Webster seeks new capital

Webster Financial Corp., the Connecticut bank that broke into Rhode Island and Massachusetts in 2005 with the purchase of FirstFed America Bancorp of Swansea, said it received preliminary approval for $400 million in new capital under the U.S. Treasury Department’s capital purchase program. If approved, Webster may issue up to $400 million in senior preferred shares and provide warrants for up to an additional $60 million in common stock to the Treasury. The Treasury has allowed smaller, healthy banks to take part in the program, financed by $250 billion of the $700-billion in the federal bailout legislation, to build capital and increase the flow of credit to boost the economy. Webster, which runs the Webster Bank branch network in Rhode Island, said the fresh capital would position the bank to pursue opportunities for growth, including making acquisitions.

Summer Infant sees gains

Woonsocket-based Summer Infant has reported third-quarter net income of $1.6 million, or 11 cents a share, compared with $1.1 million, or 8 cents a share, in the year-earlier period. Net revenues were $35.6 million, compared with $21.2 million in the third quarter of last year. “Despite a tough operating environment, Summer Infant again delivered a solid quarter, continuing to reflect the strength of the Summer Infant brand, the value proposition of our products and solid execution of our growth strategy,” said Jason Macari, chief executive officer.

Rite-Solutions contract

Rite-Solutions, of Middletown, said yesterday that along with its subcontractors, Science Applications International Corp. and Systems Resource Management Inc., it has been awarded a contract by the Naval Undersea Warfare Center Division Newport to provide information-technology support. The contract has a value of $35 million if all options are exercised. The companies will provide varied services, from help-desk support to technology updates for legacy systems, Web development, computer operations for classified and unclassified infrastructures and technology improvements for laboratory training initiatives.

Union push at PriceRite

Members of the United Food and Commercial Workers Union, grocery workers and community members gathered yesterday at the PriceRite store at 325 Valley St. in Providence to hand out fliers about the need for union representation. PriceRite is owned by the same company that owns stores in Pennsylvania, New York, Delaware, Connecticut and New Jersey, where the vast majority of workers have a union. PriceRite workers say they are not allowed the same freedom to choose a union without company interference.

Veterans job fair set

The U.S. Department of Labor is encouraging employers and veterans to attend the Veterans Job Fair on Nov. 14 from 10 a.m. to 2 p.m. at the Warwick Mall, in Warwick. “With these job fairs, we can help America’s veterans transition back to civilian life when the tours of duty end, and help employers connect with great workers,” said David Houle, regional administrator for the Veterans Employment and Training Service.

Merger to be discussed

The proposed merger of Lifespan and Care New England will be discussed by Attorney General Patrick C. Lynch at the Dec. 9 meeting of the Rhode Island chapter of the Smaller Business Association of New England, at 7:30 a.m. at the Providence Marriott. Lynch will talk about the complexities of the process and the specific responsibilities that must be fulfilled — pursuant to the Hospital Conversion Act — before any decision on the proposed merger can be made.

Hunter Insurance recognized

Hunter Insurance Inc., of Lincoln, was named “Trusted Choice Agency of the Month” by the Independent Insurance Agents and Brokers of America. Agencies so recognized must offer a broad selection of insurance policies and financial services, and customized insurance coverage as well as advocacy support. Hunter was selected from among the more than 10,400 other Trusted Choice firms nationwide.

USA Biomass to change name

A national biopower association, USA Biomass, used the Platts Biomass Power Forum in Portland, Maine, on Thursday to announce it would be changing its name to the Biomass Power Association. The group is the only national organization devoted solely to the growth and long-term viability of biomass-powered electric generation. It has 41 member companies operating 80 power plants in 20 states using a broad range of biomass fuels. “Generating clean, renewable power is what our members do, so we thought it was high time that ‘power’ be a prominent part of our association’s name and identity,” said Robert Cleaves, chairman of the association, whose members include owners and operators of biomass power facilities across the country. Their Web site is www.usabiomass.org.

Man charged in trade secret theft

A Worcester, Mass., man who once worked for Intel Corp. has been charged with wire fraud and the theft of more than $1 billion worth of trade secrets. Federal prosecutors say 33-year-old Biswamohan Pani downloaded confidential documents from the chipmaker’s California headquarters while he was on vacation and working for Intel’s rival, Advanced Micro Devices Inc. Prosecutors allege the information Pani downloaded was worth more than $1 billion in research and development costs, and included details about processes for designing microprocessors. AMD had no knowledge of Pani’s alleged actions and did not benefit. Pani allegedly told investigators he had no intention of harming Intel, and was going to give the information to his wife, who also worked for the company.

Company fined $3 million in asphalt case

A Massachusetts construction company has agreed to pay $900,000 to settle civil claims that it defrauded the government by overcharging for asphalt used in federally financed paving projects. P.A. Landers Inc., based in Hanover and Plymouth, agreed to the payment to settle a civil complaint filed in federal court in 2005. The complaint alleged that from 1995 through at least 2003, employees of the company generated fake and inflated weight slips for truck loads of asphalt. In May 2007, company president Preston Landers and vice president Gregory Keelan were convicted of conspiring to defraud the state and several municipalities. Landers was sentenced to 42 months in prison, while Keelan was sentenced to 30 months. The company was ordered to pay a $3 million fine to settle criminal charges.

Tax expert says Maine will come up short

A top expert in the tax department of Maine’s state government said Monday that he would likely recommend that revenue projections for the current fiscal year be scaled back by $110 million to $150 million. A cut of that size would force Gov. John Baldacci and the incoming legislature to find ways to make up the difference before the end of fiscal 2009, which comes on June 30, 2009. A revenue reduction on the upper end — $150 million — would amount to about 5 percent of the current revenue estimate for the year. Michael Allen, the director of econometric research for the state agency known as Maine Revenue Services, said a key factor favoring a downward revenue reprojection would be anticipated taxpayer losses on Wall Street reducing income tax revenue. Allen outlined his thinking at a joint session of two panels that direct state revenue projections.

Green Mountain Power seeks rate increase

Green Mountain Power, of Colchester, Vt., has asked the Vermont Public Service Board to authorize a 1.58-percent rate adjustment to go into effect on Jan. 1 as part of its alternative regulation plan. The increase is largely due to increases in regional transmission costs. Green Mountain Power’s overall average rates are the lowest of the large utilities in New England and Vermont’s five largest utilities, based on the most recent data available. The company is also working on how it will replace the contracts with Vermont Yankee and Hydro Quebec, which expire in 2012 and 2015, respectively.

Business is booming at Maine pawn shops

Business may be slow in many places in Maine these days with the poor economy, but things are brisk at many consignment businesses. Pawn shops are doing well as consumers seek out deals and people in need of cash sell items from around the house, said Rick LaChapelle, owner of Augusta Pawn & Jewelry in Augusta. LaChapelle, who also owns pawn shops in Lewiston, Brunswick and Portland, said customers are pawning items ranging from electronics and boats to television and motorcycles. “I have false teeth down in my Lewiston shop,” he said. “People have sold us everything. Even pets. We’ve had dogs, snakes, cats and birds.” John Weeks, who owns J.R.’s Trading & Pawn in Waterville, says people who are struggling to keep up with the rising cost of living are cleaning out their closets and getting rid of what they don’t need. He said he has noticed a lot of customers are bringing in big-ticket items such as four-wheelers, boats, snowmobiles and firearms. “I have people come in every week to get money to pay for gas so they can get back and forth to work,” said Weeks. “Or they’ll say they just got 100 gallons of [fuel] oil and they have to come up with the money to pay for it. I never heard of that in the past.”