Connecticut Loans – CT Contra http://ctcontra.com/ Wed, 21 Sep 2022 14:26:15 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://ctcontra.com/wp-content/uploads/2021/05/default-141x136.png Connecticut Loans – CT Contra http://ctcontra.com/ 32 32 US stocks gain ground ahead of latest interest rate hike https://ctcontra.com/us-stocks-gain-ground-ahead-of-latest-interest-rate-hike/ Wed, 21 Sep 2022 14:26:15 +0000 https://ctcontra.com/us-stocks-gain-ground-ahead-of-latest-interest-rate-hike/ Stocks rose Wednesday morning on Wall Street ahead of a widely expected interest rate hike by the Federal Reserve. The S&P 500 was up 0.7% at 10:14 a.m. ET. The Dow Jones Industrial Average rose 183 points, or 0.6%, to 30,895 and the Nasdaq rose 0.4%. The broader market has been swinging between gains and […]]]>

Stocks rose Wednesday morning on Wall Street ahead of a widely expected interest rate hike by the Federal Reserve.

The S&P 500 was up 0.7% at 10:14 a.m. ET. The Dow Jones Industrial Average rose 183 points, or 0.6%, to 30,895 and the Nasdaq rose 0.4%.

The broader market has been swinging between gains and losses throughout the week as investors await the latest interest rate update from the Federal Reserve. They will be watching closely later today as Fed Chairman Jerome Powell discusses the central bank‘s views on the economy and the Fed’s efforts to control the worst inflation in 40 years.

Treasury yields, which are trading at multi-year highs, have remained relatively stable. The 2-year Treasury yield, which tends to track Fed action expectations, rose to 3.98% from 3.97% on Tuesday night. The 10-year Treasury yield, which influences mortgage rates, fell to 3.54% from 3.56% on Tuesday evening.

The Fed has raised rates aggressively to try to rein in high prices for everything from food to clothing. It is expected to raise its key short-term rate by three-quarters of a point for the third time. That would take its benchmark rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level in 14 years, and up from zero at the start of the year.

The Fed’s goal is to slow economic growth and calm inflation, but Wall Street fears it is putting the brakes on an already slowing economy too hard and triggering a recession. These worries were bolstered by reports showing inflation remains stubbornly high and statements from Fed officials that they will continue to raise rates until they are sure inflation is under control.

Central banks around the world also face inflation. The Bank of Japan began a two-day monetary policy meeting on Wednesday, although analysts expect the central bank to stick to its accommodative monetary policy. Rate decisions from Norway, Switzerland and the Bank of England come next. Sweden surprised economists this week with a full one-point rise.

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Company Highlights: Fed Pain, Student Loans https://ctcontra.com/company-highlights-fed-pain-student-loans/ Mon, 19 Sep 2022 22:34:18 +0000 https://ctcontra.com/company-highlights-fed-pain-student-loans/ WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell bluntly warned in a speech last month that the Fed’s drive to rein in inflation by aggressively raising interest rates “would be a bit of a pain.” On Wednesday, Americans might get a better sense of the pain that might be in store. The Fed is expected […]]]>

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell bluntly warned in a speech last month that the Fed’s drive to rein in inflation by aggressively raising interest rates “would be a bit of a pain.” On Wednesday, Americans might get a better sense of the pain that might be in store. The Fed is expected to raise its short-term policy rate by a substantial three-quarters point for the third consecutive time at its last meeting. Another such big hike would take its benchmark rate – which affects many consumer and business loans – to a range of 3% to 3.25%, the highest level in 14 years.

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How to get a student loan refund if you paid during the pandemic

NEW YORK (AP) — When President Joe Biden announced a student loan debt forgiveness plan, many borrowers who continued to make payments during the pandemic wondered if they had made the right choice. Borrowers who paid off their debt during a pandemic freeze that began in March 2020 can actually get a refund — and then apply for forgiveness. But the process for doing so has not always been clear. The Department of Education says borrowers who hold eligible federal student loans and have made voluntary payments since March 13, 2020 can get a refund.

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US stocks rise ahead of Fed’s planned interest rate hike

NEW YORK (AP) — Stocks closed higher on Wall Street after hovering between small gains and losses for much of the day as investors brace for another sharp rise in interest rates this week from from the Federal Reserve. The S&P 500 rose 0.7% on Monday. The Dow Jones Industrial Average and the Nasdaq also gained ground. Treasury yields rose. Markets were anticipating Wednesday when the Federal Reserve will announce its latest rate decision. It is expected to raise its benchmark rate, which influences interest rates across the economy, by another three-quarters of a percentage point in its fight against inflation.

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Parts shortage forces Ford to lower Q3 profit forecast

DEARBORN, Mich. (AP) — A parts shortage that has thousands of Ford’s top-grossing vehicles sitting in batches waiting to be fully assembled has forced the automaker to cut its third-quarter profit forecast. Ford said Monday it expects as many as 45,000 vehicles will be missing the necessary parts. Most of them are popular SUVs and truck models, some of Ford’s biggest money-makers. The Dearborn, Michigan-based company now expects third-quarter earnings before interest and taxes to be between $1.4 billion and $1.7 billion. It reported adjusted earnings before interest and taxes of $3.7 billion in the second quarter.

