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VDH COVID-19 Update: People of color impacted more by virus

Wed, 09/23/2020 - 5:39pm -- tim

Vermont Business Magazine In the newest Weekly Data Summary Spotlight, the Vermont Department of Health focuses on Vermont COVID-19 cases among Black, Indigenous and people of color (BIPOC). There is a disproportionate number of BIPOC with COVID-19 in Vermont. There are a number of contributing factors to these disparities – including systemic and structural racism, socioeconomic disadvantage, historical injustice, and oppressive systems that affect the conditions in which people are born, grow, live and work.

Raj Bhakta closes on Green Mountain College

Wed, 09/23/2020 - 5:24pm -- tim

by Timothy McQuiston, Vermont Business Magazine “I believe in hard work,” said Raj Peter Bhakta. He is not thinking small. All he wants to do is save America. As of Monday Bhakta is officially the owner of Poultney's Green Mountain College. Bhakta presented the winning bid of $4.55 million for the sprawling former environmentally based institution on September 4. With a 10 percent buyer’s premium, the deal is valued at just over $5 million. He is the sole owner.

PAI: Vermont’s unemployment rate riddle

Wed, 09/23/2020 - 3:45pm -- tim

Vermont Business Magazine The official monthly employment numbers for August were released last Friday by the US Bureau of Labor Statistics (BLS). Vermont’s reported unemployment rate fell from 8.3 percent in July to 4.8 percent in August. That would normally be great news. Fewer unemployed means more people have gone back to work, right? But that’s not what happened last month.

Scott signs bill to reduce greenhouse gas emissions in energy and transportation sectors

Wed, 09/23/2020 - 1:20pm -- tim

Vermont Business Magazine Governor Phil Scott today signed S337, creating new programs to reduce greenhouse gas emissions in the thermal energy and transportation sectors. Under S337 Vermont’s efficiency utilities will create programs to reduce greenhouse gas emissions from the transportation and thermal sectors. Electrification of transportation and heating are essential to the state’s work to lower carbon emissions. This transition can also have positive impacts on energy affordability for Vermonters.

Welch hails passage of bill to save USCIS jobs

Wed, 09/23/2020 - 12:16pm -- tim

Vermont Business Magazine Representative Peter Welch (D) applauded the inclusion of additional USCIS funding in the stopgap government funding bill (HR 8337) that passed the US House of Representatives on Tuesday night. The additional funds, long championed by Welch and Senators Patrick Leahy (D) and Bernie Sanders (I), will prevent the furloughs of agency staff in Vermont, and across the nation.

Legislature working on new round of recovery grants

Wed, 09/23/2020 - 10:01am -- tim

Vermont Business Magazine The Economic Recovery Grant Program is fully subscribed at this time and is now closed. The Legislature is working on another round of funding for the program and the Agency of Commerce & Community Development (ACCD) will announce the details of that new phase soon. If you have an application that is in process, ACCD is continuing to process applications in the order they were submitted until the remaining money is gone.

People's United Bank sells insurance agency to AssuredPartners

Wed, 09/23/2020 - 9:41am -- tim

Vermont Business Magazine People's United Bank, NA a subsidiary of People's United Financial, Inc (NASDAQ: PBCT), has announced that it has entered into a definitive agreement to sell People's United Insurance Agency (PUIA) to AssuredPartners. The transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions. Under the terms of the Agreement, the purchase price is $120 million in cash, reflecting a 3.7x multiple of LTM revenue. Morgan Stanley & Co. LLC served as financial advisor and Hodgson Russ LLP served as legal counsel to People's United.

VPR/Vermont PBS begin 2020 General Election debate series on Thursday

Wed, 09/23/2020 - 9:20am -- tim

Vermont Business Magazine Vermont PBS and Vermont Public Radio have announced the 2020 VPR–Vermont PBS Debates, a series of pre-recorded debates among candidates for Governor,  Lieutenant Governor and U.S. House of Representatives. The debates will be moderated by Bob Kinzel and Jane Lindholm during VPR’s program Vermont Edition and broadcast by Vermont PBS.

Dartmouth's endowment grows 7.6% to $6 billion

Wed, 09/23/2020 - 9:14am -- tim

Dartmouth College Dartmouth's endowment generated a return of 7.6 percent for the 2020 fiscal year, which ended on June 30, 2020, bringing the endowment's total value to $6 billion. For the past 10 fiscal years, the endowment has generated an annualized return of 10.4%. In fiscal year '20, the endowment contributed approximately 30%—more than $270 million—to the annual operating budget.

VDH COVID-19 Update: School and college infections remain low

Tue, 09/22/2020 - 5:31pm -- tim

Vermont Business Magazine Health Commissioner Mark Levine, MD said at Tuesday’s press conference that although Vermont has seen a small number of COVID-19 cases in schools, none of the people who tested positive got the virus due to being in school. As for opening the economic spigot, Governor Scott said today that on the bar seating change announced last week, this change does not increase capacity at bars & restaurants. Capacity remains at 50% as it has since June 26. This change simply allows seating at the bar counter while complying with the capacity limit and all other safety measures in the guidance.

House advances racial justice package

Tue, 09/22/2020 - 5:12pm -- tim

Vermont Business Magazine House Speaker Mitzi Johnson said, “Systemic racism stacks the rules and expectations of our society against Black, Indigenous and People of Color. In order to build a truly just and equitable society, we must be committed to breaking down structural racism. It is incumbent upon all of us to recognize it, name it, fight it, and right the centuries of wrong. People of all races, genders, and identities should feel welcome and at home in Vermont, yet in order for this to be true, there is work to be done. 

High school sports can start competition Saturday

Tue, 09/22/2020 - 4:39pm -- tim

Vermont Business Magazine Education Secretary Dan French announced today that when providing in-person instruction, all Vermont schools will operate at Step III effective September 26, 2020. This change in step level does not change the decision-making authority of a school district to offer in-person instruction or not, but if a district decides to do so, it must operate in-person instruction at Step III. This also means that this Saturday, fall school sports may resume competition.