State Treasury to Invest in Vermont Banks

first_imgThe Vermont State Treasurers Office has unveiled an initiative to invest a significant portion of Vermonts short-term cash in Vermont Banks. Currently, such funds are invested primarily in government agency securities, high quality corporate commercial paper, and money market accounts at large financial institutions. The new Treasurers Bank in Vermont Program is consistent with an ongoing effort by State Treasurer Jeb Spaulding to support Vermont-based financial institutions when acceptable rates of return can be achieved.According to Treasurer Spaulding, We are inviting banks to participate in a certificate of deposit (CD) program designed to support community banking, while earning a competitive return on State funds. We will invest on a predictable basis, via a competitive bidding process, in banks with branches in Vermont. The program is designed to be attractive to a wide range of banking institutions and is predicated on the belief that investing Vermont funds in Vermont, consistent with earning a competitive rate of return, is a good policy.Banks will be pre-approved by the Office of the State Treasurer for maximum levels of investment based on a bank’s size and other factors. In addition, participating banks must have at least a satisfactory rating under the federal Community Reinvestment Act of 1977. State funds will be available for bid in various maturities, based on State cash flow projections and projected interest rates. Participating banks will submit bids through the Internet and/or e-mail. The Office of the State Treasurer will award CDs based on rank order of quoted rates and associated dollar levels until the funds are depleted for each scheduled bidding period.Chris D’Elia, Executive Director of the Vermont Bankers Association, reacted to Spauldings initiative positively. “Vermont’s banking community welcomes the opportunity to work with the Treasurer’s Office on implementing this new program. This effort will keep investment funds within Vermont, thus allowing them to be utilized to encourage new economic activity, he said.Kenneth Perine, President of the National Bank of Middlebury, explained his support of the Bank in Vermont Program by saying, I am pleased to see efforts that recognize Vermonts banking institutions as a viable alternative for State of Vermont investments, and am pleased by Treasurer Spauldings effort to reach out to Vermont bankers in designing this program.Other examples of Treasurer Spauldings commitment to supporting Vermont institutions include investments in the Vermont Community Loan Fund and the Vermont Development Credit Union. In addition, the three investment firms used by the Treasurers Office to manage longer-term funds are all based in Vermont. They are National Life Capital Management, Hanson Investment Management, and Prentiss Smith & Company.last_img read more

Shumlin and Legislature move swiftly to pass Budget Adjustment Bill

first_imgGovernor Peter Shumlin today signed the state’s Budget Adjustment Bill, a milestone for progress in the legislative session. The  governor noted that this is the earliest date any governor had signed this legislation in at least a decade, and complimented the leadership in the House and the Senate for moving swiftly to affordably address the needs of Vermonters.‘We arrived at the State House in January aware of the difficult spending decisions facing Vermont,’ Gov. Shumlin said. ‘My administration and the House and Senate worked overtime to ensure this spending adjustment for the current year is affordable for taxpayers, yet meets our most pressing needs.’The bill for the current fiscal year includes:·          Approximately $19 million from the federal Jobs Bill to help schools meet budget constraints;·         $500,000 to combat homelessness in Vermont — $300,000 in grants directly to shelters, and $200,000 in General Assistance to help renters avoid eviction due to late payment, and assist with housing deposits to move homeless Vermonters into housing;·         $700,000 to provide assistance to Vermonters with traumatic brain injuries through the Department of Disabilities, Aging and Independent Living; and·         $280,000 to the Department for Children and Families to provide living assistance to the aged, blind and disabled.The Budget Adjustment Bill is an annual act that makes a mid-course correction to this year’s spending plan based on changes in the challenges facing Vermont since lawmakers approved a current-year budget the previous spring. In all, this bill proposes a relatively small spending increase of about $6 million in total spending for the year. The bill also includes some spending reductions created by caseload changes or other program shifts.‘We have challenging decisions to make in this building moving forward,’ Gov. Shumlin said. ‘It is imperative that ‘ just as we did in passing the Budget Adjustment Bill ‘ we work cooperatively to balance the needs of Vermonters with their ability to pay for those services.’ Source: MONTPELIER ‘ 2.17.2011last_img read more

