new digital broadcast signal for Channel 64. By C. Eugene Emery Jr. Journal......
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6:11 PM Tue, Feb 17, 2009 | Permalink |
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By Neil Downing Email
Jerry Pagnozzi says he knows just what to do with the $250 federal rebate that will be coming his way soon. With fuel prices rising once again, he plans to use the money to help buy gas for his car.......
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2:35 PM Tue, Feb 17, 2009 | Permalink |
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By Neil Downing Email
By Journal staff writer A.H. Belo Corp., the Dallas-based company that owns the Providence Journal, today reported a fourth quarter loss of $33.1 million, or $1.62 per share, and a full-year 2008 loss of $62.3 million, or $3.04 a share.......
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12:34 PM Tue, Feb 17, 2009 | Permalink |
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By Benjamin N. Gedan Email
The Bureau of Labor Statistics has delayed the release of state jobless data from last month. State labor departments, including the Rhode Island Department of Labor and Training, had expected to release the information next Friday. But spokeswoman Laura Hart......
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12:02 PM Tue, Feb 17, 2009 | Permalink |
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By Benjamin N. Gedan Email
The federal Bureau of Labor Statistics released data today showing that the fourth quarter of last year saw the most "mass layoffs" in at least 14 years. A "mass layoff" occurs when a business lays off at least 50 people......
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11:43 AM Tue, Feb 17, 2009 | Permalink |
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By Benjamin N. Gedan Email
Joe Martin, who became chairman of the American Hotel & Lodging Association this year during a profound crisis for the country's hospitality industry, will speak tomorrow at Johnson & Wales University. The struggling economy has crippled the hotel business, as......
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11:09 AM Tue, Feb 17, 2009 | Permalink |
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By Paul Edward Parker Email
Rhode Island's hotel and food service industries had a surprisingly strong December, according to data released this morning by tax authorities. Hotels paid $120,064 in local hotel taxes in December, according to the state Department of Revenue and Newport, which......
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9:12 AM Tue, Feb 17, 2009 | Permalink |
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By Jack Perry Email
House Speaker William J. Murphy's public endorsement last week of plans to expand T.F. Green Airport did not go unnoticed. Or unassailed. Warwick Rep. Robert E. Flaherty, in a strongly-worded letter to Murphy Monday, blasts the speaker for supporting the......
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8:23 AM Tue, Feb 17, 2009 | Permalink |
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By Business staff Email
Pawtucket-based Hasbro Inc. and Marvel Entertainment Inc. said that Hasbro will continue through 2017 to have the rights to make toys and games based on new Marvel and Columbia Pictures movies and Marvel characters such as Spider-Man. The license extension......
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6:01 PM Mon, Feb 16, 2009 | Permalink |
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By Neil Downing Email
Gasoline prices are up. And it's not just a one-time deal. Pump prices have been rising for seven straight weeks, according to survey results issued today by the auto club AAA Southern New England. The average price of a gallon......
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12:49 PM Mon, Feb 16, 2009 | Permalink |
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By Benjamin N. Gedan Email
Every Company Counts, a program run by the state Economic Development Corporation to assist small businesses, has launched a new Web site. "Making sure that our small businesses have access to the tools and resources they need to succeed through......
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12:30 PM Mon, Feb 16, 2009 | Permalink |
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By Benjamin N. Gedan Email
Jan L. Jones, senior vice president for Harrah's Entertainment and a well-known figure in Rhode Island for her advocacy of the failed 2006 casino referendum, is back in the news. This time, Jones is lamenting a slowdown in activity in......
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8:21 AM Mon, Feb 16, 2009 | Permalink |
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By Business staff Email
The developers of the Cape Wind project off Cape Cod said they will work with the Federal Aviation Administration to resolve problems with the wind turbine project. The FAA on Friday said the 130 turbines planned for the project could......
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8:16 AM Mon, Feb 16, 2009 | Permalink |
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By Business staff Email
Shareholders of Independent Bank Corp. (INDB:Nasdaq) said stockholders have approved the acquisition of Benjamin Franklin Bancorp (BFBC:Nasdaq), based in Franklin, Mass. More than 80% of the common stock voted to approve the merger, the company said. The merger is expected......
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