In brief - Westfair Communications

6460009517_e50b433a9c_b — Gov. Dannel P. Malloy, on a November tour of Hamilton Sundstrand. Credit: Office of the governor.

Governor, comptroller see $79 million surplus

Despite a still-erratic economy, Connecticut is on pace to produce a $79 million surplus for the fiscal year ending next June, according to Gov. Dannel P. Malloy”™s Office of Policy and Management, with state Comptroller Kevin Lembo concurring.

“Revenues are on target so far ”“ but the volatile stock market remains a great concern with its influence on the state income tax and possible budget swings,” Lembo said. “With so many economic unknowns, any projections over the OPM target are unrealistic at this point.”

Frontier to join Nasdaq

Frontier Communications Corp. is abandoning the New York Stock Exchange with plans to list its shares beginning Dec. 16 under its existing “FTR” ticker symbol on the Nasdaq Global Select Market.

Stamford-based Frontier provides broadband and telephone service in three-dozen states, though not in Connecticut.

“Our transfer to Nasdaq is a decision based exclusively on providing increased value for our shareholders over a multi-year period,” said Donald Shassian, chief financial officer of Frontier. “Listing on Nasdaq gives the dual benefit of providing shareholders with strong liquidity and execution, while enabling Frontier to reduce annual operating expenses.”

NewNet nets new business

With backing from its private equity owner, Shelton-based NewNet Communication Technologies L.L.C. is acquiring the WiMAX wireless Internet business of Nokia Siemens Networks, which employs 300 people near Chicago and Hangzhou, China.

NewNet did not disclose what it paid for the business, which Finland-based Nokia Siemens acquired from Motorola. The deal was revealed a week after Nokia Siemens announced a global restructuring, targeting 17,000 job cuts.

Controlled by California-based Skyview Capital L.L.C., NewNet sells devices to help run mobile and ecommerce networks. The company also has offices in India and Romania.

“NewNet recognizes there is enormous potential in providing outstanding products, support and services to operators who have already invested heavily in WiMAX technologies as well as those who will do so in the future,” said Ron Pyles, CEO of NewNet.

UBS manager sentenced

A former UBS AG manager in Stamford received nearly three years in prison for embezzling more than $650,000 from the company, having used some of the funds to pay off gambling debts according to the office of U.S. Attorney David Fein.

Shawn Reilly, a 34-year-old resident of Congers, N.Y., pleaded guilty in September. U.S. District Judge Warren Eginton ordered Reilly to repay the stolen money.

Toll Bros. wins HOBIs

Toll Brothers Inc. won five HOBI awards from the Home Builders Association of Connecticut, three of them for its Summit at Bethel development, which won community of the year.

Toll Brothers is also building the Rivington development on Danbury”™s west side.

The Summit at Bethel has sold 50 townhouses in less than 18 months. Toll Brothers is working to complete a clubhouse with a fitness center, banquet hall classroom, and the development will include a pool.

Brio in Danbury

Brio Tuscan Grille opened a restaurant at Danbury Fair Mall adjacent to the new Cheesecake Factory.

It its Columbus, Ohio-based Bravo Brio Restaurant Group Inc.”™s second Connecticut restaurant, in addition to one at Westfarms Mall in Farmington.

6434990691_1169f47c86_b — West Elm opened a pop-up store in Westport selling home goods. Credit: Julie Nova.

West Elm pops up

Home-furnishings retailer West Elm opened a pop-up shop at 37 Main St. in Westport, its first in Connecticut.

West Elm is operated by New York City-based Williams Sonoma Inc., which also has a Westport store at 136 Main St.

West Elm”™s inventory includes furniture, kitchen accessories and holiday-themed gift items.

Veterans groups hit jackpot

Three financiers with Greenwich-based Belpointe are donating $1 million to five veterans groups, the first gift from a trust set up in the wake of their hitting the $254 million Powerball jackpot last month.

Tim Davidson, Brandon Lacoff and Greg Skidmore won the largest-ever Powerball prize in Connecticut, electing to receive $103.5 million in a lump-sum payment after taxes. The announced plans to donate much of that amount through an entity called the Putnam Avenue Family Trust.

“Many of these veterans are faced with a myriad of real and immediate personal issues that range from trauma to foreclosures,” the three said in a press release. “These grant awards reflect the beginning of a process that allows us to leverage lottery winnings into materially helping our society ”¦ If we are successful, we believe the creation of this trust and its legacy will serve as a national model for others who have been equally fortunate in winning sweepstakes and now seek to use those dollars to touch the lives of others.”

Regents get two more from county

Gov. Dannel P. Malloy filled out the Connecticut Board of Regents for Higher Education with two Fairfield County residents among the three named to the board overseeing many of the state”™s public universities and colleges.

Nicholas Donofrio of Ridgefield led IBM Corp.”™s technology and innovation strategies from 1997 until his retirement in 2008, among multiple roles with the Armonk, N.Y.-based company.

Donofrio holds a bachelor”™s degree in electrical engineering from Rensselaer Polytechnic Institute and a master”™s in the same from Syracuse University.

Michael Pollard of Stamford is co-founder and senior partner of Optul Global Services L.L.C. and previously was chairman of Stamford”™s board of finance. He holds a bachelor”™s degree in accounting from Tennessee State University.