Finance, tech firms on hiring spree amid coronavirus turmoil: LinkedIn

first_imgThe coronavirus is roiling global job markets, but the picture is not all gloomy. Finance, technology and consumer goods firms are hiring tens of thousands in the United States and other countries, according to data from Microsoft Corp’s professional networking site LinkedIn.Across seven countries in North America, Europe and Asia, healthcare providers are among the busiest recruiters given the ongoing battle against the novel coronavirus, which has killed over 200,000 people and infected over 3 million people worldwide, LinkedIn said. But lifestyle changes during lockdown are also driving demand for financial consultants, factory workers, animators and game designers, and delivery workers.Overall, the hiring rate has plunged in the first quarter from the year-ago period, and in late April remains lower than a year ago across most countries surveyed by the platform. But the data offer a glimmer of hope with a gradual uptick in China, where the coronavirus emerged last year and which leads the world in surfacing from a months-long lockdown. Hiring in the United States, United Kingdom, France and Italy – which lead the world in coronavirus-related deaths – remains hugely depressed, but is falling less rapidly than a few weeks ago as the countries pass the peak of their epidemics.Retailers including Walmart Inc, Amazon.com Inc and Instacart have said they would hire a total of over 700,000 workers to meet a surge in demand for groceries and household essentials during the coronavirus outbreak.Consumer goods manufacturers such as Unilever, whose products include soap and shampoo, confirmed on Wednesday it was hiring to fill 300 jobs globally, but declined to elaborate.Nestle told Reuters it was looking to fill 5,000 full-time U.S. positions in “a variety of levels across corporate and frontline.”Fidelity Investments, a Boston-based financial services firm, said it had accelerated recruitment because of the pandemic and was looking to fill at least 2,000 full-time roles for financial consultants, software engineers and customer service staff in the United States in 2020.Companies hiring in the United States and other countries also include Apple Inc; ByteDance, the Chinese parent of video-sharing social network TikTok; Takeda Pharmaceutical Co Ltd; and aerospace and defense company Lockheed Martin Corp. These companies did not immediately respond to requests for comment.Dire warnings The International Labor Organization warned on Wednesday that 1.6 billion workers, or nearly half of the global workforce, especially in the informal economy, could lose their livelihoods.Record numbers of people have applied for U.S. jobless benefits since mid-March, and the unemployment rate is expected to soar to 16%, White House economic adviser Kevin Hasset said this week, from a 50-year low of 3.5% before the pandemic hit.Both Italy and France, in lockdown for nearly two months, have seen hiring rates drop by around 70% from a year ago, according to LinkedIn.Since China is ahead of other countries on the pandemic timeline, improvements there could suggest the same is in store elsewhere, Berger said. Several American states and European countries have begun allowing some non-essential businesses and schools to reopen in the hopes of restarting the economy and allowing a gradual return to normal life.”It’s still slightly early to call it a firm recovery,” Berger said, referring to improving prospects in China. “We’re not expecting a full recovery but rather it’s an indication that parts of the economy will switch on as lockdowns are eased, at least relative to the worst point of the pandemic.” LinkedIn, with over 690 million users worldwide, counts new hires when people add a new employer to their profile. The rate is the number of new hires divided by the total number of LinkedIn members in a country.The figures, tracked since mid-February, are not corroborated by official jobs data and do not represent the actual number of jobs in an economy. Government figures are usually released with a time-lag of several weeks.”We are confident that our data is directionally correct in that there has been a huge decline in hiring in the U.S. and abroad,” Guy Berger, principal economist at LinkedIn in California, told Reuters.Hiring in China plummeted 50% during the height of its coronavirus crisis in mid-February from 12 months earlier. Since restrictions were eased in early April, the hiring rate has inched up, and for the week ending April 24 was 3% lower than the same period in 2019.center_img Topics :last_img read more

