News & Analysis

ITT Educational OKs bonuses to keep managers in place

December 27, 2010
 IBJ Staff
Carmel-based ITT Educational Services Inc.’s management team will get special cash bonuses if they remain with the company until the end of June, ITT disclosed in a regulatory filing last week.
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State's big polluters spewed less last year

December 27, 2010
 IBJ Staff
EPA data show an 18 percent decrease in toxic emissions among big manufacturers and electric utilities, but it's unclear to what degree better practices—or the slow economy—had on declining levels.
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ICVA nearing hotel room-reservation target for 2010

December 27, 2010
Scott Olson
As of mid-December, the Indianapolis Convention & Visitors Association had hit about 93 percent of its 2010 goal of booking 650,000 room nights for future conventions. The group is stepping up its efforts to meet the demands of the new JW Marriott hotel and convention center expansion.
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Daniels, bankers may spar over deposit insurance fund

December 25, 2010
Francesca Jarosz
Elected officials—including Gov. Mitch Daniels—have started eyeing the little-known, $250 million public deposit insurance fund, or PDIF, as a potential way to plug budget gaps next year.
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Not-for-profits hang out consulting shingle

December 25, 2010
Kathleen McLaughlin
Tight budgets are prompting some of the state’s largest not-for-profit organizations to launch new businesses to shore up the bottom line. The Indianapolis Museum of Art, for example, has a contract to manage the airport's art collection.
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Broadbent spins off construction business

December 23, 2010
Cory Schouten
Beleaguered local developer The Broadbent Co. plans to spin out its construction arm as an independent company as of Jan. 1.
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Sound Mind launches its third mutual fund

December 23, 2010
Francesca Jarosz
The Securities and Exchange Commission on Thursday approved the Sound Mind Balanced Fund, a Columbus, Ind.-based mutual fund that aims to cater to conservative investors.
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Economy brightens as consumers spend, layoffs slow

December 23, 2010
Associated Press
The latest data confirm that the economy is improving, even though too few jobs are being created to lower the 9.8 percent unemployment rate.
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Fourth Artsgarden walkway gets final approval

December 23, 2010
Scott Olson
Construction on the walkway that will connect the downtown PNC Center with the Indianapolis Artsgarden should begin in March. Plans to pave the gravel parking lots on the former site of Market Square also received approval.
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Indiana Seed Fund makes 11th investment

December 23, 2010
 IBJ Staff
A $250,000 investment in Aarden Pharmaceuticals will go toward advancing tuberculosis therapy through the pre-clinical development stage.
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CIB seeking bids for stadium, convention security

December 23, 2010
Request for proposals calls for providing 24-hour security at both Lucas Oil Stadium and the Indiana Convention Center, as well as providing armed guards for special events. The CIB plans to award contracts in mid-March.
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Rolls-Royce, Raytheon win $154M in military contracts

December 23, 2010
 IBJ Staff
A pair of Indianapolis military contractors scored new government deals worth a combined $154.4 million, the Department of Defense announced late Wednesday.
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LEADING QUESTIONS: Carson talks Congress, whips, soft rock

December 22, 2010
Mason King
Carson Watch VideoU.S. Rep. Andre Carson on his new duties, earmarks, anti-Islam rhetoric, and his love for smooth tunes.
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Indianapolis Star gets new publisher

December 22, 2010
Cory Schouten
An Arizona newspaper executive is set to take over as publisher of The Indianapolis Star, replacing Michael Kane.
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UPDATE: Aprimo will stay put after $525M acquisition

December 22, 2010
Chris O'Malley
Marketing software company Aprimo Inc. will stay in Indianapolis after being sold for $525 million to Dayton, Ohio-based based data storage giant Teradata Corp., Aprimo CEO Bill Godfrey said Wednesday.
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Strong holiday sales give Finish Line a boost

December 22, 2010
Scott Olson
The company said on Tuesday sales at stores open more than a year rose 4.5 percent from Nov. 28 through Dec. 19 compared to the same period a year ago.
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Centerfield invests in California company

December 22, 2010
Centerfield Capital Partners' investment in Fresh Food Concepts Inc. is the 12th deal from the local venture capital firm's second fund.
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Software firm Aprimo to be sold for $525M

December 22, 2010
 IBJ Staff and Associated Press
Indianapolis-based marketing software maker Aprimo Inc. will be sold to an Ohio data-storage company for $525 million, Teradata Corp. said Wednesday. Aprimo, led by co-founder Bill Godfrey, pulled plans to go public two years ago.
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Clarian, Morgan clear way for merger

