Current News

Vermont Business Magazine Attorney General William Sorrell wants businesses to be on the alert for a scam which has begun to emerge in Vermont and nationally has cost thousands of businesses millions of dollars and resulted in security breaches. It involves an email “spoofing” or pretending to be from the business’s CEO to an employee, requesting the employee to wire funds, supply sensitive information, or attach employee W-2 forms.

The email might request the information as soon as possible or otherwise impart a sense of urgency. Unlike many phishing emails, which often contain grammatical errors or strange usages, the fraudsters crafting these emails may be more sophisticated, and the emails often look legitimate.

Vermont Busness Magazine Green Mountain Power today announced it is opening up its state-of-the-art, open concept workspace in Colchester, Vermont to the world’s most inspiring energy innovators. The fun competition will allow entrepreneurs and energy pioneers the opportunity to share their cutting-edge ideas for a chance to locate their companies at GMP’s Inspire Space.

by Sarah Wojcik, Ski Vermont Skiers and riders can save on next season’s turns by purchasing 2016-17 season passes this spring. Some deals include free skiing and riding for the rest of this season and other perks like discounted summer access, lessons, equipment and more. 

by Lieutenant Governor Phil Scott Before the days of modern technology, miners brought canaries into the mines for safety. If there were deadly gases collecting in the shafts, the canaries would collapse – a sign to the miners that they should evacuate to fresh air and natural light. Recently, another canary signaled the need for fresh thinking in Montpelier. It came as a late-day statement from a regional chamber of commerce in Bennington County. The organization’s mission is to promote its local businesses. But it announced it was facing closure, and would need to shut down immediately. A last-minute effort may have saved this Chamber, but it’s another indication that the priorities of legislative leaders and Governor Shumlin have been misplaced.

by President Barack Obama Just six years ago, the reality in our country was that millions of Americans were locked out of our health care system because they couldn’t afford insurance or because they had pre-existing conditions. Women were charged more than men simply because they were women. People who needed coverage the most were too often denied it. (See Vermont Fact Sheet issued by the White House below).

At the same time, rising health care costs posed a significant threat to our economy, eroding workers’ paychecks and adding to our deficits. And while costs were high, the quality of care often wasn’t.

by Rob Roper The Vermont House Ways & Means committee just passed out a $48.3 million package of new or increased taxes and fees. The list includes an increase the fuel gross receipts tax that will at two to three cents to every gallon of home heating fuel, a new application of the 9 percent rooms and meals tax to private rentals done through such sharing programs as AirBnB, and a 25 percent hike in the bank franchise tax.

On the fee side, the state will rake in an additional $10.5 million from folks renewing their drivers’ licenses and registering their vehicles, etc. at the DMV. The biggest item is a $20.8 million increase in the fee to sell mutual funds in Vermont. This sets a very bad precedent as a fee is supposed to raise only enough money to cover the costs of regulating the entity paying the fee. It is not supposed to generate revenue for the general fund as this “fee” hike does. 

Vermont Business Magazine There's a $7,216 cost difference between owning a car in Michigan ($15,314.53) and New Hampshire ($8,098), finds a new study from personal finance website GOBankingRates.com. Vermont ($10,739.32) is also much cheaper than Michigan, but in the middle of the pack nationally. The study considered the costs of six key factors affecting the expenses of owning a vehicle in all 50 US states and the District of Columbia.

by Jennifer Nachbur A team of Vermont investigators has been issued a patent for their discovery of a molecule that rescues damaged blood vessels, yet preserves healthy vessels and could serve as a springboard for a new pharmaceutical therapy with fewer side effects for hypertension – a major risk factor for cardiovascular and kidney disease that effects roughly one in three people in the US.

by Olga Peters/The Commons A former US ambassador and two-time state senator for Windham County, Peter Galbraith, entered the Vermont gubernatorial race today. Galbraith, a Democrat from Townshend, says his campaign will focus in part on improving economic justice in Vermont. Like economic justice and income inequality, there are issues critical to the state that the other candidates aren’t talking about, he said.

Peter Galbraith photo by Randolph T Holhut/Commons file photo

Voters shouldn’t expect him to make grand campaign promises, Galbraith warned.

Galbraith said that if elected, he would focus on the issues over which the state has direct control.

Vermont Business Magazine The Greater Burlington YMCA has announced that Kyle Dodson of Burlington has been selected as the organization’s next President & CEO. Dodson will step into the role as of May 2. Dodson’s background is in education, finance and service and he brings with him a deep passion for community. After working in the world of finance in New York City, his first professional opportunity in Vermont was at St. Michael’s College, where he held several positions starting in 1995.

by David Coates Recently Lieutenant Governor candidate Randy Brock, a former State Senator and State Auditor, declared that the state should raise an additional $100 million of new revenues. It would be hard to disagree with his assessment especially when the first $60 million would be required to shore up the annual underfunding of the state workers and teachers retiree health care benefits. 

As I have mentioned previously, the total unfunded retirement liability (for state workers and teachers) facing the state as of June 30, 2015 is $3.8 billion. Likely in excess of $5 billion if held to the same standards as private sector employers. For comparison purposes, in 2005 the amount was $1.6 billion. Nearly a 150 per cent increase. This state debt, which taxpayers are liable for, has more than doubled in ten years.

Vermont Business Magazine The UVM Office of Technology Commercialization, the Vermont Technology Council, and the Vermont Center for Emerging Technologies will host the eleventh annual Invention 2 Venture Conference on April 7 from 1 to 5 p.m. at the Dudley H. Davis Center on the UVM campus. The goal of the conference is to provide an engaging setting where industry leaders can share -- with entrepreneurs, would-be entrepreneurs, potential investors, the private sector, researchers, government officials, and students, information and resources in an engaging setting -- the ideas that have made them successful.

Dr Robert Andosca, president, CEO and co-founder of Microgen Systems Inc.