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Volkswagen pegs Porsche IPO at 9.4 billion euros

FRANKFURT, Germany (AP) — Volkswagen has set the price range for the multibillion-euro sale of a minority stake in luxury brand Porsche. The deal will bring in billions to fund the German automaker’s investments in new technologies and businesses, including electric cars, software and services. The company said it was targeting a listing on the Frankfurt stock exchange on September 29 after placing a minority stake with investors including the Qatar Investment Authority. The preferred share price range translates to 8.71 billion to 9.39 billion euros. Volkswagen has launched a major push into electric vehicles and says future profits will increasingly come from investments in electric cars, software and services as traditional internal combustion cars take a smaller share of the market.

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Stolen Grand Theft Auto footage uploaded in hack

NEW YORK (AP) — Video game producer Rockstar Games says early development footage for the next version of its popular Grand Theft Auto title has been stolen in its network hack. A person claiming to be the hacker dumped 90 videos of the theft online and also claimed to have the source code. They were looking to sell the hacked data. The company said in a statement that it does not anticipate any disruption to live game services or any impact to ongoing projects. The hacker claimed to have been involved in the recent Uber hack but offered no evidence.

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OECD: War, virus and climate in Russia are hurting the world’s poorest

WASHINGTON (AP) — Russia’s war on Ukraine, the lingering coronavirus pandemic and the damage of climate change are placing intense pressure on the world’s poorest, the Organization for Economic Co-operation and Development warns. The Paris-based OECD reported that 60 states, territories and places fell into the category of “fragile contexts” last year, meaning they were exposed to economic, environmental, social and political risks. that they did not have the capacity to absorb. And that was before Russia invaded Ukraine and escalated its burden. Monday’s report named the highest number of places in such dire straits since the OECD began publishing its States of Fragility report in 2015.

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FAA rejects airlines’ request to hire less experienced pilots

WASHINGTON (AP) — The federal government has denied a regional airline’s request to hire pilots with half the flight experience typically required. The Federal Aviation Administration says it is in the public interest to meet current standards. Republic Airways asked to hire co-pilots – or co-pilots – with 750 flight hours if they completed Republic’s training program. In most cases, people need 1,500 flight hours to qualify for an airline transport pilot license, although pilots with military experience can qualify at 750 hours. Republic argued that its training would be similar to that of the military.

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European Central Bank will use climate scores to buy bonds

FRANKFURT, Germany (AP) — The European Central Bank said it will give companies climate scores before buying their bonds and intends to prioritize those doing the most to reveal and reduce carbon emissions. greenhouse gas. Monday’s announcement details the bank’s efforts to help Europe meet its environmental goals. The Frankfurt, Germany-based central bank said it was taking action to support the European Union’s climate goals. Companies’ scores would measure progress in reducing past emissions, plans to reduce them in the future, and the completeness of reporting the amount of greenhouse gases they emit. The ECB and the Bank of England have taken climate change into account more than the US Federal Reserve.

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The S&P 500 rose 26.56 points, or 0.7%, to 3,899.89. The Dow Jones Industrial Average gained 197.26 points, or 0.6%, to 31,019.68. The Nasdaq advanced 86.62 points, or 0.8%, to 11,535.02. The Russell 2000 Small Business Index gained 14.65 points, or 0.8%, to 1,812.84.

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By Julie Jason: Setting Savings Priorities https://ctcontra.com/by-julie-jason-setting-savings-priorities/ Sun, 18 Sep 2022 04:05:28 +0000 https://ctcontra.com/by-julie-jason-setting-savings-priorities/ Which would you rank higher: saving for your retirement or for your children’s education? A recent Fidelity study showed that when parents ranked their #1 saving priority, saving for college topped the list, followed closely by saving for retirement (see 2022 study Fidelity Investment College Savings Indicator at tinyurl.com/y5ftbv2u). From my point of view as […]]]>

Which would you rank higher: saving for your retirement or for your children’s education?

A recent Fidelity study showed that when parents ranked their #1 saving priority, saving for college topped the list, followed closely by saving for retirement (see 2022 study Fidelity Investment College Savings Indicator at tinyurl.com/y5ftbv2u).

From my point of view as a fund manager with wealthy families, it is better not to choose between these two priorities, but to save for both objectives at the same time. According to the authors of the Morningstar report “The College Question” (tinyurl.com/w8actdy8): “If you don’t prepare enough for your own retirement when you save for your kids’ college, the people most likely to be burdened with your financial needs are…your children.”

Direct your savings efforts towards several objectives, depending on your age and your situation.

For example, if you are a young parent, 1/2 of the amount you save goes towards retirement, 1/4 towards saving for college and 1/4 towards saving for a house. The reason for taking this approach is simple: capitalization. You lose the benefits of funding when you defer the retirement investment to later years.

How do successful families manage multiple goals? In my experience, it’s just a matter of thinking about what the future will look like before you act. It simply means this: it’s all about planning.

