For the sixth time in the past two decades, the state is in the market to buy a big hunk of office space.

Two of the state’s more recent office-building purchases haven’t exactly been big scores. One, former 60 Washington St., once one of Hartford’s prime addresses near the State Capitol, was imploded in January 2001 after languishing nearly a decade in state hands.

Ultimately, the cost to remove asbestos and other changes to bring the 14-story office tower to modern standards proved too onerous. The Hartford Courant reported in 1995 that the estimated cost to renovate the tower ballooned to $30 million, more than double what the state paid for the property in 1992.

Read more…

AMSTERDAM – Philips Electronics warned of soft fourth quarter profits due to weakness in European markets that is leading to charges for inventory it cannot shift.

The Dutch group – Europe’s biggest consumer electronics maker and the world number one in lighting equipment – said it will report a fall in underlying earnings to about 500 mln euros from 910 mln a year earlier, slowing sales growth across its divisions and unspecified charges for stock that is still sitting in its warehouses.

“Our expected fourth-quarter financial results have been affected by the weakness in Europe, which has impacted our Healthcare business, as well as pricing in our Consumer Lighting business,” Chief Executive Frans van Houten said.

The shares were hit hard by the profit warning, falling 6.4 percent by 0745 GMT, while the main AEX index was up 0.5 percent.

The latest warning follows a prediction in June of sharply lower profits at the lighting division, its biggest alongside healthcare equipment, due to weak consumer demand in Europe.

Read more…

SALT LAKE CITY Utah’s overall business conditions index for December remained above growth neutral 50.0, climbing to a solid 59.4. Components of the index were new orders at 59.2, production or sales at 62.8, delivery lead time at 52.5, inventories at 63.8 and employment at 58.7.

Durable goods producers, especially those dependent on exports, outperformed non-durable goods manufacturers,” said Ernie Goss, director of the Goss Institute for Economic Research at Creighton University. “Healthy manufacturing growth for 2011 pushed overall Utah job growth higher. I expect this trend to continue into 2012.

Alfonso Chung looks for items for Christmas at the Zumiez store at the Valley Fair Mall Thursday, December 15, 2011. Read more…

Micky Arison has severed his ties with Bank Hapoalim after selling his 23 percent of Arison Holdings Ltd. to his younger sister, Shari Arison, on Tuesday, giving her full control of the company. He owned the stake through Nickel 97A Trust.

The size of the deal is not known, and Arison Holdings declined to comment.

Arison Holdings owns 20.2% of Bank Hapoalim. The value of the Bank Hapoalim shares that Shari Arison will acquire through the deal is about NIS 800 million, after the 31% fall in the bank’s share price this year.

“This is a family deal,” a person familiar with the matter said.

Micky Arison is the controlling shareholder and chairman of Carnival Corporation and has not been involved in Bank Hapoalim since giving his voting rights to his sister. Globe Read more…

The euro recovered some ground Thursday, following a major selloff Wednesday, mirroring a fresh burst of confidence in European markets following a strong Spanish debt auction.

Having fallen to as low as US $1.2945 on Wednesday, its lowest level since January 11, the eurozone’s single currency rose 0.2% to US $1.3.

US stock markets were also poised to gain ground on Wall Street after falling to their lowest level in two weeks on Wednesday.

The ease in uncertainty came after the risk premium on benchmark Spanish government bonds decreased after a well-received bond auction. Read more…

Associated Press

WASHINGTON (AP) – Shifting from confrontation to cooperation, congressional leaders expressed optimism Thursday that agreement was near on extending this year’s payroll tax cut, renewing unemployment benefits and averting a federal shutdown.

“We can extend payroll tax relief for American workers and create new jobs and keep the government running and, frankly, we can do it in a bipartisan way,” House Speaker John Boehner, R-Ohio, told s, a turnabout from weeks of partisan sniping from both sides.

“No more show votes,” Boehner said after praising earlier remarks by Senate Majority Leader Harry Reid, D-Nev., that lingering disagreements on a mammoth spending bill could be easily resolved.

Read more…