Rail ridership rises
Despite the lingering effects of the recession on jobs in 2010, New Haven Line Metro-North ridership rose 2.8 percent from the year before, as overall Metro-North ridership reached its second highest level ever.
The commuter line handled 81.1 million trips in 2010, up 1.5 percent from 2009 and trailing only the 83.3 million times people traveled on Metro-North in 2008. The railroad projects an overall 0.7 percent increase in ridership this year.
The portion of the New Haven Line between Stamford and New Haven was the best performing segment of the entire railroad.
“The outer New Haven Line really led the way and buoyed the whole railroad, despite the fact that the line has an antique fleet that is not large enough to accommodate all our customers comfortably,” Howard Permut, Metro-North”™s new president, said in a statement. “We look forward to the introduction of the new M-8 cars, which will occur in the very near future.”
Metro-North said it first began seeing an increase in riders in April 2010. The line was also boosted by its completion of a first full year of service to a new station adjacent to Yankee Stadium in the Bronx.
Metro-North reported an on-time record of 97.7 percent, equating to about one train every 333 runs ”“ or about one train every two weekdays based on the number of trains stopping in Stamford daily.
Food Basics leaving Bridgeport
The Great Atlantic & Pacific Tea Co. Inc. is closing a Food Basics store in Bridgeport at a cost of 90 jobs, part of a restructuring that will result in 32 stores closing in six states including multiple A&P and Pathmark stores in Westchester County, N.Y.
The Montvale, N.J., company has five A&P stores in Danbury, Greenwich and Stamford; and also owns the Food Emporium in New Canaan.
Big payday for UTC chief
Capping a year during which he bashed the high costs of doing business in Connecticut and vowed to expand his company elsewhere, United Technologies Corp. CEO Louis Chenevert accepted $22.1 million in current and future compensation, while cashing stock options valued at $13.6 million.
Not including stock that vested and options he cashed awarded in previous years, UTC increased Chenevert”™s compensation 9 percent this year. Under his management, UTC profits rose 13 percent last year, as did the value of its shares; revenue was up 4 percent from 2009.
Better taxes, barely
Connecticut residents bear a lower tax burden than their neighbors in New York and New Jersey, according to a study by the Tax Foundation ”“ but the three states trail the entire nation for overall taxes. The Tax Foundation calculates a 12 percent tax burden for state and local taxes in Connecticut, behind New Jersey at 12.2 percent and New York at 12.1 percent.
The study estimates the average total tax burden for residents of each state, including both the in-state taxes they are subject to as well as taxes they pay to other states via income or sales taxes.
“While we think it is important to estimate tax-shifting strategies, this study is not an endorsement of the attempt to export tax burdens,” said Mark Robyn, a Tax Foundation economist, in a statement. “From both an economic and political perspective, states can create myriad problems when they blatantly attempt to shift tax burdens to residents of other jurisdictions.”
People”™s United CFO out
Paul Burner, the chief financial officer of People”™s United Financial Inc. has left and the company hired as his replacement Kirk Walters. Walters previously was CFO of Chittenden Corp., which People”™s United acquired in 2008.
After leaving Chittenden, Walters became CFO of Pennsylvania-based Sovereign Bank and was briefly interim CEO before its sale to Santander Holdings USA Inc.
Bridgeport-based People”™s United is the largest bank in Fairfield County as measured by local deposits.
RBS makes U.S. gains
Royal Bank of Scotland”™s U.S. commercial and retail banking operations produced a $473 million in 2010, as overall revenue rose 7 percent.
RBS is one of Fairfield County”™s largest employers with more than 2,000 people in Stamford; its Citizens Bank subsidiary is one of the largest banks doing business in Connecticut.
Report: IMS sues CVS
In its latest battle over retaining access to pharmaceutical sales data, Norwalk-based IMS Health is suing CVS, claiming it violated contracts to supply such data.
IMS collects data from drug vendors and sells competitive benchmarking reports on overall industry sales.
According to Bloomberg News, IMS Health claims it “is suffering injury” and asked a Delaware judge to force CVS to comply with contracts it says bar the company from its alleged actions.
Steelpointe funds sought
U.S. Sen. Richard Blumenthal and U.S. Rep. Jim Himes said they will fight to retain some $11 million in funding for Bridgeport”™s stalled Steelpointe Harbor development.
The funding was awarded as part of the U.S. Department of Transportation”™s TIGER program to develop residential communities near transportation hubs.
“I will not let Steelpointe, one of the most important pieces of federal funding the city of Bridgeport has ever received, be the casualty of political posturing in Washington,” Himes said in a statement. “The redevelopment of Steelpointe will continue the revitalization of the city of Bridgeport, spurring economic growth and paving the way for improved quality of life for everyone who lives in, works in, or visits the area.”
Workplace assault at mall
An employee of Wellness Experts Massage stabbed a co-worker at Stamford Town Center, after arguing over a late mobile telephone bill according to the Stamford Advocate.
Zheng Zhuping, 50, chased Guangfu Zhao, 40, through the mall during working hours and stabbed him, after Zhao had struck her in a dispute, according to police reports cited by the Advocate. Both were treated at Stamford Hospital and charged with felony assault.
