Current News

The Ethan Allen Institute presents Sheraton Economic Series 2010 lecture, "Regulating the Banks: Lessons from the Recent Crisis" featuring Dr Meir G Kohn, Professor of Economics, Dartmouth College. The event will be held at the Sheraton Burlington Emerald Ballroom, Thursday, March 18, 5-7 pm.
An internationally known expert in finance, markets, banking and regulation, Prof. Kohn will autopsy the bodies left from the Crash of 2008 and answer questions from the audience. His presentation is part of the ongoing Sheraton Economic Series.
Prof. Kohn will also address the regulatory proposals currently before Congress, and look ahead to what those changes are likely to mean for financial markets, banks, brokerages, and the economy as a whole.

Vermont Secretary of Agriculture Roger Allbee recently joined his counterparts in the Northeast to write USDA Secretary Thomas Vilsack encouraging him to consider the benefits of reinstating the federal support price for cheddar block and barrel cheese and non-fat dry milk back to the levels established by USDA last August. The action was coordinated by New York Commissioner of Agriculture Pat Hooker.
“We are writing to add our voice to those you have heard in saying that the current pricing system is outdated, broken and needs to be addressed,” said Secretary Allbee. “In fact the current system devalues fresh, locally produced milk, potentially impacting our food safety.”

The February 2010 Mortgage Monitor report, released by Lender Processing Services, Inc. (NYSE: LPS), a leading provider of mortgage performance data and analytics, shows that while delinquency rates in the U.S. have risen to historic highs, the pace of deterioration has slowed. However, the nation's housing market remains far from a full recovery.

Average retail gasoline prices in Vermont have risen 4.3 cents per gallon in the past week, averaging $2.85/g today. This compares with the national average that has increased 3.5 cents per gallon in the last week to $2.78/g, according to gasoline price website VermontGasPrices.com.
Including the change in gas prices in Vermont during the past week, prices today are 93.0 cents per gallon higher than the same day one year ago and are 8.8 cents per gallon higher than a month ago. The national average has increased 16.6 cents per gallon during the last month and stands 88.1 cents per gallon higher than this day a year ago.

Central Vermont Public Service (NYSE: CV) reported consolidated earnings of $20.4 million, or $1.74 per diluted share of common stock, for the 12 months of 2009, compared to $16 million, or $1.52 per diluted share of common stock, for the same period in 2008.
CV reported fourth-quarter 2009 consolidated earnings of $2.1 million, or 18 cents per diluted share of common stock, compared to a loss of $0.1 million, or 1 cent per diluted share of common stock, for the same period last year.
"Perhaps most significant, Moody's Investors Service rated the company at investment grade in the fourth quarter, markedly improving our borrowing capability," President Bob Young said. "These ratings will allow CVPS to borrow short-term capital at lower rates than we could otherwise expect to receive, and will reduce or eliminate collateral requirements in many power purchase and power sales contracts, so this expands our options as we look to secure new power supply in the future.

Governor Jim Douglas received the National Order of Québec (l Ordre national du Québec) yesterday at a ceremony in the Québec National Assembly, becoming only the 4th American and first American public official to receive the honor. Québec Premier Jean Charest cited Governor Douglas work in strengthening the historic Québec -Vermont relationship throughout his career in public service during the investiture ceremony held yesterday.
Governor s remarks:
Merci, Monsieur le Premier Ministre. Et je remercie aussi le peuple du Québec pour ce grand honneur. [Thank you Premier Charest. I thank you and the people of Quebec for this tremendous honor.]

The Senate Institutions Committee on Friday approved on a 5-0 vote legislation to authorize the sale or lease of the Brighton State Airport to either the Town Brighton or Vermont Renewable Energy Co. The details of the sale or lease will be left up to the Agency of Transportation to negotiate. The property will be sold at fair market value. The legislation next goes to the full Senate for review and consideration.

"This legislation, if ultimately approved by the 2010 General Assembly, will help pave the way for much needed jobs in the Northeast Kingdom and create a new market for wood in the region. It is estimated that 34 new jobs will be created at the plant and approximately 150 jobs will be either created or impacted in a positive way in the region," Sen. Vince Illuzzi, Chair

On March 10, NBT Bank held a ribbon-cutting ceremony to formally open its Burlington Office. This office, located at 150 Bank Street, is the bank s first retail branch in Vermont. The bank s Vermont regional office is located in the same building.
On hand for the ceremony were NBT Bank executives and employees, local public officials, area business leaders and invited guests. NBT Bank Regional President Matt Durkee said: Establishing our presence in Vermont has been a great experience for us. People have been very responsive to our community banking approach, and we look forward to continued growth here.

Plasan, a global leader in the field of combat-proven survivability and armor solutions for vehicles, airborne platforms and personal protection, has received another US Military contract worth $170 million to the Bennington company. Plasan makes plating for armored vehicles. The vehicles themselves are made by Oshkosh Defense in Wisconsin. Plasan is seeking to expand its site in Bennington by 4,500 square feet to accommodate the work. Employment at the site is up to 220 and could grow further.
The latest MRAP-ATV contract is worth $640 for 1,460 vehicles and brings the total Oshkosh deal to $4.74 billion, which includes spare parts and support. The 8,079 all-terrain vehicles are mine-resistant and are intended to support the military effort in Afghanistan. Last month, Plasan announced it had delivered its 5,000th armored kit, meeting all delivery deadlines. Plasan is a subcontractor for Oshkosh. Oshkosh received the new contract in late February.

Goodrich Delivers 2,000th Helicopter Health and Usage Management System (HUMS)
Diagnostic health management system saves time, money for military, commercial helicopters
Goodrich Corporation s (NYSE:GR) Sensors and Integrated Systems business in Vergennes, Vt. marked the delivery of its 2,000th helicopter health and usage management system (HUMS) in a ceremony March 8, 2010 attended by employees and U.S. Senator Patrick Leahy (D-VT). Leahy has supported the company in winning more than $100 million in contracts to develop and deploy the HUMS systems for a number of helicopter platforms for the U.S. Army and Marine Corps.
I am incredibly proud to mark this day with the men and women of Goodrich, said Leahy. 2,000 HUMS units are a win for Vermont, the Department of Defense, and our men and women in uniform. These life-saving, money-saving devices keep our helicopters flying safely and have been at the heart of this region s economy.

Senator Patrick Leahy (D-Vt.) will chair a field hearing of the U.S. Senate Judiciary Committee on Monday, March 22, in Barre, Vermont. The hearing will examine the effective efforts of Barre and surrounding communities in fighting drug-related crime. Leahy has invited the Director of the Office of National Drug Control Policy, R. Gil Kerlikowske the nation s drug czar to testify at the hearing. Kerlikowske is the former police chief in Seattle, and has almost 40 years of law enforcement experience. Judiciary Committee Member Sheldon Whitehouse (D-R.I.), a former prosecutor, will also attend.

The Vermont Economic Development Authority (VEDA) is inviting eligible and qualified borrowers to apply for an allocation of Vermont s $135 million in Recovery Zone Facility Bond (RZFB) tax-exempt bond issuance capacity. The next round of applications is due at VEDA s offices on April 15, 2010.
This special tax-exempt bond financing is only available through the end of 2010, said VEDA Chief Executive Officer Jo Bradley. Financing a project with tax-exempt bonds enables borrowers to make needed investments at the lowest possible cost, and so the Authority is eager to commit all of the funding Vermont has been allocated. Thus far, VEDA has committed approximately $30 million of Vermont s special tax-exempt bonding capacity.