2016-10-21T15:21:33-04:00Fidelity Charitable reported this week that during the first nine months of 2016, $2.3 billion in grants were recommended by donors, a 15 percent increase over last year.
BOSTON - Fidelity Charitable reported this week that during the first nine months of 2016, $2.3 billion in grants were recommended by donors, a 15 percent increase over last year. The number of grants also rose - by 12 percent - over the same amount of time, with over 489,000 grants made to over 90,100 nonprofits.
Disaster-related giving to victims of Hurricane Matthew was recommended by donors to 180 different charities, Fidelity Charitable said in a press release. More than $2.5 million was recommended for these disaster-aid groups, such as the American Red Cross and Partners in Health.
This past summer, Louisiana flooding led to $1.2 million in grants to 197 charities, such as the Red Cross, Samaritan's Purse and the Salvation Army, among others. The Syrian refugee crisis brought another large boost in grants this year: More than $2.3 million went to organizations such as the International Rescue Committee, Doctors Without Borders, Catholic Relief Services and others - 188 groups total.
"This year has seen many challenges for people globally, driven by natural disasters and armed conflict," Fidelity Charitable President Pamela Norley said.
"Our donors have quickly mobilized to assist people ... we are in a fortunate position to empower our donors to support the charitable causes they care most about - in the immediate aftermath of a tragedy and in the longer term."
This past July, Fidelity Charitable launched its "$25 billion in 25 years" initiative. The independent public charity is looking to award a lifetime cumulative of $25 billion in grants to charities for its 25th anniversary. It's reached more than $24 billion as of Sept. 30.
Founded in 1991, Fidelity Charitable serves diverse needs with a donor base of 132,000 contributors.
2016-10-21T14:21:55-04:00T.F. Green Airport saw a 0.7 percent increase in passengers in September to 302,381 from 300,284 in September 2015, the R.I. Airport Corp. said Friday.
WARWICK - T.F. Green Airport saw a 0.7 percent increase in passengers in September to 302,381 from 300,284 in September 2015, the R.I. Airport Corp. said Friday.
The airport also saw a 2.5 percent rise during the first nine months of the year, to 2,730,755 from 2,665,073 during the same period last year.
Southwest Airlines held the largest market share in September at 40.6 percent, while American Airlines held a 27.3 percent share. Delta Airlines, United Airlines and JetBlue Airways rounded out the top five market share holders at 12.3 percent, 11.3 percent and 6.8 percent, respectively.
American had the greatest increase in passengers over the year at 6,400, to 82,444 in September, while TACV Cabo Verde Airlines, which flies year-round to Cape Verde, had the largest percentage increase year-over-year at 19.1 percent, to 2,598 last month.
United Airlines posted a 14 percent passenger increase over the year to 34,308; JetBlue also saw 4.4 percent passenger growth, to 20,549.
Condor Airlines' decision to no longer offer service to Germany from T.F. Green was reflected in the numbers, as it posted the largest passenger decline at 32.4 percent, to 292 in September from 432 in September 2015. Condor, which had operated flights to Frankfurt for two summers, ended flights early last month, citing increased competition from low-cost carriers as the reason.
Southwest experienced the greatest passenger decline over the year in September at 7,229, to 122,870 from 130,099, a 5.6 percent decrease. Delta had a 2.3 percent dip in passengers, to 37,204 from 38,067 during the same time period.
2016-10-21T13:21:06-04:00Rhode Island ranked 35th in the nation for its 0.6 percent construction growth in September compared with September 2015, Associated General Contractors of America said Friday.
PROVIDENCE - Rhode Island ranked 35th in the nation for its 0.6 percent construction growth in September compared with September 2015, Associated General Contractors of America said Friday.
Rhode Island gained 100 jobs over the year, for a total of 17,200. Month over month, the state's rank improved to 23rd even though construction employment was unchanged over that time period.
Including Rhode Island, the association said construction employment rose in 35 states over the year. Only 21 states and the District of Columbia added jobs from August to September.
California added the most construction jobs, 30,900, over the year in September. Iowa added the highest percentage of new construction jobs during the past year at 17.7 percent.
Kansas lost the highest number of jobs at 4,700, while Wyoming lost the highest percentage of jobs at 9.2 percent.
2016-10-21T12:21:41-04:00It might be time to ask your boss for a raise--that is, if you haven't gotten one already.
NEW YORK - It might be time to ask your boss for a raise--;that is, if you haven't gotten one already.
According to new data from the Federal Reserve Bank of Atlanta, most categories of workers are seeing wage growth hit post-financial-crisis highs. In fact, Bespoke Investment Group points out that the 3.9 percent year-over-year growth expected for full-time employees is faster than at almost any other point in U.S. history.
