Current News

Vermont Business Magazine The Vermont Agency of Transportation (VTrans) will receive a $3 million federal grant from the US Department of Transportation to purchase electric buses and charging stations to be used in Vermont’s Upper Valley. The new federally funded electric bus project will help Vermont reduce local air pollution, improve public transit infrastructure and support the state’s goals to eliminate carbon emissions and combat climate change. The project will also help VTrans expand the benefits of its electric bus fleet into rural communities. The transportation sector is the source of 29 percent of all greenhouse gas emissions nationally, and of roughly 45 percent of carbon emissions in Vermont.

Bill Introduced in the US Senate by Senators Daines, Klobuchar

Vermont Business Magazine Members of Congress led by Representative Peter Welch (Vermont), Representative Gus Bilirakis (FL-12), and Representative Lois Frankel (FL-21) today introduced bipartisan legislation to protect consumers from online booking scams.

Vermont Business Magazine Moody’s Investors Service announced today it has upgraded the credit rating for Burlington two notches from A2 to Aa3. The A2 rating is our sixth-highest rating and connotes an upper-medium grade issuer with low credit risk, while the new Aa3 rating is our fourth-highest rating and translates to an issuer with high quality and very low credit risk. The Aa3 rating applies to the city’s outstanding general obligation unlimited tax (GOULT) bonds. Moody's also upgraded the city’s Series 2016B certificates of participation (COPS) two notches to A1 from A3, and the Series 2016A COPs two notches to A2 from Baa1.

by Jack Hoffman, Public Assets Institute There may be a silver lining to the Legislature’s failure last session to reach agreement on raising Vermont’s minimum wage to $15 an hour. New research published in recent months highlights the benefits of a higher minimum wage, questions the putative negative effects, and strengthens the case for Vermont to act sooner rather than later.

Vermont Business Magazine The Vermont Department of Tourism and Marketing has announced that Matt Harrington, Executive Director of the Bennington Regional Chamber of Commerce, has been selected as the new chair of the Vermont Travel & Recreation Council (TRC). “Matt brings fresh energy and sharp marketing insights to the Travel and Recreation Council,” said Wendy Knight, Commissioner of Vermont’s Department of Tourism and Marketing. “He’s been an essential partner in our marketing and workforce recruitment efforts, and we are excited for his leadership.”

The TRC is responsible for advising the Secretary of the Agency of Commerce and Community Development on matters relating to state travel and recreation policy, state travel and recreation promotion programs, and other programs overseen by the Vermont Department of Tourism and Marketing. Harrington replaces Vicky Tebbetts, who has served as chair of the TRC since 2017.

Vermont Business Magazine Berkshire Hills Bancorp, Inc (NYSE: BHLB), the parent of Berkshire Bank with branches in southwestern Vermont, reported GAAP net income of $25 million, or $0.52 per share, in the second quarter of 2019. The non-GAAP measure of core earnings totaled $32 million, or $0.65 per share.  Net non-core charges were primarily related to the acquisition of Willimantic, CT-based SI Financial Group, Inc on May 17, 2019 and are net of discontinued operations. GAAP EPS increased by 2% compared to the prior quarter, while core EPS increased by 8% due to the benefits of the company's initiatives. Berkshire also declared a dividend of 23 cents.

by Robert Zulkoski, Social Entrepreneur Come spring, the farmer listens to the land, but come fall, the farmer looks to the community for the harvest. The community comes together to gather the bounty and pack it into the barn for the winter. A barn, which was raised through community collaboration. The community had come together under one vision and one goal to combine their efforts to create a resource for the community. 

Vermont Business Magazine Senator Patrick Leahy (D-Vermont) Tuesday led all Democrats on the Senate Judiciary Committee – the Senate committee of jurisdiction over all refugee and immigration laws – in forcefully condemning a proposal reportedly being considered by Trump administration officials to dramatically reduce – or worse, eliminate – annual refugee admissions, which have already plummeted to historic lows under President Trump. The Judiciary Committee Democrats reiterated the longstanding bipartisan support for the U.S. Refugee Admissions Program, its importance to our national security interests, and, most critically, its centrality to America’s identity and history as a nation of refugees and immigrants.

Vermont Business Magazine Medline and Greenhealth Exchange (GX), a group purchasing consortium for health systems, today announced a new partnership that will unite manufacturing and clinical expertise to drive innovation and bring green products to the healthcare marketplace. The partnership will concentrate on creating environmentally friendly products that eliminate well-known chemicals of concern, such as formaldehyde, flame retardants, and polyvinyl chloride (PVC) from products providers use daily to care for patients. The collaboration will include insight from purchasing influencers and GX owners across the country, including Confluence Health, Dartmouth-Hitchcock, Dignity Health, Gundersen Health System, Marshfield Clinic Health System, Mayo Clinic, Partners HealthCare and University of Vermont Health Network.

Vermont Business Magazine NBT Bancorp Inc (NASDAQ: NBTB), the upstate-New York based parent of NBT Bank with branches in Northwest Vermont, reported on Monday net income and diluted earnings per share for both the three and six months ended June 30, 2019. Net income for the three months ended June 30, 2019 was $30.6 million, up 4.9% from $29.1 million for the first quarter of 2019 and up 8.7% from $28.1 million for the second quarter of 2018. Diluted earnings per share for the three months ended June 30, 2019 was $0.69, as compared with $0.66 for the prior quarter, an increase of 4.5%, and $0.64 for the second quarter of 2018, an increase of 7.8%.

Net income for the six months ended June 30, 2019 was $59.7 million, up 10.3% from $54.1 million for the same period last year. Diluted earnings per share for the six months ended June 30, 2019 was $1.35, as compared with $1.23 for the same period in 2018, an increase of 9.8%.

Vermont Business Magazine The Pulmonary Fibrosis Foundation (PFF) today announced that eight new sites, including the University of Vermont Medical Center, have joined its Care Center Network (CCN) to help serve the more than 200,000 Americans living with pulmonary fibrosis. PF is a devastating disease which causes progressive scarring in the lungs. Sixty-eight medical centers nationwide now offer expertise in accurately diagnosing and treating people with pulmonary fibrosis.

Vermont Business Magazine Women got the vote in 1920: that’s within our grandparents’ or great-grandparents’ lifetimes - not so long ago. Next year, 2020, marks the 100th anniversary. The Vermont Suffrage Centennial Alliance (VSCA), an energetic and expanding statewide group of volunteers led by the League of Women Voters of Vermont, is dedicated to informing Vermonters of the history and outcomes of women’s suffrage and engaging them in the ongoing quest for equal rights and citizenship.