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<title>Projo Biz Blog</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/" />
<modified>2009-11-20T20:43:09Z</modified>
<tagline></tagline>
<id>tag:,2009:/782</id>
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<copyright>Copyright (c) 2009, News staff</copyright>

<entry>
<title>2 beams set for new bridge over Route 95, more to come</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/2009/11/2-beams-set-for.html" />
<modified>2009-11-20T20:43:09Z</modified>
<issued>2009-11-20T20:42:28Z</issued>
<id>tag:,2009:/782.537419</id>
<created>2009-11-20T20:42:28Z</created>
<summary type="text/plain">By Bruce Landis Journal staff writer A welder works Friday morning in the rain on what will be the Clifford Street overpass over Route 95. The highway was closed Thursday night into early Friday morning to start putting the beams,...</summary>
<author>
<name>News staff</name>
<url>http://projo.com</url>
<email>apancier@projo.com</email>
</author>

<content type="text/html" mode="escaped" xml:lang="en" xml:base="http://bizblog.projo.com/">
<![CDATA[<p>By Bruce Landis<br />
Journal staff writer</p>

<p><span class="mt-enclosure mt-enclosure-image" style="display: inline;"><img alt="OVERPASS WELD MM.JPG" src="http://newsblog.projo.com/OVERPASS%20WELD%20MM.JPG" width="512" height="386" class="mt-image-none" style="" /></span><font size="1"> <br>A welder works Friday morning in the rain on what will be the Clifford Street overpass over Route 95. <a href="http://www.projo.com/news/content/DOT_HIGHWAY_SCHEDULE_11-18-09_8VGG4OE_v11.39898f6.html">The highway was closed Thursday night into early Friday morning</a> to start putting the beams, in the background, into place for the overpass. Providence Journal photo / Mary Murphy</font><br />
 <br />
PROVIDENCE, R.I. -- State contractors ran a bit late installing a pair of beams for a new bridge across Route 95 Thursday night, but caused no serious traffic problems Friday morning, a <a href="http://www.dot.ri.gov/index.asp">Department of Transportation</a> official said.</p>

<p>"There were no backups," said Frank Corrao III, the DOT's deputy chief engineer for construction.</p>

<p>He said that the DOT mistakenly said in its announcements of the highway closing that it would reopen the road by 5 a.m. However, he said, its contract with the prime contractor, Cardi Corp., gives the company until 5:30 to reopen the highway.</p>

<p>He said the northbound side opened at 5:25 and the southbound side at 5:40 and that heavy morning traffic doesn't start until about 6 a.m.</p>

<p>Corrao said that the highway was closed beginning at 11 p.m. and traffic diverted to detours while a pair of cranes set two beams in place. Contractors have to install at least two beams because, after bracing is put in place, they support each other. A single beam could fall over.</p>

<p>The DOT says it will close Route 95 again on Sunday through Tuesday nights for more work. It will start closing lanes at 8 p.m., will all lanes closed at 11 p.m. The highway will reopen by 5:30 a.m., the agency says.</p>

<p><a href="http://www.cardi.com/">Cardi Corp.</a> is the prime contractor on the bridge, which is part of the DOT's ongoing relocation of a section of Route 195 and reconstruction a section of Route 95. The Clifford Street Bridge will replace the former Friendship Street Bridge and will connect Clifford Street, on the east side of Route 95, with Friendship Street on the west side.<br />
</p>]]>

</content>
</entry>

<entry>
<title>Brown University unveils supercomputer</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/2009/11/brown-universit-4.html" />
<modified>2009-11-20T19:53:02Z</modified>
<issued>2009-11-20T19:52:21Z</issued>
<id>tag:,2009:/782.537407</id>
<created>2009-11-20T19:52:21Z</created>
<summary type="text/plain">PROVIDENCE, R.I. -- Brown University on Friday unveiled a new supercomputer that is the most powerful machine of its kind in Rhode Island. The multimillion-dollar IBM computer will be used by scientists at Brown and other educational institutions in Rhode...</summary>
<author>
<name>News staff</name>
<url>http://projo.com</url>
<email>apancier@projo.com</email>
</author>

<content type="text/html" mode="escaped" xml:lang="en" xml:base="http://bizblog.projo.com/">
<![CDATA[<p>PROVIDENCE, R.I. --<a href="http://www.brown.edu/"> Brown University</a> on Friday unveiled a new supercomputer that is the most powerful machine of its kind in Rhode Island.</p>

<p>The multimillion-dollar IBM computer will be used by scientists at Brown and other educational institutions in Rhode Island to assist research in so-called "grand challenge" problems in medicine, the environment, energy and other complex fields.</p>

<p>"I think it will really spur things and make things go forward very, very fast in ways we never imagined," said Clyde Briant, vice president for research at Brown.</p>

