Business
Business Digest
01:00 AM EDT on Saturday, October 25, 2008
Jobless benefits extended
State unemployment benefits have been extended again because of Rhode Island’s high unemployment rate, according to the state Department of Labor and Training. State unemployment benefits normally last up to 26 weeks, but with this, a second extension, eligible recipients can receive benefits for up to 20 additional weeks. The first extension was for 13 weeks and this extension — known as high unemployment extended benefits — adds up to 7 more weeks. It will go into effect the week of Nov. 9. The extension was triggered because Rhode Island’s three-month average unemployment rate met or exceeded 8 percent. Rhode Island’s unemployment rate was 8.8 percent in September, the highest rate in the country, with 50,200 Rhode Islanders out of work. The aid is available only to people who have exhausted their regular state benefits and any additional federal emergency compensation, the DLT says.
Benefits denial tied to error
JPMorgan Chase experienced a telecommunications system error on Tuesday that caused several Rhode Island Unemployment Insurance and Temporary Disability Insurance participants using the company’s electronic payment card to be denied access to their benefit payments. The Department of Labor and Training said yesterday it is aware of five customers whose accounts were affected. The company has corrected the error and is working to credit all affected accounts. If you are a Rhode Island Unemployment Insurance or Temporary Disability Insurance participant using an electronic payment card and have concerns or are unable to access your benefits, contact JPMorgan Chase toll free at (866) 847-8586.
Mill gains contracts
Northwest Woolen Mills, of Woonsocket, has won four contracts totaling $8.2 million to provide blankets to various U.S. government agencies, according to Sam Brickle, company chief executive officer. It was awarded a two-year contract for $4,085,000 to make Army military issue OD blankets; a $1,273,000 contract to make disaster-relief blankets for international agencies and an $800,000 contract to make blankets to be purchased online from the Government Services Agency by any government-financed agency, including local police and fire departments. The privately held company was also awarded a one-year, $2-million contract to make blankets for the homeless.
Beltone expands clinics
Beltone New England, based in Warwick, is opening 23 new hearing-aid facilities in New England this month. “Opening 23 new hearing-aid clinics in one month is a major undertaking on our part. It has caused us to hire many new employees and it has required long days on the part of existing employees who have made this rapid expansion possible,” said Michael K. Andreozzi, Beltone president. The privately held company began operating in 2000 as Community Hearing Aid Centers, with 7 clinics and 12 employees.
Marine trades tours offered
The Rhode Island Marine Trades Association will offer tours at more than 20 marine trades businesses in the East Bay area today from 9 a.m. to noon to introduce the boating industry to local and state officials, business associates, career seekers, neighbors and the public. The boat business is a major industry on the East Bay and is one of four industries recently targeted by the Governor’s Workforce Board for growth. Open-house participants include designers, sail makers, builders, interior fabricators, machinists, spar makers, electronics installers, carpenters, service and repair facilities, specialty products companies and dealers. There will also be exhibits by schools, including the International Yacht Restoration School, MotoRing Technical Training Institute and New England Institute of Technology, plus community assistance organizations such as MY TURN Rhode Island and Mosaico Community Development Corporation. For more information, call (401) 615-5419 or go to www.rimta.org.
Chamber hosts seminar
The Greater Providence Chamber of Commerce will host a small-business seminar on “Access to Credit in a Challenging Economy,” Wednesday from 8 to 9:30 a.m. at the chamber offices at 30 Exchange Terrace, Providence. The discussion, which will be moderated by Richard Horan, senior managing director of the Slater Technology Fund, will range from access to capital, to how to best position a small business to ride out economic ebb and flows, managing cash flow and achieving and maintaining a top credit profile.
Loan for Quonset project
The Urban Strategy America, a new Boston real-estate investment fund, has organized a construction loan made by Bank of America for the Quonset Gateway project in North Kingstown, which is a 961,660-square-foot, mixed-use development that will include office space, retail space and a 160-room Hilton Hampton Inn hotel.
Narragansett Bay hires new VP
John Rafferty has joined the executive team of Narragansett Bay Insurance Co. as a senior vice president for business development and will be based at company headquarters in Pawtucket. This move augments the expansion of Narragansett Bay from New England down the Atlantic seaboard. Nick Steffey, chairman and chief executive officer, said, “I am truly delighted to have John aboard. He has developed an outstanding reputation in the homeowner’s insurance business based on his professionalism and first class analytic skills.” Rafferty holds a bachelor of science degree in mathematics from the University of Wisconsin. Narragansett Bay offers specialty insurance services and products to homeowners through a select network of independent agents and has been in business since 1848.
Bankers backing Connecticut
Connecticut Gov. M. Jodi Rell says officials from several overseas banks have assured her of their commitment to keep doing business in the state. Rell met Wednesday in Stamford with officials from the banks. One of them, the Royal Bank of Scotland, is building a $500-million office complex in Stamford. Rell says its officials reassured her the project would continue as planned. The Royal Bank is the parent company of Providence-based Citizens Financial Group. Other officials in attendance represented the Bank of Ireland, Royal Bank of Canada, Abbey National Treasure Services, Lloyds TSB Offshore Unlimited and the Institute of International Bankers.
Cape Cod ferry holds line on fares
The Massachusetts agency that operates ferry service between Cape Cod and the Islands is not planning to increase fares next year. The Board of Governors of the Steamship Authority approved a 2009 operating budget Wednesday that increases spending by about 2.8 percent while anticipating a small decline in ridership. But officials said a recent drop in fuel prices helped them to hold the line on fares.
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