Current News

Industrial employment in Vermont has fallen 5.6 percent since the beginning of the recession, according to Manufacturers' News, Inc. MNI reports Vermont lost 2,894 manufacturing jobs since December 2007, with 1,197 jobs lost between December 2007and December 2008 and 1,697 industrial jobs from 2008 to December of 2009. Over the same period of time, Vermont lost 154 manufacturers, or nearly ten percent of its industrial companies. Looking back even further, over an eight-year period Vermont lost 9,921 industrial jobs or 17% of its industrial employment.
Manufacturers' News reports Vermont is now home to 1,516 manufacturers employing 48,360 workers. Vermont's losses are smaller compared to those seen in other New England states with Maine's industrial sector down 7.7 percent, New Hampshire's down 7.5 percent and Massachusetts' down 6.4 percent, according to earlier MNI reports.

Stratton Mountain Resort, best known for its world class skiing and riding during the winter months is gearing up for a summer dedicated to higher learning. This summer, Stratton's Golf University is proud to welcome the David Leadbetter Golf Academy for five day “Junior Summer Swing” camps and two and three day mini-schools for adults.
“We are extremely excited to work with such a well respected golf institution in the name of bringing the best possible programming and value to our guests here at the resort” said Stratton Vice President of Clubs, Rob Aubin. Stratton’s 27-hole championship course has played host to six LPGA tournaments and will open in May.
Delivering a philosophy that is flexible to golfers of every possible level, from complete beginner to tour professional, the David Leadbetter Golf Academy offers first-rate golf instruction and first class service to every standard of golfer.
Junior Summer Swing

Average retail gasoline prices in Vermont moved just 2.0 cents per gallon in the past week, averaging $2.80/g today. This compares with the national average that has fallen 2.9 cents per gallon in the last week to $2.70/g, according to gasoline price website VermontGasPrices.com.
Including the rise in gas prices in Vermont during the past week, prices today are 94.7 cents per gallon higher than the same day one year ago and are 10.6 cents per gallon higher than a month ago. The national average has increased 10.4 cents per gallon during the last month and stands 87.7 cents per gallon higher than this day a year ago.
About VermontGasPrices.com
GasBuddy.com operates over 200 live gasoline price-tracking websites, including VermontGasPrices.com. GasBuddy.com was named one of Time magazine's 50 best websites and to PC World's 100 most useful websites of 2008.
Source: Vermont, VT, January 25, 2010-

The Vermont Unemployment rate rose a half-point in December to a seasonally adjusted 6.9 percent, according to figures released today by the US Department of Labor. This is the highest rate since last spring, when the rate peaked at 7.4 percent last May. The December 2009 rate is exactly one-point higher than the December 2008 rate of 5.9 percent.
“All our labor market indicators were down in December, resulting in a fairly large increase in Vermont’s unemployment rate” said Patricia Moulton Powden, Commissioner of the Vermont Department of Labor. “For example, there were a number of previously announced layoff events that took affect in late November and early December. December typically has the highest number of payroll jobs of any month. While we saw an unadjusted increase in jobs this month, it was below typical levels. Since job levels and unemployment rates have been stable for several months now, we will have to wait and see if December was an anomaly.”

TD Bank, through the TD Charitable Foundation, recently donated a total of over $27,200 to local organizations in Chittenden County as part of the bank’s commitment to giving back to the community. The following organizations received a donation from the TD Charitable Foundation:
§ Cancer Patient Support Program, Inc., (CPSP) which provides professional support services to cancer patients and family members with the goal of enhancing the quality of life during the diagnosis, treatment and recovery process. CPSP will use the funds from the TD Charitable Foundation in support of free psychological services, nutritional counseling and an emergency fund for cancer patients and their families.