<p>The computer is 50 times more powerful than any machine Brown had before and is equivalent to about 5,000 ordinary desktop computers, said Jan Hesthaven, director of the Center for Computation and Visualization at Brown.</p>

<p>Governor Carcieri attended the ribbon cutting as did Lt. Gov. Elizabeth Roberts and Providence Mayor David N. Cicilline.</p>

<p>The governor said the supercomputer will advance research in the state and boost knowledge industries such as biotechnology.</p>

<p>"We need to reposition the economy of this state," he said."We need a different dimension to the economy. Research and innovation will be at the core of that."</p>

<p>The new supercomputer - with a total of 1,440 microprocessors - is based on three IBM iDataPlex systems, equal to the size of six refrigerators; an IBM Cluster 1350; and multiple IBM storage systems running General Parallel File System, supported by IBM Global Services.</p>

<p>These are some highlights of the system:</p>

<p>-- Operates at a peak performance speed of more than 14 teraflops, nearly 50 times faster than what had been available at Brown. </p>

<p>-- Has 390 terabytes of storage capacity and holds 4.5 terabytes of memory, about 70 times more memory than what had been available at Brown. </p>

<p>--Allows parallel programs to be run, that, in aggregate, are 20 times faster than what had been available at Brown. Researchers can now compute a problem that is 20 times larger in the same time. </p>

<p>-- Is six times more energy efficient than what had been available at Brown. </p>]]>

</content>
</entry>

<entry>
<title>RI regulators strip Yellow Cab of half its taxis</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/2009/11/ri-regulators-s.html" />
<modified>2009-11-20T19:27:39Z</modified>
<issued>2009-11-20T18:05:38Z</issued>
<id>tag:,2009:/782.537242</id>
<created>2009-11-20T18:05:38Z</created>
<summary type="text/plain">The Rhode Island Division of Public Utilities and Carriers on Friday yanked the license for half of Yellow Cab&apos;s fleet and fined the company $100,000 for rolling back odometers on its cabs. The rollbacks did not affect the fares paid...</summary>
<author>
<name>Paul Edward Parker</name>

<email>pparker@projo.com</email>
</author>

<content type="text/html" mode="escaped" xml:lang="en" xml:base="http://bizblog.projo.com/">
<![CDATA[<p>The <a href="http://www.ripuc.org/">Rhode Island Division of Public Utilities and Carriers</a> on Friday yanked the license for half of Yellow Cab's fleet and fined the company $100,000 for rolling back odometers on its cabs.</p>

<p>The rollbacks did not affect the fares paid by customers, but allowed Yellow Cab to keep the taxis on the street after their mandated retirement at 200,000 miles. The allowed the company to lower its costs while carrying passengers in vehicles considered too old for use as cabs.</p>

<p>Yellow Cab, which acknowledged sufficient evidence of its misconduct, also was cited for charging illegal flat rates for fares, rather than mileage-based charges based on the taxi meter, and for operating outside territory of Providence, Cranston and <a href="http://www.pvdairport.com">T.F. Green Airport</a>.</p>

<p>Yellow Cab lost its license for six of its 12 cabs and is on five years probation.</p>

<p>Yellow Cab in Rhode Island is actually a consortium of four companies: D&T Cab Inc., White Rock Cab Inc., Doris Cab Inc. and Bobby's Cab Inc.</p>]]>

</content>
</entry>

<entry>
<title>RI unemployment still 3rd worst in nation, worst in region</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/2009/11/ri-unemployment-5.html" />
<modified>2009-11-20T17:06:07Z</modified>
<issued>2009-11-20T17:05:22Z</issued>
<id>tag:,2009:/782.537225</id>
<created>2009-11-20T17:05:22Z</created>
<summary type="text/plain">By Cynthia Needham Journal staff writer Rhode Island&apos;s unemployment rate may have dropped to 12.9 percent from 13 percent in October, but it&apos;s still the third highest in the country. Figures released Friday morning for all 50 states solidify Rhode...</summary>
<author>
<name>News staff</name>
<url>http://projo.com</url>
<email>apancier@projo.com</email>
</author>

<content type="text/html" mode="escaped" xml:lang="en" xml:base="http://bizblog.projo.com/">
<![CDATA[<p>By Cynthia Needham<br />
Journal staff writer</p>

<p>Rhode Island's unemployment rate may have <a href="http://www.projo.com/news/content/OCTOBER_JOBLESS_RATE_11-20-09_AKGGVB1_v24.406133d.html">dropped to 12.9 percent from 13 percent</a> in October, but it's still the third highest in the country.</p>

<p><a href="http://www.bls.gov/news.release/laus.nr0.htm">Figures released Friday morning for all 50 states</a> solidify Rhode Island's ranking behind Michigan and Nevada, according to the federal Bureau of Labor Statistics.</p>

<p>Jobless rates in both of those states also dipped in October. Michigan fell to 15.1 from 15.3 percent. Nevada reported a decrease to 13 percent from 13.3. </p>

