PROVIDENCE - Six Rhode Island municipalities and 10 state and quasi-public agencies are in violation of the state's Access to Public Records Act, according to an audit performed by the Access/RI nonprofit coalition and MuckRock collaborative news site and public records request platform.
The APRA requires that "all officers and employees who have the authority to grant or deny persons or entities access to records ... have been provided orientation and training" on the open record statute, and that each agency submit a statement to the attorney general's office verifying that the training was performed.
Access/RI and MuckRock audited attorney general records and found that for six communities - Charlestown, East Greenwich, Johnston, Newport, Richmond and Warren - no record existed of any municipal employee being certified in APRA requirements for either 2013 or 2014, meaning it is unknown whether employees in these municipalities were trained or not.
In addition, 10 of 24 state and quasi-public agencies lacked appropriate records of employee APRA certification, including the General Assembly, the R.I. Airport Corporation, Board of Elections, Department of Administration, Department of Business Regulation, Department of Corrections, Department of Education, Department of Labor and Training, Office of the Auditor General, and the R.I. Housing and Mortgage Finance Corporation.
"Although hundreds of people attend every year, it is quite possible that the open government summit includes attendees from some agencies that do not have any certification listed with the attorney general's office," said Linda Lotridge Levin, president of Access/RI. "If they have neglected that requirement, how confident can the public be about their implementation of the substantive provisions of APRA when dealing with formal requests for records?"
Amy Kempe, a spokeswoman for the attorney general's office, said in response to the audit that municipalities and agencies cited as being in violation of APRA did send representatives to last year's Open Government Summit and received APRA training, but may not have submitted the appropriate form to the attorney general's office certifying that they are qualified to handle APRA requests. The requirement that state employees resubmit the certification form every year was added under APRA amendments made in 2012, Kempe said, and not all employees may be aware of the change.
This year's Open Government Summit was held Friday morning and attended by more than 650 people, said Kempe.
"It's clear that public bodies and state agencies take APRA very seriously," she said. "They want to be in compliance, and...I'm confident that any individual or public body that was unaware that they needed to provide the form every single year is aware now."
In reporting the findings of the audit, Access/RI issued a release stating that the attorney general should make a public record of public agencies that don't comply with the APRA certification requirement, and that any public body without APRA-certified employees found to have committed an APRA violation "should be deemed to have engaged in a knowing and willful violation of the law."
The penalty for such a violation, if affirmed by a Superior Court finding, is a fine of up to $2,000 against the public agency.
The Access/RI and MuckRock audit was conducted as part of a broader audit to be released later this year of state and local agency compliance with APRA amendments approved in 2012, the Rhode Island nonprofit coalition said.]]>
The region ranked No. 104 among the 339 U.S. metro areas in terms of year-over-year net employment gain in June. Overall, 215 metro areas nationwide reported construction job growth between June 2013 and June 2014, while 80 metros showed declines and 44 showed no change in employment.
"Even as the overall economy continues to recover, many firms that work on federally funded projects are having a hard time making hiring, equipment purchasing and expansion plans," said AGC CEO Stephen E. Sandherr, referring to continued uncertainty regarding federal infrastructure funding. "It is hard to make sound business decisions when you don't know how much work will be available in the near future."
The largest percentage year-over-year gains in construction employment for June occurred in Monroe, Mich., which grew 29 percent and added 600 jobs, followed by Lake Charles, La., with 25 percent and 2,700 jobs and Pascagoula, Miss., with 25 percent and 1,500 jobs.
Cheyenne, Wyo., posted the largest decline, dropping 18 percent and losing 700 jobs, while Bethesda-Rockville-Frederick, Md., and Vineland-Millville-Bridgeton, N.J., each declined 13 percent and lost 300 jobs.
Regionally, the New Bedford metro area saw an 11 percent gain year over year, adding 300 construction jobs for a total of 3,000 in June 2014. New Bedford ranked at No. 27 among the nation's metros for construction employment growth.
In the Norwich-New London, Conn., metro area, which falls in both Connecticut and Rhode Island, construction employment gained 3 percent in June compared with a year earlier for a total of 3,800 jobs, ranking the region No. 149.]]>
Bizwomen rated the 100 largest metropolitan areas in the country for the study, looking at opportunities available for women "both as entrepreneurs and climbers of the corporate ladder." The cities with the most well-educated and highly paid women landed at the top of the list, Bizwomen said.
