Last month, word got out that The Indianapolis Star had decided to fold the newspaper’s business section into the Metro&State section. Industry experts called the move a cost-saving measure, while Star officials said it was a matter of looking for better ways to get news to its readers. Upon further review this month, Star officials […]
Mark Cuban, the Indiana University business major who went on to become a billionaire and buy the Dallas Mavericks basketball team, has applied to Major League Baseball as a next step in his interest in buying the Chicago Cubs, according to the Dallas Morning News. Several other people, including John Canning, who runs a Chicago […]
The Netherlands’ supreme court has ruled that ABN Amro Holding NV is not required to seek shareholder approval to sell its LaSalle Bank unit. Today’s decision clears the way for the sale of LaSalle to Bank of America, of Charlotte, N.C. LaSalle Bank, headquartered in Chicago, has virtually no retail presence in Indianapolis, instead focusing […]
A hearing examiner for the Metropolitan Development Commission today recommended approval of zoning changes requested by developers of Tower House on Meridian. The recommendation reflects agreements with nearby broadcasters WISH-TV and WFYI addressing the proximity of their satellite towers to the project. The proposal, from locally based Inner-Urban Homes & Hospitality, incorporates the existing Grain […]
Alcoa Inc. stock today shot above $45 per share, an increase of nearly 7 percent, on further speculation the company will be acquired, possibly by Australian mining giant BHP Billiton Ltd., according to Bloomberg. The runup in shares of Pittsburgh-based Alcoa followed an announcement that Rio Tinto Group, a mining company based in London, had […]
KB Home Inc. probably will be the only national builder to abandon the Indianapolis-area market, local observers say. Dallas-based Centex Corp., Pulte Homes Inc. of Bloomfield Hills, Mich., and Beazer Homes USA, headquartered in Atlanta, are even more likely to stay now that KB is leaving, said Steve Lains, CEO of the Builders Association of […]
Demand for new ethanol plants, of which Indiana has 20 planned or operating, could already be drying up. Aventine Renewable Energy, a Pekin, Ill., ethanol producer whose shares have fallen 35 percent this year, said a year-long price slump caused by a glut of the fuel additive might last two more years. U.S. ethanol prices […]
Locally based Royce Inc. has sold its Illinois consumer-finance business to World Acceptance Corp. of Greenville, S.C., to avoid the prospect of paying a gross-receipt tax. Illinois Gov. Rod Blagojevich is pushing for the tax in a heated battled with the Legislature over the 2008 budget. Such a tax would be too great of a […]
As early as next year, Moody’s Investors Service could lower its debt rating on Eli Lilly and Co. because of the looming patent expiration of Lilly’s top-selling drug, Zyprexa. In a quarterly snapshot of the drug industry, Moody’s said it will take a hard look at any pharmaceutical company with a blockbuster drug set to […]
A Minneapolis-area startup apparently has withdrawn plans to build an $18 million processing plant in Richmond, but the Economic Development Corp. of Wayne County isn’t sure because it can’t reach the company. Nevertheless, the development group says the company, Kelsie’s Food and Dairy, must forfeit a $10,000 deposit it made on 26 acres because it […]
Publishers Weekly is reporting that the latest Harry Potter book, Harry Potter and the Deathly Hallows, is being printed at the R.R.Donnelley & Sons Co. plant in Crawfordsville. The trade publication quoted anonymous but “reliable” sources in the city northwest of Indianapolis. However, the Chicago company wouldn’t comment on where the 12 million copies would […]
Eli Lilly and Co. has been ordered by the Food and Drug Administration to yank certain ads and promotions for its Reconcile drug for separation anxiety in dogs because the promotions are “misleading.” Lilly didn’t note that some dogs in trials improved because they were given behavior modification training, and did not receive just a […]
Miller Environmental Co. Inc., a Shelbyville company owned by Bargersville resident Anthony McCullough, has been cited by the U.S. Department of Justice for dumping oily residue and wastewater containing acids down drains a total of at least 33 times. If convicted, the 63-year-old McCullough could be slapped with $1.7 million in fines for each count. […]
Emmis Communications Inc. said today it lost $1.9 million in its first fiscal quarter ended May 31 due to continued weakness at its radio stations. A year earlier, the Indianapolis media company turned nearly $6.5 million in profit. Revenue also slipped-3 percent, to $87.3 million. Operating income plunged to $12.1 million from $16.1 million.
WellPoint Inc. has agreed to buy American Imaging Management, a firm that uses Web technology to manage the frequency and cost of radiation tests. The Indianapolis health insurer will pay $300 million to buy American Imaging parent Imaging Management Holdings, which is headquartered in Deerfield, Ill. The deal is expected to close in the third […]
Indianapolis-based Compendium Software said today that it has attracted $1.1 million in funding from local angel investors. Compendium offers tools to help businesses create, manage and search-optimize blogs. The startup was founded six months ago by Chris Baggott, who also co-founded the fast-growing e-mail marketing software firm Exact Target, which now has more than 250 […]
Hhgregg Inc. plans to price its initial public offering at $15 to $17 a share, according to a company filing with the Securities and Exchange Commission. The appliances and electronics retailer in April said an IPO was in the works but provided few details. The Indianapolis company will offer 9.4 shares, and would raise $150 […]
Three multi-family housing properties in Broad Ripple have been acquired by California-based Orloff Property Management for $12.1 million. The seller was Bloomington-based Pinnacle Properties LLC. The complexes are Broad Ripple Village, Broad Ripple Commons and Broad Ripple Towne Homes-all located on 52nd Street near the Monon Trail.
Many banks, including Harris Bankcorp of Chicago, would have wanted to buy First Indiana Corp., according to long-time analyst John Reed, president of investment banking group at David A. Noyes & Co. of Chicago. In fact, Reed expected Harris instead of Marshall & Ilsley Corp. to snap up First Indiana. Harris is the U.S. unit […]