<p>It is a familiar trend. Closer to home, every New England state except Connecticut saw slight declines in unemployment rates. </p>

<p>Connecticut's unemployment rate jumped to 8.8 percent, but Massachusetts reported a drop to 8.9 percent, Maine declined to 8.2 percent, with New Hampshire and Vermont even lower.</p>

<p><a href="http://www.projo.com/business/content/NEEP_FORECAST_11-10-09_U8GD94R_v20.3cf4c7d.html">But Rhode Island is not expected to see its jobless rate dip below 10 percent until 2013,</a> according to a forecast by the New England Economic Partnership, a nonprofit regional outlook group.</p>

<p>Overall, 29 states recorded unemployment rate increases in October, while 13 states registered declines, and 8 states had no change, the Bureau of Labor Statistics reported Friday. Few states reported major statistical swings.</p>

<p>According to the Rhode Island Department of Labor and Training, this state's unemployment rate remains at an all-time high. 73,300 residents are still out of work. The state lost 1,100 jobs in October and saw its labor market contract slightly -- a potential sign that some frustrated workers have given up looking for work. </p>

<p><br />
</p>]]>

</content>
</entry>

<entry>
<title>RI gasoline, diesel, heating oil prices stabilize</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/2009/11/ri-gasoline-die.html" />
<modified>2009-11-20T17:00:17Z</modified>
<issued>2009-11-20T16:46:55Z</issued>
<id>tag:,2009:/782.537221</id>
<created>2009-11-20T16:46:55Z</created>
<summary type="text/plain"> Providence Journal chart / C. Eugene Emery Jr. PROVIDENCE, R.I. - Average prices for heating oil, diesel and unleaded gasoline remained virtually unchanged from last week, according to Friday&apos;s survey by the Rhode Island Office of Energy Resources. The...</summary>
<author>
<name>C. Eugene Emery Jr.</name>

<email>gemery@projo.com</email>
</author>

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<![CDATA[<div class="biimage" style="clear: left; width: 502px; float: left; padding: 15px;">
<span class="mt-enclosure mt-enclosure-image" style="display: inline;"><a href="http://newsblog.projo.com/assets_c/2009/11/Heating Oil prices-37544.html" onclick="window.open('http://newsblog.projo.com/assets_c/2009/11/Heating Oil prices-37544.html','popup','width=508,height=432,scrollbars=no,resizable=no,toolbar=no,directories=no,location=no,menubar=no,status=no,left=0,top=0'); return false"><img src="http://newsblog.projo.com/assets_c/2009/11/Heating Oil prices-thumb-502x426-37544.jpg" width="502" height="426" alt="Heating Oil prices.jpg" class="mt-image-none" style="" /></a></span>
<div style="text-align: right;"><div class="headerpiccredit">Providence Journal chart / C. Eugene Emery Jr.</div></div></div>

<p>PROVIDENCE, R.I. - Average prices for heating oil, diesel and unleaded gasoline remained virtually unchanged from last week, according to Friday's survey by the Rhode Island Office of Energy Resources.</p>

<p>The typical price of unleaded stayed at $2.70 per gallon, diesel was at $2.91 and home heating oil remained at $2.72.</p>

<p>But the home heating oil average reflects a wide range of prices among dealers. The state typically surveys nine companies to reach its average.</p>

<p>The state found per-gallon prices ranged from a low of $2.25 to a high of $3.10, suggesting that consumers could save as much as 85 cents per gallon if they shopped around.</p>

<p>One year ago, the difference among dealers was even larger: nearly a dollar per gallon.</p>]]>

</content>
</entry>

<entry>
<title>Chace sells Newport&apos;s Vanderbilt Hall hotel for $5.7M</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/2009/11/container-for-p.html" />
<modified>2009-11-19T22:23:17Z</modified>
<issued>2009-11-19T22:23:18Z</issued>
<id>tag:,2009:/782.537069</id>
<created>2009-11-19T22:23:18Z</created>
<summary type="text/plain">NEWPORT, R.I. -- A downtown building that was constructed in 1909 as a YMCA and became a hotel in 1997 has been sold. According to city land records, Vanderbilt Hall, on Mary Street, sold for $5.7 million on Monday. The...</summary>
<author>
<name>Paul Edward Parker</name>

<email>pparker@projo.com</email>
</author>

<content type="text/html" mode="escaped" xml:lang="en" xml:base="http://bizblog.projo.com/">
<![CDATA[<p>NEWPORT, R.I. -- A downtown building that was constructed in 1909 as a YMCA and became a hotel in 1997 has been sold.</p>

<p>According to city land records, <a href="http://www.vanderbilthall.com/">Vanderbilt Hall</a>, on Mary Street, sold for $5.7 million on Monday. The hotel, with 33 rooms and suites, was owned, under the corporate name Vanderbilt Hall LP, by Arnold B. "Buff" Chace Jr., a prominent Providence developer. </p>