In addition to the overall rankings, Bizwomen also measured how each market performed in education, pay level, managerial experience and entrepreneurial spirit among women, using a five-star scale in which five stars indicated a market was among the top 10 percent of all metros in a given category, four stars were awarded to markets in the next 15 percent, and so on.
The Providence metro area, which extends into southeastern Massachusetts, earned three stars in the education and management categories. Twenty-eight percent of women in Providence hold bachelor's degrees, Bizwomen said, and 11 percent hold advanced degrees.
In terms of managerial experience, 7.3 percent of women in Providence hold management positions with a median salary of $56,592, and women represent 40.4 percent of all managers in the region.
However, Providence performed less well in the pay level and entrepreneurial categories. A woman in Providence earns on average only $6,876 per $10,000 in earnings for men, earning the city two stars for that measure. In addition, the metro area claims only 232 women-owned firms per 10,000 residents, only 12.3 percent of which have paid employees. Providence received one star for women's entrepreneurial spirit.
Washington, D.C., was the only market to earn five stars in all four categories, and also ranked at No. 1 on the overall ranking. Forty-six percent of all women in the nation's capital have bachelor's degrees, and 21 percent hold advanced degrees, Bizwomen found. In addition, the typical female worker earns $39,824 in Washington, D.C., and 11.8 percent of women in business hold management positions.
Other cities that ranked highly on the Bizwomen list were:
2. San Francisco-Oakland
3. San Jose, Calif.
6. New York
8. Minneapolis-St. Paul
9. Madison, Wis.
10. Raleigh, N.C.
At No. 52, Providence landed just below Charleston, S.C. and just above Buffalo, N.Y.
Provo, Utah, where a typical woman earns $4,065 for every $10,000 earned by a typical man, ranked as the worst city for women in business among the top 100 metro areas. Ogden, Utah; Augusta, Ga.; Bakersfield, Calif.; and El Paso, Texas, rounded out the bottom five.
To view the complete ranking, visit www.bizjournals.com/bizwomen.]]>
The eight community health centers in Rhode Island, operating from 29 sites across the state, served more than 146,000 patients last year, many of them Medicaid beneficiaries, low-income individuals below the poverty line and the uninsured. The centers provide care that saves the health care system an average 24 percent annually on costs.
In 2013, the Rhode Island Health Center Association found Rhode Island health centers saved the system approximately $184 million, or $1,263 per patient.
In addition, health centers generated approximately $9.7 million in state and local tax revenue last year and $19.3 million in federal tax revenue for a total 2013 tax impact of $29 million.
The study was released Friday morning at a press conference with congressional delegates to celebrate National Health Center Week and the grand opening of new dental offices at Providence Community Health Centers, located at 355 Prairie Ave. in Providence.
The new 10,000-square-foot dental facility will accommodate nine dental chairs this year, with plans to expand to 19 chairs next year. Providence Community Health Centers currently provides dental services to 3,000 children and hopes to serve as many as 18,000 following this expansion, which will include hiring an additional full-time dentist and hygienist, and part-time dentists and support staff.
Also opening on the Providence Community Health Centers campus are new 27,000-square-foot offices for Lifespan - which will include a child neurological testing center, radiology school and community health program - and a new Walgreens "pilot store" to provide retail and a full-service pharmacy.
Providence Community Health Centers has invested more than $30 million into the Providence community through the construction and expansion of the Prairie Avenue facility, transforming a dilapidated mill into a new medical and health service campus with close to 200 staff.
"Rhode Island continues to be a leader in health care coverage and delivery, creating a model for the rest of the nation to emulate," said Rep. James R. Langevin. "I am proud to represent so many outstanding health care professionals, and I am honored and humbled to be recognized for my commitment to our shared goal of supporting healthy communities."
