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March 20th, 2012
CDO woes no mo’ Five Wisconsin school districts have settled a lawsuit with an investment firm over the sale of collateralized debt obligations. The school districts say the firm sold them CDOs without disclosing the risks involved. The districts will get $22 million from the firm, according to the Wall Street Journal. And they won’t have to pay the $154 million they still owe the firm.
Et tu legislature? Ohio governor John Kasich’s plan to tax oil and gas companies seems to be stalled in the state legislature. Partner station WCPN Ideastream reports that Kasich’s own Republican colleagues are the reason for the holdup.
No protest permit Partner station WBEZ reports the city of Chicago has turned down a permit request from people who plan to protest the upcoming NATO summit. The city had previously approved a permit for the same protest route one day earlier. Protesters asked to switch the day after the G-8 summit was canceled in the city.
Gambling go-ahead Partner station Michigan Radio reports last night the Lansing city council voted to approve a new $245 million casino. The casino would be built in the city’s downtown. It still needs federal approval.
Not the Abba song, right? Wisconsin governor Scott Walker talked to Greta Van Susteren of Fox News last night. He said the recall against him is a “Waterloo” for unions.
So much for pancakes this year Maple syrup producers in Wisconsin say this is their worst year in memory, according to the Milwaukee Journal Sentinel. Because of the warm weather, sap only ran for one day in some places. Usually, it runs for weeks.
Vote vote vote If you live in Illinois, it’s primary day. Here’s a guide, from partner station WBEZ.
Dustin Dwyer · Midwest Memo: A Buyer For The Board Of Trade, A Budget That Takes A Bite Out Of Crime And A Cleveland Fund Carries On
February 9th, 2012
An expensive building The Wall Street Journal reports that the historic Chicago Board of Trade building has found a buyer. The price tag? Between $150 and $180 million, according to the paper (subscription required).
Growing pains for Groupon Chicago-based Groupon reported quarterly earnings for the first time since becoming a public company, and Wall Street was not impressed.
The price of news Crain’s Chicago says the Chicago Tribune is considering a “creative way” to charge for its content online.
A Fund without its founder The Cleveland International Fund has helped get a number of revitalization projects done in the city in recent years. Now, the Cleveland Plain Dealer reports the group is trying to carry on despite the indictment of its founder and leader.
Taking a bite out of crime Michigan governor Rick Snyder unveils his budget proposals today. Partner station Michigan Radio has a look at what’s expected to be in the budget, including an extra $45 million to fight crime. The Wall Street Journal says the new spending is meant to take on the state’s “deadly cities.”
Struggling schools A new report says Michigan schools face “alarming and persistent” problems, and it’s falling behind other states in education, according to MLive.
A dining destination reborn The Detroit Free Press has a great writeup of the history and rebirth of the city’s London Chop House, which was once considered among the top restaurants in the country.
Say it ain’t so Organizers have canceled a sled dog race in northern Michigan because of a lack of snow.
December 15th, 2011
Industrial Output: Production from the nation’s factories fell in November, dragged down by the automobile industry, the Federal Reserve said today. The 0.2 percent decline followed a rise in industry output during October. The Fed said the output of motor vehicles and parts fell 3.4 percent in November, while mining and utilities rose. The capacity utilization at American factories, which reflects how full they are running, fell to 77.8 percent in November. That is still up 2 percent from a year ago, but it is below the average for 1972 through 2010, the Fed said.
Donations Fall: Charities in the Detroit area are concerned at a drop in donations over the holidays, according to the Detroit News. The Salvation Army has raised only $3 million of its $8.2 million goal, with nine days left for bell ringers across the metropolitan area. Easter Seals, which holds five raffles a year, came up $50,000 short on its November raffle. It sold only 3,500 of the 5,000 tickets it aims to sell. One group that’s on track is the Gleaners Community Food of Southeastern Michigan, which is set to reach a quarterly goal of $5.2 million in donations.
School Protests: About 50 protestors in Chicago shut down a meeting of the Chicago Board of Education, upset over the city’s plans to close and consolidate schools. District officials want to close five under performing schools, gradually close two more and turn around 10 troubled schools. The protestors included parents, community activists, current and former teachers, and members of the Occupy Chicago movement. The meeting was abruptly adjourned after the protestors interrupted a presentation by schools chief Jean-Claude Brizard.
August 31st, 2011
Three stories making news across the Midwest today:
1. Factory orders rise. Demand for automobiles and motor vehicle parts surged in July. The U.S. Commerce Department said Wednesday orders rose 9.8 percent in July, the biggest recorded jump in more than eight years. Overall, factory orders climbed 2.4 percent in July on auto demand and a jump in commercial airplane orders. The increase follows a 0.4 percent decrease in June, which had worsened fears the country was falling into a double-dip recession.