<p>The new owner, under the corporate name Vanderbilt Hall Holdings LLC, is Peter de Savary, a British businessman who developed Portsmouth's <a href="http://www.carnegienewport.com/">Carnegie Abbey Club.</a></p>

<p>De Savary could not be reached immediately to say what plans he has for the hotel. He told the online magazine, <a href="http://www.newportseen.com/">Newport Seen</a>, that he envisions a hotel, club, spa and English restaurant.</p>

<p>City records show the property was valued at $9.9 million for the budget year that ended June 30, 2009.</p>

<p>In the early 1900s, Alfred Gwynne Vanderbilt donated what would become the hotel property to the city of Newport in honor of his father, Cornelius Vanderbilt II. Alfred Vanderbilt inherited the largest share of his father's estate and remained a prominent businessman, although his greatest fame involved two maritime disasters.</p>

<p>In 1912, at the last minute, he canceled plans to travel on the maiden voyage of the Titanic, which sank after hitting an iceberg. Three years later, on May 7, 1915, he was aboard the ocean liner Lusitania when a German U-boat torpedoed and sank it. Witnesses reported that Vanderbilt, who could not swim, gave up his life vest to a young woman with a baby.</p>]]>

</content>
</entry>

<entry>
<title>Providence Place mall owner restructures debt</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/2009/11/providence-plac-11.html" />
<modified>2009-11-19T21:53:15Z</modified>
<issued>2009-11-19T21:26:00Z</issued>
<id>tag:,2009:/782.537049</id>
<created>2009-11-19T21:26:00Z</created>
<summary type="text/plain">The owner of the Providence Place mall said Thursday that it has reached a deal with some of its lenders, allowing a number of its shopping centers to exit bankruptcy by the end of 2009. General Growth Properties Inc. (GGP:NYSE)...</summary>
<author>
<name>Paul Grimaldi</name>

<email>pgrimald@projo.com</email>
</author>

<content type="text/html" mode="escaped" xml:lang="en" xml:base="http://bizblog.projo.com/">
<![CDATA[<p>The owner of the <a href="http://bizblog.projo.com/2009/01/providence-plac-6.html">Providence Place mall </a> said Thursday that it has reached a deal with some of its lenders, allowing a number of its shopping centers to exit bankruptcy by the end of 2009.</p>

<p>General Growth Properties Inc. (GGP:NYSE) <a href="http://bizblog.projo.com/2009/04/update-providen.html">filed</a> for Chapter 11 bankruptcy protection in April 2009, after failing to persuade a majority of its debt holders to give it more time to refinance billions of dollars in debt racked up during an aggressive expansion that included the $11.3-billion purchase of Rouse Co. in 2004. Just months before, Baltimore, Md.-based Rouse had purchased Providence Place for $510 million from the developers who built the shopping center in the late 1990s. </p>

<p>General Growth had about $29.6 billion in assets and more than $27 billion in liabilities as of Dec. 31, 2008, according to documents filed with the U.S. Bankruptcy Court in the Southern District of New York. Included in that was $400 million General Growth borrowed on Providence Place shortly after the Chicago company took control of the retail center. </p>

<p>The deal with the lenders restructures about $9 billion in mortgages in about 70 loans. The lenders agreed to extend loan maturity dates about 6.4 years, on average, from Jan. 1, 2010, with none of the included loans coming due before January 2014. </p>]]>
<![CDATA[<p>Lehman Brothers Bank initially lent the money to General Growth, then sold portions of that borrowing to other investors. In August 2005, Lehman sold $104.3 million of debt to New York-based Metropolitan Life Insurance Co., secured by the Providence Place property. LNR Partners, of Miami Beach, Fla., bought $98.6 million of that initial financing, also secured by Providence Place.</p>

<p>MetLife has been trying to wrest Providence Place out of the bankruptcy case, claiming that the shopping center is profitable. Unclear at this point is whether the corporate entity General Growth set up to operate Providence Place is included in the agreement announced Thursday.</p>

<p>"We believe that these agreements provide a basis for consensually completing a restructuring of the debtors' remaining appoximately $6 billion of secured mortgage loans," <a href="http://www.ggp.com/Company/Pressreleases.aspx?prid=475">said Thomas H. Nolan Jr</a>., General Growth's chief operating officer.  </p>]]>
</content>
</entry>

<entry>
<title>Cool temperatures lower Mass. cranberry harvest</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/2009/11/wisconsin-rapid.html" />
<modified>2009-11-19T13:40:02Z</modified>
<issued>2009-11-19T12:59:13Z</issued>
<id>tag:,2009:/782.536931</id>
<created>2009-11-19T12:59:13Z</created>
<summary type="text/plain"> AP Photo/Cape Cod Times/ Merrily Lunsford Ken Williamson rakes cranberries during the wet harvest at Willowbend Country Club Sept. 30, 2009 in Mashpee, Mass. WISCONSIN RAPIDS, Wis. (AP) -- The cranberry harvest slipped in Massachusetts, but other states have...</summary>
<author>
<name>News staff</name>
<url>http://projo.com</url>
<email>apancier@projo.com</email>
</author>