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Judge sets March 2023 trial for Baltimore state’s attorney https://ctcontra.com/judge-sets-march-2023-trial-for-baltimore-states-attorney/ Thu, 15 Sep 2022 21:18:29 +0000 https://ctcontra.com/judge-sets-march-2023-trial-for-baltimore-states-attorney/ BALTIMORE (AP) — A federal judge on Thursday set a March trial date for Baltimore state attorney Marilyn Mosby, who is charged with perjury and mortgage fraud. Media reports that U.S. District Court Judge Lydia Kay Griggsby, a day after adjourning Mosby’s trial for the second time, ordered a March 27 trial date. The Baltimore […]]]>

BALTIMORE (AP) — A federal judge on Thursday set a March trial date for Baltimore state attorney Marilyn Mosby, who is charged with perjury and mortgage fraud.

Media reports that U.S. District Court Judge Lydia Kay Griggsby, a day after adjourning Mosby’s trial for the second time, ordered a March 27 trial date.

The Baltimore Sun reports that the postponement came after the defense did not release details of its expert testimony by the judge’s July 1 deadline. Mosby’s defense sent its latest disclosure, edited by Griggsby, to prosecutors late Friday evening – 10 days before the start of the trial.

Prosecutor Leo Wise said Thursday the final disclosure was still insufficient and is asking Griggsby to order the defense to fully comply with the rules of evidence.

In January, a grand jury indicted Mosby on two counts of perjury and misrepresentation on a loan application when buying a house in Kissimmee, Fla., near Disney World, and a condominium in Long Boat Key, Florida. She pleaded not guilty to the charges.

The two-term Democrat, who lost her first re-election bid in July, is accused of lying in 2020 to withdraw about $81,000 from her retirement savings saying she was suffering financially from the COVID-19 pandemic. 19.

Mosby’s attorneys say COVID-19 has impacted both financial markets and Mosby’s personal travel and consulting business.

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Driven by consumers, US inflation spreads wider across economy – NBC Connecticut https://ctcontra.com/driven-by-consumers-us-inflation-spreads-wider-across-economy-nbc-connecticut/ Wed, 14 Sep 2022 05:43:48 +0000 https://ctcontra.com/driven-by-consumers-us-inflation-spreads-wider-across-economy-nbc-connecticut/ US inflation is showing signs of entering a more stubborn phase that will likely require drastic action from the Federal Reserve, a shift that has sent panic to financial markets and heightened recession risks. Some of the long-standing drivers of rising inflation — soaring gasoline prices, supply chain issues, soaring used-car prices — are fading. […]]]>

US inflation is showing signs of entering a more stubborn phase that will likely require drastic action from the Federal Reserve, a shift that has sent panic to financial markets and heightened recession risks.

Some of the long-standing drivers of rising inflation — soaring gasoline prices, supply chain issues, soaring used-car prices — are fading. Yet the underlying measures of inflation are deteriorating.

The continued shift in the forces driving inflation near a four-decade high has made it harder for the Fed to rein it in. Prices are no longer increasing as some categories have exploded in cost. Instead, inflation has now spread more widely through the economy, fueled by a strong labor market that is boosting wages, forcing businesses to raise prices to cover higher labor costs. high and giving more consumers the means to spend.

On Tuesday, the government said inflation rose 0.1% from July to August and 8.3% from a year ago, down from June’s four-decade high. by 9.1%.

But excluding the volatile food and energy categories, so-called core prices unexpectedly jumped 0.6% from July to August, following a more moderate 0.3% rise the previous month. The Fed is watching core prices closely, and the latest numbers heightened fears of an even more aggressive Fed and sent stocks plunging, with the Dow Jones plummeting more than 1,200 points.

The core price numbers heightened concerns about inflation spreading to all corners of the economy.

Inflation rose 0.1% in August despite a sharp drop in gasoline prices, according to the Consumer Price Index report released on Tuesday. Although it may not seem like much, inflation affects our daily lives. Lori Bettinger, president of Bancalliance and former director of TARP, joins LX News to discuss the exact impact of this increase in inflation on your daily expenses.

“One of the most remarkable things is the magnitude of the price gains,” said Matthew Luzzetti, chief US economist at Deutsche Bank. “The underlying inflation trend has certainly not shown progress towards moderation so far. likely to be more persistent.”

Demand-driven inflation is a way of saying that consumers, who account for nearly 70% of economic growth, keep spending, even though they don’t like paying more. This is partly due to widespread income gains and partly because many Americans still have more savings than before the pandemic, having postponed spending on vacations, entertainment and restaurants.

When inflation is driven primarily by demand, it may require more drastic action from the Fed than when it is driven primarily by supply shocks, such as an oil supply disruption, which can often resolve on their own.

Economists fear that the only way for the Fed to slow strong consumer demand is to raise interest rates high enough to sharply increase unemployment and potentially trigger a recession. Typically, as fear of layoffs increases, not only do the unemployed reduce their spending. The same goes for the many people who fear losing their jobs.

