Businesses lobby against new taxes

As state lawmakers prepare a budget for release this week, Rhode Island businesses began a campaign yesterday to lobby them against any new taxes or increases in taxes or fees in the coming year. The Rhode Island Chamber of Commerce Coalition, a group of 13 chambers of commerce in Rhode Island representing more than 12,500 businesses and 90,000 employees, launched a member-wide campaign urging legislators to remain fiscally responsible during the final days of the development of the fiscal year 2009 state budget. The chamber coalition’s call for fiscal responsibility is a repeated request for legislators — particularly members of the House Finance Committee — to oppose new and increased taxes as a way to balance the state’s budget woes. The coalition has already sent a letter to all state lawmakers urging that they resist increasing taxes.

Heat saps region’s energy surplus

A heat wave has sharply reduced a surplus of electricity in New England as people use more energy to cool down. The operator of New England’s power grid reported high electricity demand and a tight supply yesterday, with expectations of a slightly tighter supply today in the six-state region. Holyoke-based ISO New England expects to have adequate system capacity including a required power reserve today, but the surplus will be much smaller than usual. As temperatures cool, the surplus is expected to grow beginning tomorrow.

New law aims to protect homeowners

The Rhode Island General Assembly has passed legislation designed to protect homeowners seeking to cash out some of the equity in their homes. The bill approved by the Senate requires that any homeowner considering a “reverse” mortgage loan explore the financial risks with a federally certified mortgage counselor. The measure comes in response to growing concerns that the elderly are being solicited by mortgage lenders for these risky loans as a way for cash-strapped borrowers to pay medical bills or supplement Social Security. The House has already approved an identical bill. The Rhode Island Department of Elderly Affairs supports the legislation, which also requires loan officers to be registered and/or licensed under state law as mortgage loan originators, and sets specific disclosure requirements. If signed into law, the legislation will take effect on January 1, 2009.

Toray Plastic names Schloesser to top post

Richard Schloesser has been appointed president and chief operating officer of Toray Plastics (America), of North Kingstown, a manufacturer of polyester and polypropylene films. He will be responsible for expanding North American operations and developing the packaging-film business in Eastern and Western Europe. In addition to managing the operating divisions of Toray Plastics (America), Schloesser will oversee the company’s supporting functions and will be an adviser to Toray Industries’ board of directors. The appointment will be effective June 26. He succeeds Kojiro Maeda, who will become chairman of the board.

Toray Plastics (America), is a subsidiary of Toray Industries, a manufacturer of synthetic fibers and textiles, carbon fibers, plastics, chemicals, pharmaceuticals and high-performance films. Annual sales exceed $12 billion.

Bancorp RI controller leaves for another job

The controller of Bancorp Rhode Island (BARI:Nasdaq) left his position at the Providence-based bank to take a job with another company, the bank said in a federal regulatory filing. Michael J. Herbert, of Cumberland, had been controller at the bank for about three years, according to a bank spokesman. Herbert resigned May 30 after accepting a job offer from a client of his former employer, PriceWaterhouseCoopers, in Boston. William DeWitt, a senior vice president at Bancorp RI, said his company is seeking a replacement for Herbert. Bancorp RI is the parent of the 16-branch Bank Rhode Island.

New Bedford project gets $1.3 million grant

The Fairhaven Mills Redevelopment Project in New Bedford yesterday was awarded a $1.3-million Massachusetts Opportunity Relocation And Expansion Jobs grant. The money will be used to widen the highway off ramp and add traffic signals to support the new traffic associated with the development of more than 125,000 square feet of medical and commercial space resulting in 300 permanent jobs. The Fairhaven Mills Redevelopment Project will result in about 70,000 square feet of retail/restaurant development within three buildings, 31,100 square feet of commercial development, and 24,000 square feet of medical office use. The project will also provide deeded public access to the waterfront via a riverfront promenade, a community boathouse on land provided by the developer, and access to an adjacent eight-acre future development site.

Fidelity launches third round of job cuts

Fidelity Investments, the Boston-based mutual fund company that runs several offices in Rhode Island, has begun its third round of job cuts since November, according to a report yesterday morning by Bloomberg News, citing a story in the Boston Globe. Workers in several units were told of the reductions yesterday. The cuts amount to “a very small percentage” of Fidelity’s 46,000 work force, Fidelity spokeswoman Anne Crowley told the Globe, without being more specific.

Stop & Shop cited for environmental efforts

Stop & Shop Supermarket Co., based in Quincy, Mass., will receive the John A.S. McGlennon Environmental Award for Corporate Leadership from the Environmental Business Council of New England. Jose Alvarez, president and chief executive officer, will accept the award at the Environmental Business Council’s awards celebration at the Westin Hotel in Waltham. The award recognizes outstanding environmental leadership and commitment to environmental stewardship and sustainability.

Temporarily Yours Staffing joins Express

Temporarily Yours Staffing, in Warwick, last week changed its name to Express Employment Professionals. With the conversion, the local office becomes one of 600 Express offices throughout the United States, Canada, South Africa and Australia. Express is one of the largest privately held staffing firm companies in the world, according to franchise owner Liliana V. Dolan, who runs the local office.

Scooters sales take off in New Hampshire

As gas prices rise and warm weather arrives, some New Hampshire residents are putting aside their cars and buying scooters. “We’re running out of them,” said Bob Campbell of Depot Honda-Kawasaki in Portsmouth. Campbell reports selling nearly six to seven scooters daily and he’s run out of some models. He said scooter sales are up 24 percent companywide. On average, scooters come equipped with a 1.3-gallon tank, which Campbell said will yield in excess of 100 miles per tank. One recent buyer reported getting almost 124 miles per tank. Scooter prices range upward of $2,000, but that doesn’t include accessories such as luggage racks, windshields, interchangeable color schemes and storage baskets. Sue Rhodes of Rye recently bought her first scooter, and said after paying $70 to fill up her car, she simply was fed up. “I’m doing this on a total whim,” she said. Salesmen said people who come in are citing high gasoline prices and the need to just pop down the road for errands as reasons for making the purchase.