Rhode Island's eight community health centers include Blackstone Valley Community Health Care in Pawtucket, Comprehensive Community Action in Cranston, East Bay Community Action Program in East Providence, Providence Community Health Centers, Thundermist Health Center in West Warwick, Tri-Town Community Action Program in Johnston, WellOne Primary Medical and Dental Care in Providence County and North Kingstown, and Wood River Health Services in Hopkinton.]]>
The 209,000 advance followed a 298,000 gain in June that was stronger than initially reported, figures from the Labor Department showed Friday in Washington. The median forecast in a Bloomberg survey of economists called for a 230,000 increase. The jobless rate climbed to 6.2 percent from 6.1 percent, while wages and hours were unchanged from June.
The degree of hiring this year may help trigger a self-reinforcing cycle of gains in spending and job opportunities that will spur the economy. While the labor market has improved, Federal Reserve policy makers this week said they will keep interest rates low until wages accelerate and more discouraged workers find jobs.
"You now have six straight months of greater-than-200,000 job gains," said Tom Porcelli, chief U.S. economist at RBC Capital Markets LLC in New York, whose 210,000 estimate was among the closest in the Bloomberg payrolls survey. "The labor force rose, and the labor force rises typically when people are feeling better about the backdrop."
Payrolls estimates in the Bloomberg survey of economists ranged from increases of 160,000 to 310,000. Revisions to prior reports added a total of 15,000 jobs to overall payrolls in the previous two months.
Manufacturing expanded in July at the fastest pace in more than three years, showing factories will help power the economy after a second-quarter rebound, other data showed Friday. The Institute for Supply Management's index increased to 57.1, the highest since April 2011, from 55.3 a month earlier, the Tempe, Ariz.-based group's reported. Readings above 50 indicate growth.
Stocks fluctuated as investors sifted through the data. The Standard & Poor's 500 Index rose 0.1 percent to 1,933.23 at 10:28 a.m. in New York.
Consumer spending rose in June by the most in three months, ending the quarter on a strong note and signaling that job growth will bolster the world's largest economy, a Commerce Department report showed Friday.
Friday's employment report also showed average hourly earnings were unchanged at $24.45 in July. They were up 2 percent over the past 12 months. The average work week for all employees held at 34.5 hours.
Construction companies and factories were among those that added more to payrolls in July than a month earlier. Employment gains cooled at retailers, business services and education and health services.
The agency's survey of households, used to derive the unemployment rate, showed more people entered the labor force. The so-called participation rate, which indicates the share of working-age people in the labor force, increased to 62.9 percent from 62.8 percent a month earlier, which matched the lowest since March 1978.
After 11 months of unemployment, Dennis Haffner, 47, started a new job this week. Haffner had $6.42 in his savings account and was staring down having to move back home to his parents' house when he landed the position.
"This is what I've been looking for," said Haffner, who lives in Manchester, Conn., and will be working in business process improvement at an insurance company. "This from day one seemed like a good fit, a good opportunity for me. Things fell into place."
He was seeing more employment opportunities towards the end of his search than at the start, he said.
"There was a lot of discouragement throughout the whole process," he said. "Things didn't really start to happen until the end of January, beginning of February, and then I saw an abundance."
Friday's figures showed employment at private service providers increased 140,000 in July, the smallest gain in six months. The slowdown in hiring was broad-based in that category.
At the same time, goods producers took on workers at a faster rate. Construction companies added 22,000 workers and factory employment climbed 28,000 last month, led by a 14,600 gain in payrolls at auto plants that was the biggest since April 2013.
Economists surveyed by Bloomberg from July 3 to July 9 see the U.S. economy adding 215,000 jobs on average each month this year. That would be up the fastest pace of job growth since 1999, when the economy gained 265,000 jobs per month on average.
While the economy is creating more jobs, wage growth has lagged behind, increasingly becoming a focal point for Fed policy makers.
Fed Chair Janet Yellen told lawmakers last month that while her view of the economy has turned "more positive," she's concerned about low participation in the labor force and sluggish wage growth.
Friday's report showed the underemployment rate - which includes part-time workers who'd prefer a full-time position and people who want to work but have given up looking - rose to 12.2 percent from 12.1 percent.
Federal Open Market Committee officials this week continued to pare monthly asset purchases as the job market strengthens and the threat of disinflation diminishes. Nonetheless, they said in a statement that "a range of labor-market indicators" have shown "significant underutilization of labor resources."
Even so, growing demand could cut into remaining slack.
