finance

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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A Blog Supreme
11:42 am
Wed April 23, 2014

13 Jazz Artists Awarded Over $1.7 Million

Roscoe Mitchell is one of six jazz musicians awarded the Doris Duke Artist Award for 2014.
Courtesy of the artist

Originally published on Thu April 24, 2014 1:30 pm

Yesterday, the Doris Duke Charitable Foundation announced the recipients of its 2014 Performing Artist Awards, including 13 jazz and improvising musicians, who will receive at least $1.7 million in unrestricted grants in total.

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Making Payroll
12:47 pm
Tue April 22, 2014

New London Mayor: City Running Out of Cash

New London's municipal building.
Billy Hathorn Creative Commons

New London Mayor Daryl Justin Finizio has asked the state for help because the city is running out of cash, and won't be able to make its $1.7 million payroll this week. 

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Keno
11:09 am
Tue April 22, 2014

All Bets Are Off For Keno Repeal

Keno was all but repealed two months ago. Connecticut lawmakers seem reluctant to drop the game, and a potential $27 million a year.
Credit purple_onion / Creative Commons

The electronic lottery game keno could come to Connecticut after all. Keno surfaced at the very end of last year's legislative session as a way to balance the new two year budget. But earlier this year, when a $500 million surplus was announced, lawmakers distanced themselves from the bingo-like game, and a bill to repeal keno seemed like a done deal.

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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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Budget Woes
5:19 pm
Thu April 17, 2014

Segarra to Propose Budget, Facing Lots of Ground to Make Up

Hartford Mayor Pedro Segarra.
Credit Chion Wolf / WNPR

Next year's municipal budgets across the state are beginning to take shape. In Hartford, Mayor Pedro Segarra will present his budget to the city council on Monday. It's got a big hole in it. 

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Minority Business Development
11:45 am
Thu April 17, 2014

$2.4 Million Settlement Hailed as Victory for State Minority-Owned Businesses

Credit Chris Reed/iStock / Thinkstock

A Connecticut construction company will pay $2.4 million in fines for alleged fraud tied to a 2007 road project. The settlement is being hailed as one of the most important decisions in decades for minority business owners.

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Minority Business Development
5:04 pm
Wed April 16, 2014

Hartford Contractor Identified in Federal Construction Probe

A Hartford-based firm at the center of a federal probe has been identified.
Credit Kyle May / Creative Commons

Manafort Brothers, Inc. will pay $2.4 million in fines for alleged fraud tied to a 2007 road project. A Hartford-based firm has also now been identified at the center of the federal investigation.

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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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March Madness
3:19 pm
Fri April 11, 2014

UConn Bonds See Record Orders

The UConn Health Center.
Ragesoss Creative Commons

UConn's basketball dominance is great for school spirit, but it's also helping raise money the university puts towards improving its facilities.

Each year, the state treasurer's office issues UConn Bonds. If you buy them, you're investing in things like the improvements to the university's health center, or building new dorms or study halls on its various campuses.

Assistant Treasurer Sarah Sanders said they've always sold well each year since they were first issued in 1995. But this year was special.

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WAMC News
9:25 am
Mon April 7, 2014

Mohegan Sun Sees Profit Decline But Doesn't Feel "The Pinch"

Originally published on Mon April 7, 2014 8:48 am

A gambling slump is eating into the profits of Mohegan Sun, but the 2,000 tribal members who draw benefits from the massive casino aren't feeling the pinch.

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Higher Education
9:05 am
Thu April 3, 2014

Undocumented Students Are Denied Access to Institutional Aid

Credit zimmytws/iStock / Thinkstock

A group of undocumented students in Connecticut is urging state higher education agencies to allow them access to a state financial aid program, known as institutional aid. But higher education officials said their hands are tied.

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Local Business
11:33 am
Wed April 2, 2014

Bristol Business Gets a Boost -- From a Cash Mob

Bristol Rising supporters gathered outside West End Pizza, before the start of the cash mob.
J Holt

By the time Bristol's West End Pizza was ready to open its doors on Saturday morning, there were a dozen patrons already outside, waiting to get in. You may have heard of a flash mob. Well, this is a financial version. The family owned pizzeria was the target of a "cash mob," which is essentially a group of people joining forces to give a business a really good day. 