<content type="text/html" mode="escaped" xml:lang="en" xml:base="http://bizblog.projo.com/">
<![CDATA[<p><span class="mt-enclosure mt-enclosure-image" style="display: inline;"><img alt="Mashpee Cranberries(2).JPG" src="http://newsblog.projo.com/Mashpee%20Cranberries%282%29.JPG" width="512" height="310" class="mt-image-none" style="" /></span><br />
AP Photo/Cape Cod Times/ Merrily Lunsford<br />
Ken Williamson rakes cranberries during the wet harvest at Willowbend Country Club Sept. 30, 2009 in Mashpee, Mass. </p>

<p><br />
WISCONSIN RAPIDS, Wis. (AP) -- The cranberry harvest slipped in Massachusetts, but other states have picked up the slack, meaning your cranberry sauce will cost about the same this Thanksgiving as it did last year.</p>

<p>Massachusetts is the second biggest cranberry producer in the U.S. with about 25 percent of the harvest. Cooler temperatures there lowered its yield somewhat.</p>

<p>But cranberry harvests in Wisconsin and other top-producing states are meeting expectations.</p>

<p>Wisconsin is the nation's leading cranberry producer. It grows nearly 60 percent of America's crop.</p>

<p>Final harvest numbers aren't available, but an industry spokesman says the state should meet its summer forecast of 400 million pounds.</p>

<p>That's a decrease of about 10 percent since 2008. But last year was a record, in part because the weather cooperated perfectly.</p>

<p>New Jersey, Oregon and Washington appear to be covering the slack for Massachusetts. Those states round out the nation's top five.</p>]]>

</content>
</entry>

<entry>
<title>Warwick board OKs hotel-retail complex near Green airport</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/2009/11/warwick-board-o.html" />
<modified>2009-11-19T12:46:14Z</modified>
<issued>2009-11-19T12:44:40Z</issued>
<id>tag:,2009:/782.536930</id>
<created>2009-11-19T12:44:40Z</created>
<summary type="text/plain">WARWICK, R.I. -- An ambitious plan to build a hotel, parking garage and complex of buildings that will combine office and retail space on Jefferson Boulevard received final approval from the city Wednesday night. The proposal, which is the vision...</summary>
<author>
<name>News staff</name>
<url>http://projo.com</url>
<email>apancier@projo.com</email>
</author>

<content type="text/html" mode="escaped" xml:lang="en" xml:base="http://bizblog.projo.com/">
<![CDATA[<p>WARWICK, R.I. --  An ambitious plan to build a hotel, parking garage and complex of buildings that will combine office and retail space on Jefferson Boulevard received final approval from the city Wednesday night.</p>

<p>The proposal, which is the vision of <a href="http://www.d-ambra.com/">contractor Michael D'Ambra</a>, got the green light from the Planning Board after months of review by the city's Planning Department.</p>

<p>The $300-million project will not only create jobs and generate taxes, but also represents a sizable gamble on the state's new <a href="http://www.pvdairport.com/main.aspx?sec_id=89">intermodal station</a> that is being built next door to D'Ambra's 8.4 acres on Jefferson Boulevard.</p>

<p>"That's the reason I'm building this," D'Ambra said, referring to the combination train station, commuter parking garage and car rental center that is slated for completion next year.  The most outstanding feature of the joint project by the Rhode Island Airport Corporation and the state Department of Transportation is that it is all linked to the airport by a glass-enclosed skywalk that spans Post Road.</p>

<p>D'Ambra has permission to connect his complex to the intermodal station, prompting his lawyer K. Joseph Shekarchi to tell Planning Board members that "one of the best things about this project is that you'll be able to leave your office or hotel room and get in a car or (catch) a flight to Florida without ever having to carry an umbrella or put on an overcoats."</p>

<p>D'Ambra said he is already courting tenants and needs a few signed leases and more of a rebound in the economy before construction begins, but he is hopeful "that will happen by mid-2010."</p>

<p>The construction will be done in phases and the project will take three to four years to complete, D'Ambra said in an interviews.</p>

<p>The project, which also involved D'Ambra relocating his asphalt and concrete plant that is currently located on his property at 800 Jefferson Boulevard, has already won kudos from city officials.</p>

<p>He first publicly broached the idea last year when applying to the City Council for relief from setback requirements, height restrictions and other zoning stipulations.  The council not only granted the requests but also praised the project for the energizing effect it will have on the local economy.</p>

