Ehren Bingaman will quit his job as executive director of the Fort Harrison Reuse Authority at the end of the month to coordinate rapid transit in the Indianapolis area. Bingaman will become the first executive director of the Central Indiana Regional Transportation Authority, which was created by state statute in 2004 to coordinate and define […]
Indianapolis-based Simon Property Group said today that it plans to build 150,000 square feet onto the Fashion Mall next year and lure 20 additional tenants. Most of the expansion-100,000 square feet-will be added to the second level on the west side, Simon said. Nordstrom will occupy a total of 130,000 square feet on two levels. […]
Lawrence Utilities LLC, the private operator of the water and sewer system for the city of Lawrence, filed for Chapter 11 bankruptcy protection today. An attorney for the Lawrence-based utility, George Hopper, said the action was taken to protect the utility’s investment in the system and combat soaring legal bills stemming from its ongoing skirmish […]
Indianapolis-based Duke Realty Corp. is pulling out of Cleveland, but says it is committed to the Cincinnati area despite plans to sell about 2.3 million square feet of existing office space and drop an office tower project there. The city will remain in the top four of 19 markets where Duke does business, said Ken […]
Standard & Poor’s and A.M. Best have downgraded debt of Conseco Inc. after second-quarter earnings released by the Carmel-based insurer Monday evening disappointed investors. Standard & Poor’s bumped senior debt ratings and counterparty credit ratings to B+ from BB-. A.M. Best cut its rating to B+ from B++. Conseco said its loss widened to $64.5 […]
A federal judge in South Bend this month will weigh whether lawsuits filed by independent contractors against FedEx Corp. in two dozen states should be combined. About 150 independent contract drivers, designated by FedEx as part-time employees, seek to be classified as full-time workers, according to Bloomberg. That would entitle them to benefits and paid […]
Per-capita personal income rose 4 percent in the Indianapolis area in 2006, less than the 5.4-percent average increase across all metro areas, the U.S. Department of Labor reported yesterday. The Indianapolis area saw per-capita income climb to $37,849 from $36,391. The region’s income level ranked 59th. The average of all metro areas increased to $38,109 […]
Officials of Hoosier Park plan to build a 92,696-square-foot facility at the Anderson horse track for the addition of slot machines. Officials of track owner Centaur Racing rolled out the plans to the Anderson Park Board last night, according to The Herald Bulletin. The horse track leases property from the city, and the plans must […]
General Motors Corp. said today it has completed its $5.6 billion sale of Allison Transmission to Carlyle Group, based in Washington, D.C., and Onex, of Toronto. Allison employs about 3,400 in Indianapolis. Observers have said the equity firms’ ownership likely would benefit the Indianapolis operation because Carlyle has deep military and government connections that could […]
Stock in Conseco Inc. slipped 6 percent this morning to trade near $17 after the Carmel-based life and health insurer reported yesterday that its losses widened in its second quarter. The $64.5 million setback resulted from pouring more money into its hemorrhaging long-term care reserves and into a class-action lawsuit settlement over life insurance policies. […]
Looming shortfalls with Medicare reimbursements are among the business reasons HealthSouth Corp. cited for announcing yesterday that it will shutter its long-term acute-care facility in Terre Haute, the Tribune-Star reported today. About 80 full-time and 25 part-time workers were told the facility will close Oct. 4. Many patients served by the facility needed care following […]
eTapestry, which makes software available to not-for-profit groups from its offices at Mount Comfort Airport in Hancock County, has been acquired by Blackbaud Inc., a Charleston, S.C., company that also specializes in software for nonprofits. The price of $24.8 million could increase as much as $1.5 million under a stock-based incentive. eTapestry stores fundraising information […]
WRTV-TV Channel 6 will launch a 7 p.m. newscast Sept. 10 to coincide with the first day of the station’s new anchors, Todd Wallace and Trisha Shepherd. WRTV will be the only local station with a 7 p.m. newscast. WRTV will continue to air newscasts at 5 p.m., 5:30 p.m. and 6 p.m. The 7 […]
Food prices are rising faster than prices for other consumer products because ethanol plants are consuming more corn, Purdue University economists say. Food prices will edge up as much as 4 percent this year and next year, the economists told The Journal Gazette of Fort Wayne. Ethanol plants are bidding up the price of corn, […]
Second-quarter earnings increased 8 percent, to $846,662, on across-the-board strength, Indianapolis-based First Internet Bancorp reported today. Profit for the year through June 30 was up 18 percent for the parent of First Internet Bank of Indiana. Ongoing integration of First Internet’s $12 purchase of Landmark Financial Corp. will continue to produce efficiencies, First Internet CEO […]
Billionaire investor Warren Buffett in recent years has wanted to make a massive acquisition but held back, he said, because private equity funds were bidding up prices. Now, with shares of companies like Indianapolis-based WellPoint Inc. dropping and private equity firms pulling in reins due to rising financing costs, the Berkshire Hathaway Inc. chairman finally […]
Profit is booming at Escalade Inc. thanks to growing sales of archery equipment along with fewer discounts on other sporting goods. The Evansville company said today that earnings shot up 105 percent, to $2.4 million, in the second quarter ended July 14. Most of the increase was driven by archery sales, said Chief Financial Officer […]
