Business

Pharma Wars
5:01 pm
Mon May 12, 2014

Pfizer's Read Defends Astra Zeneca Bid

Pfizer CEO Ian Read from a company video
Credit Pfizer

Pfizer's chief executive will face questioning by politicians in the UK this week over the company's bid for rival pharmaceutical company Astra Zeneca.

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Here & Now
2:58 pm
Mon May 12, 2014

FiveFingers Shoe Company Pays $3.5 Million For Misleading Customers

Vibram's FiveFinger running shoes have developed a strong following among runners who believe minimal cushioning in shoes provides a better running experience, but the company recently settled a lawsuit claiming there was no science backing up their claims. (Patrick Yodarus/Flickr)

Originally published on Fri May 16, 2014 5:05 pm

Vibram USA — the maker of those shoes that look more like rubber gloves with separate compartments for each toe — has agreed to pay $3.5 million settlement in a class action suit for allegedly misleading their customers.

The lawsuit was brought by a woman who says the shoe company claimed to decrease foot injuries and strengthen foot muscles, but had no scientific research to prove it.

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Mortgage Crisis
1:33 pm
Fri May 9, 2014

Homes in Hartford Top List of "Underwater" Cities

In Hartford, more than half of homes are underwater.
allnightavenue Creative Commons

Hartford has the highest rate of underwater mortgages in the country, according to a new report that says communities of color are most likely to owe more on their mortgages than their homes are worth. But the city administration disputes the data on which the study is based.

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Public Radio
10:54 am
Fri May 9, 2014

NPR Names Jarl Mohn As Its New CEO And President

Jarl Mohn, a veteran of radio and television, will be NPR's new CEO, the organization's board of directors announced Friday.
Jim Tuttle for NPR

Originally published on Fri May 9, 2014 6:31 pm

Media industry veteran Jarl Mohn will be NPR's new CEO, the organization's board of directors has announced.

Mohn, 62, currently sits on the board of directors at several media organizations, including Scripps Networks Interactive and Web analytics company ComScore. He is also on the boards of KPCC Southern California Public Radio and the USC Annenberg School for Communication and Journalism.

Announcing the hire, Kit Jensen, who chairs NPR's board of directors, said Mohn has "an ability to find nuanced and new ideas." He is slated to start work at NPR on July 1.

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Regulating Risk
11:50 am
Thu May 8, 2014

Former U.S. Treasury Secretary Geithner to Speak at Yale

Timothy Geithner at the United States Department of Treasury in 2009.
White House

Former Treasury Secretary Timothy Geithner will give a lecture series at Yale this fall, based on his experiences during the financial crash.

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Made in Connecticut
11:56 am
Wed May 7, 2014

Connecticut Aerospace Companies Face Technological Leap

Pratt and Whitney's Pure Power geared turbo fan engine PW1100G.
Pratt and Whitney

Companies that supply planes and engines to commercial airlines are about to see a boom in business unlike anything that the industry can remember. There are more customers than ever before for airline flights, and alongside that, engine technology has taken a big leap forward. That means unprecedented investment, and Connecticut is at the epicenter of that change. 

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Green Power
11:04 am
Wed May 7, 2014

Fuel Cell Industry Still Strong, Say Advocates

A fuel cell installed in New York by ClearEdge Power,
ClearEdge

The market for fuel cells is growing, according to industry experts, despite the recent bankruptcy of one of Connecticut's largest fuel cell manufacturers.

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Defense Procurement
11:45 am
Tue May 6, 2014

Electric Boat Celebrates Historic Contract

Electric Boat in Groton is preparing to work on the largest contract ever awarded by the U.S. Navy.
Electric Boat

Electric Boat expects to hire more than 500 extra employees as it gets ready to work on the largest contract ever awarded by the U.S. Navy. The workforce can still expect pain in the short term.

The contract for ten Virginia class submarines represents five years of steady work building two submarines a year at the Groton yard, something that's been hard to come by in recent decades.

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Where We Live
9:00 am
Tue May 6, 2014

Saving For a New Kind of Retirement

Steven Depolo Creative Commons

After decades of stagnant incomes, the inability to save, and disappearing pensions, 75 percent of Americans nearing retirement have less than $30,000 saved, which won’t last long. One third of Connecticut residents are baby boomers -- a big demographic that is headed straight towards retirement. In fact, Connecticut’s population of 65 and up is growing ten times faster than the general population.

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Technology
12:41 pm
Mon May 5, 2014

Teen's App Helps Pay Family's Bills

Courtesy of Michael Sayman

Originally published on Mon May 5, 2014 5:51 pm

Michael Sayman is a 17-year-old game developer from Miami, whose app — 4 Snaps — has been going strong in the iTunes App Store. Sayman was highlighted at Facebook's development conference last week by Mark Zuckerberg. He graduates from high school this month and starts an internship at Facebook headquarters later this summer. Sayman spoke with Tell Me More about his app, how he used the proceeds to help his family and how some schools and teachers are overlooking the importance of tech.

