Business

Business news

Ken Teegardin/SeniorLiving.Org / Creative Commons

Connecticut should act to close loopholes that allow big corporations to pay less tax. That’s the recommendation of pressure group ConnPIRG, which says small businesses in the state pay thousands of dollars extra each year to make up for corporate tax avoidance. 

Daniel Borman/flickr creative commons

The Department of Revenue Services said the amount of tax fraud that it has identified and prevented this year is substantially higher than in previous years. 

Lockley / Creative Commons

General Electric has posted a loss in the first quarter, because of the sale of large parts of its financial arm.

The Fairfield-based conglomerate took a one time charge of $16 billion in connection with the massive reshaping of its portfolio — selling off most of GE Capital, which became the cornerstone of its profits in the last decade. 

A string of insults aimed at a woman who works at a towing company were recorded by a surveillance camera. Now they've come back to sting sports reporter Britt McHenry. After the video emerged of McHenry, 28, dishing out profane verbal abuse, ESPN announced she'll be punished.

"Britt McHenry has been suspended for one week effectively immediately," the media company said.

Marc N. Belanger / Creative Commons

Connecticut's tourism industry contributed $14 billion to the state's economy in 2013, a three percent increase from the year before, according to a new economic impact study.

Saying that Google has abused its dominant position in the search market "by systematically favoring its own comparison shopping product," the European Commission has sent a list of antitrust charges to the search giant. The European Union has also opened a new inquiry into the Android mobile system.

"I am concerned that the company has given an unfair advantage to its own comparison shopping service" and broken European law, says the EU commissioner in charge of competition policy, Margrethe Vestager.

RufusNunus / Creative Commons

The world's largest hedge fund is proposing upgrades to its wooded campus in Connecticut. 

The project brings a new set of hurdles after the collapse last year of a plan to relocate its offices to a peninsula on Long Island Sound. 

Jessica Hill / The Associated Press

Governor Dannel Malloy has struck back at a marketing campaign mounted by supporters of an Oklahoma Indian tribe after controversy over payday loans which charged illegal interest rates. 

The unpredictable schedules of retail and fast-food workers is a big issue in workers rights campaigns. Now, the New York attorney general is investigating the way some of the country's biggest retailers handle scheduling.

In New York, if a worker shows up for a shift that he doesn't end up being needed for, the law says he still is due four hours of pay. State Attorney General Eric Schneiderman says retailers, especially, rely heavily on systems that require workers to be ready to work a shift — regardless of whether they end up working. It's called on-call work.

purple_onion / Creative Commons

The current enthusiasm for expanded gaming in Connecticut has prompted the Connecticut Lottery to float the idea of keno once again. Lawmakers will hear testimony on a bill later this week that would allow the lottery to offer keno, which is a form of high speed video gaming.

General Electric has announced plans to sell a large part of its financial arm, GE Capital, as it focuses increasingly its industrial businesses. GE Capital is a big money generator, but also a source of risk that made stockholders nervous. Analysts have congratulated GE on a bold move.

The New England Council

New England can reclaim its title as a manufacturing hub by working together to nurture the development of the advanced manufacturing industry. That's the conclusion of a new report being released Wednesday by the nonpartisan New England Council

Eric P / Creative Commons

Health insurer Aetna has been fined $1 million, after it misled its members about which pharmacies were in its network. The Hartford based company was was given a civil penalty by the Centers for Medicare and Medicaid Services (CMS), after complaints from consumers soared this year. 

MGM Resorts International

A study, paid for by Connecticut’s two tribal casinos, estimates out-of-state competition could soon divert $703 million a year from Mohegan Sun and Foxwoods. 

The two are seeking to bolster their case for legislation that would allow three new gaming sites within the state, as a way to fight back against new facilities in Massachusetts. 

Harriet Jones / WNPR

Pratt and Whitney says 2014 was a transformational year for the company, and it’s ready to put development problems behind it, as its new family of engines goes into service this year. 

Some typical crowdfunding proposals posted online may look like this: Help my band record our next album or please contribute to my child's medical expenses.