<p>On Wednesday night former U.S. Sen. and now gubernatorial candidate Lincoln D. Chafee -- who was a strong advocate for the intermodal station when he was Warwick's mayor-- showed up to congratulate D'Ambra.  "This is what we wanted," he said. "The private development."</p>]]>

</content>
</entry>

<entry>
<title>East Greenwich needs to find $330,000 in new savings</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/2009/11/east-greenwich-3.html" />
<modified>2009-11-17T16:16:23Z</modified>
<issued>2009-11-17T15:30:44Z</issued>
<id>tag:,2009:/782.536510</id>
<created>2009-11-17T15:30:44Z</created>
<summary type="text/plain">EAST GREENWICH, R.I. -- With the fiscal year not even at the halfway mark, the town is going to have to find $330,000 in budget cuts and find them soon, Town Manager William Sequino will tell the Town Council at...</summary>
<author>
<name>C. Eugene Emery Jr.</name>

<email>gemery@projo.com</email>
</author>

<content type="text/html" mode="escaped" xml:lang="en" xml:base="http://bizblog.projo.com/">
<![CDATA[<p>EAST GREENWICH, R.I. -- With the fiscal year not even at the halfway mark, the town is going to have to find $330,000 in budget cuts and find them soon, Town Manager William Sequino will tell the Town Council at a special meeting Tuesday night at Hanaford School.</p>

<p>The only consolation is that East Greenwich isn't going to be alone.</p>

<p>In August, Governor Carcieri <a href="http://www.projo.com/news/2009/pdf/budget_savings_pie_chart.pdf">announced</a> that the state is so deep in debt, he may have to cancel payment of $32.5 million in fourth quarter motor vehicle excise tax payments that go to cities and towns.</p>

<p>If the state keeps that money, the result would be a significant budget hole <a href="http://www.projo.com/news/2009/pdf/budget_savings_car_tax_reimburs.pdf">for every community</a>. Cranston, East Providence, Johnston, North Providence, Pawtucket, Providence, Warwick and Woonsocket all stand to lose amounts ranging from $1.2 million to $5.7 million each.<br />
</p>]]>
<![CDATA[<p>East Greenwich gets $333,861 per quarter from the tax, according to the state. That represents 0.7 percent of <a href="http://www.eastgreenwichri.com/matriarch/documents/FTMAdoptedBudget060909.pdf">the town's current $47 million budget</a>.</p>

<p>The town avoided major cuts in its current budget, in part due to employees who accepted wage and benefit concessions. Municipal spending this year is actually 1.2 percent lower than the previous year.</p>

<p>If the governor carries through on his threat, made in August when the projected state deficit was not as high as it is now, "we're into truly downsizing local government," Sequino said.</p>

<p>At tonight's meeting, "I want to say, 'This is the lay of the land. Think about what you want to do,'" he said.</p>

<p>The council will begin looking at possible cuts at its regular meeting on Nov. 23.</p>

<p>Sequino said he believes the cuts need to be mapped out sooner, rather than later, because the earlier the budget can be trimmed, the greater the savings. Any cuts can't become official until after the General Assembly reconvenes in January.</p>

<p>"If I have to cut that much, part of it will involve layoffs and I have to do that now," Sequino said. "I can't do it in May and June, when we're supposed to get the last quarter payment, because I won't have enough money to recoup."</p>

<p>Part of the cuts will have to be borne by the School Committee. School appropriations make up 68 percent of the town's budget. Last year, when it struggled to keep its increase to 0.65 percent, the committee had to weigh scaling back some sports programs.</p>

<p>On the municipal side, Sequino said the council will have to decide whether to fill a vacant police position. In addition, Juvenile Officer Lt. Thomas Joyce has announced that he will retire Jan. 4.</p>

<p>"If the council has any ideas that they don't want a juvenile officer," said Sequino, "I need to know that."<br />
</p>]]>
</content>
</entry>

<entry>
<title>More Americans to use cash, debit cards for holidays</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/2009/11/more-americans.html" />
<modified>2009-11-17T17:47:04Z</modified>
<issued>2009-11-17T14:51:48Z</issued>
<id>tag:,2009:/782.536499</id>
<created>2009-11-17T14:51:48Z</created>
<summary type="text/plain">The number of shoppers planning to buy Christmas and Hanukkah gifts with cash or debit cards in 2009 is expected to rise, according to a survey released Tuesday by the National Retail Federation. One quarter of U.S. shoppers said they...</summary>
<author>
<name>Paul Grimaldi</name>

<email>pgrimald@projo.com</email>
</author>

<content type="text/html" mode="escaped" xml:lang="en" xml:base="http://bizblog.projo.com/">
<![CDATA[<p>The number of shoppers planning to buy Christmas and Hanukkah gifts with cash or debit cards in 2009 is expected to rise, according to a survey released Tuesday by the <a href="http://www.nrf.com/modules.php?name=Pages&sp_id=1141">National Retail Federation.</a></p>

