Current News

Vermont Business Magazine According to the Vermont Attorney General's office, Carmen Gross, age 40, of East Corinth was arraigned on two felony counts of Financial Exploitation of a Vulnerable Adult on July 8, 2015, in the Vermont Superior Court, Orange Criminal Division, in Chelsea. According to court documents, in 2012-13, while acting as power of attorney for a vulnerable adult, Gross spent more than $40,000 of the vulnerable adult’s US Treasury and Social Security income and funds held in two bank accounts for her own personal benefit.

Vermont Business Magazine Weekly unemployment claims in Vermont were up slightly last week after a big decline last week. Claims are typically low during the summer. There were 496 new, regular benefit claims for Unemployment Insurance in Vermont, an increase of 31 from the previous week's total and 88 fewer than they were a year ago. Generally, claims have been running below last year's totals.

Altogether 4,590 new and continuing claims were filed, an increase of 243 from a week ago, and 593 fewer than a year ago. The Department processed 0 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08). The total for all programs was 4,590 claims, 243 more than last week, and 601 fewer than the same time last year.

Vermont Business Magazine People's United Financial, Inc (NASDAQ: PBCT), the parent company of People's United Bank with branches throughout Vermont, on Thursday reported net income of $61.7 million, or $0.20 per share, for the second quarter of 2015 (Return on Assets .70 percent), compared to $72.3 million, or $0.24 per share, for the second quarter of 2014 (ROA .72 percent), and $59.2 million, or $0.20 per share, for the first quarter of 2015. Included in the results for the second quarter of 2014 is a net after-tax gain of $13.4 million ($0.04 per share) resulting from the formation of a merchant services joint venture. Operating earnings were $63.7 million, or $0.21 per share, for the second quarter of 2015, compared to $59.9 million, or $0.20 per share, for the second quarter of 2014, and $63.2 million, or $0.21 per share, for the first quarter of 2015.

Vermont Business Magazine Darn Tough Vermont, American manufacturer of the fastest growing collection of performance outdoor and lifestyle socks, has reported a record second quarter with topline growth, up 60 percent over the corresponding period in 2014. The Northfield-based company expects to keep expanding and add 300 workers over the next five years. It has about 165 now. The company also reported June 2015 figures, posting a 79 percent increase over June 2014. These results represent a continuation of three years of unprecedented growth for the domestic producer of high-quality, unconditionally guaranteed socks. Darn Tough does not release actual revenue figures.

Vermont Business Magazine Vermont Secretary of State Jim Condos announced Thursday that candidates, PACs, and parties involved in the 2016 election have successfully completed the first mandatory online disclosure filing in the new web-based campaign finance filing system. Wednesday, July 15, was the first campaign finance filing deadline for the 2016 election cycle, and the first time it became mandatory.

“Vermont is now at the forefront of the growing movement to bring greater transparency to campaign financing,” Condos said.

“An online campaign finance filing system that provides searchable information for the general public, in real time, has been long overdue,” Condos continued. “I am pleased to provide Vermonters with this powerful tool to gain more meaningful access to the very important information contained in campaign finance disclosures.”

Vermont Business Magazine Fitch Ratings affirms the state of Vermont's $31.4 million of special obligation transportation infrastructure bonds at 'AA'. The Rating Outlook is Stable. The bonds are special, limited obligations of the state, payable from Motor Fuel Transportation Infrastructure Assessments.

KEY RATING DRIVERS

FIRST LIEN ON DEDICATED TAX REVENUE: The state of Vermont has granted to bondholders a first lien on dedicated gasoline and diesel fuel assessments. Pledged funds are segregated in the Transportation Infrastructure Bond (TIB) Fund. The expenditure of such funds is statutorily limited to debt service and, once debt service has been accumulated for the fiscal year, pay-go capital expenditures for transportation projects.

ADEQUATE ADDITIONAL BONDS TEST: Additional leveraging of the pledged revenue stream requires 2 times (x) coverage of projected maximum annual debt service (MADS).

Vermont Business Magazine The Permanent Fund for Vermont’s Children today announced the launch of Vermont Birth to Five (VB5), bringing together the work of Vermont Birth to Three (VB3) and the Vermont Community Preschool Collaborative (VCPC) to ensure greater coordination of efforts toward achieving the Permanent Fund’s mission, which is to assure that every Vermont child has access to high quality, affordable early care and education.

The announcement comes as legislation signed by Governor Shumlin in June promises to shine a light on early childhood issues by establishing a Blue Ribbon Commission On Financing High Quality, Affordable Childcare.

Vermont Business Magazine Vermonters will get a first-hand look at the latest break-through in electric motor vehicles, featuring separate front and rear drives. California-based Tesla (NASDAQ: TSLA) recently announced that its Model S worldwide has driven more than one billion miles. To celebrate, Tesla kicks off The Next Billion Tour on Friday to give customers across the country the opportunity to get behind the wheel of Model S and experience the benefits of going electric. The electric-only car will be in Burlington August 8 and 9.

by Timothy McQuiston Vermont Business Magazine Vermont wants to increase passenger and freight service on the nearly 600 miles of track in the state by expanding Amtrak service to places like Bennington and Montreal, while upgrading the system to more consistently carry heavy loads. While everyone can agree that this would be an economic enhancement to the state, and some would advocate for it based on energy and environmental goals, how it is going to be paid for always has been the principal impediment. The federal government is the main funding source for rail upgrades and the state has subsidized Amtrak service.

Vermont Business Magazine As President Barack Obama spotlighted problems with prisons in the United States, Sen. Bernie Sanders (I-Vermont) today called youth unemployment “a national disgrace” and urged Senate colleagues to support legislation to hire 1 million young people. The Senate voted on Sanders’ youth jobs bill on the same day Obama visited a federal penitentiary in Oklahoma.

“I applaud President Obama for visiting a federal penitentiary to highlight the fact that, tragically, the United States has more people in jail than any other country on earth and one of the reasons that we have so many people in jail is that we have an obscenely high level of youth unemployment,” Sanders said.

“The time has come for us to begin investing in jobs and education for our kids, not jails and incarceration,” the senator added. “Let’s create productive citizens in America, not more criminals.”

Vermont Business Magazine Hinesburg's Vermont Smoke & Cure is one of several companies nationally to receive funding from a San Francisco-based private equity firm. VMG Partners, which specializes in investing in and building branded consumer product companies in the lower middle market, announced Thursday the closing of VMG Partners III, LP with $500 million of committed capital. In addition to closing its third fund, VMG has also partnered with the founders and management teams of Health Warrior, Perfect Bar, and Vermont Smoke & Cure. Terms of the deal were not announced.

Vermont Smoke & Cure is a manufacturer and marketer of antibiotic and nitrate free, humanely raised beef, pork and turkey. It had 2014 revenues of $9.8 million ($3.5 million more than 2013) with 47 employees, according to Vermont Business Magazine.

Vermont Business Magazine Governor Peter Shumlin today announced a number of staff changes across his Administration, including in the Governor’s Office, Agency of Natural Resources (ANR), Public Service Department (PSD), and Department of Public Safety (DPS). After four and a half years, current Deputy Chief of Staff and Director of Intergovernmental Affairs Alyson Richards will be leaving the Governor’s Office. Her last day will be July 24^th.

"Aly has been a trusted member of my team, close advisor, and great friend," Shumlin said. "She has played an integral role in our efforts to expand educational opportunities for Vermont kids, helping to pass universal pre-k and secure tens of millions in federal grants that will help us expand and bolster our early childhood education system in this state. Kids born in this state are better off thanks to Aly Richard’s good work."