Latest news with #LizTanner
Boston Globe
2 hours ago
- Business
- Boston Globe
Dollar General posts record sales as bargain stores attract more people anxious about the economy
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up GOVERNMENT Advertisement R.I. Commerce secretary resigns to lead new state nonprofit to capitalize on 2026 World Cup Rhode Island Secretary of Commerce Liz Tanner addressed the media during a press conference in 2023. Matthew Healey for The Boston Globe R.I. Commerce Secretary Liz Tanner has resigned from her post. Instead, she will lead Ocean State 2026, a new nonprofit organization created by Governor Dan McKee that will be dedicated to ensuring Rhode Island maximizes the economic opportunities of next summer's World Cup, a press release from the governor's office confirmed. Treasurer James Diossa will serve as chairman of the nonprofit's board. 'This world-class soccer event presents a major opportunity to showcase Rhode Island on the global stage — and we're ready to seize it,' said McKee. 'This new nonprofit will help ensure we're attracting visitors, supporting local businesses, and driving economic activity in the state.' It's unclear who will serve as Commerce's new cabinet-level secretary. A spokeswoman for the governor's office could not be immediately reached for comment. Seven tournament matches will be played at Gillette Stadium from June 13 to July 9, 2026. Throughout the course of the tournament, an estimated one million people are expected to travel through the Providence area with a projected economic impact of more than $330 million. Ocean State 2026 will focus on maximizing the tournament's potential to boost tourism in Rhode Island, support local businesses, enhance workforce development, and showcase the state as a premier global destination, according to a government press release. The nonprofit will lead business sponsorship efforts to support tournament-related activities in Rhode Island. They'll also work with local agencies, like Boston 2026, to ensure a 'a unified and impactful presence before, during, and after the tournament.' Ron O'Hanley, State Street's chief executive, will chair the honorary board of Boston 26. During Tanner's tenure, she oversaw the expansion of broadband infrastructure through over $100 million in federal funding, the launch of programs tailored to the needs of small businesses, and completion of major economic development projects. Her last day as secretary of Commerce will be July 4. — ALEXA GAGOSZ Advertisement BIOTECH Watertown cancer drug firm iTeos shutting down iTeos Therapeutics, a cancer-fighting biotech based in Watertown, is winding down operations just weeks after shelving its most advanced drug candidate due to underwhelming clinical data. The 12-year-old biotech had been collaborating with the British pharmaceutical giant GlaxoSmithKline on the immuno-oncology drug candidate. The companies scrapped that program after mid-stage clinical trials delivered disappointing results. iTeos ended the first quarter of 2025 with more than $624 million in hand and several oncology assets, plus a potential obesity treatment. The publicly traded biotech plans to return as much capital as possible to shareholders, according to a May 28 company news release. The immuno-oncology company had 173 employees at the end of last year, according to a filing with the US Securities and Exchange Commission. iTeos's announcement came the same week that Keros Therapeutics of Lexington said it was ending development of a drug candidate to treat high blood pressure. Keros said it was laying off 45 percent of its workforce, which will leave the company with 85 full-time employees. — JONATHAN SALTZMAN Advertisement TRADE Trump's tariffs expected to drag down the global economy A worker sewed garments along a production line at Thanh Cong Textile Garment in Ho Chi Minh City, Vietnam. LINH PHAM/NYT President Trump's trade war is expected to slow growth in the world's leading economies, including the United States, this year and in the years to come, unless world leaders can resolve their differences over trade. The Organization for Economic Cooperation and Development slashed its outlook for global output to 2.9 percent this year, from 3.3 percent in 2024, the organization said in its economic report released Tuesday. Economic growth in the United States is expected to be particularly weak, the organization said, rising 1.6 percent this year, a drop from the 2.2 percent projected in March, and 1.5 percent in 2026, down from its previous estimate of 1.6 percent. The US economy grew 2.8 percent in 2024. 'Through to the end of 2024, the global economy showed real resilience,' said Mathias Cormann, the organization's secretary-general. 