logo
San Jose's first charter school to close after 25 years, laying off 99 employees

San Jose's first charter school to close after 25 years, laying off 99 employees

San Jose's first charter school, founded in 2000 to serve low-income students of color, will permanently close at the end of the current school year, resulting in 99 employee layoffs.
Downtown College Preparatory will shutter its administrative offices and three sites — Alum Rock Middle School, El Camino Middle School and El Primero High School — on June 30, according to notices filed last week with the California Employment Development Department.
The decision, announced earlier this year by the school's board of directors, stems from ongoing enrollment declines and deepening financial instability.
'Unfortunately, with the current limited financial resources and considering the overall trend of lower enrollment in San Jose, the Board made the extremely difficult decision to close all three schools,' the board wrote in a public letter.
DCP currently serves about 950 students across its three campuses, but enrollment has steadily dropped in recent years — a trend seen throughout the Bay Area following the COVID-19 pandemic.
'Over the course of the last several years, the combined enrollment of the DCP organization has suffered significant declines, which has put the organization in a precarious financial position,' the board said.
The network began downsizing in 2024, closing its Alum Rock High School campus after enrollment fell by 30% since 2019. At the time, CEO Pete Settelmayer said the campus's 205 students would not generate sufficient state funding to cover operating costs.
DCP's closure comes just weeks after a similar announcement from The Primary School in East Palo Alto, a tuition-free private school backed by the Chan Zuckerberg Initiative. That school, which also serves low-income Latino students and combines education with health care and family services, will close after the 2025-26 academic year.
According to the organization, 56% of its alumni have graduated or are on track to graduate from college within six years — four times the national average for similar student demographics.
As the academic year winds down, DCP leaders say their focus remains on supporting students through the school's closure.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Senior U.S. and China envoys to meet for showdown trade talks in London
Senior U.S. and China envoys to meet for showdown trade talks in London

Yahoo

time28 minutes ago

  • Yahoo

Senior U.S. and China envoys to meet for showdown trade talks in London

HONG KONG — Senior U.S. and Chinese officials will meet in London on Monday in an effort to de-escalate the bitter trade dispute between the world's two biggest economies that has roiled the global economy, with China's restrictions on critical minerals high on the agenda. The U.K. is providing a venue for the discussions but will not be involved in them directly and the exact time and location of the meeting remains unknown. 'We are a nation that champions free trade and have always been clear that a trade war is in nobody's interests, so we welcome these talks,' a U.K. government spokesperson said. The effects of the U.S.-China trade rift are already apparent, with China on Monday reporting a 34.5% decrease in exports to the U.S. in May — the biggest drop since February 2020, at the beginning of the Covid-19 pandemic, CNBC reported. Investors were relieved last month when U.S. and Chinese representatives meeting in Geneva said they had reached a preliminary agreement to suspend most of the tit-for-tat tariffs they had imposed on each other's goods, which had reached as high as 145%. But in recent weeks both countries have accused each other of violating the agreement. The new round of talks comes four days after President Donald Trump and Chinese Xi Jinping held a lengthy phone call that Trump said focused mostly on trade. The call, which Trump said lasted about 90 minutes, was the first between the two leaders since Trump returned to office, though they spoke a few days before his Jan. 20 inauguration. Trump, who had complained a day earlier that Xi was 'extremely hard to make a deal with,' said in a Truth Social post that the call 'resulted in a very positive conclusion' for both countries. He told reporters Friday that Xi had agreed to resume the flow of rare earth minerals and magnets to the U.S. after imposing export controls on the products, which are crucial components for electronics, automobiles and other industries. Trump said his administration was 'very far advanced on the China deal' and that the meeting on Monday was about 'clarification.' The U.S. side will be represented in London by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer, while the Chinese delegation will be led by Vice Premier He Lifeng. Bessent, Greer and He were all in Geneva last month. Stocks in Asia were up on Monday ahead of the talks. This article was originally published on

US Treasury Secretary Scott Bessent says Trump is focused on mortgages, cars, real wage gains
US Treasury Secretary Scott Bessent says Trump is focused on mortgages, cars, real wage gains

Yahoo

time30 minutes ago

  • Yahoo

US Treasury Secretary Scott Bessent says Trump is focused on mortgages, cars, real wage gains

Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. In a stunning reversal of policy, President Donald Trump slashed 'Liberation day' tariffs on China from 145% to 30% for 90 days as of May 14. The landmark agreement between the world's two largest economies has gained traction — erasing the stock market's losses in the wake of 'Liberation day' tariffs in early April. While negotiations are still ongoing, U.S. Treasury Secretary Scott Bessent said that the goal is to drive strategic decoupling between the two superpowers. 'We do not want a generalized decoupling from China,' Bessent said during an interview with CNBC. 'But what we do want is a decoupling for strategic necessities, which we were unable to obtain during Covid and we realized that efficient supply chains were not resilient supply chains.' Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how BlackRock CEO Larry Fink has an important message for the next wave of American retirees — here's how he says you can best weather the US retirement crisis Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) However, industry-specific tariffs remain in place. This is part of Trump's greater push to revive the country's manufacturing sector. 'We are going to create our own steel. [Tariffs] protect our steel industry. They work on critical medicines, on semiconductors,' Bessent said 'We are doing that, and the reciprocal tariffs have nothing to do with the specific-industry tariffs.' But affordability remains one of the biggest concerns for Americans. The average tariff rate on imports stands at 17.8% — the highest since 1934. This is expected to cost median households in the U.S. approximately $2,800, according to a recent Yale Budget Lab report. However, Bessent argues that affordability isn't just about cheap imports — it's about ensuring Americans can build real financial security. 'What I'm saying is the American dream is not 'let them eat flat screens,'' Bessent noted during an appearance on NBC's Meet the Press. 'If American families aren't able to afford a home, don't believe that their children will do better than they are [doing], the American dream is not contingent on cheap baubles from China, it is more than that. And we are focused on affordability, but it's mortgages, it's cars, it's real wage gains.' Read more: Rich, young Americans are ditching the stormy stock market — Bessent's remarks highlight one of the most pressing financial issues for Americans today: the soaring cost of homeownership. Over the last decade, U.S. home prices have surged, with the S&P CoreLogic Case-Shiller U.S. National Home Price Index nearly doubling. Federal Reserve Chair Jerome Powell has acknowledged the severity of the problem, pointing to supply constraints as a key driver. 'The real issue with housing is that we have had, and are on track to continue to have, not enough housing,' Powell said at a press conference in September. He explained that 'all aspects of housing' face challenges, including the zoning of land in desirable locations. 'Where are we going to get the supply?' he asked. The gap between supply and demand is significant. An analysis by Zillow in June estimated the U.S. housing shortage at 4.5 million homes as of 2022. There's also the issue of high mortgage rates, which stand at around 6.67%, meaning borrowing money to buy a home remains expensive. If you're in the market for a home, Freddie Mac recommends shopping around by obtaining quotes from three to five lenders to secure the best mortgage rate possible. Even a small rate reduction can translate into significant savings over the life of a loan. Bessent also pointed to cars as part of America's affordability issue. Even though pandemic-induced supply chain disruptions and chip shortages have eased, the cost of owning a car remains high. According to the American Automobile Association (AAA), the total cost of owning and operating a new vehicle in 2024 has climbed to around $12,297 per year — or $1,024.71 per month. One major recurring expense is car insurance, and many people overpay without realizing it. According to Forbes, the national average cost for full-coverage car insurance in 2024 was $2,149 per year (or $179 per month). However, rates can vary widely depending on your state, driving history and vehicle type. By using you can easily compare quotes from multiple insurers, such as Progressive, Allstate and GEICO, to ensure you're getting the best deal. In just two minutes, you could find rates as low as $29 per month. With home values higher than ever, you can make your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic. Having access to your home equity could help to cover unexpected expenses, pay substantial debt, fund a major purchase like a home renovation or supplement income from your retirement nest egg. Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity. JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it's too late) Are you rich enough to join the top 1%? Here's the net worth you need to rank among America's wealthiest — plus a few strategies to build that first-class portfolio You're probably already overpaying for this 1 'must-have' expense — and thanks to Trump's tariffs, your monthly bill could soar even higher. Here's how 2 minutes can protect your wallet right now Access to this $22.5 trillion asset class has traditionally been limited to elite investors — until now. Here's how to become the landlord of Walmart or Whole Foods without lifting a finger Terms and Conditions apply. NMLS# 1136 This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Morning Bid: London showdown
Morning Bid: London showdown