Gross domestic product rose at a 4 percent annualized rate in the second quarter after shrinking 2.1 percent from January through March, Commerce Department figures showed this week. Gains in consumer spending and business investment spurred the rebound.
Motor vehicles sold in June at a 16.9 million annualized rate, the strongest since 2006, according to data from Ward's Automotive Group.
Strong demand for cars is one reason New York-based aluminum maker Alcoa Inc. is hiring. A $300 million dollar expansion at Alcoa Inc.'s Davenport, Iowa facility led to 150 new full-time jobs, said Rob Woodall, manufacturing director at the plant.
"This is following the growth in automotive, but this is also because of an expansion of the use of aluminum in automotive," Woodall said during an interview at the facility, which boasts the world's largest aluminum rolling mill.
"We're continuing hiring" past the initial 150 as Alcoa's workforce ages and demand strengthens, Woodall said. Alcoa is also adding automotive capacity in Alcoa, Tenn. "This isn't the only place we're adding jobs."
Fed officials are watching the labor market as they get closer to completing their bond-purchase program later this year and start considering the timing of the first interest-rate increase since 2006. The Fed's Open Market Committee has pared its monthly asset-buying to $25 billion.]]>
Excluding costs related to the $48.9 million acquisition of Videotel, the company's net income totaled $800,000, or 5 cents per diluted share, for the second quarter.
Revenue also declined during the three months ended June 30, dropping 5.3 percent to $40.9 million from $43.2 million for the same period last year.
Year to date, KVH has posted a net loss of $1.1 million, reversing net income of $3.5 million recorded for the first six months of 2013. Revenue declined 6.3 percent on a year-to-date basis, dropping to $77.9 million compared with $83.1 million a year earlier.
"Overall, we continue to be pleased with the growth in our maritime VSAT airtime revenues, which in the second quarter increased 24 percent compared to the same period last year," said Martin Kits van Heyningen, CEO of KVH. "During the quarter, we successfully launched our global IP-MobileCast content delivery system. ... We believe this exciting new capability will prove popular with our customers and initial feedback has been highly positive."
KVH's mobile communications segment, including the company's mini-VSAT and TracPhone products and KVH Media Group's operations, saw $29.7 million in total revenue for the second quarter of 2014, an increase of 9 percent year over year.
Revenue from KVH's guidance and stabilization division, which includes military navigation systems and related services, dropped 30 percent year over year to $11.2 million due primarily to lower military sales to U.S. defense customers. However, KVH tactical navigation system sales alone totaled $5.7 million, an improvement of 15 percent over the second quarter of 2013.
Peter Rendall, chief financial officer of KVH, said that although the company is confident about some large tactical navigation orders being announced in the coming weeks, KVH will continue to be conservative in its forecasts for segment sales.
For the third quarter, KVH projected revenue in the range of $43 million to $47 million, with net income between 3 cents and 8 cents per diluted share, reflecting the impact of the Videotel acquisition.]]>
Net income climbed to 1.45 billion euros ($1.94 billion), the highest in the last nine quarters, from 1.05 billion euros ($1.41 billion) a year earlier, the Santander, Spain-based lender said today. Earnings compared with the 1.36 billion-euro ($1.82 billion) average estimate in a Bloomberg survey of 13 analysts.
The bank's U.K. unit, run by Chairman Emilio Botin's daughter, Ana Patricia Botin, is setting the pace for earnings growth at Santander, while Spain is emerging from its economic slump. After the bank took bad-loan provisions and writedowns of more than 65 billion euros ($87 billion) over the past five years, Chairman Botin told shareholders in March that Spain would be one of its "most positive stories" over the next three years, helping the bank boost earnings toward pre-crisis levels of 9 billion euros ($12 billion).
"The momentum from the U.K. has been pretty strong, and the expectation is this will continue," said Benjie Creelan-Sandford, a bank analyst at Macquarie Bank Ltd. in London. "Things are definitely getting better for Santander in Spain, but the extent of the recovery shouldn't be overstated."
Santander shares fell 2 percent to 7.55 euros ($10.11) at close of trading in Madrid, valuing the bank at 88.9 billion euros ($119 billion). The stock has risen 16 percent this year, compared with a 0.5 percent decline for the 43-member Bloomberg Europe Banks and Financial Services Index.