How did you get into tech?

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Tourism
10:04 am
Fri May 2, 2014

Saybrook Point Inn Opens Historic Guest House

The Three Stories guest house is across the street from the Inn's main property.
Harriet Jones WNPR

As May begins, Connecticut's tourism industry is gearing up in earnest for the summer season ahead. And there's cautious optimism that receipts may be up once again this year. One Old Saybrook business is investing in the future.

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Jumpstarts
1:28 pm
Thu May 1, 2014

Connecticut Invests in Transit-Oriented Development to Expand Jobs, Education Access

A rendering of the New Britain busway station for CTfastrak.
ctfastrak.com

Connecticut is to invest millions of dollars in an attempt to spur economic development along the route of the New Britain to Hartford busway, and the New Haven to Springfield rail line.

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The Colin McEnroe Show
11:26 am
Thu May 1, 2014

Will Connecticut Be the Next Gig City?

Credit moodboard / Thinkstock

Okay, here's a borrowed analogy. My grandmother talked about the light bill to refer to what you call the electricity bill. And, that's because she lived at a time when literally, that's all electricity did-power the lights. And now, all sorts of things run on that same power. 

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Utilities
8:43 am
Thu May 1, 2014

State Senate Measure Could Change the Face of Electric Bills

Jupiterimages/liquidlibrary Thinkstock

The state senate has unanimously passed a bill to address many complaints against independent electricity suppliers.

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Startup Culture
9:54 am
Tue April 29, 2014

How a Stamford Startup Is Disrupting the Online Ad Market

Bill Lederer and Ted Yang in the Stamford office of MediaCrossing.
Harriet Jones WNPR

Do you ever wonder how the banner ad that pops up on your favorite website gets there, and who chooses what you’ll see?

At the moment, the buying and selling of digital ads is largely controlled by big legacy agencies. But there’s a tiny upstart company in Stamford that wants to disrupt the growing market.

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Pharmaceuticals
8:29 am
Tue April 29, 2014

Tax Breaks Could Be Biggest Prize In Pfizer Deal For AstraZeneca

For now, Pfizer's world headquarters remains in New York. But a deal for AstraZeneca could turn Pfizer British.
Mark Lennihan AP

Originally published on Mon April 28, 2014 7:00 pm

Pfizer finally fessed up and told the world that it wants to buy British drugmaker AstraZeneca. It wasn't a very well-kept secret.

The New York-based drugmaker confirmed publicly that it approached AstraZeneca in January about getting together. AstraZeneca, based in London, rebuffed the New Yorkers.

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Made in Connecticut
10:56 am
Mon April 28, 2014

Reshoring Reaches Connecticut Manufacturers

Operator Angela Hernandez performs a trimming operation and visual inspection on a prototype molding process at NPI Medical in Ansonia.
David Butler II Butler Photography, LLC

As World War II came to a close, manufacturing in Connecticut employed close to half the state's working population. Now it accounts for only eleven percent of employment. That dramatic decline over half a century is due to one irresistible force: off-shoring, and the loss of work to cheaper labor markets in Asia. But that force may not be so irresistible after all.

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Submarine Building
9:20 am
Mon April 28, 2014

Electric Boat Snags Biggest-Ever Navy Contract

A Virginia Class submarine built by Groton's Electric Boat.
Electric Boat

The U.S. Navy has given Groton shipyard Electric Boat the largest shipbuilding contract ever awarded.

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Air Force Contracts
2:26 pm
Fri April 25, 2014

Space X To Protest No-Bid National Security Contracts

Elon Musk, chief executive officer and chief designer of SpaceX.
Jewel Samad AFP/Getty Images

Originally published on Fri April 25, 2014 6:17 pm

SpaceX will launch an official protest against the Air Force for its no-bid national security launch contracts to Boeing and Lockheed, SpaceX CEO Elon Musk said in a televised press conference.

He said his company thought the process was "unfair" and that he wanted to shine a light on the process.

"As I've said, sunlight is the best disinfectant. If everything's fine, then I guess that's great," Musk said. "But that seems unlikely to me."

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Marketing the State
7:47 am
Fri April 25, 2014

Connecticut Showcases "Revolutionary Thoughts"

Connecticut wants your thoughts to turn to a Nutmeg State vacation while you're finishing up the laundry.
State of Connecticut

Connecticut is “still revolutionary” all over again, with the launch of another year of the state’s tourism campaign. This time the theme is “revolutionary thoughts.”    