Some economists now believe the Fed will need to raise its benchmark short-term rate much higher, to 4.5% or more, by early next year, more than previous estimates of 4%. (The Fed’s key rate is now in a range of 2.25% to 2.5%.) Higher rates from the Fed would in turn lead to higher costs for mortgages, loans automobiles and business loans.

The Fed is widely expected to raise its short-term policy rate by three-quarters of a point next week for the third time in a row. Tuesday’s inflation report even led some analysts to speculate that the central bank might announce a full one percentage point hike. If so, it would represent the largest increase since the Fed began using short-term rates in the early 1990s to guide consumer and business borrowing.

Although headline inflation barely rose last month, core inflation, which reflects broader economic trends, has deteriorated. A measure the Federal Reserve Bank of Cleveland uses to track median inflation, which essentially ignores the categories with the biggest swings in price, rose 0.7% in August. This is the largest monthly increase since records began in 1983.

Rising prices have yet to cause much of what economists call “demand destruction” – a pullback in spending that could stifle inflation. Although rising gas prices have caused Americans to drive less, there isn’t much evidence of deep reductions elsewhere.

Restaurant prices, for example, jumped 0.9% in August and are up 8% over the past year. But that didn’t noticeably deter people from going out. Restaurant traffic exceeded pre-pandemic levels on Open Table, an app that tracks reservations, and continued to rise in September.

Overall, consumers largely held their own spending, even with runaway inflation, but perhaps gritted teeth. In July, spending rose 0.2% after adjusting for higher prices.

The spread of inflation in services, such as rental costs and health care, largely reflects the impact of rising wages. Hospitals and medical practices have to pay more for nurses and other staff. And as more Americans find jobs or get raises, they may move out of family homes or part ways with roommates. Rental costs have risen 6.7% over the past year, the highest since 1986.

Wages and salaries jumped 6.7% in August from a year earlier, according to the Federal Reserve Bank of Atlanta’s wage tracker, the biggest increase in nearly 40 years. And Luzzetti noted that the same data shows a record wage premium for people who change jobs, compared to those who stay put. This means that employers are still offering big raises to try to fill jobs.

Economists had hoped higher prices for services would be offset by lower costs for goods such as new and used cars, furniture and clothing, after those items peaked in the pandemic. As supply chain safeguards improved, better flow of these goods was expected to bring prices down.

Yet, so far, this has not happened.

“We’ve seen shipping costs go down, we’ve seen supply chain congestion ease a bit, production has improved and inventories have gone up,” said Laura Rosner-Warburton, senior economist. at MacroPolicy Perspectives. “So all of this suggests some improvement on the supply side. And yet companies are still experiencing large price increases for these goods, and that’s problematic.

President Joe Biden held an event on Tuesday to celebrate the recently passed Cut Inflation Act.

Such trends could reignite the debate about the extent to which companies’ ability to raise prices has been fueled by a lack of competition, a phenomenon called “greed.” But most economists attribute the ability of companies to charge even more to consumers’ willingness to pay.

“It seems retailers are now raising prices because they can, not because they have to. Consumer demand is still too strong,” said Aneta Markowska, chief economist at Jefferies, an investment bank, in a research note.

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Pepi gets an assist in the 1st game for Groningen after his loan https://ctcontra.com/pepi-gets-an-assist-in-the-1st-game-for-groningen-after-his-loan/ Sun, 11 Sep 2022 17:48:47 +0000 https://ctcontra.com/pepi-gets-an-assist-in-the-1st-game-for-groningen-after-his-loan/ This is a carousel. Use the Next and Previous buttons to navigate 1of3Ricardo Pepi of Augsburg, left, and Kevin Akpoguma of Hoffenheim challenge for the ball during the German Bundesliga soccer match between TSG 1899 Hoffenheim and FC Augsburg in Sinsheim, Germany on Saturday August 27, 2022. (Tom Weller/dpa via AP)Tom Weller/APShow moreShow less 2of3Ricardo […]]]>

American striker Ricardo Pepi got an assist on his debut for Groningen, a 1-0 victory at Cambuur on Sunday in the Dutch Eredivisie.

The 19-year-old came on early in the second half and fed Tomáš Suslov in the 71st minute. Suslov dribbled to the top of the penalty area, cut towards the center of the pitch and beat goalkeeper João Virgínia with a left-footed shot from the arc.

Pepi’s goalless streak has reached 30 games for club and country since scoring twice in a World Cup qualifier against Jamaica on October 7.

He transferred in January from Dallas to Augsburg and was loaned to Groningen on August 31 for the remainder of the season after failing to score in all four of his Bundesliga appearances this season.

