Agency settles stadium water damage claim for $6.2M
Flooding from a drainpipe malfunction caused extensive damage to Lucas Oil Stadium’s data center prior
to its opening in August 2008.
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Health care reform bringing changes to Caregivers
Caregivers anticipates coping with declining Medicare reimbursements while having to offer insurance to its employees.
Indiana Black Expo Summer Celebration schedule
Indiana Black Expo kicks off its 40th annual Summer Celebration July 12 with a full schedule of events.
WellPoint seeking 14 percent rate hike in California
Indianapolis-based WellPoint Inc. said Wednesday that its California subsidiary will dial down rate hikes that drew national outrage earlier this year and helped spark a final push for health care reform.
Carmel attorney elected to Indiana University’s board
IU says MaryEllen Bishop of Carmel has been elected to an alumni seat on the Indiana University Board of Trustees.
Bond swaps cost city units $93M in penalties
Wall Street bankers for decades sold municipalities like Indianapolis on debt instruments called swaps as a safe way to reduce
borrowing costs and hedge against rising interest rates. In reality, the swaps were complicated bets that relied
on misguided assumptions, and taxpayers paid.Central Indiana aims to become electric vehicle powerhouse
Central Indiana might be in line to tap hundreds of millions of dollars in federal grants and loan guarantees to energize
the rollout of plug-in electric cars and trucks. Both chambers of Congress are considering measures that would require the
Department of Energy to select up to 15 cities nationwide to participate in a national electric vehicle deployment program.Biglari invests $41M in Steak n Shake parent over 2 months
The CEO of the parent company of Steak n Shake spent $40.8 million to acquire more than 134,000 shares in May and June. He
now controls about 202,000 shares, or 14 percent of the 1.4 million shares outstanding.BENNER: Blown calls aren’t a tradition worth preserving
When glaring, outcome—or history-altering—gaffes can be almost immediately rectified, why wouldn’t anyone want to
get it right?Arts groups support each other
We are writing to give our wholehearted endorsement to [columnist] Greg Morris’ appeal for generous support for the
Indianapolis Symphony Orchestra (“Confessions of a symphony newbie,” June 21).Developer George Broadbent sued for $9M by widow of co-founder
Avis Skinner alleges Broadbent isn’t making the payments he committed to when he bought out her husband's real estate
interests in 2006.Risk inherent with bid to bring World Cup to Indy
But promoters of effort to bring global soccer competition here in 2018 or 2022 aren’t concerned about repeat of financial
failures of World Basketball Championships.Health reform rule could cost WellPoint
WellPoint Inc. has about $800 million riding on one arcane rule: how to calculate a medical loss ratio. The ratio quantifies
the percentage of customers’ premiums were spent on medical care, rather than overhead or profits.Company news
Roche Diagnostics, which runs its U.S. operations out of Indianapolis, has partnered with IBM to develop a DNA sequencer much faster and cheaper than current technology. Roche and IBM ultimately want to provide a test that performs whole genome sequencing for $100 to $1,000 per test. Such wide access could make genetic sequencing as standard as biopsies, for example, and then allow medical professionals to “personalize” medical treatment based on a person’s genes. As part of the agreement, Roche will fund continued development of the technology at IBM and provide additional resources and expertise through collaboration with Roche’s sequencing subsidiary, Maryland-based 454 Life Sciences. Roche will develop and market all products based on the technology.
Indianapolis-based insurer WellPoint Inc. said its California subsidiary will dial down rate hikes that drew national outrage earlier this year and helped spark a final push for health care reform, according to the Associated Press. WellPoint now plans to raise rates by 14 percent for California individual policyholders. It will cap rate hikes at 20 percent, even though the company said it would lose $100 million on the plans this year. In April WellPoint withdrew increases that averaged 25 percent—and topped out at 39 percent—after consumers and President Barack Obama expressed outrage. WellPoint defended the hikes by saying rising medical costs and healthy people dropping coverage during the recession were forcing it to raise rates. But an outside actuary also found math errors, which prompted last week’s reduction.
About $72 million in construction bids have been awarded so far for the new Wishard Hospital. The contracts total about 14 percent of the entire construction package for the $754 million project, said Matt Gutwein, president and CEO of Health & Hospital Corp. of Marion County, which owns the hospital. He said the new hospital is on schedule and slightly below budget. The 1.2-million-square-foot hospital will be built on 37 acres at the west end of the IUPUI campus. Bids that have been awarded include demolition work, as well as work on a parking garage, the hospital’s foundation and utilities. Wishard hopes to award all contracts by January.
Women leading local food movement
Women are leading the movement toward healthful, organic food grown close to home. Farmer’s markets, CSAs, food co-ops are
sign of growing trend.Westfield’s proposed Symphony development under review
The Westfield planning commission has asked city employees to further review the 1,400-acre mixed-use project that could include
thousands of homes, shops, a YMCA and a baseball stadium.Super Bowl Host Committee beefs up its staff
Three of the six additions are executives on loan from the Indiana Sports Corp. and the Indianapolis Convention & Visitors
Association.Regenstrief names new CEO
Dr. Bill Tierney will replace Dr. Tom Inui on Oct. 1 at helm of Indianapolis-based medical research organization.
Hat World’s new strategy looks beyond the noggin
Here’s the business plan: Expand from hat retailing into two new segments—licensed sports apparel and team-sports
equipment—and benefit from the synergies among them.