In brief
Pavia on UBS: ”˜I don”™t believe they are going”™
Mayor Michael Pavia told Bloomberg he does not believe UBS AG is relocating the bulk of its Stamford operations to New York City, after Connecticut Gov. Dannel P. Malloy expressed similar skepticism in early June.
Pavia”™s and Malloy”™s comments followed multiple reports the company wants to take a major lease in 2015 at World Trade Center in Manhattan, which UBS has not confirmed or denied publicly.
“They”™re woven into the fabric of the city of Stamford,” Pavia told Bloomberg. “At this point in time I know that they”™re going through a ground-up analysis of their business. They”™re looking at where they are in this economy, how they make things better in terms of cost centers and so on and so forth. I see this as a lively discussion, a matrix where all things are on the table. I don”™t believe they are going to be leaving the city of Stamford, however.”
Amazon cuts lose state affiliates
Following in the footsteps of Overstock.com, Amazon terminated its relationships with affiliates that steer it business, with those companies reporting in mid-June over Twitter that they had received emails canceling their accounts.
In the legislative session that concluded last week, Connecticut passed a bill that forces online retailers to apply sales tax at the point of sale if they have a physical presence in the state, despite testimony from the state”™s commissioner of revenue that the state should wait at least a year to move ahead on the issue.
As part of its letter, Amazon advised its affiliates to inform the company whether they intend to move to another state that does not have such a tax in place. Amazon also offered to recruit those affiliates in the future should the state “rectify” in its words the new online sales tax.
Report: General Atlantic could face big payday
Facebook could see a valuation in excess of $100 billion in an initial public offering of stock next year, according to a report on CNBC which did not identify its sources.
Greenwich-based General Atlantic in March reportedly bought one-tenth of 1 percent of the social networking site”™s shares, in a deal that valued Facebook at $65 billion at that point in time.
The newest valuation comes as a research group called Inside Facebook estimated the service lost some 6 million users in May in the U.S., even as Facebook continued its overall growth thanks to overseas subscribers.
UB tenancies remain above 90 percent
Urstadt Biddle Properties Inc.”™s leased space totaled 92.6 percent of its available square footage as of April 30, down 1.2 percent from a year earlier.
Greenwich-based Urstadt Biddle is among the largest owners of commercial real estate in Fairfield County, much of it in the form of retail shopping centers. Earlier this year, Urstadt Biddle bought the Fairfield Plaza shopping center in New Milford whose tenants include Staples and T.J. Maxx.
Urstadt Biddle earned $3.6 million in its second fiscal quarter ending April 30, including $3 million in income after Shop Rite vacated its Meriden premises prior to the expiration of its lease, with Urstadt Biddle having found a replacement tenant in Big Y Foods Inc.
Flextronics issues pink slips
Flextronics Inc. is terminating its employment of two-dozen technicians in Fairfield County who work at Verizon retail stores, as it has done in other states.
Through subsidiary RTS, Flextronics provides in-store technical repair services on an outsourced basis; in 2009 it acquired the Firedog in-store service affiliate of Circuit City following that chain”™s bankruptcy shutdown. At last report, RTS had some 5,000 employees nationally in 1,100 retail stores.
Zagat: Pepe pizza most popular in state
Zagat released its newest survey on some 900 Connecticut restaurants, the result of more than 4,000 reviews by local diners.
Frank Pepe Pizzeria Napoletana, with locations in New Haven, Fairfield, and most recently Danbury among others, was voted the most popular, while Boathouse at Saugatuck in Westport was lauded as the best newcomer.
Other noteworthy new restaurants cited by Zagat included The Brasserie in Fairfield, Caf̩ dӪAzur in Darien, Fez and Tappo in Stamford, GabrieleӪs in Greenwich and Red Lulu and Sails in Norwalk.
Among trends, Zagat reported the average cost of a meal remained flat from a year ago at just under $38. In fact, prices were cited as a main complaint by just 5 percent of those surveyed; more than six in 10, however, complained about service while eating out.
NRA: Restaurant employment to rise
The National Restaurant Association projected Connecticut eateries will add 8,000 jobs this summer, an 8.5 percent jump from the spring that ranks among the dozen biggest increases nationally. Over the same period last year, hospitality sector jobs increased just 1 percent in Connecticut, according to figures from the Connecticut Department of Labor.
The National Restaurant Association (NRA) said the sector trails only the construction industry for seasonal employment gains.
Maine was tops in the NRA survey with a whopping 31 percent expected increase in summer restaurant employment.
SBA debuts mobile app
The U.S. Small Business Administration is debuting its first application for mobile devices to provide assistance to entrepreneurs on the go.
Palo Alto Software Inc. developed and donated the app to the SBA, with the initial version only operable on Apple”™s iPhone with other platforms to follow.
Among other features, the app allows users to get video content and social media alerts, connect with SBA district office staff and counselors, and get answers to simple questions about starting a business, writing a business plan or finding funding.
The app is available for download at www.sba.gov/content/sba-mobile-app.
BlumShapiro opens staffing office in Shelton
Creative Financial Staffing opened a Shelton office, the second for the subsidiary of BlumShapiro, which also has a Shelton office.
CFS offers temporary and permanent placements for all levels of accounting and financial staff. The company hired Abigail Heagney as its business development manager in Shelton.
CRT fills out securities arm
CRT Capital Group acquired the institutional sales and trading platform of Braver Stern Securities L.L.C., joining the existing securitized products platform of Stamford-based CRT.
The newly expanded group will focus on agency and non-agency residential and commercial mortgage-backed securities, asset-backed CDOs and mortgage-backed pass-through securities.
Baldwin sells food unit
Baldwin Technology Co. Inc. sold its Oxy-Dry Food Blends subsidiary to CPC Dry Pack Inc., a contract manufacturing company.
In April, Shelton-based Baldwin announced a planned exit of its non-core food blending and packaging business, while taking a $3 million charge to account for a lease obligation and job cuts.
Baldwin primarily sells systems to maintain the cleanliness and smooth functioning of printing presses.