'But the global economic environment has become significantly more challenging since.' In the first three months of the year, economic growth in the countries monitored by the organization, which is based in Paris, 'dropped abruptly' to 0.1 percent from the last three months of 2024, which is 'the slowest rate of growth since the peak of the COVID-19 pandemic some five years ago,' Cormann said. — NEW YORK TIMES Advertisement ENERGY Meta becomes the latest big tech company turning to nuclear power for its AI needs The Clinton Clean Energy Center in Clinton, Ill. John Dixon/Associated Press Meta has cut a 20-year deal to secure nuclear power to help meet surging demand for artificial intelligence and other computing needs at Facebook's parent company. The investment with Meta will also expand the output of a Constellation Energy Illinois nuclear plant. The agreement announced Tuesday is just the latest in a string of tech-nuclear partnerships as the use of AI expands. Financial details of the agreement were not disclosed. Constellation's Clinton Clean Energy Center was actually slated to close in 2017 after years of financial losses but was saved by legislation in Illinois establishing a zero-emission credit program to support the plant into 2027. The Meta-Constellation deal takes effect in June of 2027, when the state's taxpayer funded zero-emission credit program expires. With the arrival of Meta, Clinton's clean energy output will expand by 30 megawatts, preserve 1,100 local jobs, and bring in $13.5 million in annual tax revenue, according to the companies. — ASSOCIATED PRESS HIGHER EDUCATION Education Department says it will not garnish Social Security of student loan borrowers in default The US Department of Education headquarters in Washington, D.C. Al Drago/Bloomberg Borrowers who have defaulted on their federal student loans will no longer be at risk of having their Social Security benefits garnished, an Education Department spokesperson said Tuesday. The government last month restarted collections for the millions of people in default on their loans. An estimated 452,000 people aged 62 and older had student loans in default, according to a January report from the Consumer Financial Protection Bureau. The department has not garnished any Social Security benefits since the post-pandemic resumption of collections and has paused 'any future Social Security offsets,' department spokesperson Ellen Keast said. 'The Trump Administration is committed to protecting Social Security recipients who oftentimes rely on a fixed income,' Keast said. Advocates encouraged the Trump administration to go further to provide relief for the roughly 5.3 million borrowers in default. 'Simply pausing this collection tactic is woefully insufficient,' said Persis Yu, executive director of the Student Borrower Protection Center. 'Any continued effort to restart the government's debt collection machine is cruel, unnecessary, and will further fan the flames of economic chaos for working families across this country.' — ASSOCIATED PRESS Advertisement
Yahoo
23-05-2025
- Business
- Yahoo
GoNetspeed Celebrates Growing Footprint and 10th State
Newport, Rhode Island Slated for GoNetspeed's Multigigabit Network NEWPORT, R.I., May 23, 2025--(BUSINESS WIRE)--In partnership with the Rhode Island Commerce Corporation, GoNetspeed, the Northeast's largest independent fiber optic network builder, today celebrated GoNetspeed's planned expansion into Newport, Rhode Island. Marking GoNetspeed's first Rhode Island community, Newport also signifies a significant milestone for the company, as Rhode Island is the tenth state in GoNetspeed's growing footprint. The combined $13 million investment was made possible through a $9 million award from Rhode Island Commerce Corporation's Capital Projects Fund (CPF) with a $3.9 million match from GoNetspeed. This expansion will bring more than 8,200 homes and businesses throughout Newport access to high-speed, 100% fiber internet with speeds scaling up to two gigabits per second. "Rhode Islanders deserve access to fast, reliable internet," said Rhode Island Governor Dan McKee. "This investment is not just about connectivity; it's about strengthening our economy, supporting local businesses, and ensuring everyone can participate in today's digital world—key goals of our RI 2030 plan." "With ConnectRI, we're delivering targeted broadband solutions that make a real difference in the lives of residents and businesses," said Rhode Island Secretary of Commerce Liz Tanner. "These investments will help strengthen Rhode Island's infrastructure and keep us competitive." "GoNetspeed is continuing to elevate the quality of life in communities throughout the