FAIRFIELD COUNTY
BUSINESS JOURNAL
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Challenges mounting for fund managers
December 31, 2012 | VOL. 48, No. 53
Anxiety builds over slow jobs recovery
Holiday hangover
BY PATRICK GALLAGHER
pgallagher@westfairinc.com With hedge fund firms facing a federal securities fraud crackdown and an increased regulatory burden under DoddFrank, one Stamford fund manager says the biggest threat facing the industry may be public perception. “It’s been a tough two or three years for the industry,” said Guy-Max Delphin, CEO and chief investment officer of Delphin Investments L.L.C. “I don’t think the industry has done a great PR job.” Delphin founded the firm four years ago in hopes of offering investment prod-
Unemployment falls to 8.8 percent as state economy adds 300 jobs in November BY JENNIFER BISSELL
jbissell@westfairinc.com
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In-store and online retail sales from Oct. 28 to Dec. 24 increased 0.7 percent relative to the same period a year ago, according to the MasterCard Advisors SpendingPulse report, released Dec. 25. Prior to Thanksgiving, industry groups such as the National Retail Federation and the International Council of Shopping Centers had projected that holiday sales would increase
ith only 1,900 jobs created in the first 11 months of 2012, Connecticut business leaders are anxious to move forward in 2013. The rate of job growth in Connecticut was markedly stagnant this year, as by this time last year, roughly 8,800 jobs had been created in the state. In November, the state’s unemployment rate fell to 8.8 percent from 9 percent the previous month, with the state’s economy adding 300 jobs, the Connecticut Department of Labor (DOL) announced Dec. 20. Additionally, the state DOL revised its October job reading to 1,400 jobs created from an initial estimate of 1,200 jobs created. “It seems like we’re in a rut and we’re stuck,” said Joseph Carbone, CEO of The WorkPlace Inc., a Bridgeport nonprofit devoted to workforce development. “It has not been a good year. If you look at a five-year set of statistics there is virtually no movement in the right direction.” The WorkPlace also partners with the DOL to serve as the Regional Workforce Investment Board for the southwest por-
Holiday, page 6
Anxiety, page 6
Challenges, page 2
FCBJ TODAY State lawmakers close the budget deficit after approving a bipartisan bill … 2 UConn will host the state’s Small Business Development Center in January … 3 Retailers embrace tablets and smartphones as a means of cashing out customers … 7 State reviews its investments in wake of Newtown shootings … 9
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Shoppers at Stamford Town Center Dec. 26.
National retail sales miss projections as local merchants, still reeling from Sandy, bank on after-Christmas discounts BY PATRICK GALLAGHER
pgallagher@westfairinc.com Shoppers hoping to seize on afterChristmas sales were met with gridlock last week in downtown Greenwich. Retailers didn’t fare any better as gridlock in Washington, D.C. contributed to lackluster sales for the two months leading up to Dec. 25, according to one report.
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Transit oriented growth
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