In an effort to avoid an estimated $43 million deficit, the Cincinnati Board of Education decided Wednesday to eliminate 237 teaching jobs for next school year. Of the job cuts, 35 are layoffs, 112 are retirements or resignations, and 90 are long-term substitutes. In March, the board also approved laying off 40 administrators. The actions are expected to create $20 million in savings, but officials say more cuts are needed.
Cincinnati City Council has approved an ordinance cracking down on so-called “predatory towing.” Some local towing companies haven't been following state guidelines about how much may be charged for the towing and impoundment of vehicles. The city law clarifies that they must be complied with, and companies that violate the fees can lose lucrative towing contracts with the Cincinnati Police Department.
As part of their standard procedures, state regulators are reviewing the background of a company slated to open the state's first casino next month and Cincinnati's casino next year. The Ohio Casino Control Commission meets this week to review a newly completed report on Rock Ohio Caesars. It will include details about the company's financial stability and whether it has any criminal background.
Although Earth Day isn't until Sunday, the Cincinnati Zoo & Botanical Garden is marking the holiday early by sponsoring an e-waste recycling drive today to collect and recycle unwanted electronic waste from guests. Collection is from 4-6:30 p.m., and all electronic devices will be recycled by 2trg, a certified recycler that operates under zero landfill and zero export policies. A $10 cash fee will be charged for each TV set, and all other acceptable items will be recycled for free.
Other acceptable items include cables, CD-ROM drives, cellular phones, DVD players, keyboards, laptops, LCD monitors, microwave ovens, printers and more.
Locally-based Fifth Third Bank says its first-quarter net income quadrupled, thanks in part to its stake in the payment processor Vantiv, which had its initial public offering. The company reported net income of $421 million today, or 45 cents per share. That compares with $88 million, or 10 cents per share, reported in the same period last year. Apparently, there's only a recession going on for some of us.
In news elsewhere, House Speaker John Boehner (R-West Chester) is dismissing criticism brought against the Republican budget plan by Catholic bishops. Referencing Matthew 25, the U.S. Conference of Catholic Bishops called on Congress to put the poor first in budget priorities and rethink cuts to programs that help them. But Boehner, a Catholic, said at a press conference Wednesday the cuts were necessary, despite the impact they may have on the poor. “What’s more of a concern to me is the fact that if we don’t start to make some decisions about getting our fiscal house in order there won’t be a safety net,” he said. “There won’t be these programs.” (Hey, John: Maybe you should take another look at the Pentagon's budget.)
Six former employees of a company connected to a firm founded by GOP presidential hopeful Mitt Romney filed a federal lawsuit this week, alleging they were fired because they weren't Mormon. The plaintiffs worked for Sorenson Capital Partners, whose managing directors and officers are former partners or executives at Bain Capital and Bain & Co. Romney founded Bain Capital in 1984 after working for Bain & Co. The plaintiffs seek $5.35 million in damages for breach of contract, discrimination and retaliation.
If the CIA gets its way, acting suspicious will be enough to get you killed in Yemen. The spy agency is seeking authority to expand its covert drone campaign in Yemen by launching strikes against terrorism suspects even when it does not know the identities of those who could be killed, U.S. officials said. Securing permission to use these “signature strikes” would allow the agency to hit targets based solely on intelligence indicating patterns of suspicious behavior, such as imagery showing militants gathering at known al-Qaeda compounds or unloading explosives. Remember: They hate us because we love freedom.
Syria and the United Nations have reached a tentative deal to deploy observers to monitor the nation's ceasefire, officials from both sides said. A spokesman for peace envoy Kofi Annan said the agreement covered the observers' functions and Syrian government's responsibilities. It came after the U.N. secretary general said Syria was failing to comply with its peace plan obligations. The plan seeks to end unrest which has killed at least 9,000 people.
The global economic downturn is even visible in China, where large amounts of retail and office space sit vacant, in nearly pristine condition, having never been used. Part of the problem is Chinese industry has been producing massive amounts of steel, cement, and aluminum, so much that its economy cannot absorb all of the output. For example, the seven-story Global Furnishing Design and Exhibition Center in Shanghai, the most populous city in the world, is known as “the ghost mall of China” due to its empty corridors and vacant stores.