By Lorie Hailey
Associate Editor
An Eastern Kentucky town is bracing for the loss of a privately run prison, reports the Associated Press.
After a sex scandal at the Otter Creek Correctional Center, the state cut off funding for the facility. It is shutting down in June, worrying officials in a community where the prison meant jobs and economic survival, the AP says.
“It’s definitely going to hurt,” said Mike Goeing, who runs Family Drugs of Wheelwright.
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A Marion County facility soon will be closing its doors, laying off 61employees.
The Lexington Herald-Leader reports that AAR Precision Systems plans to close its facility in Lebanon in June, according to filings that government officials require businesses to make before mass layoffs.
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Beginning July 1, it is going to be more expensive to ride the bus in Louisville.
Transit Authority of River City plans to raise all fares, including raising the one-way adult boarding fare from $1.50 to $1.75, effective July 1, reports the Louisville Courier-Journal.
TARC also plans to eliminate 10 routes and reduce service on eight other lines.
The fare increase for all riders would be TARC’s first since 2008, although $1 was added to the cost of riding an express bus in 2010, the paper says.
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While many companies are stripping away some of the expensive perks bestowed on CEOs, one remains a staple of many executive compensation packages: the country club membership, reports USA Today.
The news agency’s analysis of corporate filings finds scores of firms paying for execs’ club privileges. The perk remains pervasive among regional bank and financial firms. Of more than 130 companies paying for clubs, nearly 50 percent are local or regional financial firms.
And the costs can be exorbitant.
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Chrysler Group continued its march back from near death in 2009 with first-quarter net income of $473 million, up more than 300 percent, reports USA Today.
The profit was on net revenue of $16.4 billion, up 25 percent from a year ago. And its net debt has been cut to $1.3 billion as of March 31 vs. $3.4 billion a year ago.
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