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An economist at Ball State University warned of another recession at Conexus Indiana's annual state of manufacturing and logistics report Tuesday morning. Both sectors, however, contribute strongly to the state's economy and earned "A" grades in the latest report.
Defense attorneys in the federal fraud trial of Fair Finance executives Tim Durham, Jim Cochran and Rick Snow rested their cases Tuesday morning after calling just one witness and introducing a handful of exhibits.
The Center for the Performing Arts Interim CEO Frank Basile said it's making financial progress but will continue to need support from the city of Carmel. Mayor James Brainard is asking the city council to put $1.62 million in the Support for the Arts Fund, which last fall was allotted $265,000. The funding increase would […]
Herff Jones Inc. of Indianapolis has decided to close a yearbook manufacturing plant that employs 130 people in Matthews, N.C., by the end of the year.
A New York socialite has raised more than half of the $7 million a court ordered her to repay after she pleaded guilty to duping an Indiana company and other corporations out of millions of dollars.
Mitch Daniels, Indiana's two-term governor, will succeed France Cordova as Purdue University president, a source told IBJ Tuesday morning.
Whitsett was counting on selling state-issued affordable housing tax credits to finance the $27 million project, but it wasn’t among the projects awarded credits.
Attorneys for Tim Durham and his co-defendants are expected to start their defense Tuesday morning and wrap it up in the afternoon. The jury is expected to begin deliberations Wednesday.
Charitable giving grew 4 percent nationally in 2011, but the increase was less than 1 percent after adjusting for inflation, according to a report released Tuesday by the Giving USA Foundation and The Center on Philanthropy at Indiana University.
The U.S. Supreme Court did not hand down a ruling in the health care reform case Monday morning. The nine justices meet again Thursday, but most observers expect the decision to come June 25 or June 28.
Sam Odle, the chief operating officer of Indiana University Health and one of Indianapolis’ most prominent black business executives, will retire next month. Odle, 62, will be replaced on an interim basis by Jim Terwilliger, who became vice president of IU Health Cancer Services last year after serving as an executive at the University of Pittsburgh Medical Center. IU Health will conduct a national search for a permanent replacement. Odle said he wanted to have more time with his family and for personal pursuits. However, he said he would like to do consulting for some health care companies and remain active in charity work.
IU Health named Dr. Gaurav Arora the new chief medical officer for IU Health Saxony Hospital in Fishers. Since Dec. 1, Arora has been Saxony hospital’s medical director for emergency services. He is also a professor of clinical emergency medicine at IU School of Medicine. Arora holds a degree in economics from Case Western Reserve University and did his medical training at the Medical College of Ohio.
WellPoint Inc. lowered its 2012 profit forecast 23 cents per share, or nearly 3 percent, due to a $90 million settlement in a class-action lawsuit. Lawyers for former policyholders of Anthem Insurance Cos. Inc., the predecessor of Indianapolis-based WellPoint, disclosed the settlement Friday afternoon. Pending approval by a federal judge, the settlement would cover the claims of more than 700,000 former policyholders, whose stakes in Anthem were undervalued, according to the lawsuit, before the company’s 2001 conversion from a mutual insurance company into a publicly traded one. Because of the settlement, Anthem now expects to earn a 2012 profit of $7.57 per share, down from a previous estimate of $7.80 per share.
Hancock Regional Hospital is moving to acquire nearly 50 acres in McCordsville, even though it has no specific expansion plan. According to the Greenfield Daily Reporter, the hospital’s board of trustees approved spending up to $1.2 million for the 48.5-acre parcel in the Villages of Brookside development. Hancock Regional, based in Greenfield, has made a tentative offer for the land to its current owner, Cincinnati-based Fifth Third Bank. The offer hinges on an environmental assessment that is still under way. If the bid is accepted, said Rob Matt, Hancock Regional’s vice president of development, the land could become the location for additional medical office space, another wellness center or another surgery center. But in the short term, the hospital likely would lease the land for farming. “We’re not exactly sure what the future holds, but we think McCordsville is a great location for potential future expansion of a variety of health services,” Matt said. The land was part of a 300-acre development started in 2005. But the sections of the project that were marked off for business and apartments have been slow to develop because of the housing slump, financial crisis and recession.
