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Top News & Analysis Connecticut

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  • NEW YORK, Aug 26- U.S. crude oil stockpiles fell sharply last week as imports tumbled, while gasoline and distillate inventories rose despite a reduction in refinery runs, data from the Energy Information Administration showed on Wednesday. U.S. crude fell more than 1 percent to below $39 a barrel, nearing the 6-1/ 2- year lows touched earlier this week, and New York...

  • 1st enlisted female sub sailors start training in Groton Wednesday, 26 Aug 2015 | 10:48 AM ET

    The barracks at the Navy base have been reconfigured for privacy, but officials say the first co-ed class of enlisted recruits is not being received differently from any others. The Navy ended a ban on women serving aboard submarines in 2010. It began integrating crews by introducing female officers, who already have been assigned to ballistic-missile and...

  • Eagle Point posts 2Q profit Wednesday, 26 Aug 2015 | 9:33 AM ET

    GREENWICH, Conn. _ Eagle Point Credit Co. on Wednesday reported earnings of $6.4 million in its second quarter. On a per-share basis, the Greenwich, Connecticut- based company said it had profit of 46 cents. This story was generated by Automated Insights using data from Zacks Investment Research.

  • Back from death's door, Resorts casino is now profitable Wednesday, 26 Aug 2015 | 2:14 AM ET

    ATLANTIC CITY, N.J.— As recently as five years ago, Resorts Casino Hotel was near death, struggling to survive against bigger, newer Atlantic City casinos. In December 2009, Resorts' then-owners Colony Capital were within hours of handing over the keys to lenders and walking away from the casino. Months later, veteran casino executive Dennis Gomes and New York real...

  • Urban areas where commuters endure the most extra hours Wednesday, 26 Aug 2015 | 12:01 AM ET

    Traffic congestion nationally reached a new peak last year and is greater than ever before, according to a report by the Texas A&M Transportation Institute and INRIX Inc. Their analysis is based on federal data on the number of cars on the road and on traffic speed data collected by INRIX on 1.3 million miles of urban streets and highways. 1. Washington, D.C.-...

  • Puerto Rico power company drops Petrobras in new deal Tuesday, 25 Aug 2015 | 4:13 PM ET

    SAN JUAN, Puerto Rico— Puerto Rico's heavily indebted power company said Tuesday that it signed a contract to replace Brazilian oil giant Petrobras as the island's main fuel supplier in a bid to save money as a restructuring deadline looms. The Electric Power Authority said the deal with Connecticut- based Freepoint Commodities will help save $25 million the...

  • HARTFORD, Conn.— As the $567 million bus-only corridor between Hartford and New Britain began operating this spring, state officials worked behind the scenes to shape public opinion of the project that has been a lightning rod for criticism because of its cost. The public relations campaign to rally support for the 9.4- mile CTfastrak involved Michael Sanders,...

  • BRIDGEPORT, Conn.— The owner of the Mystic Pizza restaurant made famous in a 1988 film has been sentenced to one year in prison for tax evasion and concealing hundreds of thousands of dollars in income. The U.S. attorney's office says 49- year-old John Zelepos of North Stonington, Connecticut, was sentenced Monday to prison, followed by three years of supervised...

  • Micron Products Inc., a wholly-owned subsidiary of Arrhythmia Research Technology based in Fitchburg, makes the new ammunition, which are much larger than rubber bullets and have silicone heads that expand and flatten on impact, enhancing the pain and incapacitating a suspect. 'I had to shake it off, "said Allen Ezer, executive vice president of Security Devices...

  • Aug 24- Royal Bank of Scotland Group Plc has lost a bid to escape a U.S. regulator's lawsuit accusing it of misleading Fannie Mae and Freddie Mac into buying $32 billion of mortgage-backed securities ahead of the financial crisis. The case against RBS is the biggest and last of 18 lawsuits the FHFA filed in 2011 over about $200 billion in mortgage-backed...

  • HARTFORD, Conn.— Restrictions imposed on the rapidly rising use of compound drug prescriptions in the state health plan have cut spending by about $2 million a month, state Comptroller Kevin Lembo said Monday. The cost in claims to the state health plan has skyrocketed to $24 million this year on an annualized basis, from $800,000 in 2012, he said.

  • But with China now in a slump and the value of its currency the most recent casualty, Otis and other manufacturing companies staking much on Asia's biggest economy now face a moment of reckoning. After saying for years that increased urbanization would propel growth in China, parent company United Technologies Corp., based in Hartford, cut its expected revenue...

  • WEST HARTFORD, Conn.— Connecticut- based firearms maker Colt Holding Co. is asking a bankruptcy judge to approve payments totaling $2.5 million for nine top executives. The Hartford Courant reports the bonuses would be paid if an executive is fired, resigns because of reduced pay under future owners or moves. The West Hartford- based company is trying to...

  • Dannel P. Malloy's outgoing chief of staff was appointed Friday to head Connecticut's Board of Regents for Higher Education, promising he'll listen to the concerns of college presidents, faculty, students and legislators around the state. Created several years ago, the Board of Regents oversees four state universities, 12 community colleges and the online...

  • "We saw strange things in the data," said Chris Barnes, a former swaps trader now with ClarusFT, a London- based data firm. The missing transactions reflected an effort by some of the largest U.S. banks- including Goldman Sachs, JP Morgan Chase, Citigroup, Bank of America, and Morgan Stanley- to get around new regulations on derivatives enacted in the wake of the financial...

  • Connecticut unemployment rate falls to 5.4 percent Thursday, 20 Aug 2015 | 11:48 AM ET

    HARTFORD, Conn.— Connecticut employers added 4,100 jobs in July, pushing the unemployment rate down to 5.4 percent, from 5.7 percent, its lowest since May 2008, the state Department of Labor said Thursday. Peter Gioia, economist for the Connecticut Business and Industry Association, the state's largest business group, said the sharp drop in the unemployment rate...

  • ELLINGTON, Conn.— Alex Kelly gained international infamy as the "preppy rapist" two decades ago while living an adrenaline-fueled life as a jet-set fugitive in Europe— skiing, hang gliding and mountain climbing before surrendering to face rape charges in Connecticut. The man who spent eight years on the lam, living off money the FBI said came from his wealthy...

  • WRAPUP 4-U.S. consumer prices up slightly, airfare weighs Wednesday, 19 Aug 2015 | 5:27 PM ET

    WASHINGTON, Aug 19- U.S. consumer prices rose only slightly in July as airline fares recorded their biggest drop since 1995, but tame inflation pressures will probably not discourage the Federal Reserve from raising interest rates this year. The Labor Department said on Wednesday its Consumer Price Index edged up 0.1 percent last month, with gasoline and food...

  • NEW YORK, Aug 19- The dollar fell on Wednesday as investors positioned for a U.S. interest rate hike in September pulled back after minutes from a Federal Reserve policymakers meeting delivered no solid signals on when the era of near-zero rates will end. "These minutes don't give a clear view in either direction about September, about whether or not the Fed is more...

  • WRAPUP 2-Airline fares dampen U.S. consumer prices in July Wednesday, 19 Aug 2015 | 12:30 PM ET

    WASHINGTON, Aug 19- U.S. consumer prices rose only slightly in July as airline fares recorded their biggest drop since 1995, but tame inflation will probably not discourage the Federal Reserve from raising interest rates this year amid signs of an improving economy. They just need to have reasonable confidence it will return to mandate, "said Michelle Girard,...