Current News

Vermont Business Magazine Ski Vermont will once again help deliver a taste of the Green Mountain State to ski areas this winter by offering skiers and riders samples of a variety of treats and libations at scheduled stops on the Ski Vermont Specialty Food Tour.
Well-established Vermont landmark products available include Cabot award-winning cheddar cheese and Ben & Jerry’s ice cream. Additional Vermont specialty food producers including Barr Hill Distillery, Silo Distillery, Mad River Distillers, Ambrosia Chocolates and Confections, West River Creamery, goodMix Superfoods, MOCO Hot Cocoa, Vermont Barrel-Aged Hot Sauce, Kimball Brook Farm, Wood’s Syrup, It’s Arthur’s Fault!, Vermont Maple Granola, Garuka Bars and SAP! Beverages will join the tour to showcase their assortment of products.

Vermont Business Magazine The Bennington Regional Chamber of Commerce hosted over 200 of its members and stakeholders at its annual meeting, The Mix and Mingle, held at Bennington College this past Friday. The meeting introduced a 2019 budget to the members which was voted upon and passed.  The meeting also provided the opportunity to introduce two new Northshire Chamber Board of Director members Sylvia Pike of Battenkill Valley Health Center and Lisa Larson of the Northshire Civic Center at Riley Rink.

Vermont Business Magazine Earlier this week, Vermont State Officials announced the formation of Vermont’s First Affiliated Reinsurance Company (ARC) by MAPFRE RE, a large global reinsurance company based in Madrid, Spain. Primmer Piper Eggleston & Cramer (PPE&C) attorneys Ralphine O’Rourke and Jesse Crary are the advising counsel to MAPFRE RE. On July 1, 2018, Vermont officially passed legislation establishing this new type of captive which allows the formation of reinsurance affiliates onshore, and in so doing, avoids the Base Erosion and Anti-Abuse Tax (BEAT) that would otherwise apply to offshore reinsurance placements. By building on its experience with traditional captives and special purpose financial insurance companies, Vermont’s new option provides the flexibility found in captive regulation with the recognition that comes to companies complying with traditional insurance company accreditation standards. 

Vermont Business Magazine After several months of strong results, personal income tax revenues fell last month and dragged down total General Fund revenues. Secretary of Administration Susanne Young today released Vermont’s Revenue Results for December 2018. Along with the General Fund, the Transportation Fund was below its monthly target. Both funds, however, remain above their cumulative target due to the strength of revenues over the first half of the fiscal year. The Education Fund was above its monthly target but remains slightly below its cumulative annual target.

Public Assets Institute Vermont’s private employers started 2018 on a roll, adding jobs in five of the first six months. But they lost ground in the second half of the year. Vermont finished 2018 with 257,500 private sector jobs, a decline of 100 for the year. In June Vermont hit an all-time high of 259,800 private-sector jobs. July saw the fifth-largest monthly job loss in the last 28 years.

Vermont Business Magazine Attorney General TJ Donovan announced that a court has blocked the federal government’s decision to add a citizenship question to the 2020 U.S. Census questionnaire. In April 2018, the State of Vermont joined a coalition of 17 other states, the District of Columbia, 15 cities and counties, and the U.S. Conference of Mayors in filing a lawsuit in the U.S. District Court for the Southern District of New York to block the federal government from demanding citizenship information in the 2020 Census.

Vermont Business Magazine Governor Phil Scott issued the following statement for the forthcoming Martin Luther King, Jr Day: “As we begin this long weekend in honor of Reverend Dr Martin Luther King, Jr., I’m drawn to these wise words of his: ‘Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that.’ 

“In the bitter division of our polarizing time, when too many abandon kindness and respect, giving in to the darkness of hate and divisiveness, we must be the light. We must rise above the fray, working together to promote justice and equality across our state and across the country, just as Dr. King did many years ago.

“The civility and the hope he inspired in such a troubling time is just one of his great legacies, and for that I offer my respect and gratitude.”

EVENTS:

Vermont Business Magazine Senator Patrick Leahy (D-Vermont), Senator Bernie Sanders (I-Vermont) and Representative Peter Welch (D-Vermont) have joined in introducing legislation to shield farmworkers from deportation and to open for them a path toward earned legal status and eventual citizenship.

The bill was introduced Wednesday in both the Senate and the House.  Senator Dianne Feinstein (D-Calif.), the Ranking Member of the Judiciary Committee, is the chief Senate sponsor, and Representative Zoe Lofgren (D-Calif.) is the chief House sponsor.  Leahy is a leading member and former chairman of the Judiciary Committee, which has jurisdiction over immigration laws.  Leahy also is a leading member and former chairman of the Agriculture Committee.  Senator Bernie Sanders (I-Vt.) and Representative Peter Welch (D-Vt.) are also cosponsors.

by Timothy McQuiston, Vermont Business Magazine The Vermont Department of Labor today released the seasonally-adjusted statewide unemployment rate for December of 2.7 percent, tied for fifth lowest in the nation. This reflects no change from the revised November rate. Embedded in this calculation is the monthly estimate of the Vermont labor force, which decreased compared to the previous month’s estimate. December marks the sixth consecutive month with a decrease to the labor force. The labor force overall has lost ground over the last year. The number of employed, however, has increased slightly. For December, Vermont businesses reported large seasonal gains to employment in industries related to tourism.

Vermont Business Magazine WhistlePig, the Shoreham-based Number 1 distiller in the fast growing, ultra-premium and luxury rye whiskey category, has announced a partnership with BDT Capital Partners of New York. BDT will become a minority equity partner. As part of this investment, Raj Bhakta, one of the original founders, has been bought out and is no longer involved with the company. BDT invested through a structured equity investment that includes a significant minority common equity stake. Financial terms were not disclosed.

Vermont Business Magazine Weekly unemployment claims fell modestly last week, as the holiday layoff spike appears over. For the week of January 12, 2019, there were 674 claims, 25 fewer than they were the previous week, and 50 fewer than they were a year ago. The holiday season usually sees wild swings in claims, as retailers in particular hire and layoff workers in spikes in November and December and then levels off in January.

Vermont Business Magazine  Sugarbush Resort is hosting twenty separate events for the upcoming MLK Weekend, from culinary events to torchlight parades and fireworks. The fun kicks off on Saturday, January 19^th with Guided Outback Snowshoe Tours at 10:00 AM and 1:00 PM at Lincoln Peak. Guests can celebrate NSAA Safety Month with Meet the Ski Patrol & Toboggan Rides at 3:30 PM on the Welcome Mat at Lincoln Peak. There will also be a Local Artisan Market from 12:00 – 6:00 PM in Rumble’s Kitchen. At 3:30 PM in the Lincoln Peak Courtyard, there will be a free S’Mores Cookout. A Mad River Distillers Tasting will take place outside the Castlerock Pub from 2:00 – 6:00 PM featuring their 60^thAnniversary Barrel Aged Bourbon. Apres music will be rocking in all restaurants from 3:00 - 6:00 PM.