Category: Business - Page 85

Sunday, October 18, 2026

Terex Shares Plunge after China Deal Unravels

Westport-based Terex Corp.’s talks with a Chinese suitor broke down today after disagreement on terms.

The breakdown cleared the way for Terex’s planned $1.3 billion disposal of a ports lifting-gear business to competitor Konecranes Oyj of Finland.

Shares of Terex closed down just over 14 percent at $20.89 on the news, after dropping 18 percent at the opening of trading.

Recent negotiations with Zoomlion Heavy Industry Science and Technology Co. hit an impasse over “crucial terms” despite joint efforts to find a solution, the Chinese company said in a statement early today, without giving further details.

Tuesday, May 24th, 2016

State Grant of $22M to Bridgewater Draws Criticism

By Keith M.Phaneuf

www.ctmirror.org

The State Bond Commission is expected to approve $22 million in financing Friday to help Westport-based hedge fund operator Bridgewater Associates expand operations in Westport, Wilton and Norwalk.

That sparked criticism today from House Minority Leader Themis Klarides, R-Derby, who called the grant to the world’s largest hedge fund “dubious,” given the state’s fiscal woes.

But Catherine Smith, commissioner of the Department of Economic and Community Development, said these planned expansions would be an economic win for Connecticut.

“With all that has transpired in the last two weeks, with the state’s budget a mess — and unfinished school construction projects hanging — to make the world’s largest hedge fund a priority, I find it dubious,” Klarides said. “Of course we want to keep highly skilled, well-paying jobs in Connecticut. But we all know that other vital projects will not be funded because we have to curtail our borrowing.”

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Thursday, May 19th, 2016

CT Gets Credit Downgrades From Wall Street

By Keith M.Phaneuf

www.ctmirror.org

The new state budget’s ability to mitigate longstanding fiscal problems got poor marks today on Wall Street as two of the four major rating agencies downgraded Connecticut’s credit ranking — probably boosting borrowing costs in the future.

Fitch Ratings Inc. and Standard & Poor’s both lowered their bond ratings in response to the $19.76 billion budget Gov. Dannel P. Malloy and the legislature’s Democratic majority crafted for the fiscal year beginning July 1.

The other two firms, Kroll and Moody’s Investors Service, didn’t change their ratings, but did maintain a “negative outlook.” This represents a warning that they intend to monitor state finances closely over the next year, and sometimes is a precursor to a formal downgrade.

“The message from the credit rating agencies couldn’t be any clearer: It is high time for a sustained commitment to fortify the state’s financial footing, in the midst of persistent economic uncertainty,” state Treasurer Denise L. Nappier wrote today in a statement announcing the downgrades.

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CT Jobless Rate Remained at 5.7% in April

By Keith M. Phaneuf

www.ctmirror.org

Connecticut added 3,500 jobs last month, but unemployment remained at 5.7 percent, the state Department of Labor reported today.

The jobless rate is slightly better than the 5.8 percent mark achieved in April 2015. The state has added 20,100 jobs over the past 12 months and 9,800 positions since Jan. 1.

Still, Connecticut is about 23,500 jobs shy of recovering all positions lost in the last recession, which ended more than six years ago.

“Connecticut saw increases in both job counts and labor force participation in April,” said Andy Condon, Director of the Office of Research at the labor department. “As new workers entered or reentered the labor force, the number of unemployed also grew. This explains recent upward pressure on our unemployment rate.”

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Comings & Goings: Daly Method Opens

Daly Method has officially opened at 272 Post Road East. The practice, headed by founder Renee Daly (r) ) offers chiropractic care including “Graston and active release technique, certified sports rehab, functional training, massage therapy, and wellness care.” Among those taking part in the ribbon cutting were First Selectman Jim Marpe and Matthew Mandell, president and executive director, Westport Weston Chamber of Commerce. (CLICK TO ENLARGE) Contributed photo

Friday, May 13th, 2016

Measure Strips $1B in Bonded Projects off of CT’s Credit Card

By Keith M. Phaneuf and Jacqueline Rabe Thomas

www.ctmirror.org

The Senate voted early today to rebalance Connecticut’s credit card in the face of shrinking tax revenues, canceling or delaying about $1 billion in financing for a wide array of projects and programs.

Outside of this rebalancing process, the bond package for the 2016-17 fiscal year also authorizes $382 million in new borrowing for municipal school construction, down significantly from financing for local schools approved in recent years.

The Senate enacted the measure 34-2. It now heads to the House of Representatives, which is expected to consider the bill Friday.

The cancelations affect capital projects at public colleges and universities, municipal school districts, economic development programs, social services, housing, recreation and the environment, transportation, and numerous state facilities and information technology systems.

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Wednesday, May 11th, 2016

Legislative Wrap-Up? Not Yet

By James Lomuscio

Today’s Westport Weston Chamber of Commerce (WWCC) event at the Westport Library had been billed as a post session wrap-up with area state legislators.

Connecticut’s yet-to-be completed budget was the main topic at today’s session at the Westport Library. (CLICK TO ENLARGE) Contributed photo

However, it was far from over since Gov. Dannel P. Malloy’s $20 billion budget with about $1billion in cuts has yet to be passed.

Sen. Tony Hwang (R-28) and Sen. Toni Boucher (R-26) said that they had to convene in Hartford Thursday for a special session to work on and vote on the budget.

Rep. Johnathan Steinberg (D-136), Rep. Gail Lavielle (R-143) and Rep. John Shaban (R-135) said they would have to go back, too, but that it was uncertain when the House of Representatives would meet.

Sunday, May 8th, 2016

Mother’s Day Bonanza

Westport Florists, 1 Treadwell Ave., reported doing brisk Mother’s Day business today. Said Tina Ahlberg, manager, “It’s the busiest weekend of the year.” (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Busy, Busy

Mother’s Day is the busiest weekend of the year, according to Tina Ahlberg, manager of Westport Florist, 1 Treadwell Ave. at the intersection of Saugatuck and Riverside Avenues. Ahlberg said the store’s most popular items this weekend are flower arrangements which range from $20 to $450. She added, “The busiest day was yesterday, but we’re busy today too, tons of phone calls. We’re almost sold out from a combination of walkins and phone orders. We’re so thankful to the town for their patronage.” The store, which opened in February and formerly known as Hansen’s Florist located at 240 Post Road East, marks its first Mother’s Day in the new location. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Wednesday, May 4th, 2016

CT’s Top Taxpayers Took a Big Earnings Hit Last Year

By Keith M. Phaneuf

www.ctmirror.org

Connecticut’s 50 largest state income tax filers reported nearly $3 billion less in quarterly earnings this spring than they did one year ago — which resulted in a $217 million hit to the state’s coffers, the legislature’s nonpartisan fiscal staff reported today.

That drop represents a 30 percent plunge in earnings, a trend that sparked fierce debate within the Finance, Revenue and Bonding Committee as members approved a revenue schedule for next fiscal year’s state budget.

“If we’re losing $3 billion (in adjusted gross income) the impact is going to be across the whole budget,” said Sen. Stephen T. Cassano, D-Manchester, who first questioned nonpartisan analysts about the revenue trend.

Connecticut’s income tax, which provides nearly half of the revenue needed to support the annual budget, gets about 60 percent of its receipts from paycheck withholding and about 40 percent from quarterly filings.

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