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Entrepreneur Academy introduces new businesses https://ctcontra.com/entrepreneur-academy-introduces-new-businesses/ Sat, 10 Sep 2022 00:15:22 +0000 https://ctcontra.com/entrepreneur-academy-introduces-new-businesses/ Pawel Lotkowski, from Norwich, centre, talks to Ingrid Kramp, left, of Shoreline Film Group in Waterford, about his business idea for EuroDetailing, a professional car detailing business, while his girlfriend, Nicole McDermott, of Norwich, looks on during ‘Demo Day’ hosted by the Eastern Connecticut Chamber of Commerce at the Thames Club in New London. People […]]]>
Pawel Lotkowski, from Norwich, centre, talks to Ingrid Kramp, left, of Shoreline Film Group in Waterford, about his business idea for EuroDetailing, a professional car detailing business, while his girlfriend, Nicole McDermott, of Norwich, looks on during ‘Demo Day’ hosted by the Eastern Connecticut Chamber of Commerce at the Thames Club in New London. People developing ideas for a business attended a free 10-week Entrepreneur Academy hosted by bedroom over the summer (Dana Jensen/The Day) Buy reprints

Gary St. Vil, from Norwich, centre, talks to Wendy Vincent, left, of the Women’s Business Development Council, and her son, Harrison, Friday, September 9, 2022, about his idea for Bon Vivant, an experiment fine dining, during a “Demo Day” event hosted by the Eastern Connecticut Chamber of Commerce at the Thames Club in New London. St. Vil shared a poster table with Angela Angulo, not pictured, from New London, who pitched her idea for Socially Acceptid, a social media strategist/content creator. People developing their ideas for a business took part in a free 10-week Entrepreneur Academy hosted by the chamber over the summer. (Dana Jensen/The Day) Buy reprints

New London ― Gary St. Vil is an engineer who entered Entrepreneur Academy with the idea of ​​creating a group home, but ended up with a plan for a chef’s table in which a chef and sommelier serve 16 people in one seat per night.

It’s called Bon Vivant Fine Cuisine.

The Ledyard resident said while it “seems like a pivot”, it’s really about following another passion and realizing through mentorship that an idea he didn’t think was viable might be.

“They’ve already poured more into me than I can imagine,” St. Vil said of the Eastern Connecticut Chamber of Commerce and its Entrepreneur Academy partners. He said the class was like “drinking from a fire hose,” but he goes back and goes over each class’s information.

Earlier this summer, the chamber launched the 8-week Entrepreneur Academy, a program that met weekly at no cost to participants, who range from aspiring business owners like St. Vil to people who own established businesses. , such as Lashes by Lee and Progression Training.

On Friday evening, the chamber held a trade show-style ‘demonstration day’ at the Thames Club, during which around 15 participants pitched their businesses and plans to other business people, potential investors and members of the community.

Participants could vote for their favorite company, and the top three received cash prizes.

Christine Kulos said she and husband Tim started ‘everywhere’ but ended up with T&C Recycling & Cleanouts, a waste and debris removal company, and the Norwich couple plan to save the business soon. Christine is a social worker at Safe Futures while Tim is a self-employed and “hands-on” handyman who already recycles scrap metal on the side.

At the other end of the spectrum is Tai Au, who already co-owns three businesses: Pink Basil and Samurai Noodle Bar at Mystic, and Spice Club at Niantic. But she plans to launch a new business next year, one that would provide 100% plant-based meal kits.

Au says she joined Entrepreneur Academy because she likes to improve her knowledge and learn, and she wanted more information on who to contact if she needed more investment.

Groton’s Demetria Young started Buttacup’s, selling herbal teas and natural products, at the height of the pandemic, starting by making elderberry candy to boost her daughter’s immune system.

Demo Day has attracted other business owners, such as Felicia Stevens, who earlier this year closed The Drunken Palette art studio next door after 12 years in business – the pandemic has dealt her blow after blow – but opened Green Ribbon Counseling last month.

“We should always support local businesses and entrepreneurs,” Stevens said. She offered advice to budding entrepreneurs from her experience and noted that public speaking is something people can work on.

Other attendees included Paul Lavoie, state manufacturing manager, and Paul Whitescarver, executive director of the Southeast Connecticut Enterprise Region.

Lavoie noted that new business start-ups have increased 400% since the pandemic as people have focused more on what they are passionate about, and that his team is working with CTNext to help entrepreneurs move from “towel to commercialization “. Whitescarver said seCTer participates in the Connecticut Small Business Boost Fund for low-interest loans and is soon launching a grant program for entrepreneurs.

Mayor Michael Passero also welcomed participants. House Speaker Tony Sheridan said Friday the pilot program had about 42 original sign-ups and about 17 people stuck it out for the eight weeks.

Sheridan said earlier this summer that the aim of the program was to prevent businesses from failing and the idea going forward was to ensure that the Entrepreneur Academy continues to operate at the Thames River Innovation Center , the chamber’s future headquarters in New London.

The Entrepreneur Academy coordinator was Rosemary Ostfeld, a professor at Wesleyan University and founder of the startup Healthy PlanEat.

The group met weekly at the New London Public Library, with each session including a presentation on topics such as identifying a target market, accessing capital, and pitching an idea ― and a discussion with a local business owner.

