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Bank of America Corp., the second-biggest U.S. lender, swung to a surprise loss as the company booked $6 billion of costs tied to mortgage disputes. more
The University of Rhode Island broke ground Wednesday morning on a new LGBTQ Center on Upper College Road scheduled to open next spring. The groundbreaking took place at the site of the old Ruggles House, a vacant URI building at 19 Upper College Road that will be demolished to make way for the $2.1 million, 4,300-square-foot facility. more
LIN Media LLC directors structured Media General Inc.’s $1.6 billion buyout of the local TV-station operator in a way that unfairly benefits private-equity firm HM Capital Partners LLC over other shareholders, a pension fund claimed in a lawsuit. more
Rhode Island Innovation Fellows Amy Bernhardt and David Dadekian will pursue projects in the textile and food industries respectively, the Rhode Island Foundation announced Wednesday. Bernhardt’s project, Colorfast, will establish a research and manufacturing facility to design digitally printed textiles, while Dadekian’s project, the Eat Drink Rhode Island Central Market, would include a public market and tourism and educational components. more
The R.I. Department of Revenue collected $27.6 million less than expected in March, meaning the monthly total general revenue of $305 million fell 8.3 percent short of the $333 million originally projected, the department reported Tuesday. more
U.S. taxpayers would need to pay an average of $1,259 more a year to make up the federal and state taxes lost to corporations and individuals sheltering money in overseas tax havens, according to a report. more
Individual default rates in the U.S. have dropped to their lowest level since before the financial crisis as consumer confidence rises and first-time jobless claims fall. more
Rhode Island’s economic outlook ranked No. 41 among the 50 U.S. states according to the 2014 ALEC-Laffer State Economic Competitiveness Index released Tuesday by the American Legislative Exchange Council. Rhode Island’s ranking at No. 41 in the 2014 report was an improvement over last year, when the Ocean State landed at No. 45. more
Advocates for small business in Rhode Island got the ear of the U.S. Small Business Administration’s national ombudsman Tuesday to bring up concerns about the impact of federal regulations on local companies. more
The Consumer Price Index in the Northeast rose 1.5 percent on a non-seasonally adjusted basis during the 12 months ended in March, matching the increase in the national index during the same time period, according to a report from the U.S. Bureau of Labor Statistics. more
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