State Refinances Bond Debt, Saves $75M

The state managed to reduce its debt this week despite recent ratings reductions by Standard & Poor’s and Fitch Ratings, State Treasurer Denise L. Nappier said. The completion of a $501.4 million general obligation refunding bond sale should result in $75.5 million worth of debt service cost s...

Armstrong Buys Shelton Office Property

Armstrong Shelton Properties recently acquired and improved a class-A office complex in Shelton with $8 million in financing from Washington Trust. The 151,000 square-foot complex is comprised of two separate class-A office buildings anchored by LifeCare Inc., a Shelton-based provider of employer-sp...

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Webster Bank’s Olerio Honored With Top Program Manager Award

John Olerio, senior vice president and director of Webster Investment Services, recently received a Top Program Manager award from Bank Investment Consultant magazine. Olerio, who has been with Webster since 1997, ranked number 27 and has made the top 30 for five consecutive years. He is based in Wa...

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Citigroup To Pay $425M Over Attempted Benchmark Manipulation

Citigroup Inc. has agreed to pay $425 million to resolve civil charges by the Commodities Futures Trading Commission it tried to manipulate foreign exchange and interest rate benchmarks, the latest settlement in ongoing international probes of global banks. Citigroup affiliates were also charged wit...

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Produce And Specialty Food Distributor Leases Stratford Industrial Space

G&S Produce Direct recently signed a long-term lease on 1,665 square feet of light industrial space in Stratford. The company is a wholesale distributor of produce and specialty food that serves the Hispanic restaurant industry in Connecticut and New York. G&S Produce Direct intends to use t...


Financial Service Bill Moves Through House

The House Appropriations Committee advanced a Fiscal Year 2017 Financial Service Bill Tuesday that, if signed into law, would include major changes to the Consumer Fraud Protection Bureau (CFPB). The bill includes a provision to stop funding the agency directly from the Federal Reserve and subject funding into the congressional appropriations proce...

World’s Largest Hedge Fund In Line For Government Aid

A Connecticut commission is expected to approve a $22 million loan and grant package to help the world’s largest hedge fund upgrade its offices. The Connecticut Bond Commission, which is chaired by Democratic Gov. Dannel P. Malloy and oversees state borrowing, is scheduled to meet Friday. Typically, items that appear on the commission’s agenda ...

Yellen May Help Pave Way For Higher Rates On Friday

Federal Reserve Chair Janet Yellen has struck a largely cautious tone since engineering the U.S. central bank’s rate hike last December, saying she was not convinced inflation had taken firm enough hold to justify a second move and that she was worried a weak global economy put the United States at some risk. With many of her colleagues shifting ...

13 More State Employees Receive Layoff Notices

Thirteen more Connecticut state employees in the executive branch have received layoff notices since last week. This latest group, announced Wednesday, all work at state vocational technical high schools located in Hartford, Milford, Hamden, Middletown and Windham. The Office of Policy and Management says adult students in secondary schools no long...

NY Lawmaker Warns On U.S. Financial Security After SWIFT Attacks

Recent hacks of international banks through the SWIFT messaging system raise serious questions about cyber-related risks to U.S. firms, Representative Carolyn Maloney wrote on Monday in a letter to the country’s top banking regulators that asked about measures to strengthen systems’ security. Maloney, a Democrat who represents part of Manha...