Current News

Vermont Business Magazine With jobs increasing, the number of unemployed decreasing and with modest growth in the labor force, the Vermont employment situation improved in December. The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for December 2014 was 4.2 percent. This represents a decrease of two-tenths of a percent from the revised November rate (4.4 percent). The seasonally adjusted Vermont data for December show the Vermont civilian labor force increased by 350 from the prior month estimates. The number of employed increased by 750 and the number of unemployed decreased by 400. None of the over-the-month changes were statistically significant in the seasonally-adjusted series.

by Jennifer Hollar As too many Vermonters struggle to make ends meet, affordability has rightly taken its place at the center of public debate. Often missing from the discussion, however, has been the cost of housing. If we are to succeed in closing the affordability gap, housing must be central to the conversation.

The shortage of affordable homes in Vermont impacts our lives, communities, economy and demand for state services. It sometimes means growing businesses aren't able to fill key positions because potential recruits can't find housing. It means many working families don't have enough money for food, health care or transportation, never mind saving to buy a home, pay for college or retire. In the worst cases, families fall behind on rent, lose their apartments and become homeless.

Responding to requests for additional opportunity to comment on the proposed rule on the labeling of food produced with genetic engineering, the Attorney General has scheduled a second public hearing on the rule. This hearing will take place on Wednesday, February 4, 2015, from 5 – 6pm in Room 10 at the State House in Montpelier. Additionally, the Attorney General has extended the deadline for submitting written comments on the rule by two weeks to Thursday, February 12, 2015.

“Public comment is a vital part of the rule-making process,” said Attorney General Bill Sorrell, “and when we heard from various folks that they had not understood the original timeline for comment, or were worried they wouldn’t get comments in before the deadline, we decided it best to provide an extended opportunity to make their formal comments. This will move the rule-making process forward with maximum input from industry and consumers.”

The Vermont Travel Industry Conference (VTIC) is pleased to accept nominations for the Travel Person of the Year Award and entries for the Governor’s SMART Award for Creative Marketing in Tourism. Both awards will be presented at the 32nd annual conference March 31 & April 1, 2015 in South Burlington, Vermont at the Sheraton Hotel & Conference Center.

The SMART Award will honor a tourism-related business, region, association, special event, travel journalist or other, which has leveraged the Vermont Brand through creative, innovative and customer focused marketing. The SMART Award recognizes an ongoing commitment to Vermont’s tourism industry and will be selected by an independent panel of marketing experts assembled by the Vermont Travel Industry Conference (VTIC) Board of Directors.

The University of Vermont Medical Center has been named a 2014 Guardian of Excellence Award winner by Press Ganey Associates, Inc., for receiving high satisfaction ratings from patients receiving inpatient rehabilitation treatment. Press Ganey is the nation’s leading health care performance improvement company, partnering with more than 11,000 facilities worldwide to reduce suffering and improve the patient experience.

The award recognizes facilities that consistently achieved the 95th percentile of performance in Patient Experience scores during the course of one year. Through questionnaires, patients indicated UVM Medical Center providers excelled in, among other things:

A new study shows that more than half the people in some developing countries could become newly at risk for malnutrition if crop-pollinating animals — like bees — continue to decline. Despite popular reports that pollinators are crucial for human nutritional health, no scientific studies have actually tested this claim — until now. The new research by scientists at the University of Vermont and Harvard University has, for the first time, connected what people actually eat in four developing countries to the pollination requirements of the crops that provide their food and nutrients.

Brandon Cigana, age 33, of Whitehall, New York, was convicted on January 15, 2015, in the Vermont Superior Court, Rutland Criminal Division, on two misdemeanor charges of unlawful possession of narcotic drugs. The convictions stem from Cigana’s employment as a pharmacist at the Walgreens Pharmacy in Rutland, Vermont. Cigana admitted to unlawfully possessing the narcotic drug Hydrocodone.

Cigana was sentenced to 1-2 years in jail, all suspended, and placed on two years of probation. In addition to the standard conditions of probation, the Court imposed special conditions ordering Cigana to perform 80 hours of community service, to complete substance abuse counseling as directed by his probation officer, and to abide by licensing conditions imposed by the Vermont Board of Pharmacy.

The case was investigated and prosecuted by the Medicaid Fraud and Residential Abuse Unit within the Vermont Attorney General’s Office.

Source: Vermont AG Jan 15, 2015

This year, AARP Foundation is again providing free tax assistance and preparation for taxpayers with low to moderate income through the AARP Foundation Tax-Aide program. AARP Tax-Aide, in its 48th year, is the nation’s largest free tax assistance and preparation service, giving special attention to the older population. You do not need to be a member of AARP or a retiree to use this service.

“This program helps thousands of Vermonters every year recover millions of dollars in refunds,” said Greg Marchildon, AARP Vermont state director. “Our counselors work throughout Vermont and the sites and clients have come to really rely on this help year after year.”

Berkshire Hills Bancorp, Inc (NYSE: BHLB), the parent company of Berkshire Bank reported a 20 percent increase in fourth quarter core earnings per share to $0.48 in 2014 compared to $0.40 in 2013. Earnings growth was driven by a 17 percent increase in core revenue as the company expanded operations in its footprint. Fourth quarter GAAP EPS increased by 10 percent to $0.46 as earnings in both years were impacted by non-core charges related primarily to growth and restructuring. Berkshire Bank has branches in southwestern Vermont.

For the year, core earnings per share totaled $1.80 in 2014. Core earnings decreased by 4 percent from $1.87 per share in 2013 as volume growth was offset by lower margins in the first half of the year. GAAP EPS totaled$1.36 in 2014 and $1.65 in 2013.

FOURTH QUARTER FINANCIAL HIGHLIGHTS (comparisons are to prior quarter unless otherwise stated):

Allison Beck, Acting Director of the US Federal Mediation and Conciliation Service (FMCS), issued the following statement today on behalf of FairPoint Communications Inc, the International Brotherhood of Electrical Workers (IBEW), and the Communications Workers of America (CWA). The bitter strike affecting workers in Vermont, New Hampshire and Maine began on October 17.

Statement: "FairPoint Communications, Inc, the International Brotherhood of Electrical Workers Council T-9 and the Communications Workers of America Local 1400, collectively agree to announce that the parties continue, with the assistance of the Federal Mediation and Conciliation Service, to work towards new collective bargaining agreements and that progress is being made. Any statements or assertions made by any other party are not authorized by the Company or the Unions."

Vermont Business Magazine On January 23, 2015, Italian coffee company and Keurig Green Mountain investor Lavazza sold an aggregate of 378,371 shares of Common Stock ($50,299,273), as a result of which Lavazza currently owns approximately 7.8 percent of the outstanding Common Stock, as described below, worth about $1.7 billion. In a SEC filing statement, Lavazza said it intends to continue to review market conditions for shares of Keurig Common Stock and may from time to time sell additional shares of Keurig Common Stock. Keurig Green Mountain is based in Waterbury, Vermont.

Norwich University has reached $62 million in pledges toward a $100 million goal set out last September, officials announced today at a ceremonial groundbreaking of major enhancements to the university’s Kreitzberg Library. To date, meeting the $25 million Tawani Challenge — in which the Chicago-based Tawani Foundation matches certain gifts dollar-for-dollar up to $25 million — has been a fundamental achievement in the university’s fundraising success. Under the Tawani Challenge the university raised $27.6 million.

Another significant milestone is a recent gift of $5 million for construction of a new academic building, according to NU President Richard W Schneider.