Business

By MEGAN HALL

Providence, RI – Governor Lincoln Chafee ushered in a new philosophy for bringing jobs to the Ocean State as he chaired his first meeting of the state's Economic Development Corporation yesterday.

Chafee says like any business or sports team that's in trouble, Rhode Island needs to focus on the basics and away from bigger projects like the EDC's $75 million loan to video game developer 38 Studios.

"The football analogy would be, you block and tackle before you do the Hail Mary and the Statue of Liberty play," he says.

By FLO JONIC

PROVIDENCE, R.I. – The cost of home heating oil has reached a two year high in Rhode Island. According to the state Office of Energy Resources, the average price is now $3.32 a gallon.

The high price of home heating oil in Rhode Island is leading people to do desperate things, according to Maggie Rogers of the George Wiley Center.

By IAN DONNIS

PROVIDENCE, R.I. – Providence Mayor Angel Taveras yesterday created a five-member panel to assess the fiscal condition of Rhode Island's capital city.

Taveras says assembling a team of experts is an important part of strengthening Providence's finances. He calls it a difficult challenge and one faced by cities across the country.

By FLO JONIC

PROVIDENCE, R.I. – A couple Rhode Island grocery stores are about to close. Shaw's has announced it's closing five stores: three in Massachusetts and two in Rhode Island.

The Rhode Island stores affected are in Warwick and Johnston. The Massachusetts locations are New Bedford, Stoneham and Revere.

By ALEX NUNES

PROVIDENCE, R.I. – Supporters of a push to bring the America's Cup sailing race back to Newport say a new study shows the international competition could have a $1.1 billion impact on the state. The announcement came Wednesday, two days before the deadline to select the next host city for the final leg of the race in 2013.

By THE ASSOCIATED PRESS

PROVIDENCE, R.I. – A spokesman for Rhode Island Gov.-elect Lincoln Chafee says Chafee and representatives of the Golden Gate Yacht Club all agree that Newport is the "natural home for the America's Cup."

Chafee met privately Thursday with team representatives and with Keith Stokes, head of the state's Economic Development Corp.