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Economic Development
6:49 am
Fri April 25, 2014

UTC Tax Package Headed to Malloy's Desk

A rendering of planned new headquarters for Pratt and Whitney.
Credit Pratt and Whitney

A $400 million tax relief package for United Technologies is on its way to Governor Dannel Malloy's desk after the legislation passed the state senate.

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Technology
4:33 pm
Thu April 24, 2014

Tech Giants Pony Up Cash To Help Prevent Another Heartbleed

Google is among several companies putting money into a fund to help safeguard the Internet from possible security flaws in open-source software.
Marcio Jose Sanchez AP

Originally published on Thu April 24, 2014 7:17 pm

Google, Intel, Facebook and many other tech giants are pooling their money together — for the first time — to fix a glaring hole in cybersecurity. They're launching a multimillion-dollar fund to protect open-source code — the code that anyone can use for free, and that often gets overused and underprotected.

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Submarines
3:05 pm
Thu April 24, 2014

Electric Boat, Labor Union Agree to New Contract

Electric Boat in Groton.
Electric Boat

A labor union for 2,200 workers at submarine maker Electric Boat has agreed to a new, five-year contract through 2019 that includes annual pay raises of three percent or more. 

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Made in Connecticut
3:46 pm
Wed April 23, 2014

Ovation Guitars to Cease Production in Connecticut

Ovation Guitars in New Hartford.
warriors-bikers-people-places-things.blogspot.com

Connecticut's historic Ovation guitars will no longer be made in the state. The New Hartford factory will close this summer.

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Manufacturing
10:15 am
Tue April 22, 2014

Will Connecticut Be Part of a Manufacturing Renaissance?

The machine shop at the former Swift gold leaf factory in Hartford, part of the state's legacy in the manufacturing industry.
Jonathan Haeber Creative Commons

Changes in technology, energy and world labor markets are all driving a manufacturing renaissance in the U.S., but some economists believe Connecticut may miss out, despite its storied history as a manufacturing state.

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Video Streaming
9:11 am
Tue April 22, 2014

Netflix Says It Will Raise New Customer Subscription Rates

Kevin Spacey and House of Cards co-star Robin Wright at a Netflix special screening of the second season in Los Angeles in February. The original production is seen as a key factor in boosting subscriptions for the video streaming service.
Eric Charbonneau AP

Originally published on Tue April 22, 2014 10:11 am

Netflix, buoyed by its foray into original productions such as the political drama House of Cards, said Monday it has added 2.25 million new customers and plans to raise its new-subscriptions rate by $1 or $2 a month.

The video streaming service reported first quarter earnings of $53 million, or 86 cents a share. Its share price surged by 6 percent following the announcement of earnings that compared with $2.7 million in the same period a year ago.

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Deregulated Electricity Market
4:51 pm
Fri April 18, 2014

Regulators Say Electric Suppliers Must Improve Disclosure

Credit Sarah Simpson/flickr creative commons

Utility regulators say independent electric suppliers in the state should be required to give consumers a clear disclosure about how much they're paying for power.

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WAMC News
12:04 pm
Wed April 16, 2014

Progress Reported On Casino Impact Research Project

Originally published on Tue April 15, 2014 6:41 pm

Thousands of Massachusetts residents are being surveyed as part of multi-year, multi-million dollar research project on the social and economic impacts of introducing casino gambling to the state.

The members of the UMass Amherst led research team say initial results will be reported to the Massachusetts Gaming Commission in September. These findings will be the baseline that will be used to measure changes in problem gambling, domestic violence, housing prices and a host of other socio-economic factors as casinos open over the next one to three years.

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Real Estate
9:29 am
Wed April 16, 2014

Sale in Greenwich of What May Be the Most Expensive Single-Family Home in U.S.

The view from the Copper Beech Farm in Greenwich.
realtor.com

When the Copper Beech Farm in Greenwich went on the market last spring at an asking price of $190 million dollars, it was the most expensive single-family home ever to hit the American market. Many people thought it wouldn’t close at nine figures. But it has.

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Tax Day
4:56 pm
Tue April 15, 2014

Sending Money On An Overseas Round Trip To Avoid Taxes

Round-tripping occurs when American citizens open bank accounts in tax havens such as the Cayman Islands, funnel money into the accounts and then use it to buy stocks and bonds back in the U.S.
David McFadden AP

Originally published on Tue April 15, 2014 6:03 pm

Some investors avoid paying taxes in a move called round-tripping — sending money offshore, then investing it in U.S. stocks or bonds. A study estimates it costs the U.S. billions in lost revenues.

Recently, MIT professor Michelle Hanlon and two colleagues set out to find out all they could about round-tripping.

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