Updated March 5 at 6:05pm
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Royal Bank of Scotland Group PLC, Britain’s biggest taxpayer-owned lender, must face a lawsuit by a bond insurer over what it claims was the bank’s sale of $1.15 billion of securities backed by “thousands of defective and fraudulently originated” home loans. more
Deepwater Wind is planning to submit a proposal to sell wind energy to the Long Island Power Authority, the Providence-based energy company said Wednesday. more
Rhode Island chefs snagged 10 of this year’s 27 Coastal New England Rising Stars Awards, according to industry trends magazine StarChefs.com. more
Movoto Real Estate has named Rhode Island’s capital city the most “exciting” mid-sized city in the country, awarding high scores for Providence’s young population and vibrant nightlife. more
Federal Reserve officials predicted their target interest rate would be 1 percent at the end of 2015 and 2.25 percent a year later, higher than previously forecast, as they upgraded projections for gains in the labor market. more
Bank of America Corp. is cutting jobs today across co-Chief Operating Officer Thomas Montag’s global trading and investment banking divisions, according to three people with direct knowledge of the decision. more
Rhode Island’s state debt per capita of $8,769 for fiscal year 2012 ranks third-highest in the United States, according to the Tax Foundation’s 2014 “Facts and Figures” report released Wednesday. The annual report compiles tax and collections data for each of the 50 U.S. states and the District of Columbia, and ranks each state on 39 different measures of tax and fiscal policy. more
Astro-Med Inc., maker of specialty printers and data-acquisition systems, posted full-year fiscal 2014 net income of $3.2 million, or 42 cents per diluted share, a decline of 70.2 percent compared with fiscal 2013 reported net income of $10.8 million, or $1.44 per diluted share. more
At an award ceremony held Tuesday, North Smithfield Town Administrator Paulette Hamilton accepted $7,500 and three commemorative street signs on behalf of the town as Rhode Island’s first municipality to complete the Rhode Island Energy Challenge, a community campaign jointly managed by National Grid and the nonprofit SmartPower to promote household energy efficiency. more
The R.I. Department of Revenue has collected $2.06 billion in general revenue during the fiscal year through February, including $172 million in last month alone, the agency reported Tuesday. The monthly report was released the same day as a Tax Foundation study ranking U.S. states according to their state and local sales tax rates was released. more
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