HFD/Conn Economic development

[The Voice of Reason]

Pratt & Whitney Laying Off 350 Nationally

http://www.courant.com/business/hcu-ap-pra...0,3306868.story

Whitlow says of the 350 jobs cuts, 280 are in Connecticut operations.

thats a pretty sizable chunk of jobs.

In Southington

Southington Officials Detail Development Benefits

http://www.courant.com/community/news/nb/h...0,4813169.story

Completed and potential projects will add at least 300 new jobs and more than $1.5 million in additional tax revenue to the town, despite the bleak national economy, according to town economic development records.

The presentation, a result of a request by town council members, cited numerous projects, including the new Target store opened last month and the Lowe's soon to open nearby on West Street, development of a former 10-acre farm on Westfield Drive into industrial lots, plans by Yarde Metals for a 280,000-square-foot warehouse and a proposed housing and retail conversion at the vacant Ideal Forging site that could create 264 condos and construction work for 1,000 people.

[The Voice of Reason]

YAY!!!

HIG has a great day.

the article is from mid day, but the shares actually doubled today, and the future looks clear if not bright. so the most publicly distressed Hartford based company looks to be through the woods... for now.

http://www.courant.com/business/hcu-thehar...,0,894544.story

Hartford Financial Raises Guidance; Shares Jump

[Theophrastus Bombastus]

I heard that 3 of the boarded-up Showcase Cinemas (EH, EWindsor, Milford) were bought by a Fairfield developer who will raze them and build retail. Lousy timing, but I hope it works!

[HartfordTycoon]

I heard that 3 of the boarded-up Showcase Cinemas (EH, EWindsor, Milford) were bought by a Fairfield developer who will raze them and build retail. Lousy timing, but I hope it works!

Yeah, I started a topic for that in the CT section. The developer is the same one who is moving UI out of New Haven and into the fomer Showcase Cinemas in Orange.

UP: Developer Has Hopes For Former Showcase Cinemas Sites

[The Voice of Reason]

XL Insurance has put themselves up for sale

this could be bad for hartford since they have major operations in downtown.

GS is advising on the sale.

I got this off my Bloomberg terminal

XL Capital, Bermuda's Biggest Insurer, Is Said to Seek a Buyer Page 1/3

By Zachary R. Mider and Erik Holm

Dec. 10 (Bloomberg) -- XL Capital Ltd., the biggest Bermuda-

based insurer by assets, is seeking a buyer after reporting

investment losses larger than its market value, four people with

knowledge of the matter said.

XL hired Goldman Sachs Group Inc. to gauge interest from

potential bidders, said the people, who declined to be identified

because the talks are confidential. XL's market value shrank to

less than $2 billion yesterday from more than $20 billion a year

ago, making it more affordable for rivals including Everest Re

Group Ltd., Zurich Financial Services AG and Ace Ltd.

``The company is under a lot of pressure, and a sale to a

better capitalized firm would alleviate a lot of their

problems,'' said Paul Newsome, a Chicago-based analyst at Sandler

O'Neill & Partners. ``The first companies you would look for

would be other Bermuda companies.''

The property and liability underwriter, whose founding in

1986 helped establish Bermuda as the world's insurance capital,

has been buffeted this year by losses stemming from the global

credit crisis and downgrades from three major credit-rating

[HartfordTycoon]

XL Insurance has put themselves up for sale

this could be bad for hartford since they have major operations in downtown.

GS is advising on the sale.

What's GS?

[Theophrastus Bombastus]

What's GS?

Goldman Sachs

I hope The Hartford buys them, then UConn and the Whalers can play at The Hartford Civic Center.....

[The Voice of Reason]

What's GS?

sorry

Goldman Sachs

I am at work and I write like I talk while at work.

you will notice most times I use an abreviation for a company it is the stock tiker

GS Equity Go

[The Voice of Reason]

Goldman Sachs

I hope The Hartford buys them, then UConn and the Whalers can play at The Hartford Civic Center.....

I cant quite write LOL

but I definately chuckled out loud

we should also all be a little worried about PNX they are on credit downgrade watch again. this could bring them down to BAA1 and even though this is still concidered corporate quality it is not good. especially since insurance companys live and die by their ratings

[HartfordTycoon]

Hartford Courant

Courant.com

INSURANCE

Insurer XL Capital Might Be Sold

By ZACHARY R. MIDER and ERIK HOLM

Bloomberg News

December 11, 2008

XL Capital Ltd. is seeking a buyer after reporting investment losses larger than its market value, four people with knowledge of the matter said Wednesday.

The insurer's shares plunged 33 percent Wednesday. The property-casualty underwriter has been buffeted this year by losses stemming from the global credit crisis and downgrades from three major credit-rating companies.

XL has operations at 100 Constitution Plaza in Hartford and has a six-year agreement to have its name on the former Hartford Civic Center downtown.

