Current News

by Morgan True vtdigger.org Rates for insurance products sold on Vermont’s health care exchange will increase in 2015, but not by as much as insurers had wanted, state regulators said Tuesday. Blue Cross Blue Shield of Vermont’s requested average 9.8 percent rate increase across health exchange products was revised down to 7.7 percent by the Green Mountain Care Board. Blue Cross covers 92 percent of Vermont Health Connect users who purchased commercial health insurance, or roughly 60,000 people. The remaining 5,000 commercial customers are covered by MVP Health Care. The company’s average rate request was reduced from 15.3 percent to 10.9 percent.

Two percent of the Blue Cross reduction was largely based on assumptions about a federal subsidy program that softens insurers’ entry into the exchange.

At the University of Vermont Wednesday morning, Congressman Peter Welch outlined legislation he is advocating that would allow borrowers to refinance federal and private student loans to take advantage of lower interest rates. Welch was joined by UVM Provost David Rosowsky and Vermont Student Assistance Corporation President Scott Giles, as well as recent college graduates who would benefit from the legislation.

“Too many of today’s college graduates are entering the work force with student loan debts equivalent to that of a home mortgage. Put simply, graduates are buried in debt before they earn their first paycheck,” said Welch. “This mountain of debt is holding back a generation of young Americans from buying a car or home, saving for retirement, or starting a small business. It defies common sense that student loans cannot be refinanced, just like home mortgages, to take advantage of lower interest rates. Our legislation will allow graduates to do just that.”

The Small Business Administration announced today that 24 awards will be made to states to support activities to increase exporting by small businesses. Vermont will get $163,404. The State Trade and Export Promotion (STEP) Program was appropriated $8 million to award by September 30, 2014.

The STEP program has two objectives: 1) increase the number of small businesses that begin to export and 2) increase the value of exports for small businesses that currently export. Competition was robust among the 49 state applications for this third round of awards. The amount of awards will vary based on the awardee’s approved project plan and budget. Expanding the base of small business exporters and making the process as easy as possible is a key component of the Administration’s National Export Initiative.

In Vermont, 4.6 percent of households, or nearly 1,500, receive public assistance. The US average is 2.9 percent. The Census Bureau has released a brief, based on data collected during the 2012 American Community Survey, on household receipt of public assistance. Statistics are provided for the nation, states and the 25 metropolitan statistical areas with the largest populations. Public assistance includes Temporary Assistance to Needy Families (TANF) and General Assistance (GA). Although similar briefs have been published for each of the last several years, this is the first that provides comparisons back to 2000 and for metro areas.

According to a new analysis by the Institute for Women's Policy Research (IWPR), states across the nation vary widely in their progress towards achieving equality for women in the workplace, with Vermont 7th overall and New Hampshire 9th. The District of Columbia ranked highest in the nation for women's employment and earnings, while West Virginia ranked the lowest. The analysis includes state-by-state rankings and letter grades based on a composite score of economic indicators, including women's labor force participation, median annual earnings for women, the gender earnings ratio between women and men employed full-time and year-round, and the percentage of employed women in managerial or professional occupations. IWPR has been calculating and tracking state rankings in this area since 1996.

Keurig Green Mountain, Inc, (NASDAQ: GMCR), a leader in specialty coffee, coffee makers and other beverages, and The Coca Cola Company (NYSE: KO) have expanded the companies’ partnership to offer select beverages from the portfolio of The Coca Cola Company’s still brands in the Keurig hot brewing system in the United States and Canada. Honest Tea, the nation’s #1 organic bottled iced tea, will be the first brand from The Coca Cola Company available in K-Cup packs. In February 2014, the companies signed a 10-year agreement to collaborate on the development and introduction of The Coca Cola Company's global brand portfolio for use in Keurig’s forthcoming Keurig Cold at-home beverage system, available in Keurig’s fiscal year 2015. As part of that agreement Coca-Cola acquired a 10 percent minority equity position in Keurig and subsequently announced its intention to increase its stake up to 16 percent.

by Laura Krantz and Tom Brown vtdigger.org and Vermont Business Magazine Progressive candidate for lieutenant governor Dean Corren has won the right to have his name on the Democratic ticket in the November general election. Corren, who will also appear under the Progressive label, actively campaigned as a write-in candidate for the Democratic nomination in last week’s primary. That effort paid off. According to Secretary of State Jim Condos, Corren received 3,874 Democratic write-in votes, 60 percent of the write-ins cast. Republican Lt. Gov. Phil Scott, who did not campaign for the Democratic nod, got half that many votes (1,895) without really trying (30 percent).

Norwich University President Richard Schneider announced today that the Sullivan Museum and History Center (SMHC) has been named Vermont’s first Smithsonian Affiliate. The announcement was made at a 1:30 pm reception at the Northfield museum, in which remarks were also given by Senator Patrick Leahy, Director of Smithsonian Affiliations Harold Closter and SMHC Director Sarah Henrich.

“This national recognition of the Sullivan Museum as a Smithsonian Affiliate provides us with another opportunity to showcase the historic contributions of Norwich from our past up through today and to bring the nation’s treasures to Norwich and Vermont,” Schneider said.

Among other benefits, Smithsonian Affiliates enjoy sharing agreements with all 19 Smithsonian museums enabling exhibition of objects from the national museum collection as well as providing outlets for Norwich objects to be shown outside of Vermont.

Vermont Business Magazine Vermont’s consumer-protection case against MPHJ Technology Investments, LLC will move forward, according to a decision released late last week denying MPHJ’s motion to dismiss for lack of personal jurisdiction. In denying the motion, the court recognized the state’s “strong interest in protecting its citizens from consumer fraud... In balancing the burdens on both sides here, the interest of the State in protecting its citizens weighs heavily in favor of jurisdiction,” the court concluded.

“MPHJ has done everything in its power to stop the state from proceeding against it on the merits, but has not succeeded. We are pleased to be able to go forward with this litigation,” said Attorney General William H Sorrell.

by Timothy McQuiston VBM If a tree falls in the woods, will it knock out the power to my home or business that's a hundred miles away? Green Mountain Power, based in Colchester, is working with a major national energy company to reduce such power outages and enhance redundancy, while bringing new energy products to the Vermont marketplace through the use of localized technology and generation, "microgrids," analytics and data.

Demonstrating Vermont's national importance as a model for our energy future, GMP and NRG Energy, Inc. (NRG) today announced a partnership to deploy a series of new products and services for Vermont businesses and residents. The partnership, which ultimately will expand throughout Vermont, is part of an effort to establish Rutland as the Energy City of the Future, and positions the state as a leader in the movement toward cost-effective sustainable energy solutions.

Despite graduating from college and graduate school in greater numbers than men, women continue to face significant hurdles in the workplace.

· Barely five percent of Fortune 500 CEOs are women.

· Men are twice as likely to advance in the workplace, according to the Wall Street Journal.

· Middle-management women get promoted on performance while middle-management men get promoted on potential, according to McKinsey, the global business consultancy.

Why?

The Burlington College Board of Trustees has formed a transition team to lead the college while it searches for a new President to replace Christine Plunkett, who resigned last week. Michael Smith will serve as Interim President. He will be joined by Jane Knodell, serving as Interim Provost, and David Coates, who will serve at Interim Financial Advisor.

Christine Plunkett

"This team brings decades of management, academic, and financial expertise to the College as we deal with the challenges before us," said Yves Bradley, chairperson of the Board.

“We are fortunate to have three individuals who are committed to the college, to its vision, and to the financial plan adopted by the Board and former-President Plunkett”, he went on to say.