Educators included people from the regional chapter of SCORE, Connecticut Women’s Business Development Council and CTNext, while people from Ivy’s Simply Homemade, Flock Theater and Waterford Hotel Group were among those sharing their experiences.

e.moser@theday.com

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Asian stocks rise as Wall Street on track to end losing streak https://ctcontra.com/asian-stocks-rise-as-wall-street-on-track-to-end-losing-streak/ Thu, 08 Sep 2022 02:15:00 +0000 https://ctcontra.com/asian-stocks-rise-as-wall-street-on-track-to-end-losing-streak/ TOKYO (AP) — Asian benchmarks mostly rose on Thursday as investor optimism benefited from a rally on Wall Street that is on track to snap a three-week losing streak. Japan’s benchmark Nikkei 225 jumped nearly 2.0% in morning trade to 27,964.16. Australia’s S&P/ASX 200 gained 0.8% to 6,783.80. The South Korean Kospi edged up 0.4% […]]]>

TOKYO (AP) — Asian benchmarks mostly rose on Thursday as investor optimism benefited from a rally on Wall Street that is on track to snap a three-week losing streak.

Japan’s benchmark Nikkei 225 jumped nearly 2.0% in morning trade to 27,964.16. Australia’s S&P/ASX 200 gained 0.8% to 6,783.80. The South Korean Kospi edged up 0.4% to 2,385.55. Hong Kong’s Hang Seng fell 0.3% to 18,986.70, while the Shanghai Composite rose nearly 0.1% to 3,248.76.

Somewhat reassuring to market watchers, Japan’s seasonally adjusted real gross domestic product, or GDP, for the second quarter, which was revised up to an annual growth rate of 3.5%, higher to the original estimate of 2.2%.

The data showed that private consumption and business spending are holding up in the world’s third-largest economy, which has managed to grow for three straight quarters. Quarterly GDP growth, or the sum of the value of a country’s goods and services, has been revised up from 0.5% to 0.9%. The annual figures show how the economy would have grown if the quarterly rate were to hold for a year.

“Economic conditions in the region will continue to be the focus, with China’s trade balance data yesterday revealing both external and domestic demand challenges,” said Yeap Jun Rong, market strategist at IG at Singapore, referring to Wednesday’s Chinese data.

Investors are also watching what might happen on interest rates at the European Central Bank meeting, as well as comments from US Fed Chairman Jerome Powell later Thursday.

On Wall Street, the S&P 500 rose 1.8%, its biggest single-day gain in four weeks, with about 95% of stocks in the benchmark index closing higher. The Dow Jones Industrial Average rose 1.4% and the tech-heavy Nasdaq climbed 2.1%. Small company stocks outperformed the broader market, driving the Russell 2000 Index up 2.2%.

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🌱Small communities make a difference + Looking for a new job? https://ctcontra.com/%f0%9f%8c%b1small-communities-make-a-difference-looking-for-a-new-job/ Mon, 05 Sep 2022 22:43:03 +0000 https://ctcontra.com/%f0%9f%8c%b1small-communities-make-a-difference-looking-for-a-new-job/ Hello, Essex-Chester-Deep River! I’m here in your inbox this morning to tell you everything you need to know about what’s happening around town. Keep reading for the latest news. First, today’s weather forecast: Not as hot with heavy rain. High: 71 Low: 62. Here are the top Essex-Chester-Deep River stories today: According to an article […]]]>

Hello, Essex-Chester-Deep River! I’m here in your inbox this morning to tell you everything you need to know about what’s happening around town. Keep reading for the latest news.


First, today’s weather forecast:

Not as hot with heavy rain. High: 71 Low: 62.


Here are the top Essex-Chester-Deep River stories today:

  1. According to an article by Patch, “life Connecticut life expectancy decreased by 1.9 years in 2020 at 78.4, according to a new report from the National Center for Health Statistics. Nationally, life expectancy fell to 77 in 2020 from 78.8 in 2019. No state saw an increase in life expectancy in 2020. COVID-19 is at the origin of the largest mortality spike in 100 years, according to the US Census Bureau. (Patch)
  2. Businesses in the Essex-Chester-Deep River area are looking to fill staff vacancies, and we’ve rounded up some of the best local jobs posted over the past week. Whether you’re looking for full-time, part-time, or temporary employment, there are plenty of employers who are hiring. Every week at Patch, we compile a list of recently posted job openings in the Essex-Chester-Deep River area, as powered by ZipRecruiter, to help you navigate the current landscape. (Essex-Chester-Deep River Patch)
  3. Why we live in small communities! When a mother was in trouble, it was the UPS driver who ended up saving her life. According to a WTNH.com article, “Keith O’Brien, a long-time UPS driver and delivery man, noticed one day last winter that a girl named Jojo was standing outside, not dressed for the cold, while she should have been in school. He stopped to ask her, “What’s going on? “Jojo goes on to tell me that there is something wrong with his mother, his mother doesn’t listen to her,” O’Brien explained recently. “At that point, I kind of felt like something was wrong. Jojo knows me from being around the neighborhood and coming home and she trusted me to take her into the house to check on her mom.” He said he found Kori Koskie in bed, cold and unresponsive. “It turned out to be type 1 diabetes and my blood sugar was around 838, which is an almost insurmountable number, apparently,” said Koskie, a single mother. called 911 and saved Koskie’s life!(WTNH.com)

Today in Essex-Chester-Deep River:

  • Teen Take and Make Craft – Essex Library Association (all day)
  • Shell & Bee Studio Toddler Open Studio (9 a.m.)
  • Development – Essex Library Association (10 hrs)
  • Shell & Bee Studio: History and Guided Art Project (10:30 a.m.)
  • Technical Lesson – Essex Library Association (1:00 p.m.)
  • Meeting – Essex Library Association (3:00 p.m.)

