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Weekly unemployment claims fall after spike

Fri, 07/01/2016 - 1:01pm -- tim

Vermont Business Magazine Weekly unemployment claims fell as anticipated last week. Claims tend to spike in June and fall back. They rose to nearly 1,000, but fell to well under last year's totals, as the transition from the end of school moves into the summer employment trend. For the week of June 25, 2016, there were 629 claims, down 367 from the previous week's total and 102 fewer than they were a year ago. By industry, claims increased by a handful for Construction, but were down about half for Manufacturing. 

GMP crews prepared for severe thunderstorms

Fri, 07/01/2016 - 12:35pm -- tim

Vermont Business Magazine For the second time in a week, Green Mountain Power is preparing for a strong wind, rain and lightning storm  that is expected to hit Friday afternoon and evening, causing outages across the state. Many parts of the state could be affected, as the storm is expected to hit Addison and Rutland counties first, then head up through Barre and Montpelier and into the Northeast Kingdom. A second wave is predicted to affect Bennington, Windham and Windsor Counties.

Nominations open for Vermont Business Magazine's Rising Stars Class of 2016

Fri, 07/01/2016 - 9:42am -- tim

Vermont Business Magazine VBM will again honor Vermont's most accomplished young leaders at the Rising Stars event held this fall. The nomination process is open from July 1 to September 2, 2016. Award recipients will be selected by a panel of judges for their commitment to business growth, professional excellence and involvement in their communities.

Rutland plant benefits as GE Aviation wins $1 billion contract for fighter engine development

Fri, 07/01/2016 - 9:09am -- tim

Vermont Business Magazine In a development with implications for future work at GE Aviation Rutland, Senator Patrick Leahy (D-Vermont) Thursday announced that the US Life Cycle Management Center (AFLCMC), based at Wright Patterson AFB, Ohio, late Thursday awarded GE Aviation a $1 billion contract to continue development of its three-stream adaptive cycle technology for the Air Force’s next generation of fighter engines. The long-awaited announcement follows an intense competition for the project. 

NG Advantage, General Transportation celebrate new facilities in Milton

Fri, 07/01/2016 - 9:02am -- tim

Vermont Business Magazine More than 70 employees, business partners, and local officials joined NG Advantage and General Transportation on June 23rd  to celebrate their new facilities in the Catamount Industrial Park in Milton. In 2013, the two companies partnered to make the first US delivery of compressed natural gas (CNG) to an industrial customer. Since that time both NG Advantage, the pioneer in “virtual pipeline” service, and General Transportation, a New England trucking company specializing in hauling fuel, have grown dramatically.

Vermont-based BioTek Instruments expands in Canada

Fri, 07/01/2016 - 8:37am -- tim

Vermont Business Magazine BioTek Instruments, Inc affirms their ongoing investment across the North American microplate-based technology market with the expansion of their business in Canada. The dedicated sales and support operation will focus on bringing enhanced applications and technical support throughout the country. Dr Charles Amirmansour, previously BioTek’s Applications and Business Development Manager, is now appointed as the Canadian Country Manager.

Fitch upgrades and withdraws Vermont Electric Cooperative's Sr Secured Rating; Outlook Stable

Fri, 07/01/2016 - 8:33am -- tim

Vermont Business Magazine Fitch Ratings has upgraded the implied senior secured rating for Vermont Electric Cooperative (VEC) to 'A-' from 'BBB+'. The rating takes into consideration VEC's $69.5 million in outstanding senior secured obligations that are privately held as of Dec. 31, 2015. The Rating Outlook is Stable. In addition, effective with this rating action, Fitch will withdraw VEC's rating, as it is no longer considered to be relevant for Fitch's coverage.

Vermont AG, Human Rights Commission release guide on the use of gender-based pricing

Fri, 07/01/2016 - 3:03am -- tim

Vermont Business Magazine The Vermont Attorney General’s Office and the Vermont Human Rights Commission issued Guidance on gender-based pricing, which is the practice of charging different prices for goods or services based on the consumer’s gender. Gender-based pricing occurs right here in Vermont – from services such as haircuts and dry cleaning to goods such as personal hygiene products and children’s toys.

Berkshire Bank parent buys New Jersey bank

Fri, 07/01/2016 - 2:52am -- tim

Vermont Business Magazine Berkshire Hills Bancorp, Inc (NYSE: BHLB), parent of Berkshire Bank with branches in Vermont, and New Jersey-based First Choice Bank have announced that they have signed a definitive merger agreement under which First Choice Bank will merge into Berkshire Bank and its subsidiary, First Choice Loan Services Inc, will become a subsidiary of Berkshire Bank in an all-stock transaction valued at approximately $111.7 million.   

Vermont Railway prevails, mostly, in decision on Shelburne salt shed

Thu, 06/30/2016 - 4:49pm -- tim

by C.B. Hall Vermont Business Magazine In a US District Court decision handed down June 29, Vermont Railway has won the primary points in its litigation against the town of Shelburne, allowing the railroad to proceed with plans to build a transloading facility for handling road salt on a 32-acre site just north of Shelburne village. In the decision, Judge William Sessions addressed suits filed by both parties in the case.

Raymond James pays $5.95 million for Jay Peak-related EB-5 involvement

Thu, 06/30/2016 - 4:49pm -- tim

Vermont Business Magazine Commissioner Susan L Donegan announced today that the Department of Financial Regulation (DFR) has reached a $5.95 million settlement with the securities broker-dealer firm Raymond James and Associates Inc. As the result of its investigation of securities concerns in connection with the sale of interests in Vermont limited partnerships tied to Jay Peak-related EB-5 projects, DFR found multiple instances of non-compliance with supervisory requirements and Vermont law. Vermont will get $1.45 million and the rest is earmarked for investors who might be reimbursed.