"In real terms (relative to the Consumer Price Index; a measure of inflation), median wages are growing faster than almost 95 percent of prior occurrences," the team said in a research report. "Overall, the monthly Atlanta Fed analysis continues to show quite a dramatic acceleration in wage growth across the labor force."
Some groups are faring better than others, and one trick to getting an even bigger raise may lie in switching jobs. The tracker's data show that job switchers tend to see faster wage growth than those who stay in the same role. This also means that more people are switching jobs for a pay raise.
One group, however, saw wages decline: males. While women saw some of the fastest increases in wages, men saw a slight decline last month, reversing the trend of males getting bigger raises earlier this year.
While wage growth has remained elusive for a large portion of the economic recovery, things began picking up earlier this year. During the summer, RBC Capital Markets LLC Chief U.S. Economist Tom Porcelli pointed out that, with signs of the labor market tightening, a continued uptick in wage growth is likely.
So if you haven't asked for a raise, it might be time to talk to your boss or look for a new role. Especially if you're a woman.
2016-10-21T12:21:56-04:00Webster Financial Corp. on Friday reported third quarter profit growing 0.87 percent to $51.8 million, or 54 cents per share, compared with $51.4 million, or 53 cents per share, for the same period last year.
WATERBURY, Conn. - Webster Financial Corp. on Friday reported third quarter profit growing 0.87 percent to $51.8 million, or 54 cents per share, compared with $51.4 million, or 53 cents per share, for the same period last year.
The parent company of Connecticut-based Webster Bank reported revenue growing 7.4 percent to $272.1 million for the quarter ending Sept. 30.
"Strong commercial loan growth, an increase in the net interest margin and sold growth in noninterest income produced Webster's 28th consecutive quarter of year-over-year revenue growth and solid earnings," said James C. Smith, chairman and CEO, in prepared remarks.
The bank realized strong noninterest growth of 8.35 percent totaling $83.1 million, fueled largely by loan and lease-related fees and mortgage banking activities. That growth, however, was offset by an 11.5 percent increase in noninterest expenses, fueled largely by a 13.5 percent increase in compensation and benefits, which totaled $83.1 million for the quarter. Interest income grew 7.14 percent to $205.7 million, thanks largely to income and fees on loans and leases, offset slightly by a year-over-year decrease in interest and dividends on securities. The company's net interest margin grew 6 points to 3.1 percent.
Total loans and leases totaled $16.6 billion, representing a 9.25 percent increase compared with the prior year quarter. The company realized year-over-year gains in all categories of loans and leases. Allowance for loan and leases losses to total loans and leases fell 1 point to 1.13 percent. Nonperforming loans and leases to total loans and leases also decreased 27 points to 0.77 percent. Nonperforming assets fell 19.5 percent to $132.3 million.
Total assets grew 6.77 percent to $25.6 billion. Deposits grew 9.2 percent to $19.2 billion.
2016-10-21T12:21:52-04:00Restaurant executives are increasingly blaming this year's presidential election for creating negative news and crimping sales.
CHICAGO - Restaurant executives are increasingly blaming this year's presidential election for creating negative news and crimping sales.
Dunkin' Brands Group Inc. said on Thursday that new U.S. store growth would be at the low end of its previous guidance of 430 to 460 net new locations. Meanwhile, BJ's Restaurants Inc., a casual-dining chain known for pizza and beer, is blaming the volatile election -- and particularly the debates -- for keeping customers away.
"I think people are rather fed up listening to all the election stuff," Dunkin' CEO Nigel Travis said in an interview on Thursday. "Uncertainty is not good for our business because franchisees have to invest and they want some certainty to invest."
Dunkin' is nearly 100 percent franchised, meaning independent operators own and run its Dunkin' Donuts and Baskin-Robbins restaurants.
"I would encourage whoever gets into office to focus on small business because small business is the driver of employment," Travis said.
Wednesday night, Hillary Clinton and Donald Trump sparred about issues including the economy, abortion and foreign policy in their third and final debate. While Trump's refusal to commit to accepting the election result was perhaps the event's most significant moment, he also made history by becoming the first nominee to use the word "liar" against a general-election debate opponent.
BJ's CEO Greg Trojan said the debates have distracted customers. He also pointed to the general tenor of the election as contributing to an industrywide slowdown.
"The tone of this year's political season, regardless of where your allegiance may lie, has generated what some would call a nearly unprecedented level of negativity and doubt in the minds of everyday American citizens," Trojan said on a conference call. "Overall, retail trends and the results of other businesses dependent on consumer discretionary spending confirm that during the quarter, many preferred to stay home versus going out."
Another problem last quarter: The relatively late timing of the Summer Olympics may have kept Americans from going out to eat as much last quarter, Trojan said.