From my notebook:

  • Visit Chester CT: “It was a wonderful opening of The Little Shop! Thanks to everyone who stopped by!” (Visit Chester CT via Facebook)
  • Visit Chester CT: ” September ! Where summer meets fall. On the left is a stunning basil and on the right is a winter trimmed bedspread with oats and polka dots. Come and discover the bounty of summer and fall in our farm shop on Saturdays. (Visit Chester CT via Facebook)
  • Essex Library: “Did you know that student loan forgiveness is available to student borrowers pursuing careers in the public service field? To learn more and check your eligibility, go to -> http://ow. ly/GYIf50JS7Bg This program was recently expanded.” (Essex Library via Facebook)
  • Visit Chester CT: “September is going to be a BIG month at the Love Your Mental Health Art & Wellness Studio.” (Visit Chester CT via Facebook)

More from our sponsors – please support the local news!

  • Wellness Fair Healthier Futures. A free event with live music, kids’ entertainment and more! (September 10)
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  • Your CBD store | SUNMED – Clinton, Connecticut. RIBBON CUTTING SALE! DISCOUNT OF 20! (September 15)
  • Add your event

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Thanks for following and staying informed! I will join you early tomorrow morning with a new update.

Karena Garry

About me: I am originally from Connecticut and currently reside in the Tri-Town community of Chester, Deep River and Essex. I have been a community journalist for most of the past 20 years. I love my small town community and am honored to be part of Patch.com. You can reach me at; karena.garrity@patch.com.

Got a news tip or suggestion for an upcoming Essex-Chester-Deep River Daily? Contact me at karena.garrity@patch.com

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CT restaurateurs worry for their survival as costs soar and loans come due. “It all costs more.” – Hartford Courant https://ctcontra.com/ct-restaurateurs-worry-for-their-survival-as-costs-soar-and-loans-come-due-it-all-costs-more-hartford-courant/ Sun, 04 Sep 2022 14:38:04 +0000 https://ctcontra.com/ct-restaurateurs-worry-for-their-survival-as-costs-soar-and-loans-come-due-it-all-costs-more-hartford-courant/ Nearly half of Connecticut restaurateurs — 43% — say business conditions are worse now than they were three months ago, according to survey results released last month by the Connecticut Restaurant Association. It comes at a time when despair over the future of the industry is the highest nationally since 2008, the peak year of […]]]>

Nearly half of Connecticut restaurateurs — 43% — say business conditions are worse now than they were three months ago, according to survey results released last month by the Connecticut Restaurant Association.

It comes at a time when despair over the future of the industry is the highest nationally since 2008, the peak year of the Great Recession, according to a separate report released this summer by the National Restaurant. Association. The report says the same percentage – 43% – of restaurateurs nationwide believe conditions will worsen by the new year.

“While growing economic pessimism among traders does not guarantee an imminent recession, it has reached a level that requires close monitoring,” the NRA report said.

In the ARC survey, comparing 2022 spending to 2019 spending, 84% of Connecticut restaurant owners say food and beverage costs are higher, 69% say occupancy costs are higher, 86% say utility costs are higher and 94% say other operating costs are higher.

Scott Dolch, president and CEO of ARC, said the angst and continued struggles of restaurateurs may seem counterintuitive at a time when the pandemic is perceived to be on the wane and increasingly people feel comfortable eating in restaurants.

“What we’re seeing right now is a positive thing, people supporting restaurants. But the negative side is the cost of running a business in our industry,” Dolch said. “Over the past 12 months, food costs have increased by 16% and menu costs have only increased by 7.6%. And that’s not even mentioning labor and utilities.

Tim Adams, co-owner of J. Timothy’s Taverne in Plainville, said the ARC poll “indicates what everyone already knew.”

“We see customers wanting out, but the contradiction is the inflation we see,” he said. “Our biggest problem is having enough people to cook the meals that customers want. But then there’s the overall expense of everything – utilities, labor, operations, paper bags , etc. – all this costs more.

Dolch added that restaurateurs risk losing customer loyalty if they raise menu prices to the same level as food prices.

“It would be sticker shock,” he said. “They would lose some of their guests, maybe this family of four that goes out twice a month will go to once a month. Plus they compete with neighboring restaurants and what they charge.

Adams said he had long put off raising menu prices. As a result, “we spent several months with negative cash flow,” he said.

He said the price increase was “probably the hardest thing I’ve ever done…but at least we now have positive cash flow, although we’re not running to the bank in any way. “.