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Campaign Finance
11:16 am
Wed April 2, 2014

Supreme Court Strikes Down Overall Limits On Political Contributions

People wait in line for the beginning of the 2013-2014 Supreme Court term in Washington on Oct. 7. The court heard the first major case on campaign contribution limits since 2010's landmark Citizens United.
Evan Vucci AP

Originally published on Wed April 2, 2014 12:34 pm

The U.S. Supreme Court on Wednesday struck down an overall cap on the amount that large campaign donors can give to parties and candidates in a two-year election cycle.

In a 5-4 decision split between conservatives and liberals on the high court, the court said the limits were a violation of the First Amendment.

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Corruption
10:31 am
Tue April 1, 2014

Rowland Again In the Spotlight

Former Gov. John Rowland in Hartford in 2009.
Credit Chion Wolf / WNPR

A former congressional candidate and her husband have admitted to conspiring with former Connecticut Governor John Rowland to pay him off the books for work as a campaign consultant.

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Retirement
3:28 am
Mon March 31, 2014

When Planning For The Future, Women Have Been Hands Off

In Blue Jasmine, Cate Blanchett plays a wealthy New York socialite who has it all, loses it all and ends up delusional on a park bench.
Perdido Productions

Originally published on Mon March 31, 2014 12:46 pm

It's a truism in the financial industry that women need to get more out of their money than men since they live longer and make less, especially if they take time out to care for children or aging parents. But it's also a given that they lack confidence when it comes to investing, something that's clear on a recent evening at the Women's Center in Vienna, Va.

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Connecticut First
5:34 pm
Fri March 28, 2014

Malloy Will Run for Re-Election; Police Campaign Targets Distracted Drivers

Governor Dannel Malloy is running for a second term as governor. He made the announcement in Hartford today. Lt. Gov. Nancy Wyman will also be running for re-election. Malloy said because of the need to begin the process of setting up the infrastructure for fundraising in order to qualify for public financing, he and Wyman couldn't wait until the end of the legislative session in May to get started.

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Gender
9:14 am
Fri March 28, 2014

IMF's Lagarde: Women In Workforce Key To Healthy Economies

International Monetary Fund Managing Director Christine Lagarde in Brussels earlier this year. Lagarde says women are underutilized in the global economy.
Geert Vanden Wijngaert AP

Originally published on Mon March 31, 2014 12:12 pm

As the first woman to lead the International Monetary Fund, Christine Lagarde is among an elite group of people determining how money is saved, spent and invested worldwide.

It's not the first time she's been a "first." Lagarde was France's first female finance minister, and before that, the first woman to chair the global law firm Baker & McKenzie.

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Politics
6:15 am
Wed March 26, 2014

Say Goodbye To The Taxpayer-Funded Political Convention

Originally published on Wed March 26, 2014 3:15 am

Ever since the Watergate era, taxpayers have been able to check a box on their federal tax returns and designate a little bit of their tax payment to help finance the presidential campaigns and wean politicians away from big donors.

The public financing program has had its ups and downs. But now President Obama is prepared to sign legislation that, for the first time, takes taxpayer money out of the fund.

First of all, let's pause to reflect on some of the great moments of American political conventions brought to you by presidential matching funds.

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Social Media
7:40 pm
Tue March 25, 2014

Facebook Will Acquire Virtual Reality Company For $2 Billion

The Oculus Rift virtual reality goggles make for an immersive experience.
Nan Palmero Flickr

Originally published on Tue March 25, 2014 8:27 pm

Facebook announced a pretty big purchase on Tuesday: The social media giant said it was acquiring Oculus VR, a company that makes virtual reality goggles, for $2 billion.

The deal includes $400 million in cash and 23.1 million shares of Facebook, which the company values at $1.6 billion.

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Economic Forecast
6:09 am
Mon March 24, 2014

After Winter's Chill, Economists Predict A Warming Trend

A cold, snowy winter in most of the country hurt economic growth, but forecasters see conditions improving for the rest of the year.
iStockphoto.com

Originally published on Mon March 24, 2014 12:09 am

Somewhere under all of that melting snow, there's a warming economy.

