General Motors filed for Chapter 11 bankruptcy protection today as part of the Obama administration’s plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. Normal 0 false false false MicrosoftInternetExplorer4 GM’s bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial […]
U.S. construction spending rose 0.8 percent in April, defying economists’ forecasts for a decline. The unexpected gain – the most since August – marked the second straight month that builders boosted spending on construction projects around the country, the Commerce Department reported today. Economists were bracing for a 1.2-percent drop in construction spending for April. […]
Indiana University will lose two of its top Bloomington campus administrators as Richard McKaig and Terry Clapacs retire this summer. McKaig is the campus’ dean of students and will retire July 31 after 38 years at the university. Clapacs is the vice president and chief administration officer and will end his 43 years with IU […]
A federal bankruptcy judge approved the sale of most of Chrysler LLC’s assets to Italy’s Fiat, moving the American automaker a step closer to its goal of a quick exit from court protection. But a trio of Indiana state pension and construction funds filed an appeal, saying that the ruling sets aside the rights of […]
Frugal consumers trimmed spending in April – although by less than expected – as rising unemployment kept pocketbooks in check. With income growth far outpacing spending, Americans’ personal savings rate zoomed to 5.7 percent, the highest since February 1995, the Commerce Department reported today. Consumer spending dipped 0.1 percent in April. That was slightly less […]
General Motors Corp., the century-old automaker battered by the economic downturn, mounting debt and management problems, filed for Chapter 11 bankruptcy protection this morning as part of an Obama administration plan to shrink the automaker to a sustainable size and give a majority-ownership stake to the federal government. GM’s bankruptcy filing is the fourth-largest in […]
Gov. Mitch Daniels will outline his latest budget proposal to Indiana residents during a live television broadcast tonight at 6 p.m., a day before going over the plan with lawmakers. Daniels’ office said Friday that the remarks will only last about 5 minutes. Tomorrow, a formal budget presentation will be made to a legislative committee. […]
A bankruptcy judge said Friday that he will rule by today on whether Chrysler LLC can go forward with its plan sell most of the company to a group headed by Italy’s Fiat and take a big step toward its goal of a speedy exit from Chapter 11. U.S. Judge Arthur Gonzalez’s ruling will likely […]
With the clock ticking on a June 1 government deadline to restructure, General Motors Corp. worked feverishly yesterday to shore up its global businesses to clear the way for a speedy reorganization in bankruptcy court. GM, part of American life for more than 100 years and once the country’s largest employer, is expected to file […]
Guidebook beats smartphones in smackdown Slow download speeds, small screens hinder phones Conde Nast Traveler magazine sent three reporters to Moscow, one armed with an iPhone, one with a BlackBerry Bold, and one with an old-fashioned guidebook, to see whether the gadgets or the book were more helpful in completing a series of typical tourist […]
Rapidly growing Ivy Tech Community College has formed a study committee to figure out how the school can cope with its growing enrollment amid budget limitations. Ivy Tech officials worry the school may not be able to accommodate the increasing crush of students. Summer-class enrollment is up 33 percent over last year. The study committee […]
In a long, narrow room lined on both sides with metal and plywood shelving, a few dozen jars of peanut butter and cans of green beans dot the mostly vacant spaces in the Salvation Army food pantry. “We are a little bit empty right now,” said Rodney Morin, director of the Anderson pantry. Over the […]
The fate of a bill that would delay statewide property tax reassessment by one year is in doubt in the upcoming special legislative session. Assessors are scheduled to begin the first comprehensive general reassessment of property in about a decade starting July 1, but tax officials and lawmakers hope to delay that work because some […]
The federal government will offer guaranteed lines of credit to automobile, boat, recreational vehicle and other dealerships under a pilot program through the Small Business Administration. SBA Administrator Karen Mills said the Dealer Floor Plan financing program will be available July 1 through Sept. 30, 2010, and will offer dealerships a way “to get through […]
A fourth prominent Republican has decided to challenge longtime Indiana Congressman Dan Burton in next year’s GOP primary. State Rep. Mike Murphy of Indianapolis announced his candidacy today in Tipton at the vacant Getrag transmission plant that the company stopped building last year during a dispute with Chrysler. Murphy is a former Marion County Republican […]
About 200 production workers at a Fairfield Manufacturing Co. factory in Lafayette are being laid off. Fairfield vice president Jim Mills said the company has seen its business decline more than 30 percent in recent months and there’s no sign of recovery. The Lafayette Journal & Courier reported that before this week’s layoffs, 147 of […]
A fire set in a restroom filled a central Indiana movie theater with smoke and prompted its evacuation. The Noblesville Fire Department said the fire was set last night in a men’s room stall at the Goodrich Quality IMAX Theatre. No injuries were reported, but the fire caused an estimated $25,000 in damage before it […]
The leader of the Indiana Senate says he’s taking gambling issues off the table during the upcoming special session so that lawmakers can focus on putting together a new state budget. Senate President Pro Tem David Long said today the Senate will consider only one bill – the budget. The Fort Wayne Republican said gambling […]
Normal 0 false false false MicrosoftInternetExplorer4 Evansville-based Shoe Carnival Inc. today reported flat same-store sales and declining profit in its fiscal first quarter. Profit in the period ended May 2 fell 15 percent, to $4.1 million, compared to the same period a year earlier, the footwear retailer said. Still, the 33 cents per share topped […]
Normal 0 false false false MicrosoftInternetExplorer4 Tony George is still the CEO of Indianapolis Motor Speedway. How much longer he holds the title remains unclear. Yesterday afternoon, track officials denied a report that the board of directors voted to oust the 49-year-old CEO and said that George has instead been asked to create a more […]