In good times, the average profit margin for restaurants nationwide ranges from 4% to 6%. Today, cost increases are reducing this margin to almost 0%. The survey reported that 85% of Connecticut restaurant owners say their business is less profitable than in 2019.

“Restaurants are doing everything they can. I hear them telling me at the end of the week or month that I’m barely breaking even. They don’t see the light at the end of this tunnel. They don’t think inflation is going down. They worry about fall and winter when they lose their outdoor meals,” Dolch said.

Chris Prosperi, owner of Metro Bis in Simsbury, isn’t pessimistic about his future. Metro Bis has converted its menu to prix fixe only. Two-course lunches are $30 and three-course dinners are $60 excluding tax and tip, and $10 more if you want a pre-meal bread basket. It is booming.

“It saved us. I haven’t changed and I don’t think I will ever change,” he said. “It’s easier than changing the prices on the menu all the time.”

Prosperi thinks restaurateurs would be less pessimistic about the future if they did what they instinctively don’t want to do: raise menu prices, and not just a little, to keep their heads above water at a when costs are rising rapidly.

“When was the last time [restaurateurs] increased our prices to match current prices? ” he said. “They have to go up a lot more, otherwise you’ll see a lot of [restaurants] go out. It would be a shame because there is no reason for it.

Restaurants generally don’t want to raise prices, he said, because of customer refusal. But if they don’t, he said, their profit margin will shrink even further. They can justify the increased cost to customers by remembering what the restaurants are for, he said.

“Restaurants aren’t so much about food as they are about gathering. Why do you go out to eat? Just because you don’t want to be home? Or is it because you want to see your friends and family and share this time around a meal?” he said. “I think we need it more than ever. … I see it when I spend time in the dining room. People are happy to be together.”

The CRA survey revealed that other expenses will soon be added. The National Restaurant Association reports that 59% of business owners have taken out repayable loans through the Paycheck Protection Program, 48% have taken out an Economic Disaster Disaster Loan (EIDL) from the US Small Business Administration or a lending partner and 31% took out a loan from the private sector. ready.

The payment deferral period for EIDLs will end soon. Dolch said the national numbers are grim, even with a favorable interest rate just below 4%.

“Among operators who have not started repaying their loan, only 23% say they will be able to repay principal and interest. 46% expect to be able to pay the principal, but not 30 months of accrued interest,” he said.

Forgiveness of EIDL loans, he said, did not appear likely.

“In our industry alone, there were $370 billion in EIDL loans. They’re not going to forgive those loans,” he said. need that interest? We don’t want to see those loans default.

The current staff crisis is also aggravating stress for restaurateurs. The ARC survey found that 59% of Connecticut restaurant owners don’t have enough employees to meet customer demand, 75% say they’ll likely hire more employees within six months, but 80% say their restaurant has hard-to-fill openings.

Adams said he was still mystified by his popular restaurant’s inability to hire enough staff.

“I thought I was optimistic last year around this time when I predicted that people after the Super Bowl would come out of unemployment and we would see a break. That didn’t happen,” he said. he declared, referring to one of the busiest days of the year at the restaurant famous for its chicken wings.

“I still haven’t seen it happen. I’m not as optimistic as I would like. I really don’t understand what happened, where the people are. I haven’t spoken to anyone yet who can give me that answer,” he said.

Billy Grant, owner of Bricco in West Hartford and Bricco Trattoria in Glastonbury, said that despite the high cost of “everything” and supply chain issues that add weeks to replacing faulty equipment, his biggest concern is difficulty recruiting new workers.

“The cost of labor has increased because I use so many overtime hours. I do not have a choice. I don’t have enough cooks. And I’m a practical guy. I have a bad burn on my arm because I always cook. And for at least two hours every Friday, I do the dishes,” he said. “I never imagined that after 27 years I would still work as hard as I do.”

Nevertheless, he said, he feels “blessed”.

“I have restaurants in two good locations,” Grant said.

The industry gloom that has accompanied the pandemic is also seeping into college catering training programs.

Last year, Sacred Heart University in Fairfield stopped accepting new students into its hospitality and tourism management program. SHU will close the program once all current students graduate, program coordinator Kirsten Tripoldi said.

“The pandemic killed us too,” she said.

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Tripoldi said parents’ concerns for their children’s career futures are a big factor in the program’s “decline”.

“Parents want their kids, after getting an expensive degree, to have a career path and money to pay off student loans,” Tripoldi said.

Tripoldi, who sits on the board of directors of the International Council of Hospitality, Restaurant and Institutional Educators, acknowledged that the closure of the SHU program was also due to marketing errors. But she added that many college hospitality programs are at historic low numbers.

“A good number are at 40% enrollment compared to four or five years ago,” she said.

Jan Jones, coordinator of the hospitality and tourism management program at the University of New Haven, said colleges and the restaurant industry must “be innovative” to persuade people that careers in catering are desirable.

“A lot of people started seeing these kinds of jobs as long hours and low pay and they kept finding other positions that didn’t have the same expectations. It’s sad,” Jones said.

Susan Dunne can be contacted at sdunne@courant.com.

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