Connect with us

Finance

Andre Smith, finance manager, running for 6th District school board seat

Published

on

Andre Smith, finance manager, running for 6th District school board seat

Andre Smith, a finance manager and founder of a violence prevention nonprofit, is running for the 6th District school board seat to promote equal opportunity education and overhaul Chicago Public Schools’ annual budget.

“Every child in Chicago deserves the same opportunities. Every parent deserves their children to have the best education that we as board members can provide for them,” Smith said.

The great-grandson of Caroline Williams, a West Virginia teacher who won a landmark civil rights case 1898 that mandated equal pay for teachers regardless of race, Smith said he believes this familial legacy of advocating for educational equality makes him a strong candidate for the seat.

“She stood up to make sure that colored school teachers had equal rights and equal pay,” Smith said. “Here we are in 2024, when Chicago is having, for the first time in history, an elected school board, and we’re making history again as her great-grandson is running.”

Advertisement

He also said his varied leadership experience sets him apart in the race. Smith has been a vice chair of the Washington Park Resident Advisory Council, is the founder of the group Chicago Against Violence, and has been a beat facilitator for the Chicago Police Department’s Beat 311. 

“My opponents, they have no history of doing those things,” Smith claimed. “They have no history of being on the ground level, they have no history of fighting for the people.”

In the 6th District, which stretches from Old Town and Streeterville to Washington Park, Englewood and parts of Hyde Park, Smith is running against Jessica Biggs, a former CPS principal and community organizer, and Anusha Thotakura, a former teacher and leader of a progressive political organization. 

Perhaps one of the biggest differences between Smith and his competitors is funding: Smith is the only candidate in the 6th District who has taken donations from the political funds of the Illinois Network of Charter Schools (INCS). Smith has received about $6,000 from the organization so far out of nearly $3 million that two of that organization’s political arms have amassed to back candidates in Chicago’s first-ever school board races.

The District 6 race is for one of 10 elected seats on the new 21-member Chicago Board of Education, with the remaining spots to be appointed by Mayor Brandon Johnson. Each of the 10 seats represents a district in the city mapped out by the Illinois General Assembly this past spring. 

Advertisement

In all, Smith has raised about $24,600 since January – though some of this may be used for his ongoing and concurrent run for the Illinois  House of Representatives –, compared to Thotakura’s $32,700 and Biggs’ $6,700, according to campaign filings. 

“The donation from (INCS) is just like a donation from anyone else, like the (Chicago Teachers Union) or any other business or any other person – there are no strings attached and there are no obligations,” Smith said. “They like what I believe in, that parents need to have a choice in their children’s education and they figure that I’m the best candidate.”

If elected, Smith said his first order of business would be to conduct an independent audit of CPS’ budget to “investigate” its $400 million budget deficit this year and to reallocate money to “better-fit community needs.”

This summer, CPS announced it was laying off almost 700 support staff and implementing a hiring freeze on 200 positions, in a move to help close that deficit. This year’s $9.9 billion budget was passed in July.

“We keep creating ideas, raising taxes, putting the burden on the taxpayers and the parents, that’s unfair,” Smith said. “People deserve board members that are really going to be careful about spending their money and spending their money on the right ideas and what’s working.”

Advertisement

Smith would also like to conduct a listening tour with principals, teachers, parents and students throughout the 6th District to get a sense of its educational needs.

“I want to sit down with the principal and know what’s working and what’s not working. What are the issues that you’re faced with? Is it more funding? If it’s more funding, funding for what?” Smith said. “When I’m on the school board, I know what I’m fighting with, because I’m equipped with my district.”

Smith was most recently a finance manager at Kingdom Chevrolet, but he’s taking a leave of absence to focus on his campaign. He grew up in Bronzeville’s Robert Taylor Homes and attended DuSable High School. Throughout his adult life he’s worked in a variety of industries and roles, among them welding and railroad construction, as well as a barber and minister.

An advocate for improving public safety on the South Side, Smith said he regularly collaborates with local police, community organizations and residents in his role with Chicago Against Violence in an effort to bolster resources for ex-offenders and youth.

A big part of the organization is youth mentorship, through a mix of group programs and one-on-one meetings, which aims to “combat the rise in violent crimes and vehicular carjackings,” reads a description on his campaign flier. (Smith does not have a live campaign site as of press time.) He thinks this experience would be useful in developing safety plans to prevent wt violence at CPS.