December 22, 2010
J.K. Wall
The merger of Morgan Hospital & Medical Center into Clarian Health got the go-ahead from all parties in the past week, opening the way for Morgan to bring on new doctors to its facilities.
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Zimmer looks to China to reignite growth

December 22, 2010
J.K. Wall
Zimmer Holdings Inc. completed an acquisition in China on Tuesday, but recession hangovers in the United States and Europe are trumping all other factors and keeping the company’s growth bottled up for now.
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Ricker rebranding 17 Indianapolis convenience stores

December 21, 2010
Cory Schouten
Anderson-based Ricker Oil Co. is changing the name on the ampm shops, which it acquired in 2008 from a division of oil giant BP, to match the remainder of its 50 Indiana stores.
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WellPoint’s New York rate hike to face scrutiny

December 21, 2010
Bloomberg News
WellPoint Inc. and other U.S. health insurers will have to provide justification for any increases to customers’ premiums of more than 10 percent next year, according to federal regulations published Tuesday.
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Analysts: Simon unlikely to buy Capital Shopping

December 21, 2010
Bloomberg News
Simon Property Group Inc. is unlikely to buy Capital Shopping Centres Group Plc because it will take too long for rents to rise enough to justify a price its U.K. counterpart would accept, according to Barclays Capital real estate analysts.
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Glick partnership buys Maxwell apartment building

December 21, 2010
Scott Olson
Gene B. Glick Co. and Milhaus Development LLC have purchased The Maxwell from Star Financial Bank. Located at 530 E. Ohio St., the project originally was developed as condos by Kosene & Kosene.
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Credit card processor plans Jeffersonville expansion

December 21, 2010
 IBJ Staff and Associated Press
Heartland Payment Systems said Tuesday it will spend more than $6.2 million to expand its operations in southern Indiana and hire up to 140 more workers by next summer.
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  1. Apologies for the wall of text. I promise I had this nicely formatted in paragraphs in Notepad before pasting here.

  2. I believe that is incorrect Sir, the people's tax-dollars are NOT paying for the companies investment. Without the tax-break the company would be paying an ADDITIONAL $11.1 million in taxes ON TOP of their $22.5 Million investment (Building + IT), for a total of $33.6M or a 50% tax rate. Also, the article does not specify what the total taxes were BEFORE the break. Usually such a corporate tax-break is a 'discount' not a 100% wavier of tax obligations. For sake of example lets say the original taxes added up to $30M over 10 years. $12.5M, New Building $10.0M, IT infrastructure $30.0M, Total Taxes (Example Number) == $52.5M ININ's Cost - $1.8M /10 years, Tax Break (Building) - $0.75M /10 years, Tax Break (IT Infrastructure) - $8.6M /2 years, Tax Breaks (against Hiring Commitment: 430 new jobs /2 years) == 11.5M Possible tax breaks. ININ TOTAL COST: $41M Even if you assume a 100% break, change the '30.0M' to '11.5M' and you can see the Company will be paying a minimum of $22.5, out-of-pocket for their capital-investment - NOT the tax-payers. Also note, much of this money is being spent locally in Indiana and it is creating 430 jobs in your city. I admit I'm a little unclear which tax-breaks are allocated to exactly which expenses. Clearly this is all oversimplified but I think we have both made our points! :) Sorry for the long post.

  3. Clearly, there is a lack of a basic understanding of economics. It is not up to the company to decide what to pay its workers. If companies were able to decide how much to pay their workers then why wouldn't they pay everyone minimum wage? Why choose to pay $10 or $14 when they could pay $7? The answer is that companies DO NOT decide how much to pay workers. It is the market that dictates what a worker is worth and how much they should get paid. If Lowe's chooses to pay a call center worker $7 an hour it will not be able to hire anyone for the job, because all those people will work for someone else paying the market rate of $10-$14 an hour. This forces Lowes to pay its workers that much. Not because it wants to pay them that much out of the goodness of their heart, but because it has to pay them that much in order to stay competitive and attract good workers.

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  5. It is sad to see these races not have a full attendance. The Indy Car races are so much more exciting than Nascar. It seems to me the commenters here are still a little upset with Tony George from a move he made 20 years ago. It was his decision to make, not yours. He lost his position over it. But I believe the problem in all pro sports is the escalating price of admission. In todays economy, people have to pay much more for food and gas. The average fan cannot attend many events anymore. It's gotten priced out of most peoples budgets.

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