Current Conditions Index of economics holds steady
KINGSTON – For the third consecutive month the Current Conditions
Index of the state’s economic indicators has held steady at 67. The CCI,
tracked by Leonard Lardaro, University of Rhode Island economics
professor for the New England Economic Project in Rhode Island, measures
the state’s economic strength on the basis of 12 indicators, including
help wanted ads, government employment, retail sales, housing sales,
wages and labor. In what Lardaro says is an economy that is slowing down
over-all, some indicators are maintaining strength, such as housing
sales, which continued at a record level (about 25 percent above last
year’s record pace) while the number of benefit exhaustions and new
claims declined. The steady economic state is threatened by declining
retail sales (off 3.1 percent in October), and as the state’s labor
force continued to decline, the state’s unemployment rate rose above 5
percent. Lardaro concludes that the state’s economic future is linked to
the pace of the national economy.
Hasbro contributes toys in partial
settlement of suit
PROVIDENCE – Hasbro will contribute about 1,640 toys worth $13,134 to
the state of Rhode Island this holiday season as part of its settlement
of an antitrust action brought by the state against the Pawtucket-based
company, as well as other top toy manufacturers and the Toys ‘R’ Us
retail chain. Announcement of Hasbro’s action was made by the Rhode
Island Attorney General’s office. The action is part of a national
agreement between Hasbro, Inc. and 43 other states, Puerto Rico and the
District of Columbia, which joined Rhode Island’s suit. The total
agreement is valued at $5.95 million. Of that amount, $3.57 million will
be for toys that will be distributed through the Marine Corps’ “Toys for
Tots” program. The balance of $2.38 million will be paid in cash, with
the provision that the money would be used for children, either in toys
or educational materials. The agreement with Hasbro, in which the
company does not admit any wrongdoing, does not affect the suit against
Mattel, Little Tikes Company or Toys ‘R’ Us.
ISO 9001:2026: A Practical Opportunity to Build for What’s Next
For Rhode Island manufacturers, ISO 9001 has been much more than a certificate on the…
Learn More
Hasbro chooses Baum for president
PAWTUCKET – Herbert M. Baum, 62, chairman and chief executive of the
Quaker State Corp., has been chosen by Hasbro to become its president
and chief operating officer, a new position at the company. Alan
Hassenfeld, 50, will continue to function as chairman and chief
executive, a company spokesman said, adding that Hassenfeld will become
more involved in product development and global partnership
relationships. Quaker State is being acquired by Pennzoil Co. for $1
billion. Baum, who will join Hasbro in January, will be responsible for
the company’s operations, sales and marketing throughout the world.
Lending company to honor mall loans
SAN FRANCISCO – Despite its announced plan to eliminate the lending
business of its real estate division, Nomura Holding America, Inc. said
it will honor its legal and financial commitments. The lending
business, Capital Company of America, reputedly the largest commercial
mortgage lender in the country in recent years, reportedly lost $800
million in the six months prior to Sept. 30. In late September the
company announced that it would temporarily stop making commercial
loans. Meanwhile Nomura has announced that it is merging the California-
based lending company with its New York-based holding company. As that
plan develops Capital America is reviewing its $10 billion in commercial
mortgage assets and deciding which of those it will offer for sale.
Among those loans is the one to the builders of the Providence Place
mall, scheduled for completion in August.
Newport company a finalist in small
business contest
SAN DIEGO – Re-Sails, a Newport company owned by Angela Berry, which
creates nautical-themed clothing and accessories using sails, is one
of ten finalists for the commercial sponsored by Mail Boxes Etc. to be
broadcast during the Jan. 31 telecast of Super Bowl XXXIII. The winning
company, in addition to the publicity, gets a $5,000 reward. Second and
third-place finishers get $2,000 each. The contest promotes small
businesses and was open to businesses employing 20 or fewer full-time
workers. Mail Boxes Etc. is a wholly owned subsidiary of U.S. Office
Products Company. More than 3,700 MBE franchises operate throughout the
world.
Medicaid funds to be used for window
replacement
PROVIDENCE – Lead-painted windows will be replaced in the homes of
children enrolled in the Rite Care program using funds from the
Medicaid, the governor’s office has announced. A request by the Rhode
Island Department of Human Services for use of Medicaid funds for such a
purpose was approved by the U.S. Health Care Financing Administration.
After a licensed inspector from the Providence Lead Center has examined
windows in the homes of qualified homes and apartments and made
recommendations to the Department of Human Services, the state expects
to replace windows in 200 to 300 residences at an annual cost of about
$360,000. The lead abatement program is part of Governor Almond’s Lead
Free Rhode Island program, for which he has proposed a $1 million
allotment in the budget for Fiscal Year 2000.
New visitors’ guide
WARWICK – The Providence Warwick Convention & Visitors Bureau, the
Warwick Division of Tourism and the Rhode Island Airport Corporation are
cooperating in the planning of a new visitors’ guide. The guide which
will carry information on lodging, restaurants, recreation and flight
schedules will be distributed quarterly through the airport information
booth and visitor information centers throughout the state. About
300,000 copies will be published annually.
Nortek sells wood products division
PROVIDENCE – Allied Plywood Corp. of Concord, Mass., a distributor of
specialty wood products, has been sold by Nortek to Genessee Group
Companies, Inc., of Golden, Colo. Terms of the sale were not disclosed.
Allied was part of Ply Gem Industries, acquired by Nortek within the
last year.