Eli Lilly and Co. invested $20 million in a Chinese pharmaceutical company in an effort to build a portfolio of branded generic medicines in the fast-growing Asian market. Novast Laboratories Ltd., based north of Shanghai, received a $10 million initial investment from Indianapolis-based Lilly five years ago. The new money, announced June 12, will fund an expansion of Novast’s manufacturing capabilities. Lilly is working with Novast to develop a catalog of generic versions of medicines not created by Lilly that will be branded with the Lilly name. Down the road, Novast also may take on manufacturing responsibilities for new drugs Lilly launches in China and other Asian countries. Since 2009, Lilly has rapidly ramped up sales and research functions in China, and now employs more than 3,000 people there. In June, Lilly announced the opening of a research and development center in Shanghai focused exclusively on diabetes. It employs 150. Lilly's sales in China increased 31 percent last year, to nearly $420 million, according to company officials.
An Indian-born physician fired by St. Vincent Health is suing the hospital network in federal court on charges of discrimination and harassment. Seema Nayak filed her suit June 13 and is seeking past and future pay in addition to other damages for the hospital’s “malicious and/or reckless conduct.” St. Vincent officials did not return messages seeking comment on the suit. Nayak’s suit follows a complaint she filed in October 2010 with the U.S. Equal Employment Opportunity Commission, which granted her the right to sue. Her employment contract was not renewed by the hospital in June 2010. She began her first-year residency program at St. Vincent in July 2007 in the obstetrics and gynecology department. Though Nayak exceeded performance standards during her first- and second-year residencies, according to the suit, she became the target of discrimination from other residents due to her accent and Indian origin. Later, her suit alleges, St. Vincent also pressured her to return to work quickly after taking maternity leave and then retaliated against her by giving her an especially difficult residency rotation.
The skies got a little brighter for the orthopedic industry on Friday after Warsaw-based Biomet Inc. reported strong quarterly sales growth of 3.4 percent. That news sparked a small surge in the stock prices of two other Warsaw-based orthopedics companies.
A 20-year-old horse trail guide at southern Indiana’s Brown County State Park was killed Sunday, authorities say, when she was hit by a falling tree limb. State conservation officers say Chelsea Lovett of Granger in northern Indiana was on horseback leading a ride about 12:30 p.m. when a dead tree fell, catching the limb of another tree that struck her. Lovett died at the scene. Police say a second rider was thrown from a horse and suffered minor injuries. Lovett was a wildlife management major at Purdue University and Penn High School graduate who had taken the spring semester off to work at the state park’s horse stables.
Authorities are investigating a fatal accident Monday morning on the north side of Lebanon. Boone County dispatchers tell Fox59 one vehicle was involved in the accident on the exit ramp from southbound Interstate 65 to Lafayette Avenue. The driver told police he was traveling south on I-65 about 4:45 a.m. when he was cut off by another vehicle and was forced to take the Lafayette Avenue exit ramp. Unable to navigate its sharp turn, the driver struck a guardrail, causing a female passenger to be ejected from the van. She was pronounced dead at the scene. Two other passengers were transported to Witham Hospital in Lebanon.
The Friday blaze engulfed a four-story, 28-unit apartment building due to open this fall as part of the $34 million 16 Park project. The Indianapolis Housing Agency says construction will resume as soon as possible.
Officials will be seeking approval from the eastern Indiana city's Redevelopment Commission to use money from a $5 million state technology park grant to buy 14 acres and two buildings that once belonged to Dana Corp.
-Halakar Construction has completed a 2,230-square-foot office build-out for The Davis Clinic at Sycamore Springs Office Park, 4715-4755 Statesman Drive.
-Halakar Construction has completed a 2,300-square-foot office build-out for MyBio at Sycamore Springs Office Park, 4715-4755 Statesman Drive.
-Capitol Construction has completed a 7,150-square-foot retail build-out for Kilroy’s Bar N’ Grill at 831 Broad Ripple Ave.
-Capitol Construction has completed a 1,160-square-foot office build-out for Ranstad USA at 8888 Keystone Crossing.
The average rate for 30-year mortgages fell from 3.92 percent to 3.91 percent for the week ended June 13, according to Bankrate.com. The rate for 15-year mortgages rose from 3.16 percent to 3.17 percent.
