Shaker Heights Chamber of Commerce

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Governor Kasich signs capital bill targeting $135M at Northeast Ohio

COLUMBUS, Ohio -- With a stroke of a pen, legislation that will pump nearly $135 million into capital improvement projects for Cuyahoga and its surrounding counties became law late Tuesday evening.

The bill allocates nearly $2.4 billion for repairs, maintenance and construction of publicly owned buildings and other infrastructure across Ohio.

Gov. John R. Kasich, who spoke Tuesday evening in Cleveland, signed the bill after he returned to Columbus. By signing the bill last night the governor ensured it will take effect July 1, the first day of the state's new fiscal year.

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Sony Scales down by shedding 5,000 jobs

Sony Corporation, founded in 1946; announces it's fourth overhaul today. This will mean the loss of 5,000 jobs and predicted it will lose about $1.1 billion in its current fiscal year. Since 2005, the corporation has shed close to 145,000 employees in an effort to turn things around. This time may be different. The popular brand Vaio computer (Once one of Oprah's favorite things) is on the chopping block. In addition, Sony is positioning itself at arms length from television which touts the brands Trinitron and Bravia.  More

 

Even with a flurry of last-minute negotiations to avoid a U.S. government shutdown, no agreement was reached, and a partial shutdown began on Oct 1. Essential services will continue, including Social Security and Medicare payments as well as many others. 

No one can know how long this partial shutdown will last or the full impact, which will likely grow in proportion to its length. The pain is greatest for furloughed government workers and those whose activities are tied to national parks and other government services. But most people will continue their daily routines without any disruption. And that's why we believe that the impact on the economy and the financial markets is likely to be small.

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