XL hired Goldman Sachs Group Inc. to gauge interest from potential bidders, said the sources, who declined to be identified because the talks are confidential. XL's market value has shrunk to less than $2 billion from more than $20 billion a year ago, making it more affordable for rivals, including Everest Re Group Ltd., Zurich Financial Services AG and Ace Ltd.

[HartfordTycoon]

Bad news out of New Britain. I'm not sure where the plants they are referring to are though. I suppose they might not even be in CT.

Courant.com

Stanley Works To Cut 2,000 Jobs, Close 3 Plants

The Associated Press

9:39 AM EST, December 11, 2008

The tool maker Stanley Works says it plans to cut 2,000 jobs, or about 10 percent of its work force, and close three manufacturing facilities. The New Britain-based company cited weakness in its construction and industrial segments and the effect of a stronger dollar for the cutbacks disclosed Thursday.

It did not identify in the news release which of its 45 plants will be closed.

The Stanley Works says the most of cuts will take place in this month and will result a pretax charge of about $80 million, or 70 cents per share, in the fourth quarter.

It hopes to save $115 million in 2009 as a result of the moves.

[The Voice of Reason]

Bad news out of New Britain. I'm not sure where the plants they are referring to are though. I suppose they might not even be in CT.

Courant.com

Stanley Works To Cut 2,000 Jobs, Close 3 Plants

The Associated Press

9:39 AM EST, December 11, 2008

The tool maker Stanley Works says it plans to cut 2,000 jobs, or about 10 percent of its work force, and close three manufacturing facilities. The New Britain-based company cited weakness in its construction and industrial segments and the effect of a stronger dollar for the cutbacks disclosed Thursday.

It did not identify in the news release which of its 45 plants will be closed.

The Stanley Works says the most of cuts will take place in this month and will result a pretax charge of about $80 million, or 70 cents per share, in the fourth quarter.

It hopes to save $115 million in 2009 as a result of the moves.

I was gonna post this. very bad stuff. I do hope that the plants are outside of CT. I was wonderin the other day how things were going over at Stanley. Lets hope the jobs are not local and that this company recovers well and continues its growth and diversification after this shakes out.

[The Voice of Reason]

The courant has an article about how the Big affect the state in terms of jobs/job loss.

http://www.courant.com/business/hc-ctauto1...0,3243486.story

the article is crap is you ask me because if GM is not being sold, something else will take its place, and the dealers will switch to that and the jobs would not be lost as much as shuffled around.

fact of the matter is that its a retail job.

This bit of the article is more real. these guys and gals jobs are definately numberd. I would not want to rely on the ordering of GM SUV parts

One of Connecticut's few car parts manufacturers, DriveSol, which makes steering shafts in Watertown, mainly for sport utility vehicles, has laid off 200 workers in 2008 alone. At any given time, up to 40 percent of the 230 left are on furlough, according to company executives.

[The Voice of Reason]

http://www.courant.com/community/news/nb/h...0,7112653.story

Lake Compounce was counting on $3.3 million in state aid before it undertakes a five-year project to add slides, waterfront deck areas, kiddie attractions and more at its Splash Harbor water park, but that money won't be forthcoming this year.

The company wants the state to pay for moving about a half-mile-long stretch of Mount Vernon Road away from the park, making space for roughly $20 million in additions to Splash Harbor. Deputy Republican Leader William Hamzy of Plymouth and Rep. Frank Nicastro, D-Bristol, pressed state officials for support throughout the fall, saying the $3.3 million would ensure $20 million in private investment by Parques Reuindos, the park's Madrid-based owner. That money would generate employment and richer tax revenues from the park, they've said.

Lake Compounce, which straddles the Bristol-Southington line, is a major taxpayer in both communities. It employs about 1,300 seasonal workers and 45 people year-round. The first phase of its Splash Harbor expansion would add 20 to 30 seasonal jobs and two year-round ones. Future stages would create about 50 more seasonal jobs, General Manager Jerry Brick said.

[HartfordTycoon]

Forbes

United Technologies sees slight profit rise in '09

By STEPHEN SINGER , 12.11.08, 07:46 PM EST

Industrial conglomerate United Technologies Corp. said Thursday it expects profit to rise slightly in 2009 despite a grim outlook for the economy, though revenue is forecast to decline.

The Hartford-based manufacturer of Sikorsky helicopters, Otis elevators, Pratt & Whitney jet engines told analysts in New York it expects earnings per share between $4.65 and $5.15 next year. At the high end, that would represent a slight increase over the $4.90 per share earnings it expects for 2008.

Analysts surveyed by Thomson Reuters expect earnings per share of $5.03 for 2009.

Revenue next year is forecast at $57 billion, down about 3 percent from 2008.

"We expect difficult and uncertain economic conditions through much of 2009," Chief Executive Louis Chenevert said.

Chenevert, who led his first annual outlook meeting since being elevated to the top job in April, cited the strengthening dollar as a major headache.

