finance

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A new report predicts global mergers and acquisitions may drop by as much as $1.6 trillion over the next five years unless Britain quickly agrees to leave the European Union under terms that give it continued access to the single market.

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The world’s biggest hedge fund, Westport-based Bridgewater Associates, appears to be cutting back on hiring.

The New York Times reports that the firm was known for hiring hundreds every year, but the newspaper cited anonymous sources who say that in recent weeks dozens of interviews have been canceled.

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Republicans in Connecticut said the state needs to put away its credit card and curb its debt habit.

For American consumers there's a bit of economic silver-lining in the United Kingdom's vote to exit the European Union last month: Lower mortgage rates.

In the week after Brexit, the interest rate on 30-year fixed mortgages fell to their lowest levels in more than 3 years. And that spurred a boom in mortgage applications that, experts expect, will continue.

Spencer Cullen is a loan originator for CRM Lending in Tysons Corner, Va. Since the Brexit vote, he's seen business increase 60 percent to 70 percent.

In June, U.S. employers added 287,000 jobs — a very strong number that provided some reassurance the economy is still on track.

The June hiring surge, reported Friday by the Bureau of Labor Statistics, far exceeded projections. Analysts had expected the economy to add some 170,000 jobs.

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Europe is Connecticut’s number one trading partner, so the seismic events of last week, as the U.K. voted to leave the European Union, are reverberating here as well. 

His poll numbers are sinking. His TV blitz is nowhere to be seen. Big donors aren't flocking to him.

And if Donald Trump needed more tangible evidence of problems in his campaign, it's in reports filed Monday at the Federal Election Commission.

Asnuntuck Community College

Colleges and universities in New England are increasingly offering discounts to attract students from nearby states. 

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Did you know you could get a college scholarship for being tall

The U.S. economy added just 38,000 jobs in May, according to the Bureau of Labor Statistics in its monthly report — far fewer than the 160,000 that economists had anticipated.

NPR business editor Marilyn Geewax called the number "shockingly low."

The unemployment rate declined by 0.3 percentage points, the Bureau says, to 4.7 percent — but that can be attributed to people dropping out of the workforce, Marilyn says.

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Are you feeling overburdened by student loan payments or the growing stack of credit card bills on your kitchen table? If you answered "yes" to either of those questions, you're not alone (especially if you're a young American).

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The boss is moving out alongside the company. The Connecticut house of General Electric CEO Jeff Immelt has been listed for sale. 

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Are you feeling overburdened by student loan payments or the growing stack of credit card bills on your kitchen table? If you answered "yes" to either of those questions, you're not alone (especially if you're a young American).

Saying he was making a "tough decision," Puerto Rican Gov. Alejandro García Padilla announced the island would not make a more than $400 million debt payment due today.

"I've had to choose and I have made a choice," García said in a message to the commonwealth. "I've decided that your basic needs come before anything else."

NPR's Jim Zarroli filed this report for our Newscast unit:

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For the United States, the 20th century marked a period of vast and unparalleled prosperity thanks -- in large part -- to an economic model known as the “mixed economy.” Under that model, the nation's government and markets operated in tandem, creating a robust coalition from which health, wealth, and well-being not only grew, but flourished. 

During her sophomore year at Southern Connecticut State University, Cinthia Perez and her younger brother dropped out. They decided to work full-time because the family was struggling to pay tuition out-of-pocket.  

Perez said, “It was really hard for my mom, especially. She was like, ‘No, I want you guys to go to college because that would be the main key to help everyone in the family.’ But then we were like, ‘It was either that, or we’re just not going to have any food at home.’”

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Layoffs are continuing in Connecticut state government, with 166 employees at the Department of Correction receiving pink slips.

Ryan Caron King / WNPR (file photo)

Hartford Mayor Luke Bronin wants to close next year’s budget deficit by laying off 40 city employees, demanding millions in union concessions, draining every last dollar from the city’s rainy day fund, and not raising the tax rate. 

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A one-time insurance executive who defrauded the city of Hartford, the state and others of over $2 million was sentenced to 78 months in federal prison Wednesday. 

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The first round of layoff notices have been given out to state workers as Governor Dannel Malloy works to confront looming deficits.

General Electric plans to donate $50 million over the next five years to Boston and the surrounding area.

U.S. Cities Facing Issues Over Pension Packages

Apr 7, 2016
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Andy Uhler

A task force aimed at preventing Philadelphia from going bankrupt has urged the city’s mayor to figure out how to deal with its almost $6 billion pension deficit. Philadelphia hasn't been or isn't the only region in the country dealing with this issue, though. 

Detroit was the poster child of cities running out of money. In 2013, the city filed for bankruptcy after accumulating $18 billion of debt. The pension program was said to account for a sixth of that total.

Puerto Rico's governor has signed a bill that puts the island's debt payments on hold until January 2017. Gov. Alejandro Garcia Padilla says the island's first priority is covering payments for essential services.

Puerto Rico acted this week following reports that a key financial institution, the Government Development Bank, is nearly insolvent. A group of hedge funds went to court to block public agencies from withdrawing funds from the bank. Within hours, the Legislature moved to pass the debt moratorium by approving the measure.

Updated at 8:10 p.m. ET

One law firm, 11.5 million files.

The massive trove of emails, contracts and other papers from Panamanian law firm Mossack Fonseca is being called the largest document leak in history.

Updated at 8:10 p.m. ET

Icelandic Prime Minister Sigmundur David Gunnlaugsson said Tuesday that he will step aside and another party official will take over for a while. The move comes days after a massive data leak known as the Panama Papers linked him to secret offshore bank accounts.

Following news that Gunnlaugsson had resigned, a spokesperson released a statement clarifying the leader's decision:

In 2014, Sergei Roldugin told the New York Times, "I don't have millions."

Associates of President Vladimir Putin of Russia have channeled as much as $2 billion through offshore accounts, banks and shadow companies, according to a massive leak of documents from a Panamanian law firm.

More than 11 million documents, dubbed the Panama Papers, show how dozens of rich and powerful people around the world have used offshore and secret accounts to dodge taxes and sanctions and launder money.

General Electric wants to be removed from the federal government's list of too-big-to-fail financial institutions, arguing that it's no longer a major player in the financial services industry.

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This campaign season has seen the attack on the concept of government in full swing, with Republican candidates pledging to cut taxes and downsize federal agencies.

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