2. Chicago school considers conversion. One local school in the Chicago Public Schools district is mulling an unusual strategy in improving its performance – it’s considering the possibility of shutting itself down. On Tuesday, the school council at Wendell Smith Elementary, seven times on probation, will likely vote on whether to shut down and reopen as a charter school, according to our partner station WBEZ. It’s believed to be the first time a CPS school has held a vote on whether to shut itself down.
3. JobsOhio heads to court. A lawsuit in Ohio is challenging whether Gov. John Kasich’s privatized development corporation is eligible for exemptions from corporate regulations. Two Democrats and a liberal policy group filed the suit Tuesday, also arguing the state cannot invest “public dollars in a private entity,” according to The Columbus Dispatch. Earlier, the Ohio Supreme Court said it did not have jurisdiction in the case until it had been heard in lower courts. Tuesday’s lawsuit was filed in Franklin County Common Court.
August 30th, 2011
John Covington, the first chancellor of Michigan’s new statewide school district for poor-performing schools could receive more than $1.5 million in salary and bonuses over four years. The contract has upset some union officials in Michigan.
A spokesman for Roy Roberts, emergency manager for Detroit Public Schools, tells the Detroit Free Press the contract was necessary “to attract top talent to what may be the toughest job in the country.”
Last week, the Michigan Department of Education released a list of 98 schools that were classified as “persistently low achieving,” which means they must submit a plan for improving results and are subject to being placed in the new reform district to be led by Covington.
Meanwhile, Dan Rather Reports airs a follow-up program tonight on HDnet of its earlier documentary, “A National Disgrace,” an investigative look at Detroit Public Schools. The original report, which aired in May, suggested the city school district’s graduation rate hovers near 25 percent, far lower than what the school district officially reports. Rather and his crew uncovered evidence of corruption throughout their reporting.
“We went to Detroit and we said here may be one of the worst cases in the country, if not the worst,” Rather said at the time.
Tonight’s special two-hour report that follows “A National Disgrace” examines Detroit’s “school system in crisis” through the eyes of the students. The report airs at 8 p.m., ET, on HDnet.
Pete Bigelow · Midwest Memo: Michigan Names Struggling Schools, Small-Business Owners Lament Dearth of Qualified Candidates
August 26th, 2011
Three stories making news across the Midwest today:
1. Michigan’s low-achieving schools named. A list of 98 schools in Michigan deemed “low achieving” was released Friday by the state’s Department of Education. More than half of the schools are located in Wayne County, which includes Detroit. Fifty-eight of the schools also earned the same designation last year, according to the Detroit Free Press. In 2010, the state enacted a law that created a state reform district to include the state’s worst-performing schools.
2. Chicago teachers reject proposal. A proposal to lengthen the school day for Chicago students by 90 minutes has met swift rejection from the Chicago Teachers Union. District officials said teachers would receive a 2 percent raise, but union president Karen Lewis tells our partner WBEZ, “they’re asking us to do 28 percent more work for 2 percent – so do the math, it’s not coming out.” Chicago students receive 166 fewer hours of classroom instruction than the nationwide average, school district officials said.
3. Hard to find good help? Some small-business owners in Ohio say they’re having a hard time filling job openings in the Cleveland area because they cannot find workers will needed skills – or with much interest in working. They tell the Plain Dealer in Cleveland that some workers appear complacent because they can fall back on unemployment benefits. “With this economy, I’m very shocked at how hard it is to find skilled help,” car-care center owner Mike Paradise tells the newspaper.
Five must-read stories about the Midwest economy
1) Exporting to economic growth. A study released today on nine Midwestern states shows that exports are helping to revive the economy.
Creighton University’s Business Conditions Index for the Mid-America region rose to 60.2, from 57.7 in April. The index is a survey of supply managers and purchasing executives, who rate the economy on a scale of zero to 100. Anything above 50 reflects growth in the next three to six months.
2) From yachts to wind. The recession forced many small manufacturers to find new products to make in an attempt to survive. Tiara Yachts, a Michigan manufacturer, is taking risks to keep its factory open and employees on the job. Lindsay Smith of our partner station Michigan Radio looked at the company.
3) Cruising to Detroit. In another boat related story, Detroit is about to open a new cruise ship terminal. The $22 million project, paid for with mostly federal dollars, expects at least two boats to pay call this summer. But some in the city question whether it was a wise move. Here is the story from Marketplace.
4) Pay for performance. Ohio lawmakers are working on the state’s new budget, and the Ohio Senate is looking at a plan that would give $115 million more over the next two years to better-performing schools. The latest proposal also makes charter schools more accountable for funds they would receive. Our partner ideastream looked at the debate.
5) Farmers market innovations. Farmers market season is in full swing across the region. Tonight, the Ann Arbor Farmers’ Market will hold a special evening session, a pilot for a Wednesday night project that may kick off this summer. In Chicago, more farmers are accepting food stamps. Natalie Moore from our partner WBEZ reported on the trend.