Northeast with access to 100% fiber internet, and we aren't slowing down. We are thrilled to celebrate Newport as the first Rhode Island community slated to gain access to our high-speed fiber-optic network," said Richard Clark, GoNetspeed President and CEO. "We are grateful for the support we have received from the Rhode Island Commerce Corporation, as they have made it possible for us to ensure that Rhode Island communities have the resources needed to thrive." Construction is expected to begin as early as fall of 2025, with the first customers expected to be connected by spring 2026. As construction begins this fall, homes and businesses will be connected neighborhood by neighborhood. The full construction process is expected to be complete by the end of 2026. Residents can visit to pre-order service and receive an exclusive pre-order offer, along with construction updates. GoNetspeed's expansion into Rhode Island underscores its commitment to bridging the digital divide and providing communities access to the latest technology. The company's 100% fiber-optic network is future-proof, capable of supporting the ever-increasing bandwidth demands of emerging technologies and applications. Recently, GoNetspeed unveiled a $250 million investment that will bring fiber-optic internet to 27 communities throughout Massachusetts. This significant investment follows continued network additions and expansions throughout New York and Connecticut, and most recently, full network upgrades in four Vermont communities. The privately funded company continues to scale, bringing access to 100% internet throughout the Northeast. About the Capital Projects Fund This initial investment from the state CPF is part of a larger effort by Rhode Island Commerce Corporation's ConnectRI program to connect all remaining unserved and underserved locations – meaning locations without access to 100/20Mbps service – across Rhode Island to affordable, reliable, high-speed internet. This project is being supported, in whole or in part, by federal award number CPFFN0169 awarded to the Rhode Island Commerce Corporation by the U.S. Department of the Treasury. About GoNetspeed: GoNetspeed, a high-speed fiber internet provider serving residential and business customers in Maine, Alabama, Connecticut, Massachusetts, Missouri, New York, Pennsylvania, Vermont, and West Virginia, formed a partnership with Oak Hill Capital ("Oak Hill") in January 2021, allowing GoNetspeed to accelerate the expansion of its fiber network throughout the Northeastern U.S. Adding thousands of new service areas every year, GoNetspeed is one of the largest independent internet providers in the Northeast. For more information about GoNetspeed, or to inquire about service in your residence, business or community, visit View source version on Contacts Media Contact: Katie Bartholomai502.821.6784Katie@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
23-05-2025
- Business
- Business Wire
GoNetspeed Celebrates Growing Footprint and 10 th State
NEWPORT, R.I.--(BUSINESS WIRE)--In partnership with the Rhode Island Commerce Corporation, GoNetspeed, the Northeast's largest independent fiber optic network builder, today celebrated GoNetspeed's planned expansion into Newport, Rhode Island. Marking GoNetspeed's first Rhode Island community, Newport also signifies a significant milestone for the company, as Rhode Island is the tenth state in GoNetspeed's growing footprint. The combined $13 million investment was made possible through a $9 million award from Rhode Island Commerce Corporation's Capital Projects Fund (CPF) with a $3.9 million match from GoNetspeed. This expansion will bring more than 8,200 homes and businesses throughout Newport access to high-speed, 100% fiber internet with speeds scaling up to two gigabits per second. 'Rhode Islanders deserve access to fast, reliable internet,' said Rhode Island Governor Dan McKee. 'This investment is not just about connectivity; it's about strengthening our economy, supporting local businesses, and ensuring everyone can participate in today's digital world—key goals of our RI 2030 plan.' 'With ConnectRI, we're delivering targeted broadband solutions that make a real difference in the lives of residents and businesses,' said Rhode Island Secretary of Commerce Liz Tanner. 'These investments will help strengthen Rhode Island's infrastructure and keep us competitive.' 'GoNetspeed is continuing to elevate the quality of life in communities throughout the Northeast with access to 100% fiber internet, and we aren't slowing down. We are thrilled to celebrate Newport as the first Rhode Island community slated to gain access to our high-speed fiber-optic network,' said Richard Clark, GoNetspeed President and CEO. 