<p>One quarter of U.S. shoppers said they expect to use cash, up 9.1 percent from the November-December period of 2008. The number of shoppers using credit cards is expected to decline 10.1 percent in 2009, dropping from 31.5 percent in 2008 to 28.3 percent, according to the survey released jointly by the federation and BIGresearch.</p>

<p>The survey's results are more evidence that Americans are reining in their habitual use of credit cards as they try to shore up their personal finances. The trend is being strengthened by rising interest rates and lower finance limits on credit cards.</p>

<p>"With many holiday shoppers focused on spending within their limits, it's no surprise that fewer people will be relying on credit cards this year," said Tracy Mullin, the federation's chief executive, in a statement.</p>

<p>That new-found self control has both retailers and Wall Street analysts predicting a conservative selling season. Even the normally cheery federation, which represents thousands of retailers around the country, is predicting sales will fall slightly below the 2008 holiday season.</p>

<p>The federation survey found that more consumers planned to purchase clothing and toys in 2009. Slightly more than 58 percent of adults are planning a clothing purchase this year, up from 57.4 percent in 2008, while some 42.2 percent plan to buy toys versus 41.6 percent in 2008.</p>

<p>Fewer shoppers plan to make purchases of electronics and jewelry, according to the survey. Some 54.3 percent of consumers said they planned to buy gift cards, compared with 53.5 percent last year.</p>

<p>The survey of nearly 8,700 consumers was conducted from Nov. 3 to Nov. 10. It has a margin of error of plus or minus 1 percent.</p>

<p><font color="#990000">Your Turn:</font> <a href="http://www.projo.com/perl/common/surveys/display_full.pl?poll_id=24880&site=projo&vaction=voting&thissite=projo" target="_blank">How are you going to pay for gifts this year?</a></p>]]>

</content>
</entry>

<entry>
<title>RIPTA manager gets one-year contract extension</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/2009/11/ripta-manager-g.html" />
<modified>2009-11-16T23:23:32Z</modified>
<issued>2009-11-16T23:22:06Z</issued>
<id>tag:,2009:/782.536431</id>
<created>2009-11-16T23:22:06Z</created>
<summary type="text/plain">PROVIDENCE, R.I. -- The Rhode Island Public Transit Authority voted Monday to give General Manager Alfred J. Moscola a one-year contract extension. Chairman John Rupp said he expects that Moscola will remain &quot;for a considerable period of time as the...</summary>
<author>
<name>Bruce Landis</name>

<email>blandis@projo.com</email>
</author>

<content type="text/html" mode="escaped" xml:lang="en" xml:base="http://bizblog.projo.com/">
<![CDATA[<p>PROVIDENCE, R.I. -- The Rhode Island Public Transit <a href="http://www.ripta.com/">Authority</a> voted Monday to give General Manager Alfred J. Moscola a one-year contract extension. </p>

<p>Chairman John Rupp said he expects that Moscola will remain "for a considerable period of time as the authority's "bedrock . . .  to keep the buses moving."</p>

<p>Moscola said, however, that "I'm not happy, I'm not sad." He said he'll stay at RIPTA "for a short time, not long."</p>]]>

</content>
</entry>

<entry>
<title>Twin River lawyers, others bill $2.2M for bankruptcy work</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/2009/11/twin-river-lawy.html" />
<modified>2009-11-16T23:26:29Z</modified>
<issued>2009-11-16T20:07:09Z</issued>
<id>tag:,2009:/782.536390</id>
<created>2009-11-16T20:07:09Z</created>
<summary type="text/plain">While the bankers who financed the transformation of the old Lincoln Greyhound Park into the Twin River slot parlor may still be out hundreds of millions of dollars, lawyers and other consultants to the gambling venue&apos;s bankrupt holding company are...</summary>
<author>
<name>Paul Grimaldi</name>

<email>pgrimald@projo.com</email>
</author>

<content type="text/html" mode="escaped" xml:lang="en" xml:base="http://bizblog.projo.com/">
<![CDATA[<p>While the bankers who financed the transformation of the old Lincoln Greyhound Park into the <a href="http://twinriver.com">Twin River slot parlor </a>may still be out hundreds of millions of dollars,  lawyers and other consultants to the gambling venue's bankrupt holding company are lined up for a big payday.</p>

<p>On Friday, about 10 law and accounting firms submitted requests to be paid more than $2.2 million, in total, for the work they have done related to the June 23 bankruptcy filing of UTGR Inc., the holding company that operates Twin River.</p>

<p>The largest bills were submitted by Kirkland & Ellis LLC, UTGR's lead law firm in the case, and Zolfo Cooper LLC, "special financial advisors" to UTGR. Kirkland & Ellis seeks nearly $1.3 million, while Zolfo Cooper wants more than $630,000 for work done thus far.</p>

