News & Analysis

Elevated jobless claims point to weak labor market

July 22, 2010
Associated Press
The sharp increase comes after claims fell steeply two weeks ago to their lowest level since August 2008. But much of that drop was driven by temporary seasonal factors and not an improving job market.
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Federal government asking questions about lease deals

July 22, 2010
Cory Schouten
The federal government is asking questions about how the Indiana Family and Social Services Administration handles office leasing after an IBJ investigation raised questions about potential conflicts of interest.
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Carpenters union to unveil new training facility

July 22, 2010
Scott Olson
The recent dearth of construction activity has been an opportunity of sorts for the Indiana-Kentucky Regional Council of Carpenters: During the slowdown, the trade group built a $13 million training facility and administrative building in Greenwood.
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ITT Educational posts profit, raises forecast

July 22, 2010
The Carmel-based operator of for-profit colleges saw its profit increase to $96 million in the second quarter, while enrollment jumped 10 percent.
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Lilly's second-quarter profits surge 16 percent

July 22, 2010
J.K. Wall
Indianapolis-based drugmaker Eli Lilly and Co. recorded profits of $1.3 billion, or $1.22 per share, during the three months ended June 30, even after paying $27 million in severance to laid off employees.
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Historic financial overhaul signed into law by Obama

July 21, 2010
Associated Press
Rep. Mike Pence of Indiana, a member of the House GOP leadership, on Wednesday joined House Minority Leader John Boehner of Ohio in calling for the law's repeal.
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Indiana: IBM welfare intake work flawed from start

July 21, 2010
Associated Press
The state is suing IBM for more than $1.3 billion, claiming the company breached one of the biggest outsourcing deals in state history. IBM wants Indiana to pay $52.8 million it says it's owed in deferred payments and equipment costs.
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City inks long-term deal with motorsports show

July 21, 2010
Scott Olson
An agreement with the International Motorsports Industry Show will keep it in the city indefinitely. Attendance for the three-day December convention is expected to top 20,000.
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Auto plant's 300 jobs draw 3,000 applicants

July 21, 2010
Associated Press
The response to openings at a Chrysler transmission plant in Kokomo reflects the large number of people out of work, a union official said.
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LEADING QUESTIONS: Racing promotions require big drive

July 21, 2010
Mason King
ZakBrown_WatchVideoMotorsports marketer Zak Brown, once a driver, feeds his competitive fire in the board room, and believes big egos are good for business.
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UPDATE: Irvington charter school finds new home

July 21, 2010
 IBJ Staff
Under the agreement, Irvington Community School will lease the building from the city for 15 years at a cost of $1 annually.
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Lilly completes $180 million acquisition of Alnara

July 21, 2010
Massachusetts-based Alnara Pharmaceuticals Inc. is a privately held company developing an enzyme-replacement therapy for disorders of the pancreas.
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Rolls-Royce snags $70M contract to service Canadian fleet

July 21, 2010
British firm's Indianapolis manufacturing facility will provide engine management and repair services, as well as logistics and on-site technical support for Canadian military transport aircraft.
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Medicare driving health care hookups

July 21, 2010
J.K. Wall
The scramble by local hospitals to form their physicians and facilities into “clinically integrated” networks that can do business with employers and health insurers has another huge motivating factor: Beginning January 2012, they can also do business with Medicare, the massive federal program for seniors.
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New rules raise stakes for Lilly drug

July 21, 2010
J.K. Wall
Drugmakers testing experimental Alzheimer’s medicines—including Eli Lilly and Co.—got good news last week when the National Institute on Aging and the Alzheimer’s Association proposed new guidelines to make earlier diagnoses of the disease.
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Charter school moving to former Children's Guardian Home

July 20, 2010
Scott Olson
City leaders will officially announce Wednesday morning that Irvington Preparatory School will occupy the children's home, which closed in June of last year. The school has signed a 15-year lease with the city.
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Indiana accused of cutting aid to food stamp users

July 20, 2010
Associated Press
Indiana Family and Social Services Administration attorneys do not believe federal law was broken when officials balanced food stamp payments against a state-run supplemental aid program.
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Judge hears arguments challenging Emmis sale

July 20, 2010
Scott Olson
Common shareholders are challenging the proposed acquisition of the company by closely held JS Acquisition LLC, formed by Emmis Chairman and CEO Jeffrey H. Smulyan in an effort to take it private.
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Local building permits drop; national home building falls

July 20, 2010
 IBJ Staff and Associated Press
Locally, the number of building permits filed in the nine-county Indianapolis area fell by 20 percent in June while home construction plunged nationally to the lowest level since October.
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Water, sewer utility sale passes another hurdle

July 20, 2010
 IBJ Staff
Sale of city's water and sewer utilities faces showdown on Monday with full council vote.
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Indiana's unemployment rate rises slightly

July 20, 2010
Scott Olson
June figure hits 10.1 percent, up a tick from April and May, marking the third straight month Indiana's unemployment rate has been in double digits.
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Deadline approaches for Richelieu offers

July 20, 2010
Tom Harton
John Jacobs and a Cleveland-based partner have put a Friday deadline on offers for the 62-unit Richelieu apartments, a two-building property at the intersection of North and East streets and Mass Ave.
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Angola manufacturers plan nearly 180 new jobs

July 20, 2010
 IBJ Staff
Fuel Systems of Angola and Steffy Wood Products say they will invest a total of $4.8 million on their production facilities in northeast Indiana, creating 178 jobs by 2013.
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Steel Dynamics profit up, but misses analysts' estimates

July 20, 2010
Bloomberg News
Net income was $49.2 million, compared with a net loss of $16 million a year earlier, the Fort Wayne-based steelmaker said Monday in a statement.
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Not-for-profit gambling pinched by recession

July 20, 2010
The lingering recession is cutting into the money Indiana's not-for-profit groups generate from bingo, pull-tabs and other gambling ventures, straining their budgets.
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  1. If I were a developer I would be looking at the Fountain Square and Fletcher Place neighborhoods instead of Broad Ripple. I would avoid the dysfunctional BRVA with all of their headaches. It's like deciding between a Blackberry or an iPhone 5s smartphone. BR is greatly in need of updates. It has become stale and outdated. Whereas Fountain Square, Fletcher Place and Mass Ave have become the "new" Broad Ripples. Every time I see people on the strip in BR on the weekend I want to ask them, "How is it you are not familiar with Fountain Square or Mass Ave? You have choices and you choose BR?" Long vacant storefronts like the old Scholar's Inn Bake House and ZA, both on prominent corners, hurt the village's image. Many business on the strip could use updated facades. Cigarette butt covered sidewalks and graffiti covered walls don't help either. The whole strip just looks like it needs to be power washed. I know there is more to the BRV than the 700-1100 blocks of Broad Ripple Ave, but that is what people see when they think of BR. It will always be a nice place live, but is quickly becoming a not-so-nice place to visit.

  2. I sure hope so and would gladly join a law suit against them. They flat out rob people and their little punk scam artist telephone losers actually enjoy it. I would love to run into one of them some day!!

  3. Biggest scam ever!! Took 307 out of my bank ac count. Never received a single call! They prey on new small business and flat out rob them! Do not sign up with these thieves. I filed a complaint with the ftc. I suggest doing the same ic they robbed you too.

  4. Woohoo! We're #200!!! Absolutely disgusting. Bring on the congestion. Indianapolis NEEDS it.

  5. So Westfield invested about $30M in developing Grand Park and attendance to date is good enough that local hotel can't meet the demand. Carmel invested $180M in the Palladium - which generates zero hotel demand for its casino acts. Which Mayor made the better decision?

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