Mass.-broker settles Milford Power charges flap

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The State of Connecticut said it reached a $1.7 million settlement with a Massachusetts insurance broker who “allegedly” overcharged its client, Milford Power Co., for insurance fees and commissions. The news in Connecticut comes nearly four years after Massachusetts settled similar allegations against William Gallagher Associates Inc. Here’s the official press release from the state: […] [Read More]
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WR Berkley earnings slip on higher catastrophes

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Greenwich-based W.R. Berkley Corp. said after the close of the New York trading Wednesday, net income was lower in the third quarter of this year compared to last year due to lower interest rates and higher catastrophe activity. The property and casualty insurer¬† said net income was $77 million, or 53 cents a share, for […] [Read More]
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$30 Million deal for Connecticut Bank & Trust

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Connecticut Bank & Trust, which raised about $15 million in a public offering in 2005, has agreed to a deal with Berkshire Bank of Massachusetts. Berkshire, with branches in New York, Massachusetts and Vermont, announced the deal late Tuesday. Banking consolidations are expected to continue as financial institutions look for ways to expand market share […] [Read More]
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Danbury’s PX says profits up 14 percent

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Praxair reported net income rose 14 percent to $429 million in the third quarter of this year compared to $377 million for the third quarter of 2010. One of the world’s largest industrial gas companies, Danbury-based Praxair said the results in the quarter were sparked by strong sales to North American manufacturers, energy companies and […] [Read More]
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UTC cuts to top 2,800 globally over the next year

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In its formal SEC earnings report, UTC gave more details on its planned restructuring efforts. The company said during a conference call with analysts, it planned additional $100 million in restructuring costs through this year, but did not provide specific numbers. This is the company’s official line to regulators contained in its Monday filing: “We […] [Read More]
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Trumbull MAHLE Engine component to start closing in 2012

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Germany-based MAHLE said it will close its factory in Trumbull and cut 99 jobs beginning on New Year’s Day. In a filing with the State Labor Department, the engine and component maker for the automobile industry said the facility¬† at 20 Nutmeg Dr. will be closed by May 31. A worker at the plan referred […] [Read More]
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Free workshop for Investment Advisers at SHU

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Connecticut Department of Banking regulators will be at Sacred Heart University on Dec. 9 to hold a workshop on some of the new federal rules that will affect them going forward. The forum will also provide information on IA testing. For more information visit the www.ct.gov/dob. Here’s a link to the flyer on the meeting: […] [Read More]
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Connecticut added 3,400 jobs in September

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The State Labor Department said big increases in local government and hospitality and leisure increased employment in the state by 3,400 as the unemployment rate dipped below 9 percent. The department was cautious about the gains, saying the growth in government might be a statistical aberration brought on by changes in the survey methods and […] [Read More]
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Bridgeport Stamford Metro third lowest poverty rate

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The Census Bureau said Thursday the Bridgeport-Stamford metro region had the fourth lowest poverty rate in the country in 2010. The nation’s capital, where 8.4 percent of the population had the lowest rate, followed by Honolulu: Poughkeepsie-Middletown, NY. A total 9.4 percent of the Bridgeport-Stamford population lived in poverty last year, the bureau said. Hartford […] [Read More]
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Sikorsky facing more cuts after UTC’s $1.3B 3Q

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United Technologies Corp. is gearing up for further turbulence in the economy as executives said Wednesday during a conference with analysts they are increasing restructuring costs across its divisions to $300 million from $200 million. Greg Hayes, UTC’s chief financial officer, confirmed during the call that Sikorsky will face additional cuts beyond the 419 job […] [Read More]
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