Tagged: economy

By IAN DONNIS

PROVIDENCE, RI – The federal bankruptcy case involving Curt Schilling's failed video game company, 38 Studios, is set to begin Tuesday in Delaware.

A 38 Studios representative is expected to be questioned by a court-appointed trustee during the meeting. The goal is to find out what assets 38 Studios still has and what they may be worth.

By RIPR NEWS ROOM

PROVIDENCE, RI – The Tall Ships leave Newport today in grand style. 14 ships will muster at noon at Castle Hill to begin the procession at sea.

One of the crew for the event is Jerry Wiegand. He's aboard a ship from the Philadelphia Maritime Museum, The Gazela. He's enjoyed his stay in Newport saying, "Seamen's church is right here. They've got breakfast, washing machines, important stuff, library, the whole thing."

By FLO JONIC

PROVIDENCE, RI – The head of Rhode Island's Department of Labor and Training says the unemployment rate among Rhode Islanders in general and Hispanics in particular is far too high. Charles Fogarty was reacting to a new report that shows the Providence metropolitan area has the highest rate of unemployment among Latinos in the country.

By IAN DONNIS

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.

By IAN DONNIS

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.

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.

By MOHAMMED ABDALAH

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.

By CATHERINE WELCH

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.

By IAN DONNIS

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.

By RIPR NEWSROOM

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.