People's United Financial, Inc (Nasdaq: PBCT) today announced net income of $24.9 million, or $0.07 per share, for the fourth quarter of 2009, compared to $26.8 million, or $0.08 per share, for the third quarter of 2009, and $33.7 million, or $0.10 per share, for the fourth quarter of 2008. Fourth quarter 2009 earnings reflect a 3.19 percent net interest margin, unchanged from the third quarter of 2009, despite continued pressure associated with the historically low interest rate environment and the company's asset sensitive balance sheet, and a modest increase in non-interest expenses. For the year ended December 31, 2009, net income totaled $101.2 million, or $0.30 per share, compared to $137.8 million, or $0.42 per share, for 2008. People's is the parent company of Chittenden Bank.

The owner of the Brattleboro Reformer, Bennington Banner and more than 50 daily newspapers across the country, including the Denver Post and San Jose Mercury News will file for bankruptcy protection. Affiliated Media, Inc of Denver has announced that it has obtained the approval of its lenders for a financial restructuring of the company that will sharply reduce its debt, boost its cash flow and allow greater financial flexibility. The plan will be implemented in the near future through a "prepackaged" chapter 11 filing. This is a similar type of filing that FairPoint Communications recently undertook, in which it gives up most of the ownership of the company in exchange for significant debt reduction, but without a change in management.

The Vermont Department of Labor announced today that it has requested a $58 million advance on a line of credit from the US Treasury to pay unemployment benefits through the end of March 2010. Vermont is currently paying out more than $4 million a week in unemployment benefits and expects to deplete its unemployment trust fund in early February. The line of credit will enable the department to continue to pay benefits to Vermont’s unemployed workers.

The city of Montpelier will receive an $8 million grant for a wood-chip-fueled renewable energy project for the Statehouse and 175 other buildings in Vermont’s capital city. The project will install a combined heat and power district energy system fueled with wood chips harvested locally. The city estimates that 35 total net new jobs will directly and indirectly be created within the project’s first year. Senators Bernie Sanders (I-VT) and Patrick Leahy (D-VT) and Congressman Peter Welch (D-VT) announced the grant today.

FairPoint Communications has named Michael C. Reed, a 40-year veteran of the telecommunications industry, as Maine State President. In his new role, Reed will be responsible for regulatory matters, governmental relations, and economic development for FairPoint Communications in the Pine Tree State.
Reed has held a variety of positions that have given him hands-on experience in the industry, starting with his first job as an equipment installation technician with NYNEX. He has a top-to-bottom understanding of the telecommunications industry, combining his operational and technical background with over 20 years of frontline experience in external relations, including regulatory and legislative responsibilities. He most recently served as state government affairs manager for communications service provider TDS Communications, covering Maine, New Hampshire, Vermont, New York and Pennsylvania.

KeyCorp (NYSE: KEY) today announced a fourthquarter net loss from continuing operations attributable to Key common shareholders of $258million, or $.30 per common share. These results compare to a net loss from continuingoperations attributable to Key common shareholders of $524 million, or $1.07 per commonshare, for the fourth quarter of 2008.During the fourth quarter, Key continued to increase its loan loss reserves by recording a$756 million provision for loan losses, which exceeded net charge-offs by $48 million. At theend of the quarter, Key’s allowance for loan losses was $2.5 billion, or 4.31% of total loans, upfrom $1.6 billion, or 2.24%, one year ago. The loss for the current quarter is largely the result ofan increase in the provision for loan losses, write-downs of certain commercial real estate relatedinvestments, the provision for losses on lending-related commitments and costs associated withother real estate owned (“OREO”).

Speaker Smith and Senate President Pro Tem Peter Shumlin, today called on the Vermont Department of Health to conduct onsite independent tests of the water at the Vermont Yankee Nuclear Power Plant. Since the original discovery of tritium was found two weeks ago, the concentrations of the radioactive material have increased from 17,000 to 22,300 picocuries per liter in the first test well. News broke yesterday that levels of tritium were also discovered in a second test well. However, today a source has informed the legislative leaders that Entergy Louisiana believes that this test was a false positive and that the second well contains no tritium. In addition, the leaders were informed that a trench at the site has been tested and found to have tritium at 1 to 2 million picocuries per liter – 100 times the level deemed acceptable by the Nuclear Regulatory Commission. The tests are being conducted by a contractor who is hired and paid by Entergy Louisiana. “Since Vermonters hav