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New York bank to open office in Burlington

Wed, 05/06/2009 - 10:04am -- tim

NBT Bank, NA, of Norwich, NY, is planning to open a commercial lending office on Bank Street in Burlington. The office will be located in the former Vermont National Bank building, which more recently was used by Chittenden Bank. The bank's parent company, NBT Bancorp, announced it was moving into Vermont yesterday during its annual shareholders' meeting. The Binghamton (NY) Press & Sun-Bulletin quoted CEO Martin Dietrich as saying the office would open in either the second or third quarter of this year and could expand further into Vermont eventually.

New weekly unemployment claims continue downward trend

Wed, 05/06/2009 - 9:13am -- tim

Week Ending May 2, 2009. There were 1,104 new regular benefit claims for Unemployment Insurance last week, a decrease of 397 from the week before. Altogether 18,005 new and continuing claims were filed, 425 less than a week ago and 8,237 more than a year earlier. The Department also processed 2,265 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 143 more than a week ago. In addition, there were 1,342 Second Tier claims for benefits processed under the EUC08 program which is an increase of 43 from the week before.

Senate passes renewable energy bill

Wed, 05/06/2009 - 9:03am -- tim

The Senate has passed H 446, An Act Relating to Renewable Energy and Energy Efficiency. H 446 creates standard offer rates to encourage the rapid development of renewable energy technologies.  Rates are based on today s costs and as the technology progresses, rates will be decreased.  The Vermont Public Service Board will review and reset the rates every two years.

FairPoint reports $8.8 million loss in first quarter

Wed, 05/06/2009 - 8:44am -- tim

FairPoint Communications, Inc. (NYSE: FRP) has announced its financial results for the three months ended March 31, 2009. The landline telephone company reported a loss of $8.8 million on $311.6 million in revenues, compared to a pro forma loss of $9.5 million for the same period in 2008 on $349,418 in revenues. The first quarter loss is less than losses stretching back to the last profitable period in quarter two of 2008 of $23,114. The company lost $76,072 in quarter four of 2008, and lost $25,109 in quarter three of 2008.

State, business leaders advocate for changes in unemployment insurance

Wed, 05/06/2009 - 7:24am -- tim

Legislators, including Rep. Mike Marcotte, Vice Chair of the House Commerce Committee, Department of Labor Commissioner Patricia Moulton Powden, business owners, and leaders of the state s business organizations held a press conference today regarding fiscal challenges facing the Unemployment Insurance (UI) trust fund. They are urging legislative leaders to take action to address the growing shortfall in the trust fund through a balanced approach of gradual increases in the taxable wage base and adjustments in Vermont s unemployment benefits.

New law expands Vermont's wineries ability to sell products

Wed, 05/06/2009 - 6:57am -- tim

Vermont wine makers will now have an expanded ability to sample and sell their own and other manufacturers' products at their vineyards. Governor Douglas yesterday at Shelburne Vineyards signed into law S27, an act relating to tastings and sale of wines, fortified wines and spirits. With the enactment of S27, wineries, vineyards and distilleries in Vermont will be able to host special events, including weddings, where they can sample and sell their products.

Robert Duvall joins Welch, Poe to call on Wal-Mart to preserve Civil War site

Tue, 05/05/2009 - 9:02am -- tim

US Reps. Peter Welch (D-Vt.) and Ted Poe (R-Texas) joined Academy Award-winning actor Robert Duvall at Wilderness Battlefield today to speak out against Wal-Mart s plans to build a super store on the historic Virginia site.
If built, the store would stand across the road from the national park commemorating the bloody struggle and within the battlefield s historic footprint.

Vermont Neighborhood' designated in Winooski to assist housing development

Mon, 05/04/2009 - 10:53am -- tim

Winooski s downtown has been designated a Vermont Neighborhood under a housing bill passed last year, making it eligible for benefits designed to aid in the development of lower-cost housing.
The designation of the Vermont Neighborhood, approved by the Vermont Downtown Board last week, will be particularly helpful for a proposed transitional housing project for homeless veterans, according to Commerce and Community Development Secretary Kevin Dorn, who chairs the Downtown Board.

Entergy Corp sees profits decline in first quarter

Mon, 05/04/2009 - 8:09am -- tim

Entergy Corporation (NYSE: ETR) today reported first quarter 2009 as-reported earnings of $235.3 million, or $1.20 per share, compared with $308.7 million, or $1.56 per share, for first quarter 2008. On an operational basis, Entergy's first quarter 2009 earnings were $252.6 million, or $1.29 per share, compared with $308.7 million, or $1.56 per share, in first quarter 2008. 

General Dynamics gets $150 million rocket order

Fri, 05/01/2009 - 9:38am -- tim

The US Army Aviation and Missile Command Contracting Center has awarded General Dynamics Armament and Technical Products an order valued at approximately $150 million to produce Hydra-70 rockets, warheads and motors. Deliveries are expected to begin in September 2010. This order was awarded under a five-year contract originally signed in 2005. General Dynamics Armament and Technical Products is a business unit of General Dynamics (NYSE: GD). System engineering and program management will be performed at General Dynamics Burlington Technology Center in Vermont.

Senate passes watered down Vermont Yankee bill

Fri, 05/01/2009 - 9:33am -- tim

The state Senate yesterday passed a Vermont Yankee decommissioning bill that is a significantly watered down version of one that passed the House, but which still requires the current owners of the Vernon nuclear power plant to cover the cost of decommissioning the plant, whenever that might be. The House version requires that Entergy fully fund the decommissioning within 10 years if the plant closes in 2012.