Turnpike trade depends on record pace
The series of drivers regulating a Maine Turnpike is on lane to mangle a record set in 2015, and trade on some state roads is heavier than it has been for roughly a decade, according to sum from a turnpike government and a Maine Department of Transportation. Low gas prices, prohibited and balmy summer weather, and augmenting numbers of tourists are factors pushing adult traffic. As of this month, there were 49 million fee counter exchange on a turnpike, a 6 percent boost over a same duration in 2015. Transactions do not directly interpret to traffic, though are a arguable indicator for a volume of cars on a highway, pronounced Peter Mills, turnpike director. About 8.8 million drivers have used a York tollbooth so distant this year, an boost of 7 percent over 2015. Read a story.
Maine blocks Progressive’s try to lift automobile rates on seniors
Maine Superintendent of Insurance Eric Cioppa has ruled opposite Progressive Corp.’s ask to lift automobile word rates for seniors in Maine. Progressive had been seeking state capitulation for rate changes that would concede a association to assign comparison Mainers aloft automobile word premiums formed usually on their age. The offer by a Ohio-based association would have practical usually to new business in Maine, according to papers filed with a state Department of Professional and Financial Regulation’s Bureau of Insurance. Increasing rates for seniors formed on their age alone would have been a vital depart from a approach many word companies operate. In his statute opposite Progressive, Cioppa remarkable that Progressive’s requested rate travel would have influenced as many as 65,000 policyholders in Maine. He pronounced a change would have disregarded a territory of Maine’s word formula that protects drivers from capricious rate increases formed on their age. Read a story.
Health word commune sues supervision for reimbursement
A Lewiston-based health word commune is suing a sovereign government, claiming it is due $22.9 million to equivalent waste it suffered in 2015. Community Health Options done income in 2014, a year it began operations, though reported a detriment of $31 million in 2015 and has set aside $43 million in pot for intensity waste this year. The nonprofit mild is designed to yield consumers with word coverage options underneath a Affordable Care Act. The fit alleges that a sovereign supervision owes a commune income underneath a proxy “risk corridors” program, that is designed to assistance insurers conduct costs, boost and waste for a initial few years of a ACA. Insurers that have lower-than-expected costs compensate a apportionment of their boost into a program, while insurers that knowledge higher-than-anticipated costs accept payments to assistance equivalent their losses.
CHO paid $2 million into a risk mezzanine module in 2014, when it had a distinction of $7 million, though it has perceived zero underneath a module for a costs it incurred in 2015, pronounced Kevin Lewis, arch executive officer of a cooperative. The $22.9 million it is seeking is formed on a 2015 losses, not what it contributed to a risk corridors module in 2014. Read a story.
Fate of dual Maine Macy’s stores unclear
Macy’s skeleton to tighten about 100 stores national in response to a trend of disappearing sales. The Cincinnati-based tradesman pennyless a news Thursday in a media recover that accompanied a second-quarter gain report. One hundred stores contain about 14 percent of a whole chain, that consists of 728 locations, including 675 incomparable “full-line” stores and 53 smaller stores. The association pronounced it has not nonetheless motionless that locations will be closed. According to a website, Macy’s employs about 300 workers during a dual Maine locations in South Portland and Bangor. The influenced stores will tighten in early 2017. Read a story.
Despite outrageous boost in sales, Wayfair posts quarterly loss
Home products association Wayfair posted a bigger-than-anticipated detriment Tuesday sparking a scarcely 20 percent dump in a batch price. The Boston-based association reported a 60 percent boost in sales in a second quarter, though it wasn’t adequate to cover expenses, that rose scarcely 70 percent. It reported a detriment of $48.2 million for a 3 months finale Jun 30. Overall income was $787 million for a quarter. The news sent a company’s batch cost spiraling to $38.80, a detriment of $9.49 from a Monday shutting cost of $48.29. The company, that is in a midst of employing scarcely 1,000 workers here in Maine, attributed a detriment to infrastructure changes to boost smoothness speeds and heated hiring. The association combined scarcely 800 employees in a quarter, bringing a sum to 5,398, an 89 percent boost from Jun of 2015. Read a story.
Camden media businessman buys dual Vermont newspapers
The owners of a Portland Press Herald and another financier are selling dual Vermont newspapers. Reade Brower and Chip Harris have entered into an agreement to buy a Rutland Herald, Barre-Montpelier Times Argus and dependent imitation and online publications from a Herald Association, that is owned by a Mitchell family. That family has owned a dual publications for decades. Terms of a understanding were not disclosed. Brower is a principal owners of MaineToday Media, that publishes a Portland Press Herald and Maine Sunday Telegram, a Kennebec Journal in Augusta, a Morning Sentinel in Waterville and a Coastal Journal in Bath and owns a pressherald.com, centralmaine.com and mainetoday.com websites. He is also a owners of Alliance Press, a blurb copy association in Brunswick. Read a story.
ImmuCell reports 21 percent spike in quarterly sales
Sales during Portland-based animal health association ImmuCell Corp. increasing by 21 percent in a second entertain compared with a year earlier, a association reported Thursday. ImmuCell develops, manufactures and sells products that urge health and capability in a dairy and beef industries. It reported sum sales of $2.4 million in a second quarter, adult $415,000, from a second entertain of 2015. The association gifted a net detriment of $9,000, or reduction than 1 cent per share, in a second quarter, essentially due to an boost in sales, executive and product-development expenses, ImmuCell said. The detriment was in contrariety to a net income of $94,000, or 3 cents per share, during a second entertain of 2015. Read a story.
Mainer joins Verso’s new executive team
Following a presentation from bankruptcy, Verso Corp. has announced a new comparison government team, that includes a connoisseur of Old Town High School and Maine Maritime Academy. Adam St. John, who binds an engineering grade from Maine Maritime Academy, was promoted to comparison clamp boss of production for a paper company. A 24-year paper attention veteran, St. John has worked during Verso for a past 10 years, many recently portion as informal clamp boss of production with shortcoming for a company’s largest paper mills, according to a recover from Verso. St. John spent 13 years with Georgia Pacific, before fasten Verso in May of 2006 as a upkeep superintendent. He was a paper business section manager during Verso’s indent in Bucksport in 2008 and afterwards an operations manager during a Androscoggin Mill in Jay. By 2011, he was a indent manager during Quinnesec, Michigan, according to a company. Read a story.
Summit Natural gas pays $307,000 in fines
A gas trickle in Augusta that forced a depletion of buildings in Feb in a selling piazza on Western Avenue and other reserve violations will cost Summit Natural Gas of Maine $307,000 in fines, according to a Maine Public Utilities Commission. The excellent is partial of a agree agreement between Summit and a state Tuesday that includes an additional $57,000 in fines associated to violations that enclosed crude installations, utter employees and unwell to locate subterraneous facilities, according to a agreement. The excellent income will be paid to a state, according to a PUC, that pronounced a reserve violations resulted from construction work by a association and subcontractors commencement during 2012 and 2014. The Feb. 17 gas trickle was labeled as potentially “catastrophic.” It was remade a following morning, and a businesses in Shaw’s Plaza non-stop as usual. Read a story.
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