Wednesday marked the beginning of scallop season in New England. But fishermen say restaurant closures caused by the coronavirus pandemic have stalled demand for their product.
Business
Posted inArticle, Business, Health
No Safety Net For RI Sex Workers In Pandemic
When Governor Raimondo announced a ban on public gatherings on March 16th, Rhode Island gentlemen’s clubs shut their doors. Dancers are out of work, but the sex industry in Rhode Island is far from closed. Clients are still calling, and the decision to work is in the hands of the sex workers themselves. If they can’t pay their bills or receive government assistance, they are going to have to rely on each other.
Posted inArticle, Business
What’s An Essential Retail Business?
Rhode Island Gov. Gina Raimondo has ordered all non-essential retail businesses closed, beginning March 30. Here’s a list of essential businesses, as outlined in her executive order.
Posted inArticle, Business
Westerly Bookshop Owner Remains Hopeful As Businesses Struggle
Small business owners across Rhode Island are trying to cope with the operational restrictions imposed by Governor Raimondo during the coronavirus outbreak. The Public’s Radio reporter Joe Tasca spoke with Jill Chomowicz about the challenges she’s facing as the proprietor of ReReads Bookshop in Westerly.
Posted inArticle, Business
Freddie, Fannie suspend some evictions and foreclosures
Mortgage buyers Fannie Mae and Freddie Mac say they will temporarily suspend foreclosure sales and evictions of borrowers in single-family homes owned by their companies. The action is among many efforts nationwide to protect those affected by the coronavirus pandemic. The government-controlled companies also announced an expansion of forbearance programs and the suspension of reporting to credit bureaus of past due payments for certain borrowers hurt by the national emergency. Fannie Mae and Freddie Mac do not make loans, but buy them from lenders and bundle them into securities, guarantee them against default and sell them to investors.
Posted inArticle, Business
Coronavirus Is Here, And RI Summer Homes Are Filling Up
The coronavirus has some summer residents heading to their Rhode Island second homes earlier than usual.
Posted inArticle, Business
In Westerly, COVID-19 Cases Disrupt Business As Usual
Activity slowed down significantly in Westerly over the weekend, the town where two children tested positive for COVID-19 this past week.
Posted inArticle, Business, Politics
Senate passes rebuke of DeVos over student loan forgiveness
The Senate on Wednesday gave final congressional approval to a measure overturning Education Secretary Betsy DeVos’ rules making it harder for students to get loans erased after being misled by for-profit colleges. The measure passed with a 53-42 vote and stands as a rare rebuke of DeVos by the Republican-controlled Senate. The House approved the measure in January, and the White House has threatened a veto. The Education Department quickly condemned the measure, calling DeVos’ rule an improvement over a “poorly written Obama-era regulation.”
Posted inArticle, Business
FAA seeks $19.7 million penalty against Boeing over sensors
Federal regulators want to fine Boeing $19.7 million for using sensors that weren’t listed as compatible with systems that pilots use to see instrument displays without looking down at the dashboard. Those systems are called heads-up displays, and they let pilots see their altitude and speed while keeping their eyes on the windshield. The Federal Aviation Administration says Boeing installed unlisted sensors on nearly 800 planes including Boeing 737 Max jets and older versions of the 737. Boeing says the dispute is about documentation and is not a safety-related matter. Boeing has 30 days to respond to the FAA.
Posted inArticle, Business
Mastercard names insider as new CEO
Mastercard is naming an insider as its new CEO. Michael Miebach, who is currently the company’s chief product officer, will takeover for CEO Ajay Banga to start 2021. Banja will become the company’s executive chairman, replacing the retiring Richard Haythornthwaite. Miebach will also get a seat on the board. The Tuesday announcement comes a day after Mastercard said first-quarter revenue growth might be about 2 to 3 percentage points lower than previously predicted due to the viral outbreak in China. Shares are down 2.1% in premarket trading.