Over 200 cases of COVID-19 have been reported at Electric Boat facilities since October 25th.
Business
Posted inArticle, Business
Beyond Meat falls short in 3Q as restaurants struggle
Beyond Meat says it felt the full force of the coronavirus pandemic in the third quarter, leading to worse-than-expected financial results. The company cited consumer stockpiling in the second quarter, coupled with continuing struggles at restaurants and other food-service customers. Beyond Meat’s revenue rose 2.7% to $94.4 million. According to analysts polled by FactSet, that was far short of the $132 million that Wall Street forecast. El Segundo, California-based Beyond Meat said it lost $19.3 million for the quarter. Adjusted for one-time items, the company lost 28 cents per share. Analysts had forecast a 5 cent per share profit.
Posted inArticle, Business, South County Bureau
‘If you’re not making money…you’re not working hard enough’: Inside RI’s surging real estate market
Property bidding wars have broken out across Rhode Island. In South County, realtors are scrambling to close deals and get their clients into homes that can sell quickly above asking price.
Posted inArticle, Business
Boeing says pandemic will cut demand for planes for a decade
Boeing says the pandemic will reduce demand for new planes for the next decade, long after experts expect a vaccine for COVID-19. The company updated its forecast of the airplane market on Tuesday. It remains upbeat about long-term prospects driven by increasing air travel in Asia. Boeing, which along with Europe’s Airbus dominates the aircraft-building industry, has seen orders and deliveries of new planes crumble this year. The Chicago-based company was already under pressure from the grounding last year of its best-selling plane, the 737 Max, after two deadly crashes.
Posted inArticle, Business
Samsung wins $6.6 billion Verizon contract for 5G network
Samsung Electronics Co. will develop 5G network infrastructure for Verizon Communications under a $6.65 billion deal announced Monday. The contract runs through 2025. Samsung has developed limited 5G systems for Verizon before, and Verizon said it was excited to expand the relationship. The South Korean technology giant beat out rivals like Finland’s Nokia, which has also worked with Verizon in the past. But another rival, China’s Huawei Technologies, was off the table. The U.S. government has warned U.S. and European phone carriers against Huawei because it considers the company a security risk.
Posted inArticle, Business, Newport Bureau
Wedding vendors struggle as couples shrink and postpone events
Newport is one of New England’s most popular wedding destinations, but COVID-related restrictions brought many couples’ plans to a halt this summer. Some are now holding scaled-down “micro weddings” instead, but workers in the wedding industry say this trend isn’t solving their financial troubles.
Posted inArticle, Business
Activists accuse local alternative media site of racial bias, call for businesses to pull ads
Grassroots activists in New Bedford are calling for businesses to pull ads from an alternative media company in the area, claiming it is racially divisive and biased.
Posted inArticle, Business, Newport Bureau
Newport residents seek to promote racial justice through Black business ownership
As protests against racism continue in Rhode Island this summer, several Black business owners in Newport hope to address systemic inequalities by providing camaraderie and logistical support to aspiring Black entrepreneurs. Antonia Ayres-Brown recently sat down with the cohort as they discussed why, in addition to marching with protest signs, they want more residents to march into city hall with binders full of business plans.
Posted inArticle, Business
Downtown Providence bracing for uncertain future in wake of COVID-19
Downtown went quiet this spring when workers vacated their offices as the pandemic hit, and fewer than half have returned. Some fear COVID-19 could reverse decades of development.
Posted inArticle, Business
Five takeaways from Facebook’s civil rights audit
A two-year audit of Facebook’s civil rights record found “serious setbacks” hurting the social network’s progress on matters such as hate speech, misinformation and bias. Facebook had hired former American Civil Liberties Union executive Laura Murphy, in May 2018 to assess its performance on vital social issues. On Wednesday, the final 100-page report said that the company’s elevation of free expression _ especially by politicians _ above all other matters has hurt its progress on other matters like discrimination and protecting vulnerable users.