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Pretty Weak
Revenge for That
State Capitol Thing
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Business New Haven
2/9/1998
By: BNH
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The board of directors of the Massachusetts Institute of Technology (MIT) Enterprise Forum of Connecticut has voted to relocate the organization from Hartford to New Haven. The move will become effective January 21, when the group meets at 6:30 p.m. in Room 110 of the Yale School of Medicine's Hope Building at 315 Cedar Street. That meeting, which is free and open to all interested business people, will feature a national satellite “teleworkshop” on “Building High-Tech Enterprises: The Next 20 Years.” The session will be hosted by Edward Roberts of MIT's Sloan School of Management. Founded in 1986, the MIT Enterprise Forum of Connecticut's mission is to promote and strengthen high-tech startup enterprises. The New Haven location, forum officials say, will place the group within the geographic heart of the state's emerging high-tech economic base.
The Bayer Facts
Bayer Corp.'s West Haven-based Pharmaceutical Division has leapt to the forefront of firms actively addressing the child-care needs of their employees. On January 7 Bayer unveiled its new Bayer Children's Center on Frontage Road in Orange. The center, which will serve children from six weeks to 12 years of age, has a capacity of 144 youngsters and will be staffed by 24 workers from Bright Horizons, a leading work-site child-care provider. The facility, company officials say, incorporates “the latest programs and philosophies for providing care, growth, development and learning.” The Bright Horizons curriculum uses three principles in support of growing children: “developmentally appropriate” education, whole language learning and school readiness.
Lonely at the Top
America's most affluent executives have never had it so good financially as they do today - and have never fretted more about the cost of success. A recent “Survey of Affluent Americans” sponsored by U.S. Trust offers insight into the “heavy work demands” that impinge on top executives' personal lives, as well as the financial stress stemming from the degree to which their personal financial well-being is tied to their companies' performance. The survey polled corporate executives among the wealthiest one percent of Americans, with either an adjusted gross income of more than $225,000 or net worth exceeding $3 million. Forty-one percent of those surveyed think that corporate life has become less enjoyable during the course of their careers, while just 31 percent find it more enjoyable. Their success was attended by personal sacrifices including time to relax (cited by 67 percent), vacations (58 percent), time to exercise (56 percent) and time for hobbies and charitable or civic activities. A large minority believed that corporate success had come at the expense of their relationships with others, including friends (41 percent), children (37 percent) and spouses (34 percent).
California Gold Rush
The California-based Foundation Health Systems (FHS) completed a $271 million acquisition of Physicians Health Services, based in Shelton, on January 5. In consummating the deal, FHS, which acquired M.D. Health Plan of North Haven in March 1995, becomes the third-largest HMO operator in the Northeast. PHS President Robert L. Natt will remain on the FHS management team, where he will direct operations for the Northeast region. PHS has about 70,000 members in Connecticut. At the same time as the PHS acquisition, FHS acquired a 98-percent equity stake in First Option Health Plan of New Jersey, which has 270,000 members in the Garden State.
Radio Dinner
In a marriage made somewhere other than heaven, presumably, BNH Editor Michael C. Bingham will team with Greater New Haven Chamber of Commerce President Matthew Nemerson to present Business Wednesday, a weekly business talk show airing from 8 to 9 p.m. Wednesdays on WELI (960 AM) radio. The show, which debuted January 7, will offer news and commentary on key business developments in south central Connecticut. “We'll have a news wrap-up for the preceding week from our news desk, plus interesting guests on the phone and in the studio, call-ins and a few surprises,” Bingham said. “Knowing Matthew, we'll probably argue a lot, too.” The show succeeds The Bottom Line, a chamber-produced talk show which aired in the same time slot for two years. Business Wednesday will be jointly produced by BNH and the chamber.
What Goes Up
There may be light at the end of the tunnel for Connecticut's long housing slump. Commissioner James F. Abromaitis of the state's Department of Economic & Community Development announced that Connecticut municipalities authorized 852 new units in October (the latest month for which figures are available) - a healthy 14.2 percent hike over October 1996, when 746 units received authorization. It also represents a 15.1 percent increase over the 740 units permitted in September 1997. Year-to-date permits likewise were up 22.6 percent, from 6,418 through October 1996 to 7,871 through October of last year. Middlesex County showed the greatest increase: up 53.5 percent for the month over the same month a year ago. Southington led all state municipalities with 45 units, followed by Avon with 33 and Shelton with 31.
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