Current News

Governor Jim Douglas has welcomed a Quebec-based transformer manufacturer opening a factory in Vermont. The firm estimates it will create 16 jobs this year and up to 43 workers by the end of 2011. In a ceremony at the company s new facility in the St Albans Industrial Park, the governor introduced BEMAG Transformers, Inc and celebrated the company s selection of Vermont for their expansion project. The state used $267,569 in incentives to lure the Canadian firm to Vermont, as well as $106,000 for training, and VEDA financing of $718,000.
It is gratifying to see a world-class manufacturer appreciate the value of locating in Vermont, particularly one from our largest trading partner, Douglas said. This is another example of our state competing successfully for the jobs of the 21st century, and we look forward to helping Vermont Transformers grow and prosper here.

March contracts for future construction in Vermont and New Hampshire soared in March 2009 as the federal stimulus package brought hundreds of millions of dollars into the two states for highway and bridge construction, according to the McGraw Hill Construction reports. Vermont March transportation contracts were $275.2 million, with the total for the first quarter of 2009 up 1,311.1 percent to $292.1 million. The transportation total for the first quarter is slightly more than the total for all of 2008 or 2007. New Hampshire's March transportation contracts were $114.5 million. Its first quarter total was up 1,088.6 percent to $624 million, an increase of more than $100 million from all of 2008, or $200 million more than all of 2007.

The US House of Representatives passed a resolution Wednesday morning honoring Captain Richard Phillips of Underhill, his crewmembers aboard the Maersk Alabama and the United States Navy personnel who secured his release.
The resolution was authored US Representative Peter Welch and was cosponsored by 87 Members of Congress. It passed on a voice vote.
Captain Phillips acted bravely and selflessly in the face of extraordinary danger, putting his own life at risk to protect his crewmembers. Like all Vermonters, I am tremendously relieved that Captain Phillips has returned home safely to his family in Underhill, Welch said. We owe an enormous debt of gratitude to the United States Navy for its quick, effective and heroic rescue of Captain Phillips.
A similar resolution was expected to be introduced in the Senate Wednesday by Sens. Patrick Leahy and Bernie Sanders.

The Vermont State Legislature passed the Clean Energy Assessments District bill (S.54) on April 21. The passage of this bill reflects the growing want and need of Vermonters to individually help move the state forward by finding new ways to save energy and to create renewable resources and alternatives for energy in order to combat climate change. This bill will make it much easier and more affordable for Vermont property owners to tackle individual energy efficiency projects. Towns will be able to use any of their financing mechanisms to help make money available for property owners. Property owners essentially would be allowed to borrow money from the town on a 20-year, low-interest term to complete energy efficiency projects such as installing solar panels or weatherizing their homes.

Coughlin Stoia Geller Rudman & Robbins LLP, a leading plaintiffs' firm based in San Diego, has announced the firm has secured a settlement of $50 million in cash for a class of TD Banknorth, Inc shareholders. Plaintiffs in a related action previously attempted to settle the case for under $3 million, or $.03 per TD Banknorth share. This victory for shareholders provides members of the class with an exponentially greater recovery than the related action was poised to provide before plaintiffs City of Dearborn Heights (MI) Act 345 Police & Fire Retirement System and H. Louis Farmer, Jr. successfully objected to that settlement and took over the case.
The $50 million settlement, before fees and expenses, is more than 16 times the amount shareholders would have received under the previously proposed settlement. The Settlement Agreement was filed with the Court late yesterday and the settlement is subject to approval by the Court.

KeyCorp (NYSE: KEY) today announced a first quarter net loss attributable to Key of $488 million, or $1.09 per common share, compared to net income attributable to Key of $218 million, or $.54 per diluted common share, for the first quarter of 2008. The loss for the current quarter was primarily the result of an increase in the provision for loan losses and a noncash accounting charge for intangible assets impairment. In light of the prevailing economic environment during the first quarter of 2009, Key continued to build its loan loss reserves by taking an $875 million provision for loan losses, which exceeded net charge-offs by $383 million. As of the end of the quarter, Key s allowance for loan losses was $2.186 billion, or 2.97% of total loans, up from $1.298 billion, or 1.70% one year ago.

In honor of Earth Day, Green Mountain Coffee Roasters has announced winners of its challenege to find potential soucltions to climate change. More than 100 nonprofit organizations submitted proposals to address climate change in four specific areas: threats to coffee-growing cummunites, transportation-related emissions, building political will, and empowering individual action. The four winning nonprofits will each receive a $200,000 grant, payable over five years.
The contest site on JustMeans.com received more than one million page hits, over 100,000 unique visitors, and created an online social network of nearly 30,000 stakeholders interested in Changing Climate Change.

In a move to keep Vermont tax dollars at work, the State Treasurer s Office has announced plans to make millions of dollars in short-term deposits available to area banks as a source of working capital. By utilizing a federal program designed to promote liquidity in the national economy, these deposits by the State will be fully guaranteed by the Federal Deposit Insurance Corporation or FDIC.
In October, the FDIC created the Transaction Account Guarantee Program (TAGP). The program allows participating financial institutions to provide customers with full coverage on specific types of transaction accounts. The FDIC hopes such guarantees will encourage more deposits and help increase the amount of funds available for lending to consumers and businesses.

At the invitation of Rep. Peter Welch, Regulatory Assistance Project Director Richard Cowart will testify Thursday before the House Committee on Energy and Commerce.
The East Calais resident will be taking part in the first week of hearings on the American Clean Energy and Security Act of 2009, a major climate change bill which includes legislation authored by Welch aiming to increase energy efficiency by 20 percent.
Cowart, a former commissioner and chairman of the Vermont Public Service Board, will emphasize the critical role energy efficiency can play in addressing climate change while contributing to cost containment for consumers.
The world needs us to get control of our greenhouse emissions, but people are worried about the costs of climate legislation. I m delivering good news: we can design a carbon cap-and-trade program to support and reward energy efficiency, which is the low cost carbon scrubber we need today, Cowart said.

Senate President Peter Shumlin has outlined a revenue package to the Senate Finance Committee that will close the Capital Gains loophole and lower Vermonters' income taxes. The package includes many of the House's revenue provisions, increases cigarette, liquor and satellite taxes and closes the capital gains loophole to lower the marginal rates on all types of income for all taxpayers. Projected revenues from the package are roughly $25 million. Vermont is only one of nine states that has the capital gains loophole in place.
Shumlin's proposal aims to prevent additional layoffs of over three hundred state workers, which could devastate essential state services. Since January 2008, the state has cut $70 million from the state budget and the current FY10 budget contains $28 million in additional cuts.

Early estimates indicate that Vermont based Apple retailer, Small Dog Electronics recycled 150 tons of e-waste at their third annual Earth Day E-Waste Event this year, and it didn’t cost the public a dime.Cars filled with old TVs, computers and electronic peripherals lined up as early as 8:00 am to recycle their electronics for free. In the end, 100 volunteers unloaded 1,700 cars. All of the electronics collected will be processed in the United States by WeRecycle! in one of their two processing plants in Connecticut and New York.

Pitney Bowes Business Insight, the leading global provider of location and communication intelligence solutions, and Earthsense, an applied marketing company, today released demographic insights into the top ten green US states. The research integrates information gathered with Pitney Bowes Business Insight geo-demographic solutions and Earthsense Eco-Insights green survey results. Vermont was ranked the greenest state, followed by Alaska and New Mexico.
Highlights of the research include: