Infosys, an India-based information technology company undergoing a major expansion in the U.S., named Hartford on Wednesday as one of its new technology-and-innovation hubs, promising an estimated 1,000 new jobs to a city struggling to broaden its employment base and a morale boost to a state intent on drawing a share of the next generation of technology jobs. The selection came with a great back story.
Catherine Smith
Posted inEconomic Development, Energy & Environment, Money
Green Bank says the budget plan would effectively shut it down
The Connecticut Green Bank – an international model for funding clean energy projects – says it would have to shut down under the latest budget proposal. The bank says it would lose essentially 100 percent of the funding it uses to leverage much larger amounts of private financing.
Posted inEconomic Development, Money
For CT, strides and stumbles in quest to spur bioscience industry
Connecticut is losing more bioscience jobs than it is gaining, despite a sizable jump in research and development jobs over the last three years. Alexion’s departure is the latest in a line that has undercut bioscience growth. Nonetheless, many say New Haven is nearing a “critical mass” after years of effort by Yale and a new cluster is emerging in Farmington after more than $1 billion in state investment.
Posted inMoney, Politics
Alexion reminds Malloy of the risks and rewards of corporate aid
Gov. Dannel P. Malloy picked the gleaming new New Haven offices and labs of Alexion Pharmaceuticals a year ago to highlight the returns Connecticut was getting on its economic development investments. On Tuesday, Malloy stood outside his office to answer questions about Alexion’s plans to slash jobs, close a Rhode Island production facility and relocate its headquarters to Massachusetts, while keeping a “Research Center of Excellence” in New Haven.
Posted inMoney, Politics
Malloy defends $35 million to hedge fund as investment
With $35 million in economic incentives for a Greenwich hedge fund manager, Gov. Dannel P. Malloy showed once again he is more willing to accept criticism for the price paid to keep high-paying jobs in Connecticut than to risk seeing them depart for New York.
Posted inMoney, Politics
Lockheed puts big number on cost of business in Connecticut
Legislators say a senior Lockheed Martin official told them in private meetings Monday that $200 million in incentives the company wants for its Sikorsky Aircraft subsidiary are needed to help offset the $400 million more it would cost to produce CH-53K helicopters in Connecticut in coming years rather than in competing states.
Posted inMoney, Politics
CT expected to provide $22M to help major hedge fund expand
The State Bond Commission is expected to approve $22 million in financing Friday to help a major hedge fund expand operations in Westport, Wilton and Norwalk.
Posted inCT Viewpoints
Op-ed: Connecticut’s place in the knowledge economy is linked to higher education
The caliber, vision and ingenuity of higher education places Connecticut in an enviable position, squarely on the lead edge of the accelerating pace of change.
Posted inMoney, Politics
Malloy defends economic record, touts transparency initiative
Bloomfield – Gov. Dannel P. Malloy signed an executive order Tuesday authorizing a searchable website detailing who has benefited from $475 million in direct economic aid granted during his tenure, a concept opposed by a top administration official when proposed by Comptroller Kevin Lembo.