Banco Bilbao Vizcaya Argentaria SA, which yesterday reported a 39 percent drop in second-quarter profit after year-earlier asset sale gains weren't repeated, has risen 3 percent.
"The outperformance was driven by higher-than-expected operating profits, repeating the trend of good net interest income performance from the Spanish banks this quarter," Daragh Quinn, an analyst at Nomura International in Madrid, said in a note to clients today. "U.K. was as good as expected."
Santander's net interest income, or the difference between what the bank charges for loans and pays for its funding, rose to 7.37 billion euros ($9.87 billion) from 6.99 billion euros ($9.36 billion) in the first quarter, beating the 7.17 billion-euro ($9.6 billion) forecast of analysts.
Net customer loans fell 1.1 percent from a year earlier. Bad loans as a proportion of total loans dropped to 5.45 percent from 5.52 percent in March. Net loans newly classified as in default were little changed from the previous quarter at 2.54 billion euros ($3.4 billion), down 60 percent from a year ago. Net loan-loss provisions fell to 2.64 billion euros ($3.54 billion) in the quarter from 3.4 billion euros ($4.6 billion) a year earlier.
"Performance in the first half of 2014 proves that Santander is on track to return to pre-crisis profit levels," Botin said in a statement. "The group's geographic diversification has played a key role."
Profit from the U.K. rose 52 percent from a year earlier to 399 million euros ($534 million) as net interest income jumped to 1.04 billion euros ($1.4 billion) from 989 million euros ($1.3 billion) in the first quarter, the bank said.
"Customers in the U.K. are coming to us - one in four of those who have switched bank in the last 12 months have joined Santander," Ana Patricia Botin said on a conference call today.
Santander has no plans this year or next to sell shares in its U.K. unit in an initial public offering, CEO Javier Marin said at a news conference at the bank's headquarters near Madrid today.
Earnings from its Spanish banking business rose more than threefold to 261 million euros ($350 million), Santander said. Net interest income in Spain rose 4.1 percent from the first quarter to 1.19 billion euros ($1.59 billion) as lending grew 1.1 percent. The unit's bad loans ratio dipped to 7.59 percent from 7.61 percent in March.
Its separate Spanish real estate business generated losses of 307 million euros ($411 million) in the first half of the year, narrowing from a 337 million-euro ($451 million) loss a year earlier.
Profit from Brazil slipped 6 percent to 395 million euros ($529 million). Santander said in April it would offer to buy back about 25 percent of its Brazilian unit in a transaction valued at 4.7 billion euros ($6.3 billion).
Santander's Brazil unit agreed to invest 460 million reais ($205 million) in a payroll-lending joint venture with Banco Bonsucesso SA, based in Belo Horizonte, according to a filing today. Santander will have a 60 percent stake in the venture, while Bonsucesso will hold the remaining 40 percent.]]>
The annual list ranks insurance brokerages throughout the United States based on revenue. Starkweather & Shepley, which this year celebrated its 135th year in business, saw its total annual revenue rise 15.8 percent in 2013 to $41.4 million.
"In the past couple of years organic growth and strategic acquisitions in Connecticut and Massachusetts have increased our presence in the market place," said Nat Calamis, president and CEO of Starkweather & Shepley. "These acquisitions and our initiative to focus on specific practice groups have allowed us to grow organically as a company."
The Business Insurance Magazine ranking follows awards presented to Starkweather & Shepley earlier this year, including recognition as one of Providence Business News' "Best Places to Work" and being named to The Hanover Insurance Group's President's Club for agencies among the top 5 percent of the 2,500 that carry products from The Hanover.
Since 1879, Starkweather & Shepley has provided commercial insurance, personal insurance, health and employee benefits, surety bonding and risk management service. The company currently employs more than 185 people in Rhode Island.]]>
Exxon and Murphy Oil Corp. dropped amid concern over output. Micron slid 5 percent after earnings from Samsung Electronics Co., the world's biggest smartphone maker, trailed estimates. Nike Inc. declined 2.6 percent as its European rival Adidas AG slashed its full-year forecast. Sprint Corp. tumbled 5 percent, leading losses among phone stocks as France's Iliad SA offered to buy a stake in T-Mobile US Inc.
