FM Global to increase work force

FM Global, the property insurer based in Johnston, plans to increase its information-technology work force by 6 percent by year’s end. It plans to hire 26 information-technology professionals and a dozen paid student co-op positions for openings as .net developers and software engineers, as well as business and data analysts. The company is working with netWORKri and the Rhode Island Department of Labor and Training and will hold an open house on tomorrow from 4 to 7 p.m. at company headquarters at 1301 Atwood Ave., in Johnston. Of FM Global’s 4,800 employees in 57 offices worldwide, nearly 1,700 work locally at its headquarters, its research campus in West Glocester, and in offices in Waltham and Norwood, Mass.

Initiative to promote R.I. businesses

The Small Business Advocacy Council, local retailers, chambers of commerce, lending institutions and agricultural interests will this morning kick off a new economic development initiative. BuyRI will encourage Rhode Islanders to support local businesses by shopping locally for the holidays. It will also create a working group, to include members of the Small Business Advocacy Council and key BuyRI constituencies, to develop a Web site dedicated to expanding the market for local businesses and products by connecting people to Rhode Island businesses.

Tufts reports third-quarter results

Tufts Health Plan, the Massachusetts-based health insurer that recently reentered Rhode Island, has reported third-quarter net income of $17.3 million, investment income of $2.5 million net of impairment charges, operating income of $17.6 million and income taxes of $2.8 million. The company has total net worth of $618 million and no debt, with total membership of 698,039 as of Sept. 30. The results compare with third-quarter net income last year of $41 million, investment income of $17.3 million, operating income of $24.3 million and income tax of $142,000 on revenues of $571.7 million.

Webster Bank to suspend foreclosures

Webster Bank, based in Waterbury, Conn., says it will hold off on any home foreclosures for 90 days. In addition to the moratorium on mortgage foreclosures, bank officials say it plans to expand mortgage assistance programs to keep families in their homes. The bank says it temporarily will suspend foreclosure activity for at least 90 days for qualified homeowners who were more than 30 days delinquent on their mortgages as of Nov. 4. An executive in charge of mortgage lending says there are about 400 mortgages, worth $40 million to $60 million, that could qualify for the moratorium. The assistance program is aimed at identifying and contacting at-risk customers to see if they need help remaining current with payments.

Washington Trust won’t pursue funding

Westerly-based Washington Trust Bancorp Inc., parent company of The Washington Trust Co., has announced that it has chosen not to apply for funds through the U.S. Treasury Department’s Capital Purchase Program. Company chairman and chief executive officer John C. Warren said, “Washington Trust is a well-capitalized institution, having recently raised $47 million through the issuance of common stock, completed on Oct. 7. We have evaluated the funding opportunity available through the Capital Purchase program and concluded that reliance on our existing capital position and the utilization of funding available through alternative channels is in the best long-term interests of our shareholders. Our strong capital position and financial performance have enabled us to continue to serve our markets and meet the lending needs of our customers throughout this difficult financial period.”

Red-tide closures may bring assistance

Shellfish closures linked to red tide in waters off Maine, New Hampshire and Massachusetts have caused a commercial fishery failure, a designation that opens the door to federal disaster assistance to shellfishermen and others in the industry. The announcement Friday by Commerce Secretary Carlos Gutierrez comes in response to a request two months ago by Massachusetts Governor Patrick. Shellfish closures arising from the toxic algae bloom began in May in waters off Massachusetts and spread north to New Hampshire and Maine. The closings bar the harvest of clams, mussels, oysters and other shellfish where red tide has been detected. Eating clams, mussels and other shellfish with high levels of the toxin can cause potentially fatal paralytic shellfish poisoning. The contamination was so high that the state, for the first time, detected potentially toxic levels in the tomalley, or liver, of lobsters. That led the U.S. Food and Drug Administration to reiterate its long-standing warnings against eating lobster tomalley. By August, red tide levels began dropping.

Cowesett Home Care receives accreditation

Cowesett Home Care Inc., in Warwick has received its Community Health Accreditation Program accreditation effective Aug. 25. CHAP utilizes the “standards of excellence” that are driven by considerations of management, quality, client outcomes, adequate resources and long-term viability. It is an independent, nonprofit accrediting body for community-based health-care organizations. Accreditation publicly certifies that an organization has voluntarily met the highest standards of excellence for home- and/or community-based health care.

Federal Electronics receives award

Federal Electronics Inc., of Cranston, has been named a recipient of the 2008 Supplier Excellence 4 Star Award from Raytheon Co.’s Integrated Defense Systems division, which has a unit in Portsmouth. Federal Electronics has been a supplier to Raytheon for the past seven years. “We are honored to have been selected by Raytheon IDS for this prestigious award for the second consecutive year,” said company vice president Ed Evangelista .

First Wind begins project in Utah

Newton, Mass.-based First Wind, an independent North American energy company focused exclusively on the development, ownership and operation of wind-using projects, has begun construction of its Milford Wind Corridor Project in Milford, Utah. The project will generate up to 203 MW of clean energy upon its completion, making it one of the largest renewable energy facilities in Utah and the largest wind energy farm in the state. It will feature 97 total wind turbines. Construction of this project is expected to be completed by the end of 2009.

MassPike Authority OKs toll hikes

The Massachusetts Turnpike Authority has approved significant toll increases in eastern Massachusetts as it staggers under Big Dig debt and mismanagement. The authority’s board has approved toll hikes of 75 cents at the Weston and Allston-Brighton tollbooths, where drivers currently pay $1.25. It voted to double the tolls at the Sumner and Ted Williams tunnels to $7. Fast Lane users would pay $1.50 at Weston and Allston-Brighton and $6 in the tunnels. At least two public hearings must be held before the authority can give final approval to the toll increases, which are expected to raise $100 million.

Rell reverses insurance plan

Connecticut Gov. M. Jodi Rell on Friday reversed a contentious plan that required doctors and hospitals wanting to participate in the state’s insurance program for children to join her new program for uninsured adults. Rell acknowledged that the network of health-care providers has not yet grown large enough to handle all the patients. That has been a sticking point for many Democrats in the General Assembly, activists for the poor and uninsured, and most of the state’s congressional delegation. They worry that linking the state’s two insurance programs — HUSKY for children and the new Charter Oak health-care plan for uninsured adults — would risk health-care services to needy children.