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GOP-led Indiana House panel OKs new budget proposal

A Republican-controlled Indiana House committee has approved a GOP budget proposal that would keep overall education funding at current levels while making major shifts in the way money is divvied up among individual school districts.

Train derails, spills fuel

A train derailed during a routine rail switch on the city's east side at about 8 p.m. Thursday, spilling 1,600 gallons of diesel fuel. Officials said the fuel settled into a natural basin next to the tracks and didn’t contaminate sewer or ground water. The cause is under investigation.

High-speed driver captured

An Indianapolis man faces several charges after leading police on a high-speed chase through the near-northeast side. An officer tried to pull over a speeding Jaguar near 16th Street and Sherman Drive at about 12:30 a.m. Friday, but the driver sped off. During the chase, the driver threw a gun out of the window, but kept driving, reaching 80 mph. Eventually, the car blew a tire, sending it crashing into a parked minivan. The driver tried to escape on foot, but was captured. The suspect was taken to Wishard hospital with injuries.

Colts cut ties with Bob Sanders

Indianapolis Colts owner Jim Irsay said Friday via his Twitter account that the team has released often-injured safety Bob Sanders. Sanders has been with the team for seven years and won the 2007 NFL Defensive Player of the Year award, but has played in only nine games over the past three seasons. He still had two years on a $37.5 million contract he signed in December 2007.

Airport could land $63M annually from land redevelopment

A consultant’s long-term land-use plan approved Friday morning by the Indianapolis Airport Authority recommends expected uses such as cargo and logistics, and offbeat uses such as construction of a solar-energy farm.

Financier in botched deal sues Emmis over loan to Smulyan

In uncommonly sharp language, attorneys for New York-based Alden Global Capital accused Emmis' board of “a blatantly self-dealing transaction” that allows Smulyan to “pursue a personal litigation vendetta” against Alden.

Local group heading Down Under for biz opportunities

Develop Indy, Marion County’s local economic development organization, plans to lead a delegation of officials to Australia to attract life sciences-related business opportunities, the group announced Friday morning.

Castleton Plaza seeks bankruptcy reorganization

Shopping center on East 82nd Street lists nearly $10.4 million in liabilities and about $7.6 million in assets. The Chapter 11 filing follows a request to foreclose on the property from the center’s lender.

Senate OKs bill to ban texting while driving

Both chambers of the Indiana Legislature have now approved bills making it illegal for drivers to type, send or read text messages on mobile phones or other electronic devices.

GOP senators leery of Indiana immigration crackdown

A bill aimed at having an Arizona-style crackdown on illegal immigration in Indiana is on its way to the state Senate, but some Republican senators expressed concerns Thursday about the ramifications for law enforcement and taxpayers.

California investor losing grip on holdings

Blue Real Estate defaulted on a $17.5 million loan for six buildings in Park 100, according to a mortgage foreclosure suit Bank of America filed this month in Marion County.

Emerging markets give Lilly hope in patent crunch

In a kind of alternate drug universe, sales of Eli Lilly and Co.’s ghosts of blockbusters past are soaring in China—prompting the drugmaker to pour money into emerging markets in an attempt to prop up revenue.