"Adverse weather conditions" have hurt economic growth so far this year, but things are headed in the right direction now, according to a forecast released Monday by the National Association for Business Economics.

"Conditions in a variety of areas — including labor, consumer and housing markets — are expected to improve over the next two years, while inflation remains tame," Jack Kleinhenz, NABE president and chief economist for the National Retail Federation, said in a statement.

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Technology
5:57 pm
Sat March 22, 2014

Need Money For Your Startup? Being An Attractive Male May Help

Men are more likely to get venture capitalist support than women, and a new study found that attractive males get even more points — from both genders.
iStockphoto

Originally published on Sat March 22, 2014 8:47 pm

Google. Twitter. Facebook. Back before they got big, companies like these were just startup ideas, born in dorm rooms and run out of garages. Then came the venture capitalists: rich, older men ready to fund the brilliant ideas of younger, creative men.

But what if you are a woman with a startup idea? A new study says you might not do so well. It's been well-documented that businesses started by women receive very little venture capital money.

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Budget Time
3:53 pm
Wed March 19, 2014

Connecticut Cities and Towns Make Their Case for Funding

Legislators listen to municipal leaders on Wednesday.
Credit Jeff Cohen / WNPR

Municipal leaders from across the state came to the capitol Wednesday to speak to legislators about their budget concerns. 

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Higher Education
1:44 pm
Wed March 19, 2014

How The Cost Of College Went From Affordable To Sky-High

World War II veterans and other students at the University of Iowa in 1947. That year, due to federal assistance from the GI Bill, 60 percent of the school's enrollment was made up of veterans.
Margaret Bourke-White Time Life Pictures/Getty Images

Originally published on Tue March 18, 2014 1:59 pm

If you want to get an earful about paying for college, listen to parents from states where tuition and fees have skyrocketed in the last five years. In Arizona, for example, parents have seen a 77 percent increase in costs. In Georgia, it's 75 percent, and in Washington state, 70 percent.

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Bioscience Connecticut
10:49 am
Tue March 18, 2014

Jackson Labs "On Schedule and On Budget"

The Jackson Laboratory for Genomic Medicine will open in the fall of 2014.
Credit The Jackson Laboratory

Connecticut officials have welcomed a report on the progress of the Jackson Laboratory site in Farmington. Jackson Labs said its new facility is on schedule and on budget.

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Budget Bills
10:45 am
Thu March 13, 2014

Barnes: Proposed State Tax Rebate Will Generate 1,000 Jobs

Benjamin Barnes before the Finance, Revenue and Bonding Committee.
Credit CT-N

Governor Dannel Malloy's proposal to give Connecticut taxpayers a modest rebate was up for discussion before the General Assembly's tax-writing committee on Thursday. Budget chief Benjamin Barnes said it could be a job generator in the state.

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Aging Connecticut
10:16 am
Thu March 13, 2014

State-Sponsored Retirement Plan Attracts Supporters, Critics

Credit StockMonkeys.com on Flickr Creative Commons

Legislators want to create a state-sponsored retirement plan for private sector workers in Connecticut. A bill before lawmakers would task the state treasurer with administering a low-cost plan that residents could pay into. 

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Home Sales
9:58 am
Thu March 13, 2014

Connecticut Housing Market Posts Best Year Since 2005

Governor Dannel Malloy and his wife Cathy were one of the families to place their home on the market in 2013.
Credit CMLS

Connecticut's housing market continued to improve in January, and market-watchers said it's possible the state could see big gains in the spring selling season.

The state also saw distinct improvement in its housing market activity for the full year of 2013, with sales up six percent and prices rising 8.3 percent over the year. The numbers come from the Warren Group, a real estate data firm, and it marks the best full year results for the Connecticut market since 2005, before the market crash.

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Wealth
10:02 am
Fri March 7, 2014

There Are Over 1,000 Billionaires Worldwide -- and Connecticut Has 13 of Them

Credit hynci/iStock / Thinkstock

Thirteen Connecticut residents appear on this year's list of the nation's billionaires, compiled by Forbes Magazine. The list, released annually, includes 1,645 billionaires worldwide. 

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