Advertisement

“Our schools should be equipped to teach, educate and get our children the best education that they can ever get, not have to worry about any type of violence happening outside of the school, in the school or around the school,” Smith said.

Smith has been vying for local office for some time: he unsuccessfully ran for 20th Ward alderman in 2011, 2015, 2019 and 2022; for a seat in the Illinois House of Representatives in 2016; and for Cook County’s Board of Commissioners in 2022.

He attributed his failure in previous campaigns to a lack of funding and resources to facilitate outreach, but is feeling confident about his chances going into the Nov. 5 election.

“I want the Chicago education system to be the best in the world. So we got to have the best

teachers that are being paid with a great salary and benefits, ” Smith said. “We want people from other cities to want to come to Chicago to be taught, but before we do any of that, you’ve got to know where your money’s at.”

Advertisement

Finance

From employee perks to asset management: Hitechzone expands into finance | CTech

Published

on

From employee perks to asset management: Hitechzone expands into finance | CTech

The consumer club Hitechzone and the financial firm Mor Langermann are acquiring control of the investment house Kivun at a valuation of NIS 5 million. In the first stage, the two acquiring entities will each hold 30% of the company (60% in total). They will later be joined by Gabi Dishi, one of the owners of hedge fund firm Alpha, who will initially hold 9%, with the option to increase his stake to up to 20%.

The agreement also includes an option to raise the combined holding to 83%. In addition, capital will be injected into the investment house to support growth and expand its operations. The transaction is expected to close within the coming month.

Kivun is currently owned by founder Beni Mozes (40%), Dr. Jan Reuven (16%), CEO Avi Meir (5%), and additional minority shareholders. The acquiring group will purchase all of Mozes’ shares, part of Reuven’s holdings, and the remaining shares from smaller investors. Mozes, aged 83, has been seeking a buyer for his stake for the past year. Despite the change in control, Mozes and Meir are expected to continue managing the company’s mutual funds and portfolio management activities. Mozes declined to comment on the deal but confirmed that control is being sold.

The company manages approximately NIS 350 million in assets, of which about NIS 250 million is in mutual funds, with the remainder in managed investment portfolios. The mutual funds are not operated independently but are managed under a “hosting” model, with operational services provided by Ayalon Investment House. The mutual fund industry remains one of the public’s main savings channels for the short- and medium-term and currently manages a record NIS 835 billion in assets.

Hitechzone’s acquisition of control over the investment house comes as a surprise to industry observers. According to senior mutual fund executives, the consumer club, which targets employees in the high-tech sector, may in the future seek to market investment management services and portfolio products to its members, with a focus on the technology sector. Hitechzone already maintains collaborations with financial institutions across banking and long-term savings, meaning its management will likely need to reassess its policy regarding the distribution of financial products.

Advertisement

Hitechzone is controlled by Ronen Dagan (25.2%) and Noam Busidan (24.2%) and is operated under its parent company, High Biz. It is considered one of Israel’s largest and most influential consumer clubs. The club serves employees in the high-tech industry and has more than 370,000 members across over 2,500 companies. Unlike other consumer clubs, membership is not open to the general public and is limited to organizational affiliation.

Over the years, the club has expanded beyond consumer discounts into a range of business activities. In e-commerce, it operates an online retail platform that grew following the acquisition of the Walla Shops website and is supported by an independent logistics network and a large distribution center.

In addition, the core of the club’s financial activity is based on a dedicated credit card issued in partnership with Cal. Its broader influence is also reflected in strategic collaborations in capital markets and retail. Among other initiatives, the club operates a joint banking service with Bank Hapoalim under the “Poalim Hitechzone” brand, offering members preferential account terms. It is also active in the automotive sector through Hitechzone Motors, which provides new vehicle purchases on discounted terms, and periodically organizes real estate and mortgage initiatives for members.

Hitechzone’s shareholders also include the Menora Mivtachim Group, through Menora Mivtachim Pension and Provident Funds (12.9%) and Menora Mivtachim Insurance (4.4%). The transaction therefore marks an indirect return of the group to the mutual fund sector, after it previously merged its mutual fund operations with Altshuler Shaham in 2017.

For Mor Langermann, the deal is expected to broaden its activity base. Mor Langermann Capital is a relatively new participant in the underwriting sector, while the banking firm itself was founded in 2015 by Uri Mor and Etty Langermann.