But here's one thing the average investor can't do through crowdfunding: buy stake in a private company. That policy, however, is under closer scrutiny. With more competition for venture capital funding, equity crowdfunding is getting more attention.

Banco Carregosa / Creative Commons

Two men from Massachusetts and Connecticut have been charged in an insider trading scheme that prosecutors say netted more than $1 million. 

RM Bradley Co.

It's not often that an entire village goes up for sale by bid, so last fall's auction of Johnsonville drew a lot of attention. The 62-acre parcel of land in East Haddam, complete with eight buildings, a covered bridge, and a waterfall, went for a high bid of $1.9 million.

But that deal has now fallen through. 

UTC

United Technologies Corp. has announced a change in leadership at Sikorsky Aircraft, less than a month after announcing it may spin off the helicopter-making subsidiary.

UTC on Thursday appointed Robert Leduc as president of Sikorsky, moving predecessor Mick Maurer to the newly created role of UTC senior vice president of strategic projects. 

Less than three months after the U.S. announced it will ease travel to Cuba, home rental site Airbnb is listing properties in the island nation. The average price for a room or home in Havana is currently $43. The company says it's starting out with more than 1,000 listings.

A look at the offerings Thursday morning found everything from "beautiful colonial rooms for rent in the heart of Havana" for $27 a night to a "a holiday sanctuary" chalet on the outskirts of Havana that can accommodate 10 guests for $1,000. It includes a pool.

Pratt and Whitney

Jet engine maker Pratt and Whitney is harnessing big data to try to cut down on engine maintenance problems, and save airlines money. 

Starwood

Connecticut’s Starwood Hotels and Resorts is one of the companies condemning efforts by state legislatures to pass discriminatory legislation. 

The current upheaval in Yemen is a sharp reminder of the fragility of the global oil market. Airstrikes by Saudi Arabia against Houthi rebels in Yemen has stoked fears of a disruption to the supply market.

Yemen and Saudi Arabia, the world's largest oil producer, share a long border. While Yemen is only a small producer of crude oil, it controls the Bab el-Mandeb Strait at the southern entrance to the Red Sea.

The online classified site Craigslist updated its safety page this week, encouraging users to make exchanges at local police stations. Some police departments across the country are already offering up their headquarters as voluntary "safe zones" for Craigslist deals.

Sebastian Rivera likes to ride BMX bikes. And when he's customizing his ride, he says he'll hop onto Craigslist to look for free stuff or to trade bike parts with people in his area.

Harriet Jones

Connecticut lost jobs in February, the state’s first monthly decline since last summer. Department of Labor officials say the record cold snap may be to blame.

Harriet Jones / WNPR

Connecticut is one of just two or three places in the U.S. where stationary fuel cells are made on a large scale. While it's been an important industry here for decades, it's never been profitable. But could that be about to change? 

Christopher Harrison / Creative Commons

Connecticut farmers will have an opportunity to become authorized to accept food stamps from customers at their farms and at farmers markets. 

thetaxhaven/flickr creative commons

What do we make of this economy and stock market right now? Why aren't people more positive about the good numbers? Why do the markets react every time there is a whisper of  raising interest rates? Join us for conversation with Bob and Charles Kreitler, from New Haven's Kreitler Financial, affiliated with Raymond James.

Gender equality is "humanity's biggest project," Lakshmi Puri told the United Nations this past week. Puri, the deputy executive director of U.N. Women, wants to achieve "Planet 50-50" by 2030.

When it comes to the workplace, equal employment opportunities aren't just a benefit to women. Several new studies point out that discriminatory practices that keep women out of the workforce are not only unjust, but economically nonsensical as well.

Chion Wolf / WNPR

Connecticut lawmakers are considering an expansion of the state’s gambling enterprise, urged forward by competition from Massachusetts. Operators of Connecticut's two existing casinos believe that if this legislation passes, their business will remain competitive.

On Thursday, the legislation -- Senate Bill 1090 An Act Concerning Gaming -- was approved 15 to eight by the General Assembly's Public Safety and Security Committee. It awaits further action in the Senate to clarify details still under negotiation.

Pages