Financial Mines

News and notes from the business reporters for the Connecticut Media Group.
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Archive for December, 2011

Connecticut defense contractors in line for $20 Billion in 2012

Wednesday, December 21, 2011 by:Rob Varnon
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U.S. Senators Richard Blumenthal, D-Conn., and Joe Lieberman, I-Conn., said the appropriations bill awaiting President Barack Obama’s signature carries significant funds for state defense companies, including further funding Black Hawk production at Sikorsky.

The bill was passed last week, but has yet to be signed as Washington is locked in a fight over how to extend the Social Security Payroll tax.

Here are some of the appropriations for defense companies in Connecticut.

Electric Boat.

  • $3.2 billion for Virginia Class submarine procurement in FY2012
  • $1.4 billion in advance procurement funds to begin producing long-lead time components for Virginia Class submarines
  • $856.3 million for Advanced Submarine System Development
  • $9.5 million for Submarine Tactical Warfare Systems
  • $90.3 million for Submarine modernization

Sikorsky Aircraft and General Electric Co.

  • $1.3 billion for UH-60 Black Hawk helicopter procurement, continuing a multi-year procurement plan, plus an additional $199 million in advance procurement for future Black Hawks
  • $624.4 million to continue developing the CH-53K Super Stallion helicopter

Pratt and Whitney

  • A total of $6.2 billion for F-35 Joint Strike Fighter procurement. All F-35s are powered by the Pratt and Whitney F135 engine.
  • $1.4 billion for F-35C (CV variant) procurement plus $109 million in advance procurement
  • $1.1 billion for F-35B (STOVL variant) procurement plus $117 million in advance procurement
  • $3.3 billion for F-35A (CTOL variant) procurement plus $229 million in advance procurement

GE’s annual meeting will be in Motor City

Wednesday, December 21, 2011 by:Rob Varnon
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General Electric Co. said today it will hold its annual meeting in Detroit on April 25, 2012.

Each year, GE holds its meeting in a region where it has a significant presence. The company said it employs about 3,500 people in Michigan, with plans to add 1,300 more jobs in the coming years.

GE’s full year and fourth quarter earnings will be announced on Jan. 20, 2012.

State subsidizing training for workers, still costs to bear

Tuesday, December 20, 2011 by:Rob Varnon
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The Connecticut Department of Labor is urging small businesses, with less than 50 employees, to sign up for a new program called Step Up that helps cover training costs and subsidizes, in some cases, the wages of new hires.

While it appears to remove some of the fiscal risk businesses owners are concerned about with new hires, it doesn’t, however let them off the hook for unemployment insurance, a key cost many owners have complained about.

The program also raises questions about what a government should be paying for as part of the social compact and what risks a business in a capitalist society should undertake?

While the more philosophical owners might ponder this, it might behoove businesses looking to expand to check it out. But make sure you understand any obligations under the program.

http://www.ctdol.state.ct.us/messages/StepUpoverview.pdf

Another Madoff minion faces SEC accusations

Monday, December 19, 2011 by:Rob Varnon
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The U.S. Securities and Exchange Commission filed civil charges against Enrica Cotellessa-Pitz.

The SEC said Cotellessa-Pitz worked at Bernard L. Madoff Investment Securities LLC for more than 30 years and allegedly assisted in falsifying BMIS’s internal accounting records in order to misclassify hundreds of millions of dollars of income purportedly generated by BMIS’s investment advisory operations. The SEC is also alleging Cotellessa-Pitz falsified financial statements filed with the SEC and other regulators as well as materials that were prepared to deceive SEC staff examiners, federal and state tax auditors, and other external reviewers.

See the SEC press statement on it, with link to charges:

http://www.sec.gov/news/press/2011/2011-270.htm

Connecticut’s unemployment rate drops to 8.4 percent

Monday, December 19, 2011 by:Rob Varnon
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Connecticut’s Labor Department said the unemployment rate dipped 0.3 percent to 8.4 percent last month as the national rate fell 0.4 percent to 8.6 percent during the same time.

The number of people unemployed, according to the monthly survey, fell 2.8 percent, or 4,700 people,  to 159,200 in November, compared to 163,900 in October. The total labor force in Connecticut grew 0.3 percent, adding 6,400 people between October and November.

While the survey of homes showed a drop in unemployment, the survey of actual business payrolls in the state said Connecticut added only 100 jobs in November, compared to October. Major losses were felt in construction, down 1,300 month over month, health care which was down 700 and finance and insurance, which lost 600.

The biggest gains were in professional and business services, which includes temporary workers. That sector gained 1,300 jobs.

Kaman buys Illinois company

Monday, December 19, 2011 by:Rob Varnon
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Bloomfield-based Kaman Corp. was still hanging onto its Monday stock gains after announcing it bought Illinois-based Catching FluidPower Inc.
CFPI distributes fluid power products, most notably Parker Hannifan Corp. products.
The value of the deal was not disclosed, but while many companies shares turned south after a brief surge Monday, Kaman’s shares remained up almost 1 percent at $27.85 right before noon.

More on Dalio’s new fund

Thursday, December 15, 2011 by:Rob Varnon
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Lawrence Delevingne at Absolute Return + Alpha reported earlier today that Dalio’s new fund will not target wealthy families, as some experts suggested, but will instead stick with institutional investors, specifically looking at corporate pensions.

And in an email sent around 6 p.m. Bridgewater itself confirmed it’s sticking with institutional investors. Bridgewater also said despite the minimum listed with the SEC its filing,  it will require a new client to invest $100 million and existing clients $50 million to enter the fund, which would clearly indicate their intention of sticking with the institutions.

To check out AR’s take on visit

http://www.absolutereturn-alpha.com/Article/2950064/Bridgewater-targets-corporate-pensions-with-new-All-Weather-fund.html.

It’s subscription based.

Morgan Stanley adds to cuts on Wall Street

Thursday, December 15, 2011 by:Rob Varnon
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Financial workers were greeted this morning with more news of job cuts on Wall Street, this time as Morgan Stanley announced 1,600 position reduction in the first quarter, according to numerous media outlets.

It’s not a complete surprise at Morgan.

At a Bank of America Merrill Lynch conference this morning, Morgan Stanley’s Paul J. Taubman, co-president of Morgan Institutional Securities, said the firm’s advisory division was in a restructuring mode.

http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/12/15/bloomberg_articlesLW950Q6K50ZG.DTL


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