Advertisement

The strategic rationale behind the joint acquisition remains unclear. Sources involved in the transaction say the main driver was the relatively low valuation at which the investment house was offered. The investment management industry, particularly mutual funds, has undergone significant consolidation in recent years.

Ronen Dagan said: “We at Hitechzone are committed to maximizing the purchasing power of high-tech employees. Our strategy includes developing ventures and investments in key areas such as real estate, automotive, and finance. These are the categories where club members spend the most, and therefore where we can create the greatest savings and value for them.”

Continue Reading

Finance

Campaign finance reports show big contributions in Lubbock council race

Published

on

Campaign finance reports show big contributions in Lubbock council race

The five candidates for Saturday’s Lubbock City Council District 4 special election filed campaign finance reports showing political contributions from some notable area organizations and community leaders.

The June 27 special election will determine who will replace Councilman Brayden Rose in the south-central Lubbock council seat. Rose announced his resignation earlier in the year and will formally vacate his seat on the Lubbock City Council once the district elects his successor.

Which candidates are on the ballot for District 4?

Here is the list of candidates as they appear on the ballot for the City of Lubbock special election:

  • Gary Boren — retired businessman, former city councilmember and member of the Brazos River Authority Board.
  • Stephanie Ferran — Lubbock small business owner and life coach.
  • Tim Green — local homebuilder, owner of Tim Green Homes and former fireman.
  • Bill Curnow — cybersecurity professional with Plains Cotton Cooperative Association and community volunteer.
  • Boyd Goodloe — Lubbock Area Director for Access Rentals, former Lubbock ISD school board candidate and a youth minister.

Who led in fundraising for the District 4 special election?

Here’s a look at campaign contributions and in-kind donations the five candidates reported in their 30-day and 8-day campaign finance reports, according to documents from the Lubbock City Secretary’s Office.

Green came into Saturday’s special election leading the fundraising battle during the relatively short election cycle that began in the spring.

Advertisement

According to their 8-day campaign finance reports filed with the city, Green reported $16,235.80 in contributions in June compared to $10,400 for Boren during the period.

Their 30-day reports filed in May showed Green reported $21,600 in contributions compared to $0 for Boren during the initial reporting period through late May. Curnow reported $1,740.11 in contributions during the initial reporting period, with Goodloe reporting $378 in contributions and Ferran $0 at that time.

Curnow reported $183.23 in contributions in his eight-day report, while Ferran reported $0 and Goodloe reported $87.45 during the period.

Notable contributions for Boren included $5,000 from businessman and Texas Tech System Regent Dusty Womble, $1,000 from Carl and Gloria Toti and $1,000 from Mike and Suzie Liner, among other smaller contributions.

Advertisement

Notable contributions for Green included $5,000 from the 806 Advantage PAC, $4,000 from Scott Leach along with several $1,500 or $1,000 contributions from other area businesses people and entrepreneurs. Green also reported $10,500 in in-kind contributions from the Lubbock Professional Firefighters Association.

Curnow reported a $1,000 contribution from psychologist Philip Davis among several other smaller contributions.

In their 8-day reports, the candidates also included total expenses for the period, including: Boren with $19,032.57 ($3,948.07 in his 30-day report), Curnow with $886.69 ($1,494.14 in his 30-day), Ferran with $0 ($464 in her 30-day), Goodloe with $673.43 ($266.67 in his 30-day), and Green with $10.90 ($12,864.20 in his 30-day).

Adam D. Young is the Editor of the Lubbock Avalanche-Journal and Amarillo Globe-News in Texas. Have a news tip for him? Email him at ayoung@lubbockonline.com.

Advertisement
Continue Reading

Finance

Your Savings Account Is Failing: 3 Shifts to Reclaim Your Wealth

Published

on

Your Savings Account Is Failing: 3 Shifts to Reclaim Your Wealth

You’ve done everything right, and you’re still losing ground. That’s the sentiment many are feeling, as rising inflation takes bigger bites out of your paychecks when you pump gas, pay your electric bill or go to the grocery store.

It used to be that you could turn to a high-yield savings account to outpace it. Yet, with inflation at 4.20% and not likely to cool soon, most savings accounts don’t earn returns keeping pace with inflation.

Continue Reading
Advertisement

Trending