The recent rise in the dollar has put pressure on exporters such as United Technologies. Revenue for its international business was $34.16 billion last year, about 62 percent of total revenue.

[The Voice of Reason]

gotta post these bad news clips.

http://www.courant.com/business/hc-lincoln...0,7154984.story

Lincoln Financial Group is eliminating about 120 jobs nationally in its Lincoln Financial Distributors unit, including roughly 15 in Hartford, because of turmoil in the markets and economy.

Affected employees, who were notified of the layoffs this week, will be continued on the payroll for 60 days, and then severance pay will begin, Lincoln Financial spokeswoman Laurel O'Brien said Friday.

15 jobs lost downtown.

again not a big number but lots of little numbers are adding up!

BOA planning layoffs due to mergers and financial hardships

http://www.courant.com/business/hc-boa1212...0,2008504.story

Bank of America Corp. said Thursday it expects to eliminate 30,000 to 35,000 jobs over the next three years as it faces a deteriorating economic environment and tries to absorb Merrill Lynch & Co.

In Connecticut, the combined companies have 5,100 employees

[HartfordTycoon]

Very good news for Bristol.

Courant.com

BRISTOL DEVELOPMENT

Dupont Systems Inc., Dupont Business Archives Plan Bristol Headquarters

By DON STACOM

The Hartford Courant

December 16, 2008

BRISTOL

[HartfordTycoon]

Hartford Courant

Courant.com

Aetna Laying Off 1,000, Including About 375 In Connecticut

December 18, 2008

Aetna Inc. is laying off 1,000 employees companywide, including about 375 in Connecticut

[The Voice of Reason]

two items of interest. I guess both potentially bad.

If PNX and or VIRTUS get bought out we could lose jobs, but then again maybe they could thrive.

Also, the 2nd story even has right in it that significant layoffs could be possible if the merger happens

http://www.courant.com/business/hc-phoenix...0,2427198.story

The Phoenix Cos. got the go-ahead from federal regulators Friday for a move that will cap more than seven years of turnaround efforts

[HartfordTycoon]

Hartford Courant

Courant.com

Perez Seeks $70 Million For Hartford From Obama

By JEFFREY B. COHEN

The Hartford Courant

10:55 AM EST, December 23, 2008

Hartford Mayor Eddie A. Perez said today he wants President-Elect Barack Obama to send $70 million to the capital city for "shovel ready" building projects that will bring new development and jobs to the city.

Standing outside the old, boarded up board of education building on High Street just north of downtown, Perez said he wants the money to help pay for the new, $85 million public safety complex long planned for the site.

He also wants it for school construction, energy efficiency conversions of public buildings, streetscapes, and jobs programs.

The biggest request is for the public safety complex, for which Perez wants $25 million from Obama. Without federal money, the project will still move ahead with local borrowing, city officials said. But with federal money, Perez said the job can be ready to move in 90 days. His hope is that Obama will include the city in his economic stimulus package.

[Chessplayer]

If only we had a shovel-ready transit project for Hartford - say a streetcar line down Farmington Ave.

This stimulus money should go to projects with the largest potential multiplier effects; I don't know if this public-safety complex is worthy. Another note, the Hartford region is 1/300 of the population of the U.S. and produces 1/200 of its GDP. It is suffering similarly high levels of unemployment as the rest of the nation and its main industries (insurance) are shaky. Hartford and the region should be getting much more than 70 million out of a 600 billion - 1 trillion dollar plan.

[HartfordTycoon]

If only we had a shovel-ready transit project for Hartford - say a streetcar line down Farmington Ave.

This stimulus money should go to projects with the largest potential multiplier effects; I don't know if this public-safety complex is worthy. Another note, the Hartford region is 1/300 of the population of the U.S. and produces 1/200 of its GDP. It is suffering similarly high levels of unemployment as the rest of the nation and its main industries (insurance) are shaky. Hartford and the region should be getting much more than 70 million out of a 600 billion - 1 trillion dollar plan.

VOR, I think the Public Safety Complex is worthy based on the geographic impact that it could potentially have on an area of the city that should be primed for development. If the public safety complex can improve the reality and perception of safety in the Downtown North area, it could certainly be a worthy investment. Also, I think this is the tip of the iceburg of what we will try to get from Washington. Hopefully we can get some funds for transit projects as well, I'm guessing that that will be in a seperate request once the administration starts getting into full gear. This sounds like an initial investment to me, with public safety and streetscape improvements getting the city more ready for it's close up.

[MadVlad]

In my mind's eye, I can see Eddie Perez and Abe Giles shoveling $70 mill in their pockets....

[HartfordTycoon]

I'm not crazy about Eddie, but I would be surprised by that level of curruption.

[mikel]

Eddie Perez has just hushed up a lot of his critics. He just pulled out an ace with perfect timing. Well done Mayor.

http://www.msnbc.msn.com/id/28364460/