Quinton de Kock won’t be SA’s Test captain, confirms Graeme Smith

first_imgJohannesburg: Graeme Smith, who has been appointed South Africas director of cricket for the next two years, has confirmed that Quinton de Kock will not be given the extra responsibility of Test captaincy.“The one thing I can confirm is that Quinton will be our white-ball captain and he won’t be the Test captain going forward,” ESPNcricinfo quoted Smith as saying on Friday.“We want to keep Quinton fresh and playing well. I’ve always believed, having been in the job myself, that captaining all three formats is challenging. We’ve seen a number of nations trying to figure out what’s best and I think across three formats, it probably doesn’t work.”“From a workload and mental capacity, we felt that to burden him with all three formats wouldn’t be beneficial for us. And with the style of personality and player that he is, we want to keep him as expressive as possible,” he added.The wicketkeeper-batsman was handed South Africa’s country’s white-ball captaincy in January and succeeded Faf du Plessis, who also stood down from the Test captaincy last year but remains available as a player.With the Proteas not scheduled to play any Tests before a tour to West Indies in July-August, Cricket South Africa will have time to decide whom to appoint Test captain.Smith, however, gave no indication of the likely replacement of du Plessis.“There’s no one person you can pinpoint,” he said. “There are a lot of players on a similar level.”But the new CSA director indicated that the Proteas could take a chance on someone with potential. “We’ve got to understand the personalities, look at the people and maybe take a risk on someone potentially and back them,” Smith said. “Coming from a person who a risk was taken on, it is something we would consider,” he added. IANSAlso Read: Team India ‘unbelievable’ but we are confident: Quinton de KockAlso Watch: COVID-19 prevention: Kamrup(M) district administration selling vegetableslast_img read more

Fox sells its goods on ‘Idol’

first_imgSo I’m watching “American Idol” on Wednesday night with only one thought in mind: Who’s getting voted off, Blake or LaKisha? Before we can find that out, I am reminded, not so subtly, that this is the summer movie season and no opportunity to exploit corporate synergy is to be missed. The remaining contestants of the Fox TV show were treated to a special screening of the sequel “Fantastic Four: Rise of the Silver Surfer” on the 20th Century Fox lot. As Dana Carvey’s Church Lady would say: “How convieeeeeeenient!” And sitting in the front row on “Idol” were stars Jessica Alba, Chris Evans, Ioan Gruffudd and Michael Chiklis. Alba takes the microphone, reminds people that the movie is coming out June 15 and says, “You all have to see it twice!” CRAWLING IN BEHIND SPIDEY: Even if Spidey’s grosses drop by more than 50 percent this weekend, you gotta figure it’ll still be in first place with $70 million-plus, and it will cross the $200 million mark by today. But four new wide releases are hoping to dine on Spidey’s dust: the horror flick “28 Weeks Later,” the romantic comedy “The Ex” starring Zach Braff, the comedy “Delta Farce” and the drama “Georgia Rule.” “28 Weeks” has the best shot at second place since it is a sequel to 2003’s midlevel hit “28 Days Later.” FONDA JANE: Don’t count out “Georgia Rule,” mainly due to the presence of Jane Fonda, who co-stars with Lindsay Lohan and Felicity Huffman. While Lohan hasn’t had a real hit since “Mean Girls,” Fonda ended her 15-year absence from the big screen two years ago with the comedy “Monster-in-Law,” which opened in first place and went on to gross $82.9 million domestically. THE WIDEST WEB: As the first movie of the summer season, “Spider-Man 3” was able to debut in 4,252 theaters and set the domestic opening weekend record of $151 million. That milestone should be safe for at least a year since other biggies have no chance of opening in that many theaters as the market begins to get more crowded. DID YOU KNOW? The $100 million weekend had never been achieved until “Spider-Man” raked in $114.8 million in 2002. Since then, the third Spidey, the second “Pirates of the Caribbean,” “Star Wars: Episode III – Revenge of the Sith,” “Shrek 2,” “X-Men: The Last Stand” and “Harry Potter and the Goblet of Fire” have achieved this once-elusive feat. Greg Hernandez, entertainment-industry reporter for the Daily News, is author of the popular blog Out In Hollywood ( http://www.insidesocal.com/outinhollywood ). greg.hernandez@dailynews.com (818) 713-3758160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more