Unemployment still low; 10,000 new jobs
PROVIDENCE – The Rhode Island Department of Labor and Training had more good news as February drew to a close, reporting that 10,300 more jobs existed in January than in January of 1999. DLT also reported that the unemployment rate for January was the same as December 1999, at 3.8 percent. That is a 0.9 percent decline from a year ago at the same time. The number of unemployed reportedly declined by 4,200 over the year. Nationally, unemployment was reported at 4 percent, down slightly from the 4.1 percent in December 1999, and 4.3 percent for January 1999. Trade and services led the state’s decrease in unemployment, as each category added 5,100 jobs during the year. Construction contractors added 1,400 jobs, with the Providence Place mall being the principal source of growth. Only manufacturing, among the seven major job categories, showed a decline, with the loss of 1,900 jobs over the year.
A year at Brown to cost $33,530
PROVIDENCE — Brown University approved a 4 percent increase in tuition for the upcoming academic year, bringing the total cost of an undergraduate year at the school to $33,530, including room, board, and fees, the university said. Tuition alone will be $25,600 — up from $16,256 a decade ago in the 1991-92 school year.
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Brown appoints presidential search committee
PROVIDENCE – Brown University Chancellor Stephen Robert last week announced the membership fo the Corporation’s presidential selection committee that will hire the university’s 18th president, succeeding E. Gordon Gee. The committee is composed entirely of trustees and fellows and will be assisted by a 13-member committee of faculty, students and staff, which the university said would be appointed sometime this month. Members of the Presidential Selection Committee are: Nancy L. Buc, class of 1965, a partner in the law firm of Buc & Beardsley in Washington, D.C.; Elizabeth Z. Chace, class of 1959, co-founder of Residential Properties Ltd. of Providence; Spencer R. Crew, class of 1971, director of the National Museum of American History in Washington, D.C.; Timothy C. Forbes, class of 1976, chief operating officer of Forbes, Inc. of New York; H. Anthony Ittleson, class of 1960, president of the Ittleson Foundation of Great Neck, New York; Artemis A.W. Joukowsky, class of 1955, chancellor emeritus; and Marie J. Langlois, class of 1964, partner in Phoenix Investment Management of Providence.
Hi-Lo market coming to Cranston
CRANSTON – Hi-Lo Markets, a Fall River based company, will open a supermarket in this city in a building last used by the defunct Almacs chain. The building on Pontiac Avenue has been unoccupied and boarded up since 1995. Without announcing a specific target date, the company said it would be opening its store “this spring.” Hi-Lo has stores in Fall River, New Bedford, Swansea and Bristol. The Bristol and Swansea stores were also located in sites previously occupied by Almacs. A Cranston official told the Providence Journal that the opening of the store in the Eden Park-Auburn section of the city would bring 70 jobs with it. He said Hi-Lo had pledged to fill at least half of those jobs with applicants from low-income to moderate-income families.
Textron to buy back up to 10 million shares
PROVIDENCE – Textron, Inc. announced that it would buy back up to million of the company’s shares, about 6.7 percent of its stock. A company spokesperson said the stock would be worth $595 million, as of the closing price of the stock on February 24. The buyback replaces a previous repurchase program that had 4.8 million shares remaining. The value of the company’s stock had fallen 22 percent in the last year. Stock buyback is one method companies use to strengthen their stocks.
RIHMFC gets $1.3 million for Section 8 housing
WASHINGTON D.C. – Rhode Island’s Housing and Mortgage Finance Corporation has received a $1.5 million contract from the U.S. Housing and Urban Development Department to administer its Section 8 housing in this state. RIHMFC will be responsible for ensuring that contacts between HUD and the owners of Section 8 properties are renewed on time, payments by owners are timely and the properties are properly maintained and managed. The contract covers 8,500 Section 8 new construction/substantial rehabilitation units, 1,300 Section 8 units administered on HUD’s behalf, and more than 3,000 units financed with tax credits or other means.
Gorham to cut jobs in RI, retain silver work
SMITHFIELD – Once the pride of Rhode Island for its silverware production, Gorham will reduce its presence here even more, the current owners announced. Brown-Forman Co. of Louisville, Ky., which owns the company, and operates it through its Lenox Inc. division, said that 70 jobs involved in the production of stainless steel flatwear would be transferred overseas, probably to Asia. The company said the transfer was necessary to remain competitive. However, the company announced the 74 jobs connected with the production of sterling silver flatwear would remain in Rhode Island at the recently remodeled plant. The Smithfield plant opened in 1986 with nearly 700 employees to replace the original Providence facility. That Providence site is now owned by the city which is considering various plans for redevelopment.
CVS denies interest in rival chain
WOONSOCKET – CVS Corp. has denied any interest in acquiring the pharmacy business of the Rite Aid Corp., one of its principal rivals. Rite Aid is based in Camp Hill, Pa., and is reported to have serious debt problems. After Reuters news service reported that CVS was about to buy Rite Aid’s PCS Health Systems, which administers prescription benefits for an estimated 50 million people, according to the Providence Journal, CVS quickly issued a statement flatly denying that it was buying the system.
National Ballroom Dancing contest coming to RI
PROVIDENCE – The United States Amateur Ballroom Dancers Association will hold its National DanceSport Championships this August at the Rhode Island Convention Center, Governor Almond announced. Between 800 and 1,100 dancers are expected to participate in the competition August 11 through August 13 at the convention center. Governor Almond welcomed the USABDA to Rhode Island.
