economy

Economy
7:42 am
Wed July 4, 2012

Chafee says the state should uphold its promises to investors

RI Governor Lincoln Chafee
RIPR file photo

By PROVIDENCE, RI – Governor Lincoln Chafee says the state should uphold its promises to the investors who underwrote a 75 million dollar state loan guarantee for 38 Studios.

Some observers say Rhode Island should default on these so-called moral obligation bonds, since the state is not legally required to pay them.

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Economy
10:04 am
Tue July 3, 2012

Do municipalities need state help with contracts

PROVIDENCE, RI – Warwick and Providence have recently reached new contracts with their municipal unions. But a lobbyist representing cities and towns says they still need more legal help from the state to level the playing field against public sector employees.

The General Assembly this year ignored most of Governor Lincoln Chafee's legislative package to give cities and towns more clout.

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Economy
7:08 am
Tue May 22, 2012

Layoffs at 38 Studios

Governor Lincoln Chafee and a lawyer for the Economic Development Corporation at Monday night's EDC meeting
Photo by Ian Donnis

PROVIDENCE, RI – Troubled video game maker 38 Studios has laid off an unspecified number of employees. Governor Lincoln Chafee revealed the information after a meeting Monday night between 38 Studios' owner, Curt Schilling, and the board of the state Economic Development Corporation.

Chafee says the EDC board's discussion with Schilling included details on payroll and layoffs. The governor pointed to a confidentiality agreement in declining to provide more details on the job cuts.

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Economy
8:01 am
Thu April 12, 2012

Study finds MA gamblers outnumbered locals at RI casinos

Twin River Casino in Lincoln, RI
Credit: Twin River Casino

PROVIDENCE, RI – In a study released by UMass Dartmouth finds Massachusetts residents are outspending Rhode Islanders at Ocean State slot parlors.

Massachusetts residents out-visited and out-spent Rhode Island residents at Twin River and Newport Grand last year. The study finds Bay State gamblers spent about $284 million, generating more than $157 million in taxes to the Ocean State.

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Economy
12:09 pm
Tue February 14, 2012

CVS-Caremark contributes more than $1B to state GDP

Photo by: Alex Nunes

PROVIDENCE, RI – Woonsocket-based CVS-Caremark says it's contributed more than a billion dollars to Rhode Island's Gross Domestic Product in 2010.

The PricewaterhouseCoopers economic impact study looked at how much CVS-Caremark contributed to the market value of all goods and services produced in Rhode Island. It found that the pharmaceutical giant contributed more than $1.2 billion to Rhode Island's GDP.

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Economy
12:06 pm
Thu February 2, 2012

Taveras: city moving closer to bankruptcy

PROVIDENCE, RI – Providence Mayor Angel Taveras warned Thursday morning that without sacrifices by different stakeholders Rhode Island's largest city will be headed toward bankruptcy. Taveras also says the city will appeal a court decision blocking the city from moving city retirees into Medicare.

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Economy
3:42 pm
Mon January 30, 2012

Judge blocks Providence retirees shift to Medicare

PROVIDENCE, RI – Providence cannot unilaterally shift the health benefits of retired police and firefighters from private insurance into Medicare. That's the ruling Monday from a superior court judge.

Providence says medical costs for active and retired workers soaks up more than 15 percent of the city's operating budget, and the move would have saved at least $6 million.

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Economy
5:07 am
Thu December 22, 2011

Hard times and sad stories in Family Court

Family Court magistrate George DiMuro
Photo by: Catherine Welch

PROVIDENCE, RI – Rhode Island's unemployment rate has been in the double digits for two years now, with the latest numbers showing that it crept up in November.

Many of these jobless Rhode Islanders are moms and dads whose struggle is playing out in the state's Family Court.

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Economy
6:09 pm
Tue December 13, 2011

Chafee joins the call for more heating assistance

File photo

PROVIDENCE, RI – Governor Lincoln Chafee joined with officials from four other New England states in calling on Congress to fund the low income heating assistance program.

In a conference call with elected officials from Maine, Vermont, Connecticut and Massachusetts, Chafee said providing heating assistance is cheaper than lodging people in nursing homes, which would be the alternative for some people.

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Economy
12:05 pm
Tue November 15, 2011

Occupy Providence will move for park maintenance

Occupy Providence plans to move out of the park, but only for a short time.
Photo by Bradley Campbell.

PROVIDENCE, RI – Occupy Providence Protesters say they plan to temporarily move their tents to allow maintenance work at Burnside Park. The agreement between protesters and the city is in stark contrast to some other Occupy movements, now facing removal by force.

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