bestworst

Greenwich based Chief Executive Magazine released its Best and Worst States of 2017 issue, [May/June].

The cover illustratiion is by Redding resident Robert Pizzo  

By Mitchell Young

Greenwich: Chief Executive Magazine is based in Connecticut, but many of its most important readers don’t have a favorable view of the Nutmeg State, as a choice for business. The magazine recently released its Best and Worst 2017 issue [2016 survey data] of CEOs and Connecticut was ranked forty-six.

There were 513 CEO responders and they were asked to rank states they are familiar with, on “the friendliness of their tax and regulatory regime, workforce quality and living environment. (This latter category includes not just the cost of living but the education system and the state and local attitudes toward business).”

No worries, the CEOs don’t always do what they say, New York and Massachusetts, both states with strong economies and a growing number of businesses, ranked 49 and 45 respectively. The worst [50] was the  business powerhouse, California. Governor Dan Malloy can take bragging rights form his nemesis Governor Chris Christy, New Jersey ranked 47,, behind Connecticut – Go Huskies. Illinois, rounded out the bottom five.

biohavenBy Mitchell Young

New Haven: Biohaven Pharmaceuticals founded in 2013, is developing treatments for neurological diseases and rare disorders, announced terms for its IPO.  The company plans to raise $125 million by offering 8.3 million shares at a price range of $14 to $16 and will be listed on the NYSE, with the symbol BHVN.

Insiders will reportedly purchase $70 million worth of shares in the offering (56%), providing the company a fully diluted market value of $546 million [at the midpoint of the IPO range]. Morgan Stanley, Piper Jaffray and Barclays are the joint underwriters, and the stock is expected to price during the week of May 1, 2017.

young peopleWashington: The US Census released The Changing Economics and Demographics of Young Adulthood: 1975–2016. The report sites changes in young adulthood over the past 40 years. Focusing on education, economics and living arrangements of today's young adults and “how their experiences differ in timing and degree from what young adults experienced in the 1970s.”

Young people in Connecticut like in most states are more likely to live at home than their parents did and the trend continues with an 8.8% increase in young adults living in Connecticut living at home in the last decade

stock 450Investment Media Take Note of Hedge Fund Tax Proposals [From Investopia]

“Although New York City is perhaps better known as a financial hub, the nearby state of Connecticut is home to a number of prominent hedge funds......  “prominent managers like Edward Lampert of ESL Investments and Paul Tudor Jones of Tudor Investment Corp. have moved their operations out of Connecticut and to the state of Florida for tax purposes.:

“Now, some of Connecticut's elected officials have stated their opposition to a proposal to increase tax levels on Connecticut-based hedge funds,”

For the rest of the story:

moneyreactors

HARTFORD: Opponents to a subsidy for the Millstone Nuclear Plant owned by Dominion Resources [NYSE: D] have released a report that claims that The Millstone Nuclear Plant in Waterford is “projected to be the most profitable nuclear plant in the United States between now and 2019.”

While opposition to subsidies for the Millstone plant has surfaced from legislators, consumer groups including ARRP Connecticut, the Stop the Millstone Payout appears to be primarily financed by compteting power companies.