Household debt drops to $11.44 trillion despite student loan jump

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The New York Fed reported results of its quarterly survey for household debt this morning and found households across the nation have continued to deleverage, with much of that coming from reductions in mortgage debt. Overall, the situation appears better than a year ago and at the peak of indebtedness in 2008, but with the […] [Read More]

Veteran unemployment set to jump?

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U.S. Sen. Richard Blumenthal warned businesses Wednesday of a potential wave of veterans who could swell the ranks of the unemployed unless the private sector starts to realize the value of former military personnel. Blumenthal was a panelists at a Southern Connecticut Chapter of the Society of Human Resource Managers forum on Wednesday where experts […] [Read More]
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National $26 million manufacturing competition

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The Commerce Department and several other federal agencies are once again fielding applications for the Advanced Manufacturing Jobs and Innovation Accelerator Challenge, which could split $26 million between 12 companies. The program is designed to help manufacturers that have developed new products or systems by putting them through a review process and providing some of […] [Read More]
Categories: General

Farmington Bank’s holding company pays 3 cent dividend

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Farmington-based First Connecticut Bancorp Inc.’s Board of Directors has voted Friday to pay a cash dividend in the amount of 3 cents per share on June 14, 2012 to all shareholders of record as of June 4, 2012. “We are pleased to provide our third consecutive dividend to shareholders since completing our Initial Public Offering […] [Read More]
Categories: Banking

Pratt & Whitney cutting 200 jobs in the state

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About 200 salaried employees at East Hartford-based Pratt & Whitney lost their jobs today in a surprise layoff. A tipster called this morning alerting Hearst Media the  jet engine maker was making cuts. Besides the 200 jobs in Connecticut, an additional 100 jobs are being cut in other states. The staff reductions affect both military […] [Read More]

In better credit market stakes rise for businesses

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Businesses in the state are feeling better about credit conditions, with five percent more than a year ago reporting they are good in the quarterly CBIA/Farmington Bank Credit Availability Survey. But the survey also found the stakes are higher for those that need it than a year ago. A total of 13 percent of respondents […] [Read More]
Categories: Economy, General, Main Street
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Pensions, Fuel Cells, Martha and a mother of invention

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Be sure to catch Thursday’s Business section as we look at the possibility that Danbury-based FuelCell Energy will post a profit for the first time due in large part to a drop in natural gas prices. Also, with Europe burning does that mean you’re pension will get smoked? We check out what the ruckus over […] [Read More]
Categories: General
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Nasdaq files non-compliance notice on Interactive Brokers

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Greenwich-based broker and market maker Interactive Brokers Group Inc. announced is received a non-compliance notice from the Nasdaq Stock Market last week. IBG said Nasdaq said the Greenwich firm’s last 10-Q report was missing Sabannes-Oxly certifications and and had not been reviewed by auditors. Nasdaq requires the company to file a plan by July 16 […] [Read More]
Categories: Wall Street
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W.E. Bassett makes official filing to close plant

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Shelton-based W.E. Bassett officially notified the state this week that it is closing and 122 people will lose their jobs at the maker of nail clippers and other trimming products. The firm was acquired by a California company and will be consolidating its operations. Hearst first reported the closing in March. W.E. Bassett has been […] [Read More]
Categories: Economy, General, Main Street

Roping electrons and wrangling natural gas in Durham

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UIL Holdings said this week its electric linemen and natural gas workers will be at the Construction Pro Rodeo in Durham May 23 and 24 to demonstrate their skills and discus what it takes to be a natural gas wrangler. Here’s the official release for those interested: During the career demonstration portion of the event, […] [Read More]
Categories: General
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