Still, Trojan sees the picture improving after the election concludes next month.
"Hopefully, post-election, people will get into a more normal rhythm and mindset," Trojan said on the conference call. "We would look forward to that happening."
At Dunkin', Travis agrees: "People want to hear positive news," he said. "We just need to get behind it."
2016-10-21T11:21:58-04:00Citizens Financial Group Inc. on Friday reported third quarter profit growing 35 percent to $297 million, or 56 cents per share, compared with $220 million, or 40 cents per share, during the same period last year.
PROVIDENCE - Citizens Financial Group Inc. on Friday reported third quarter profit growing 35 percent to $297 million, or 56 cents per share, compared with $220 million, or 40 cents per share, during the same period last year.
The Providence-based company also reported year-over-year revenue growing 14.1 percent to $1.38 billion for the quarter ending Sept. 30 compared with $1.2 billion a year ago.
"We are pleased to report another very strong quarter of improved financial performance with good revenue growth, robust positive operating leverage and further progress across all of our key strategic initiatives," said chairman and CEO Bruce Van Saun, in prepared remarks.
The third quarter results largely benefited from a $19 million after-tax sale of troubled debt in mortgages and home equity. The company had its first open-market buyback program since becoming fully independent, purchasing 11 million shares of common stock, returning $313 million to shareholders, including dividends. The company reported a positive operating leverage year over year of 5.5 percent.
Revenue was fueled by a 10 percent increase in net interest income, reflecting loan growth and an 8-point improvement on the bank's net interest margin totaling 2.84 percent for the quarter. Total loans and leases and loans held for sale grew 8.32 percent to $106 billion. Total nonperforming loans and leases as a percentage of total loans and leases fell 1 point to 1.05 percent, while allowance for loans and lease losses as a percentage of total loans and leases fell 5 points to 1.18 percent. The growth was slight offset year over year due to lower long-term rates and a decrease in the Federal Reserve Bank stock dividends, according to the company. Citizens, for the fourth quarter, expects loans to grow 1.5-2 percent and its net interest margin to remain relatively stable compared with third quarter results.
At the same time, noninterest income grew 23.2 percent to $435 million, thanks largely to the gain realized through the sale of troubled debt. The company realized strong gains in service charges and fees, capital market fees and mortgage banking fees, which were partially offset by year-over-year reductions in credit card fees, and trust and investment services fees. Citizens expects noninterest income to remain relatively stable for the upcoming quarter compared with the third quarter.
Total assets grew 8.54 percent to $147 billion. Total deposits grew 6.34 percent to $108.3 billion.
During the quarter, Citizens added 47 mortgage loan officers and 11 financial consultants, growing the team to 500 mortgage originators and 350 financial consultants.
2016-10-21T11:21:08-04:00Career entrepreneur Danny Warshay, a 1987 Brown University graduate,is leading the new Jonathan M. Nelson Center for Entrepreneurship for his alma mater.
PROVIDENCE - Career entrepreneur Danny Warshay, a 1987 Brown University graduate,is leading the new Jonathan M. Nelson Center for Entrepreneurship for his alma mater.
Warshay took the position in August.
The center, announced earlier this year with a gift of $25 million from Jonathan M. Nelson, class of 1977, is set to officially launch this fall. Focusing on entrepreneurship research and teaching, the center enables teaching, programming and collaboration among members of the Brown community engaged in entrepreneurial activities.
As the founding executive director, Brown said in a news release that Warshay will provide leadership in shaping and advancing the university's entrepreneurship strategy. His duties include coordinating center activities, cultivating programming, developing and managing its budget, and fundraising for the center.
He also will work with the center's Academic Advisory Council and Advisory Board to develop academic offerings in entrepreneurship at Brown. In addition to interacting with the Brown community, he also will meet with representatives from the government and business communities to promote the center and its goals.
"Warshay brings a depth of knowledge and experience to this role, having devoted his career to building and managing high-growth entrepreneurial ventures," the release said, noting that while he was an undergraduate at Brown, he co-founded Clearview Software, later acquired by Apple.
"Since then, he has been instrumental in co-founding, developing and harvesting other successful companies in fields ranging from media and advanced materials to consumer products and medical devices," it continued.
Warshay also has been teaching entrepreneurship at Brown for more than a decade, and is a member of the entrepreneurship faculty in the Tel Aviv University MBA program. He also leads entrepreneurial process workshops in corporate, governmental, NGO and other non-academic contexts throughout the United States, and in China, Egypt, Portugal, Bahrain, Slovenia, South Africa, Jordan, Palestine, Israel and the United Kingdom.