Yahoo

timean hour ago

  • Yahoo

Morning Bid: London showdown

By Mike Dolan LONDON (Reuters) - What matters in U.S. and global markets today I'm excited to announce that I'm now part of Reuters Open Interest (ROI), an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. Soothed by another resilient U.S. employment report and optimism about trade deal breakthroughs, stocks are continuing to nudge higher as all eyes turn to U.S.-China bilateral trade talks in London on Monday. I'll discuss this and the rest of today's market news below. In today's column, I explore a plan for jointly issued euro zone debt that could be a game-changer. Today's Market Minute * Three of President Donald Trump's top aides will meet with their Chinese counterparts in London on Monday for talks aimed at resolving a trade dispute between the world's two largest economies that has kept global markets on edge. * California National Guard troops were deployed to the streets of Los Angeles on Sunday to help quell a third day of protests over President Trump's immigration enforcement, a step the state's Democratic governor, Gavin Newsom, called unlawful. * Japan is considering buying back some super-long government bonds issued in the past at low interest rates, two sources with direct knowledge of the plan said on Monday. * Trump's move to double tariffs on aluminum imports increases the risk of a full-blown scrap war with the European Union, Reuters Open Interest metals columnist Andy Home says. * Europe's ambition to develop cheap, clean energy has recently received a harsh reality check, Reuters Open Interest energy columnist Ron Bousso argues, as power failures and a string of cancelled renewables projects make clear that the road to inexpensive power will carry a very high price tag. London showdown A top-level U.S. delegation including Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer is in the UK to meet with Chinese representatives for trade talks. China's vice premier He Lifeng is also in the UK. The meeting follows a 90-minute phone call between Presidents Donald Trump and Xi Jinping last week to restart the stalled process. Tensions between the countries remain high, but on a positive note, there was some relief on Friday from news that Beijing had granted temporary export licenses to suppliers of rare earth minerals to the top three U.S. automakers: Ford, General Motors and Stellantis. Meanwhile, trade pressures on China's stuttering economy were all too evident in the latest sweep of May export and inflation numbers released on Monday. China's exports to the U.S. plunged 34.5% year-on-year in May, the sharpest drop since February 2020 when the COVID-19 pandemic upended global trade. The decline in imports from America also deepened to an annual drop of 18%. By contrast, Wall Street stocks were buoyed by the April U.S. payrolls report released on Friday, with the S&P500 gaining more than 1% by the close to reach its highest point since February. Both the S&P 500 and the Nasdaq are now back in positive territory for the year. Nonfarm jobs increased by 139,000 jobs last month, slightly above consensus forecasts, the Bureau of Labor Statistics said. While downward revisions to the two prior months' figures are a cause for some concern, the sweep of the report showed few major cracks. Treasury yields rose after the report, with 30-year yields back within a few basis points of 5% again on Monday ahead of the week's big long bond auction and the May U.S. consumer price inflation data release on Wednesday. Despite President Trump's call for a full percentage point cut in Federal Reserve interest rates on Friday and his statement about naming Fed Chair Jerome Powell's successor soon, Fed easing expectations remain subdued. Futures now only price about a 70% chance of a move by September and expect only 46 bps of cuts by yearend. Outside of the U.S., the Japanese yen firmed to 144.43 per dollar as Japan's economy contracted at a slower-than-expected pace in the January-March period. Japan's government is considering buying back some super-long bonds it issued at low interest rates, according to Reuters sources. The move would come on top of an expected government plan to trim issuance of super-long bonds in the wake of sharp rises in yields. Be sure to check out today's column, which looks at a novel proposal for expanding the size and liquidity of jointly issued euro sovereign bonds. This possible plan comes at a critical juncture when global investors are looking for possible alternatives to the dominant U.S. Treasury market. Chart of the day China's export growth slowed to a three-month low in May as U.S. tariffs slammed shipments, while factory-gate deflation deepened to its worst level in two years, heaping pressure on the world's second-largest economy on both the domestic and external fronts. While the trade story has hogged the spotlight this year, the deflation picture has been brewing for several years, partly because the country's property bust has depressed domestic demand. Today's events to watch * New York Federal Reserve's May survey of consumer expectations, U.S. May employment trends (10:00 AM EDT); Mexico May inflation (8:00 AM EDT) * U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer meet Chinese trade delegation, including China's vice premier He Lifeng, in London * Argentina's President Javier Milei meets with French President Emmanuel Macron in France Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Mike Dolan; Editing by Anna Szymanski) Sign in to access your portfolio

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store