'We are grateful for the support we have received from the Rhode Island Commerce Corporation, as they have made it possible for us to ensure that Rhode Island communities have the resources needed to thrive.' Construction is expected to begin as early as fall of 2025, with the first customers expected to be connected by spring 2026. As construction begins this fall, homes and businesses will be connected neighborhood by neighborhood. The full construction process is expected to be complete by the end of 2026. Residents can visit to pre-order service and receive an exclusive pre-order offer, along with construction updates. GoNetspeed's expansion into Rhode Island underscores its commitment to bridging the digital divide and providing communities access to the latest technology. The company's 100% fiber-optic network is future-proof, capable of supporting the ever-increasing bandwidth demands of emerging technologies and applications. Recently, GoNetspeed unveiled a $250 million investment that will bring fiber-optic internet to 27 communities throughout Massachusetts. This significant investment follows continued network additions and expansions throughout New York and Connecticut, and most recently, full network upgrades in four Vermont communities. The privately funded company continues to scale, bringing access to 100% internet throughout the Northeast. About the Capital Projects Fund This initial investment from the state CPF is part of a larger effort by Rhode Island Commerce Corporation's ConnectRI program to connect all remaining unserved and underserved locations – meaning locations without access to 100/20Mbps service – across Rhode Island to affordable, reliable, high-speed internet. This project is being supported, in whole or in part, by federal award number CPFFN0169 awarded to the Rhode Island Commerce Corporation by the U.S. Department of the Treasury. About GoNetspeed: GoNetspeed, a high-speed fiber internet provider serving residential and business customers in Maine, Alabama, Connecticut, Massachusetts, Missouri, New York, Pennsylvania, Vermont, and West Virginia, formed a partnership with Oak Hill Capital ('Oak Hill') in January 2021, allowing GoNetspeed to accelerate the expansion of its fiber network throughout the Northeastern U.S. Adding thousands of new service areas every year, GoNetspeed is one of the largest independent internet providers in the Northeast. For more information about GoNetspeed, or to inquire about service in your residence, business or community, visit
Yahoo
10-02-2025
- Business
- Yahoo
What's the 'blue economy'? RI turns to the ocean for next wave of economic development
Almost everybody knows that General Dynamics Electric Boat makes nuclear submarines at its Quonset Point shipyard on the shores of Narragansett Bay, but Rhode Island waters are also home to a burgeoning "blue economy," as local companies build state-of-the-art marine products. "From cutting-edge research and development in pharmaceuticals to advancements in renewable energy, addressing sea level rise, and strengthening our defense industry, the blue economy is driving innovation, creating jobs and building a more resilient and prosperous future,' Commerce Secretary Liz Tanner said when announcing tax incentives in December for a company that plans to build autonomous undersea vehicles in Bristol. Tanner's Commerce Department is full steam ahead trying to attract such companies. "Boasting nearly 400 miles of coastline, Rhode Island is known as The Ocean State for a reason," says a department brochure aimed at persuading companies to relocate or expand in Rhode Island. "Our strategic location, port infrastructure, skilled labor, and novel training programs supplying the workers of the future make Rhode Island an ideal location for growing blue-economy companies in off-shore wind energy, defense, shipbuilding, aquaculture & seafood, and more." And companies are responding. From vehicles that transport people on or above the water to submarines that operate with no people on board, from offshore wind power to top-secret weapons and guidance systems, Rhode Island companies are making a splash in the rapidly growing blue economy. Rhode Island has become such a player in the blue economy that it's hosting the two-day Blue Innovation Symposium, which bills itself as "New England's Premier Marine Technology Event," beginning Tuesday, with tours of blue economy sites in Bristol and North Kingstown the day before. Here's a look at some of what else is happening on − and under − the Ocean State's waters: A lot of what MIKEL makes, the Middletown company won't tell you much about because of the hush-hush military applications of its technology. Three