finance

Chion Wolf / WNPR

Both the Democratic and Republican endorsed candidates for governor have said they've raised enough money to qualify for public campaign funds, but either of them has actually applied. 

When College Isn't Worth It

May 28, 2014

The New York Times highlighted new data yesterday that once again beats the drum: Despite skyrocketing costs, a college degree is a good investment. In fact, MIT economist David Autor writes in the journal Science that the value of a degree is rising. College grads made almost twice as much per hour in 2013 as workers without a four-year degree. And the lifetime value of a diploma is now around a half-million dollars, even after you factor in tuition.

It would have been the biggest deal the pharmaceutical industry has seen in more than a decade. But for now, it's off the table.

Pfizer has withdrawn its offer to buy British drug company AstraZeneca for about $119 billion.

American pharmaceutical giant Pfizer, which makes Lipitor and Viagra, has been circling its smaller rival AstraZeneca for months.

AstraZeneca, which makes Nexium and Crestor, has rejected every offer saying Pfizer undervalues the company, and that it wants to remain independent.

Jeff Cohen / WNPR

U.S. Education Secretary Arne Duncan was in Hartford Monday to speak with high school seniors about paying for college.

Michael Blann/Digital Vision / Thinkstock

Foxwoods Resort Casino has announced plans to close parts of one of its casinos on weekdays, and lay off employees. This is the latest bid to brings costs under control as its gaming receipts continue to drop.

vichie81/iStock / Thinkstock

The rising cost of medical care is the top concern of businesses surveyed in a new report by insurance company Travelers.

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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.

White House

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

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.

The state Senate approved a $19 billion annual budget over the weekend. It postpones three tax breaks for shoppers and retired teachers as the state's surplus dissolves in the state’s sluggish economy. Democrats rallied around the package that provides funding for public education, housing, after-school programs, social service needs, and transportation infrastructure. The budget now awaits Governor Dannel Malloy's signature.

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.

Jeff Cohen / WNPR

Even Hartford Mayor Pedro Segarra doesn't like the idea of selling more than $30 million in parking assets to balance his budget, but he said it's the only option he's got left. 

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.

13 Jazz Artists Awarded Over $1.7 Million

Apr 23, 2014

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.

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. 

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.

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.

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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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.

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.

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.

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.

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.

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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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.

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. 

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.

Rowland Again In the Spotlight

Apr 1, 2014
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.

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.

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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