Insurance professionals heard on Tuesday an impassioned plea from the governor to keep regulation at the state level. Hundreds from the industry gathered at the Connecticut Convention Center in Hartford for an annual market forecast.
UConn Philosophy professor Michael Lynch wrote in a recent New York Times opinion piece, that we’re living in a “dangerous political moment.” Not just because of the shutdown of the federal government and the near default on the nation’s debts, but he writes: “The real damage is caused by the idea that that our current democratic form of government should be shuttered.” That a large segment of the population might think government really is a bad idea.
United Technologies reported a boost in third quarter earnings of 13 percent, at $1.55 per share, beating analysts' expectations. The Hartford-based conglomerate trimmed its full-year revenue estimates, however, because of the government shutdown and cuts in military spending.
General Electric saw a fall in third quarter profits, but investors sent shares up anyway, because of a record backlog of orders for the company.
Fairfield-based GE is considered a bellwether for the U.S. economy because of its wide reach across many industries. In the third quarter, profits fell by 18 percent to just over $3 billion, brought down by a fall in revenues at GE Capital, the conglomerate’s finance arm. The numbers were also hit by the expense of foreign currency transactions.
Originally published on Thu October 17, 2013 12:32 am
Bringing to an end an episode that once again exposed Washington gridlock at its worst, the House approved a Senate deal that will end a 16-day federal government shutdown and avert the first government default in U.S. history.
The 285-144 vote came at the eleventh hour, after weeks of partisan bickering and a very public airing of deep divisions within the Republican party. President Obama signed the bill into law after midnight Thursday.
Originally published on Wed October 16, 2013 10:23 pm
Update at 10:18 p.m.: House Approves Bill:
The crisis is over. With about two hours before the country reached the debt ceiling, the House has approved the bill and it is now it's way to the White House. We've posted separately on that development and we are putting this live blog to bed.
The Royal Swedish Academy of Sciences on Monday honored the three "for their empirical analysis of asset prices." The Nobel committees have now announced all six of the annual $1.2 million awards for 2013.
August saw a big boost in home sales in Connecticut, with 2,893 homes sold that month. It's the highest number of single family homes sold for that month in six years, up ten percent from the same month in 2012.
Prospective clients walk past yachts during the Millionaire Boat Show at the Royal Yacht Club in Moscow on Sept. 3, 2011. A new report says Russia has the highest rate of inequality in the world – barring some small Caribbean islands.
The Treasury Department says it will begin running out of money to pay its bills by Oct. 17, if the partial government shutdown isn't over by then. That prospect worries the financial markets. Treasury debt plays a fundamental role in the global economy, and economists agree that a debt default would have dire consequences. But some Republicans insist that a default doesn't have to happen.
The government is just 10 days away from defaulting on its debt. Treasury Secretary Jack Lew has said that by Oct. 17, the department will likely have less money on hand than it needs to pay all its bills.
"The reality is that if we run out of cash to pay our bills, there is no option that permits us to pay all of our bills on time, which means that a failure of Congress to act would for the first time put us in a place where we're defaulting on our obligations as a government," Lew said on NBC's Meet The Press on Sunday.
Connecticut's budget office is working with state agencies to prepare for a possible shutdown of the federal government. In a letter last week to agency heads, Office of Policy and Management Secretary Benjamin Barnes said if Congress fails to reach a budget deal, there could be "significant impact" on staff and programs that rely on federal funding.
Originally published on Fri September 27, 2013 6:32 pm
Update At 3:50 p.m. EDT.
President Obama on Friday praised the Senate for passing a spending bill to keep the federal government operating and called House GOP efforts to tie approving the measure to defunding the Affordable Care Act "political grandstanding."
He said that despite Republican hopes that Obamacare will be repealed, "That's not going to happen," accusing Republicans of threatening to "blow up the entire economy."
No one has the right to precipitate such a crisis, he said, "just because there are a couple of laws you don't like."
Online travel site KAYAK will move its headquarters to Stamford, with the help of a $2.5 million state loan. KAYAK is already headquartered in Norwalk, Connecticut, and was recently acquired by the state's other online travel giant, Priceline.com.
Executives from several Connecticut companies, along with U.S. Department of Commerce officials from Middletown, are on a trade mission in Australia this week to promote exports, inbound investments and tourism. It’s all hands on deck. Officials dressed up as Mark Twain and Nathan Hale at “The Tastes and Sights of Connecticut” event, which kicked off the week-long visit.
We took our weekly political roundtable, The Wheelhouse on the road! We broadcast from a vacant storefront on Trumbull Street in downtown Hartford as part of the city’s iConnect project. The conversation started off with Mayor Pedro Segarra and reporters from the Hartford Courant and Hartford Business Journal joined in with their own questions for the mayor.