R.I. economy grows
in October, lifting
the CCI to 83 points
KINGSTON – The Rhode Island economy surged ahead in October, in its strongest showing this year, according to Leonard Lardaro, a professor of economics at the University of Rhode Island and the author and creator of the Rhode Island Current Conditions Index.
“Life is never dull when gauging the performance of Rhode Island’s economy,” he wrote in his monthly report.
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The CCI leapt 25 points, to 83, from September’s 58, as improvement was seen in 10 of the 12 indicators that compose the index.
The CCI has a range of 0 to 100 points; values higher than 50 indicate that the state’s economy is expanding; lower than 50, that it is contracting. The October value – this year’s highest, followed by January’s 75 points and February’s 67 – is 41 points above August’s “sub-par” 42.
Memorial Hospital case to be heard by NLRB
PAWTUCKET – The National Labor Relations Board has issued a complaint against Memorial Hospital of Rhode Island, alleging it violated federal labor law during the hospital’s recent contract battle, according to the United Nurses & Allied Professionals, Local 5082.
The union, representing about 400 nurses, pharmacists, physical and occupational therapists, social workers and other professionals, said it had filed a complaint with the NLRB in August.
It alleges that during the contract dispute, union workers were ordered to remove buttons that said “Know Respect,” and were disciplined for refusing to do so, while supervisors and administrators wore and allowed others to wear buttons supporting the hospital.
The hospital did not respond to PBN requests for comment.
The case is to be heard this March at the NLRB’s Region One office in Boston.
Economic development
official leaves Fall River
FALL RIVER – Joseph C. Raposo, who has served as director of business development for 16 years at the Fall River Office of Economic Development, has stepped down to take a job at Harvard University, his alma mater. His last day was Dec. 8.
Raposo announced his departure in a letter to business and community contacts. “We’ve accomplished a great deal over the years, and I’ll continue to be a passionate advocate for this remarkable city,” he wrote.
At FROED, Raposo was a key contact for businesses looking to relocate to Fall River, expand, redevelop old mill properties, or take advantage of available grants, loans or tax incentives.
In an article in The Herald News, Raposo was called “instrumental” in attracting companies such as Silver Line Windows and John Matouk & Co. Inc., an internationally known linen manufacturer, to the Fall River Industrial Park.
APC acquisition clears
federal antitrust review
WEST KINGSTON – American Power Conversion Corp. and Rueil Malmaison, France-based Schneider Electric recently announced the expiration of the federal waiting period for Schneider’s proposed acquisition of APC.
The period set by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has expired without federal action, so no further antitrust review is required in the United States.
Meanwhile, the companies have filed the necessary documents to begin the European Union regulatory review.
The deal, expected to close in the first quarter, would pay $31 cash per share of APC. It is subject to customary conditions, including approval by APC’s shareholders, who are to vote Jan. 16.
N. Kingstown Chamber
accredited with 3 stars
NORTH KINGSTOWN – The U.S. Chamber of Commerce has awarded 3-Star accreditation to the North Kingstown Chamber of Commerce.
“As a small Chamber, we are pleased to have accomplished this process … started in the summer of 2005,” said Karla Driscoll, executive director. “It has been an invaluable look inside the organization from many points of view.”
The local Chamber was one of 24 recently granted some level of accreditation, bringing the nationwide total to 311 accredited Chambers, out of about 7,000. The final rating – Accredited, 3 Stars, 4 Stars or 5 Stars – is determined by a subcommittee of the U.S. Chamber’s board, based on criteria such as accountability, financial transparency, employee involvement, political advocacy and community involvement.
Jump$tart Coalition gets
$10,000 for ‘RI-FI’ project
WASHINGTON – The Rhode Island Jump$tart Coalition is getting $10,000 through the U.S. Department of Education’s Excellence in Economic Education program to engage high school-aged peer leaders directly in high impact financial literacy education.
The group’s Rhode Island Financial High (RI-FI High) Program is a statewide initiative to teach 11th- and 12th-graders about personal finance, focusing on real-world money skills and highlighting the importance of budgeting and saving.
The students then conduct public awareness campaigns in their high schools to help promote personal financial knowledge amongst their peers.
U.S. Sen. Jack Reed, who announced the grant, had written a letter to the National Council on Economic Education last month supporting the Jump$tart Coalition’s application.
“These young adults will soon be facing credit card offers, bills and other expenses,” he said in a news release. “It is essential that they have an understanding of their finances and how the choices that they make now and in the years to come will affect the rest of their lives.”
Textron pulls stock from
former Pacific Exchange
PROVIDENCE – Textron Inc. says it is voluntarily withdrawing its common stock’s listing on the former Pacific Exchange, now NYSE Arca Inc.; it will continue to be listed on the New York Stock Exchange.
The decision “was made to eliminate duplicative administrative requirements inherent with dual listings as a result of the NYSE Group’s recent merger with Archipelago Holdings Inc., the parent company of NYSE Arca,” Textron said. The company’s common stock will continue to trade on NYSE Arca on an unlisted trading privilege basis.