The S&P 500 slid 1.4 percent, the most since May 15, to 1,943.42 at 1:40 p.m. in New York. The gauge dropped below its average price over the past 50 days. The Dow Jones Industrial Average fell 200.40 points, or 1.2 percent, to 16,679.96, heading toward its lowest close since May. The Nasdaq 100 Index lost 1.5 percent. Trading in S&P 500 stocks was 27 percent above the 30-day average at this time of day.
"The Fed is stepping out of the way and the market's valuation is high enough that people are quick to take profit," Wayne Wilbanks, who oversees $2.5 billion as chief investment officer at Wilbanks, Smith & Thomas Asset Management LLC in Norfolk, Va., said in a phone interview. "You are going to get more days like today, where investors are more trigger happy, quicker to liquidate. Everybody knows a correction is coming and it will come."
The S&P 500, which is up 5.2 percent this year and reached a record on July 24, has gone without a 10 percent correction since 2011. It trades at 17.7 times the reported earnings of its companies, near the highest level since 2010.
The benchmark index is poised for a 0.8 percent loss for the month. It had climbed 0.5 percent in July through Wednesday, heading for a sixth straight monthly gain, as companies from Facebook Inc. to Chipotle Mexican Grill Inc. reported a surge in profit, while Time Warner Inc. rallied as Rupert Murdoch's 21st Century Fox Inc. made a takeover offer.
Fifty S&P 500 companies report quarterly earnings on Thursday. About 75 percent of those that have released results this seasons have topped analysts' estimates for profit, while 66 percent have exceeded sales projections.
Global equities fell Thursday amid weaker-than-projected earning from Europe and Asia. The MSCI All-Country World Index tumbled 1.1 percent for its worst loss in almost five months. Deutsche Lufthansa SA and Adidas were among European companies sliding as they cited unrest between Russia and Ukraine for dimming growth prospects.
Banco Espirito Santo SA plunged by the most on record and the bonds slumped after the Portuguese lender was ordered to raise capital following a 3.6 billion-euro ($4.8 billion) first- half net loss.
"Maybe the market is getting a little bit tired here," David Chalupnik, the head of equities at Nuveen Asset Management in Minneapolis, said by phone. His firm runs about $120 billion. "It's more concern around Europe. We've had an extremely easy monetary environment for the past six years. When that changes, it's going to cause a lot of anxiety."
Concern also grew that the improving economy may force the Federal Reserve to raise interest rates sooner than expected.
U.S. gross domestic product expanded at a 4 percent annual pace in the second quarter, confirming the central bank's view that a first-quarter contraction was transitory. Data on Thursday showed fewer Americans filed applications for unemployment insurance benefits over the past month than at any time in more than eight years, signaling employers are hanging on to workers as demand improves.
"The Fed may have to change course sooner than expected if reports continue to show the economy is gaining some strength," Bruce Bittles, chief investment strategist at Milwaukee-based RW Baird & Co., which oversees $110 billion, said in a phone interview.
The Fed on Wednesday cut its monthly bond buying to $25 billion in its sixth consecutive $10 billion reduction. The Fed's Open Market Committee reiterated that it's likely to reduce bond buying in "further measured steps" and to keep interest rates low for a "considerable time" after ending purchases.
The central bank said slack in the labor market persists even though the economy is picking up. Data from Washington on Friday may show companies added 231,000 jobs this month, according to the median economist estimate.
Investors also watched developments in Latin America. Argentina missed a deadline Wednesday to pay $539 million in interest after two full days of negotiations in New York failed to produce an accord with creditors from its last default in 2001. A U.S. judge ruled that the payment couldn't be made unless those investors, a group of hedge funds led by Elliott Management Corp., got the $1.5 billion they claimed. Standard & Poor's said Argentina is in default.
"When events like this happen, investors try to figure out whether this is an isolated occurrence or the first domino in a chain," Lawrence Creatura, who helps oversee $350 billion as a fund manager at Pittsburgh-based Federated Investors Inc., said in a phone interview. "In the early moments there is always a bit of uncertainty as to which we have on our hands."
The Chicago Board Options Exchange Volatility Index, known as the VIX, surged 20 percent to 15.94, the highest level since April 15.
