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.
First Five
Posted inMoney
A unanimous House votes for oversight bill vetoed last year
Connecticut’s legislators acted Wednesday for the second time in two years to require independent oversight of the millions of dollars in grants, loans, tax credits and other economic incentives extended to business, often a political flashpoint as states compete to attract and keep jobs.
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.
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Henkel to move business from Arizona to Stamford, with state aid
Henkel, a German manufacturer of soaps, beauty products and industrial sealants, is expanding operations in Connecticut by moving its laundry and beauty divisions from Scottsdale, Ariz., to Stamford with the assistance of up to $20 million in forgivable loans from the state’s “First Five Plus” program.
Posted inMoney, Politics
Call it corporate welfare or investment, Malloy says it pays off
NEW HAVEN — Gov. Dannel P. Malloy gave an upbeat assessment Tuesday of what Connecticut is getting for the $256.6 million in direct state assistance he’s given to some of the world’s biggest and richest corporations, investments often made in the face of genteel blackmail — the knowledge another governor may be waiting with a competing offer.