Business news

PROVIDENCE, R.I. – Curt Schilling's video game company, 38 studios, says it has signed a lease to move its headquarters to Empire Street in downtown Providence. The company is currently based in Maynard, Mass.

Governor Don Carcieri hails 38 studios' decision to move to one empire plaza. He says the state's investment in 38 studios will create 450 high-paying jobs, and attract other interactive and entertainment companies to Rhode Island.

PROVIDENCE, R.I. – The head of the state Economic Development Corporation won't say whether he hopes to stay in the job when the next governor takes office.

The EDC has remained in the spotlight because of a controversial $75 million state loan guarantee for video game maker 38 studios. EDC head Keith Stokes took his job on a one-year basis last January. He says he hasn't given much thought to whether he'll stay on in the next administration.

PROVIDENCE, R.I. – Senators Jack Reed and Sheldon Whitehouse announced today that Rhode Island is getting an additional six million dollars to rehab abandoned and foreclosed properties.

This is on top of $19 million the state received earlier for the same purpose.

The money comes from the U.S. Housing and Urban Development's Neighborhood Stabilization Program. The money may be used to fix up abandoned and foreclosed properties or help low and moderate income families buy them.

Providence, R.I. – Gas prices in Rhode Island have dropped for the fourth straight week.

AAA Southern New England says in its weekly survey that prices have now fallen by a dime over the last month.

Self-serve regular unleaded is now averaging $2.65 per gallon, or a penny less than last week. That's also three cents below the national average. The average price at the same time last year in Rhode Island was $2.67.

Providence, R.I. – Earlier this week, investors were shocked by news that there had been a 27 percent drop in the sale of single family homes in July. Now we're learning that in Rhode Island the collapse was even worse.

Rhode Island home sales fell 34 percent in July, seven percent more than the national decrease. But the median price increased eight percent because far fewer distressed properties are on the market.

Providence, R.I. – An environmental group and two companies have filed Supreme Court appeals, challenging the purchase price for electricity generated by the proposed Block Island wind farm.

The companies, Toray Plastics and Polytop Corporation - filed a joint appeal. Their major concern is that the cost they pay for electricity will go up.

Providence, R.I. – Beginning next month, riders on RIPTA bus service will face a fare hike that includes a quarter increase for basic service. It's a move intended to address the latest budget crunch at the Rhode Island Public Transit Authority. Others may still be in store.

To discuss the financial situation at RIPTA and transportation in the Ocean State, WRNI's Bob Seay spoke with RIPTA board chairman John Rupp, who put the agency's financial situation into a national perspective.

Providence, R.I. – Commercial fishermen in the Northeast have been battling for decades with government regulators over the best way to restore fish populations. This year, the government has dramatically changed the fishing rules by placing a hard cap on the amount of fish that can be caught. To get access to a share of the catch, a fisherman can choose to work with an organized group of boats that each receives part of the quota.

Providence, R.I. – Gas prices in Rhode Island have dropped four cents since last week, and are down 22 cents in the last month.

AAA Southern New England says in its weekly survey that self-serve regular is now averaging $2.75 per gallon.

That's three cents above the national average, but 17 cents higher than the average price from the same time last year.

Providence, R.I. – WRNI's new website was experiencing a delay in its on-air stream earlier today. We have corrected the problem. If you continue to have an interruption, please email Alex Nunes. Thanks for your patience, and we hope you enjoy the new site!