Warshay founded G-Form LLC, a Rhode Island sports equipment manufacturer. G-Form received an emerging manufacturer award from Providence Business News in 2014.
Center benefactor Nelson is the founder and CEO of Providence Equity Partners LLC.
2016-10-20T16:20:38-04:00Richard R. Charest, president and CEO of Landmark Medical Center and the Rehabilitation Hospital of Rhode Island, is retiring.
WOONSOCKET - Richard R. Charest, president and CEO of Landmark Medical Center and the Rehabilitation Hospital of Rhode Island, is retiring.
"It is with a profound sense of accomplishment that I am announcing my retirement after over 40 years at both Landmark Medical Center and the Rehabilitation Hospital of Rhode Island. It is now time for me to begin the next chapter of my life," Charest said in a statement.
Charest's career at Landmark started in his teens, when he worked as an orderly and dishwasher. He later served as the director of pharmacy, and in other positions. In 2000, he was named president and CEO of the Rehabilitation Hospital of Rhode Island, a position he still holds. Charest became president of Landmark Medical Center in 2007, and CEO in 2008.
"Rick has built a reputation as a strategic, results-oriented executive - a visionary leader with a passion for quality, patient safety and service excellence," Dr. Glenn Fort, president of the medical staff, said.
Three years ago, a defining moment for Charest was the acquisition of Landmark Medical Center by Prime Healthcare.
"With Prime Healthcare's generous assistance, both of our organizations and 1,200 jobs were saved," said Charest. "The mission of providing care for northern Rhode Island will continue for generations to come."
Dr. Prem Reddy, chairman, president and CEO of Prime Healthcare, said Charest guided Landmark through "turbulent times for six years during bankruptcy."
"He transitioned the hospital to Prime Healthcare and led the hospital through a successful turnaround, turning Landmark into a stable community asset offering quality, compassionate care," Reddy said.
Besides being his employer, Landmark has been an important part of Charest's life in other ways - he met his wife Christine there and his two children were born there.
In his retirement, Charest said he looks forward to spending more time with his sons and three grandchildren. Although a departure date has not been determined, a successor is being recruited.
2016-10-20T16:20:14-04:00The state's seasonally adjusted unemployment rate remained unchanged at 5.6 percent in September from August, and similarly unmoved from the September 2015 rate, according to a Thursday release from the R.I. Department of Labor and Training.
PROVIDENCE - The state's seasonally adjusted unemployment rate remained unchanged at 5.6 percent in September from August, and similarly unmoved from the September 2015 rate, according to a Thursday release from the R.I. Department of Labor and Training.
Nationally, the unemployment rate in September was 5 percent, representing an increase of one-tenth of one percentage point increase from August and a decrease of the same amount from September 2015.
Rhode Island-based jobs, which totaled 490,200 in September, dipped by 900 since August. Since September 2015, the Rhode Island economy has added 5,300 jobs.
Employed Rhode Island residents increased by 400 in September to 526,300 from August, which shows a 3,800-person increase from September 2015.
The state's labor force increased by 500 in September 2016 to 557,400 from the previous month, an increase of 3,600 people from September 2015.
In addition, the number of unemployed Rhode Island residents increased by 100 to 31,100 since August. This represents 100 fewer unemployed people than in September 2015. There were 7,298 individuals collecting unemployment insurance in September 2016, 25.8 percent of the state's total unemployed, which is down 400 from last year.
Last month marked the second consecutive month of job loss for a total of 1,300 positions. The government sector lost 700 jobs in September, the majority of jobs (However, that sector gained 300 jobs from September 2015); another 200 jobs were lost in the private sector in September.
September also saw a loss in the educational services industry (down 1,100), the second time this year that amount has been lost by the sector, but the total is up 200 from the year before. Health care and social assistance fell by 900 jobs last month, the largest month-to-month loss since January 2000. The sector is down 200 jobs since September 2015. Professional business services lost 700 jobs in September compared with August, but increased by 1,500 since September 2015.
Manufacturing lost 200 jobs over the month, but has increased by 500 from September 2015, other services lost 300 jobs last month but is up 200 year-to-year, information is down 100 over the month, and down 300 from September 2015 and transportation and utilities fell 100 since August, but gained 100 jobs year-to-year.
Manufacturing workers earned $18.44 per hour in September, 20 cents higher than the prior month and $1.16 higher year over year. On average, they worked 39.4 hours per week last month, an increase of 1.2 hours from August, but a three-tenths of an hour dip from September 2015.
Accommodation and food services saw an increase of 1,800 jobs since last month and 600 jobs were added to both the arts, entertainment and recreation, and retail trade sectors in September.
Two hundred jobs were added to the wholesale trade sector in September and employment was unchanged in the construction, financial activities and mining and logging sectors in September compared with August.