All 10 S&P 500 main industries declined as energy and technology companies fell at least 1.4 percent. Phone shares dropped the most, down 2.1 percent. Exxon, Nike and Verizon Communications Inc. led declines in the Dow, slumping more than 2.2 percent.
Smaller companies tumbled as the Russell 2000 Index sank 1.9 percent. The measure has dropped 3.4 percent since July 14, one day before the Fed said in its Monetary Policy Report that valuations for smaller biotechnology and social media stocks are stretched.
Exxon tumbled 3.1 percent. Oil and gas output dropped 5.7 percent to the equivalent of 3.84 million barrels of crude a day, the lowest since the third quarter of 2009, according to data compiled by Bloomberg. Exxon had been expected to post daily output equivalent to 3.96 million barrels, based on the average of six analysts' estimates.
Murphy Oil dropped 5.6 percent. The oil and natural gas company lowered its full-year production forecast as second- quarter earnings trailed analysts' estimates.
Micron Technology, the largest U.S. maker of memory chips, slumped 5 percent. Samsung sank 3.7 percent in Seoul as it posted the lowest quarterly profit since it became the largest mobile-phone producer in 2012.
Kraft lost 5.1 percent after reporting second-quarter sales of $4.75 billion, missing the average analyst projection of $4.83 billion.
Yum! Brands Inc. slid 5.4 percent. The owner of Pizza Hut and KFC said it cut ties with meat supplier OSI Group LLC globally after previously saying it would stop using it China, Australia and the U.S.
Sprint lost 5 percent while T-Mobile rallied 6.2 percent amid the prospects of a bidding war. Iliad, the French mobile-phone carrier founded by billionaire Xavier Niel, offered $15 billion in cash for a 56.6 percent stake in T-Mobile to enter the American wireless market.
A bid for T-Mobile would compete with SoftBank Corp. Chairman Masayoshi Son's planned takeover offer. Son, whose company controls U.S. wireless carrier Sprint, had been planning to acquire T-Mobile for about $40 a share in stock and cash, the equivalent of about $32 billion, people with knowledge of the matter said earlier this month.]]>
"At the Closing, the Buyer shall not assume the CBAs [collective bargaining agreements]," the agreement stated. "Effective as of the Closing Date, the Buyer shall offer employment to all Business Employees other than the Excluded Employees in its sole discretion on terms and conditions determined by the Buyer."
In other words, the buyer, GateHouse affiliate and New Media Investment Group subsidiary LMG Rhode Island Holdings Inc., will choose which employees will and will not receive offers of employment from the new owner after the purchase closes in the third quarter of this year. Those who are rehired will be offered terms of employment not necessarily in keeping with the collective bargaining agreements A.H. Belo had negotiated with the Providence Newspaper Guild and Journal employees.
The SEC filing goes on to say that "the Buyer shall advise the Seller of up to forty (40) Business Employees to which the Buyer will not be making offers of employment" and that "no Business Employee shall be guaranteed continued employment with the Buyer."
Employees who are cut from the Journal will receive severance pay not from GateHouse Media but from A.H. Belo. The language of the agreement suggests GateHouse would have the option to cut additional employees over and above the 40 prescribed in the purchase agreement at its own expense.
A spokesperson for GateHouse Media did not immediately return calls asking for comment on which positions will likely be cut at the 185-year-old daily newspaper or how many people GateHouse expects to lay off.
The elimination of 40 Journal employees would represent roughly 10 percent of the Providence Journal's full staff of about 385 people.
To view the complete SEC filing, click HERE.
On Thursday, New Media Investment Group reported a second-quarter net loss of $3.3 million, or 11 cents per share, reducing by 76.9 percent the net loss of $14.1 million, or 24 cents per share, for the same period last year.
Total revenue also improved for the quarter, climbing 32.5 percent to $158 million from $120 million for the same three months in 2013. Excluding acquisitions and divestitures over the year that may have impacted revenue, New Media's "same-store" revenue dropped five-tenths of a percent year over year.
All three types of revenue - advertising, circulation and commercial printing - increased in the second quarter, led by commercial printing revenue that more than doubled to $16.5 million from $7.3 million last year.
Advertising revenue posted a 21 percent increase to $95.8 million from $79.2 million, while circulation revenue increased 39.5 percent to $46.1 million from $33.1 million.]]>