<p>UTGR is a subsidiary of BLB Investors, a holding company made up of Kerzner International, Starwood Capital Group and Waterford Group LLC. The investment consortium bought Lincoln Greyhound Park and four Colorado racetracks in July 2005 from Wembley plc. </p>

<p>On June 23, 2009, UTGR filed for federal bankruptcy protection, claiming it owed nearly $568 million to banks and other creditors, but had only $56.6 million in assets. Merrill Lynch Capital Corp., Wells Fargo & Co. and JPMorgan Chase Bank are among the lenders to whom it owes money.</p>

<p>Since the filing, Twin River has essentially been controlled by its lenders, who've deployed a phalanx of lawyers, accountants and financial consultants to reshape the slot parlor's operations so it can be sold off to recoup some of that loan money.</p>

<p>Their key accomplishment thus far seems to be getting the Rhode Island Greyhound Owners Association, which supplied dogs used for the races in Lincoln, to give up a contract that guaranteed them $99 million through 2020 in exchange for $5 million paid out as the bankruptcy case winds down.</p>

<p>That proposed settlement also will come before <a href="http://www.projo.com/news/casino/content/TWIN_RIVER_SILVA_11-06-09_LCGBUFU_v10.3a6587c.html">U.S. Bankruptcy Judge Arthur N. Votolato on Tuesday afternoon when he is due to take up various pending in the case.</a></p>]]>

</content>
</entry>

<entry>
<title>National Grid plans expanded conservation efforts</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/2009/11/container-for-n.html" />
<modified>2009-11-16T19:16:33Z</modified>
<issued>2009-11-16T19:16:50Z</issued>
<id>tag:,2009:/782.536374</id>
<created>2009-11-16T19:16:50Z</created>
<summary type="text/plain">National Grid said Monday in plans to spend $35.6 million in 2010 to encourage its electric and natural gas customers to conserve energy. The amount is 24 percent higher than the amount allocated in the current year, and 57 more...</summary>
<author>
<name>News staff</name>
<url>http://projo.com</url>
<email>apancier@projo.com</email>
</author>

<content type="text/html" mode="escaped" xml:lang="en" xml:base="http://bizblog.projo.com/">
<![CDATA[<p><a href="http://www.nationalgridus.com/">National Grid</a> said Monday in plans to spend $35.6 million in 2010 to <a href="https://www.powerofaction.com/">encourage its electric and natural gas customers to conserve energy</a>.</p>

<p>The amount is 24 percent higher than the amount allocated in the current year, and 57 more than the company spent in 2008.</p>

<p>Part of the program will include low-interest loans to help weatherize or upgrade the heating system in one- and two-unit buildings, expansions of its refrigerator recycling program and rebates to encourage the use of energy-efficient televisions, room air cleaners, computers and computer monitors.</p>

<p>Over the next 15 years, National Grid said, the $35.6 million investment should help customers save more than $184 million in their energy costs and provide enough leftover electricity to power about 14,900 homes for one year.</p>]]>

</content>
</entry>

<entry>
<title>Slot revenue continue slide at Foxwoods, Mohegan Sun</title>
<link rel="alternate" type="text/html" href="http://bizblog.projo.com/2009/11/slot-revenue-at.html" />
<modified>2009-11-16T18:38:06Z</modified>
<issued>2009-11-16T18:37:46Z</issued>
<id>tag:,2009:/782.536362</id>
<created>2009-11-16T18:37:46Z</created>
<summary type="text/plain">MASHANTUCKET, Conn. -- Foxwoods Resort Casino and MGM Grand at Foxwoods on Thursday reported a 4-percent decline in slot revenue in October, netting $54.8 million for the month. &quot;Despite the fact that we&apos;ve seen a slight decrease in revenue compared...</summary>
<author>
<name>Paul Grimaldi</name>

<email>pgrimald@projo.com</email>
</author>

<content type="text/html" mode="escaped" xml:lang="en" xml:base="http://bizblog.projo.com/">
<![CDATA[<p>MASHANTUCKET, Conn. -- <a href="http://www.foxwoods.com/">Foxwoods Resort Casino</a> and <a href="http://www.mgmatfoxwoods.com/index.aspx">MGM Grand at Foxwoods</a> on Thursday reported a 4-percent decline in slot revenue in October, netting $54.8 million for the month.<br />
 <br />
"Despite the fact that we've seen a slight decrease in revenue compared to October of last year, our near 100 percent occupancy rates demonstrate that we continue to attract consumers," said Michael Speller, president of Mashantucket Pequot Gaming Enterprises. </p>

<p><a href="http://www.mohegansun.com/gateway/index.html">Mohegan Sun</a> won $62.9 million in October, a 3.8-decrease from the $65.4 million won in October 2008. But the decline was much less than the 11.3-percent falloff in September.<br />
</p>]]>

</content>
</entry>

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