Hartford Business Journal

6 Hartford Business Journal • January 5, 2015 www.HartfordBusiness.com Stay ConneCted For breaking and daily Greater Hartford business news go to www.HartfordBusiness.com. HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on LinkedIn: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/subscribe Weekly e-newsletters: CT Green Guide Weekly www.HartfordBusiness.com/subscribe By the numBerS 46 The number of Connecticut cities and towns that are seeking a gigabit-speed-Internet provider. $2.38 The national average per-gallon price of regular gasoline on Dec. 23 — the lowest in five years. 50 The number of rotating taps that will be found inside World of Beer in West Hartford, which opens this month. $31.6M Connecticut's budget deficit as of Dec. 19, following nearly $55 million in mid-year cuts, according to Office of Policy and Management Secretary Benjamin Barnes. 38 The number of years outgoing state Banking Commissioner Howard Pitkin spent at the state's financial industry regulator. top 5 moSt read on HartfordBusiness.com ■ World of Beer to open in W. Hartford ■ Leonardi leaving CT Innovations ■ CHFA boss Chatman leaving March 21 ■ AARP wants caregiver tax credits, utility reforms ■ 'Cake Boss' to open Mohegan bakery top Story With start of new year, CT minimum wage increases to $9.15 The first of a series of annual minimum-wage increases took effect Jan. 1, climbing 35 cents to $9.15 per hour. Under a state law signed earlier this year, two more increases will take effect through 2017. On Jan. 1, 2016, the minimum wage will rise to $9.60, and it will climb to $10.10 the following year. The increase drew a March visit from President Obama, who has advocated for an increase in the $7.25 federal minimum wage. Banking & FinanCe United Bank to shutter five more branches United Bank, which merged last year with Rockville Bank, said it will close an East Windsor branch and four branches in Massachusetts to counter continued pressure from low interest rates in 2015. The Glastonbury-based bank said it will lay off managers and staff from those branches, but did not disclose how many jobs would be cut. CEO William Crawford said he expects continued pressure on the bank's spread income in 2015, due to continued low interest rates. The closure of the branch at 123 Main St. in the Broad Brook section of East Windsor and branches in the Massachusetts communities of Northampton, North- borough, and Whitinsville, and the related staff reduction, will cost the bank $5.5 million before tax this quarter. United said it expects ongoing savings of $3 million, much of it starting next year. The consolidation comes in addition to four previous branch closures in October. The closures require regulatory approval and would not happen before spring, the bank said. Horizon's $15M bioscience play Farmington's Horizon Technology Finance said it has made separate loans totaling $15 million to two bioscience companies in New Jersey and Massa- chusetts. The specialty financier said it has closed a $10 million loan with Palatin Tech- nologies in Cranbury, N.J., which is a biopharma company developing therapeu- tics to treat disease. Horizon has also loaned $5 million to Interleukin Genetics, a Waltham, Mass., company that makes genetic tests. The four-year Palatin loan includes interest-only payments for 18 months. Hori- zon also received warrants to purchase 666,666 shares of Palatin common stock. The Interleukin loan includes 15 months of interest-only payments and war- rants to purchase for 2.49 million shares of the company's stock. Law Tolland County law practices merging A pair of Tolland County law practices merged their operations, effective New Year's Day. The law offices of Dale C. Roberson LLC in Ellington and Marder & DeFelice Law Offices LLC in Vernon will be known as Marder, Roberson & DeFelice Law Offices LLC, partner Joel A. DeFelice said. The new firm's five attorneys and six staffers will be housed at Roberson's current office at 25 West Road in Ellington, DeFelice said. The merged firm offers multiple practice specialties, including litigation, bankruptcy, estate planning, family law, business law, criminal law, and com- mercial and residential real estate. eConomy & LaBor State adds 4.6K Nov. jobs Connecticut's economy added 4,600 jobs in November, setting a new high- water mark for the state's post-recession jobs recovery, according to the state Department of Labor. As a result, the state's non-farm labor count rose to 1,687,100 jobs last month — 25,700 more than November 2013. However, the percentage of able-bodied, willing Connecticut workers without jobs crept up to a seasonally adjusted 6.5 percent, the agency said. The state's October jobless rate was 6.4 percent. A year ago, it was 7.5 per- cent. energy & utiLitieS PURA approves 1.8% increase in for digging- safety program State regulators have approved a $2.05 million budget for the Call Before You Dig program, which is up 1.8 percent from $2.01 million this year. The Public Utilities Regulatory Authority said the increase will be funded by a 10-cent increase, to $4.10, in the mileage rates paid by CBYD members. CBYD is a nonprofit clearinghouse that shares information about under- ground utility lines. Anyone digging must inform CBYD, which dispatches utility workers to mark the underground facilities at the excavation sites. CBYD contracts with PelicanCorp. to manage call center operations. PURA has the authority to approve CBYD's operating budget and levy fines for those who violate state excavation laws. government, poLitiCS & Law Deputy OPM secretary to be Malloy's general counsel Gov. Dannel P. Malloy has named Karen Buffkin to replace his outgoing General Counsel Luke Bronin. Buffkin is deputy secretary in the state's Office of Policy Management. She pre- viously worked as OPM's undersecretary for legal affairs. Malloy said she played a key part in preparing and executing budgets. Before her work at OPM, Buffkin was general counsel for the state Board of Labor Relations and in Office of the State Comptroller. Bronin, whose name has circulated as a possible contender in the 2015 Hart- ford mayoral election, will begin working for law firm Hinckley Allen in January. Report: CT among states vulnerable to embezzlement Exposed embezzlements nationwide grew in 2013, and Connecticut is among several states with greater vulnerability when it comes to this type of white-collar crime, a report says. Insider theft of money, goods and services (valued at $100,000 or more) by employees and volunteer workers at public and for- and nonprofit organizations numbered 554 reported episodes last year, up from 528 in 2012, according to the 2013 Marquet International Ltd. Report on Embezzlement. Marquet had forecasted a rise in reported embezzlements based on the the- ory that more cases actually occur — and more cases are discovered due to greater stakeholder vigilance — in down economies. As a result, the 2014 survey due next year this time likely will show a decline in embezzlements. V ermont ranked highest among the top 12 states in 2013 for the propensity of embezzlement. The rankings are based on the number of embezzlements that take place annually and each state's population. Rounding out the most-vulnerable states are: Washington D.C., West Virginia, Montana, South Dakota, Virginia, Idaho, Oklahoma, Texas, Missouri, Nevada and Mississippi. Connecticut landed at No. 13 on the list. LeiSure & hoSpitaLity World of Beer to open in W. Hartford Tavern franchise World of Beer said it will open a West Hartford location — its second in Connecticut — this month. The 73 Isham Road location restaurant will employ 70 people and will have 50 rotating craft beer taps and more than 500 bottles, according to World of Beer, which has more than 65 locations across the country, including one in Stamford. The company said it will feature a number of local craft beers, including those from Two Roads Brewing Co., City Stream Brewery and Olde Burnside Brewing. Week in review

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