years ago, the company let a few details slip about its efforts to develop a GPS-like guidance system for submarines. Four months ago, the Navy announced a $14 million contract for the company to help develop advancements in torpedo technology. The five-year contract will allow MIKEL to provide research, development and analysis focused on signal processing, classification and tracking algorithms for torpedoes. In December, Saab received nearly $4 million in state incentives for a new factory in Bristol where it will build and test autonomous undersea vehicles, often called drone submarines. The company, which already has a facility in Cranston, will produce small- and medium-sized vehicles. Saab shares a corporate history with the automobile brand of the same name, but they are now independent companies. Saab's Bristol factory will be the anchor tenant in Unity Park, a historical industrial park that is being reenvisioned as a "blue-economy hub." The park is already home to several businesses. Already in Unity Park, Flux Marine makes electric outboard motors. Like the Tesla of the boating world, Flux Marine's engines are quiet and emission-free and accelerate more quickly than their gas-powered counterparts. Also in Unity Park, Sealegs sells and services amphibious rigid inflatable boats that can transform from watercraft to vehicles capable of driving on dry land. Late last month, REGENT Craft broke ground on a 255,000-square-foot factory to build seagliders, airplane-like craft that fly 30 to 60 feet above the water. The all-electric passenger seagliders are meant to replace ferries, helicopters and traditional planes for short-haul sea transportation. They offer the speed of an airplane but cost as much as a boat to operate and produce zero emissions. 'Not only will this make Rhode Island the manufacturing capital of seagliders in the U.S.," company co-founder and chief executive Billy Thalheimer told the Commerce Department board when it approved $4 million in incentives for the factory, "it will also continue the state's leadership in composites manufacturing and the blue economy.' In June, Anduril, a company that builds autonomous submarines the size of Volkswagen buses, announced that, after a nationwide search, it had selected a site in Quonset Point to build a factory, with plans to open it this September. Although the company has commercial customers, such as companies that perform deep-sea inspections, the majority of its work is for the defense departments of the United States and its allies, spokesman Jackson Lingane said after the Commerce Department board approved $5.4 million in tax incentives. The primary mission of vehicles to be built in Rhode Island will be intelligence, surveillance and reconnaissance, Lingane said. In August, state officials welcomed underwater cable manufacturer Nexans to the Cambridge Innovation Center in Providence, where the company joined more than 30 other offshore wind companies with offices in the center. As wind farms are under construction in the waters near Rhode Island, state officials hailed a growing cluster of wind-power companies in the Ocean State. 'Companies from around the world are taking notice of what's happening in Rhode Island, choosing to land offshore wind operations in Providence,' Tanner said when Nexans opened its offices. Nexans supplies cables that transfer electricity from offshore turbines to the land-based power infrastructure. It's hard to look at Rhode Island's place in the blue economy and not see the role the Navy plays. Two entities − the Naval Undersea Warfare Center, the Navy's submarine research and development laboratory, and General Dynamics Electric Boat, builder of the nation's nuclear submarine force, are global leaders. "Rhode Island is a very big player," said Molly Donohue Magee, chief executive of SENEDIA, a defense industry group for Southern New England. "A lot of ocean tech, undersea tech is related to submarines." The Rhode Island defense industry cluster that grew up around submarine building, coupled with research at the University of Rhode Island Graduate School of Oceanography, prime Rhode Island to stand out in the blue economy, even outside the defense sector. Magee said that workforce development programs targeted at supporting the submarine industry also cultivate job skills that can transfer to the broader blue economy. "There's a lot of dual-use application for technology that's developed for undersea," she said. "Rhode Island is the Ocean State," Magee observed, adding that it only follows "that we are a key to ocean and undersea tech." This article originally appeared on The Providence Journal: 'Blue economy' is driving innovation in RI, from subs to seagliders
