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U.S. wholesalers cut back on their inventories in December by the largest amount in 16 years, slashing stockpiles amid the deepening recession. The reduction means wholesalers ordered fewer new goods, leading to reduced production and potentially more job layoffs. The Commerce Department said today that wholesale inventories plunged by 1.4 percent, nearly double analysts’ expectations […]
Even in a time of great economic distress, the Indiana Pacers have kept on giving.
Through grants across Indiana to over 40 organizations, annual scholarship awards and a $500,000 commitment to…
By BREE FOWLER NEW YORK General Motors Corp. said Tuesday it will cut 10,000 salaried jobs, citing the need to restructure itself with a government deadline looming and amid some of the worst sales in the auto industry’s history. The Detroit-based automaker said it will reduce its total number of salaried workers to 63,000 from […]
It will be at least another week before the city’s Metropolitan Development Commission decides whether to allow a crematorium to be built near the corner of Allisonville Road and 82nd Street. The commission was supposed to decide Feb. 4 whether the Harry W. Moore Funeral Care center could construct a one-story, 1,600-square-foot crematory on the […]
Three of the world’s largest drugmakers, including Indianapolis-based Eli Lilly and Co., are being accused of fixing prices for erectile dysfunction drugs in Switzerland, according to Bloomberg News. Lilly, Pfizer Inc. and Bayer AG, rivals in the male impotence-drug market, fixed prices in Switzerland and should be punished, a panel of the Swiss Competition Commission, […]
The Republican-controlled state Senate has approved a proposal to put limits on property tax bills into the Indiana constitution. The proposal passed on a 34-16 vote yesterday and now moves to the Democrat-controlled House. If the measure clears both chambers this year or next, voters would decide in 2010 whether to amend the caps into […]
Falling demand for wireless devices and discounted prices caused locally based Brightpoint Inc.’s revenue to drop 36 percent in the fourth quarter of 2008 compared with the same period a year ago, the company said today. The Indianapolis-based mobile technology distributor reported a loss of $344.4 million on $1 billion of revenue for the […]
The Indianapolis Capital Improvement Board yesterday approved $5.8 million in cuts to its annual budget and agreed to defer an additional $2.3 million in building-maintenance costs this year in an effort to shave its swelling operating deficit. The CIB revealed late last month that it is facing a $43 million annual operating shortfall due to […]
Indianapolis-based medical device startup NICO Corp. yesterday announced it has raised another $1.73 million from investors. NICO was founded last year by the same core group of entrepreneurs who formed automated breast-biopsy device-maker Suros Surgical Systems Inc., one of the fastest-growing companies in Indianapolis history. Just six years after starting Suros in 2000, they sold […]
I’m all for populist art. But I’ll readily admit to being a bit embarrassed for the city that Thomas Kinkade, the much-collected — and much-mocked — “painter of light,” has been named the featured artist for the Indianapolis Motor Speedway…
Campaigning for action in the most dire terms, President Barack Obama said today in a townhall meeting in northern Indiana that if Congress does not quickly pass an economic stimulus package, the nation will slip into a crisis so deep that “we may be unable to reverse” it. “We can’t afford to wait. We can’t […]
A newly released list of clients of disgraced investment manager Bernard L. Madoff does not include any of Indianapolis’ most prominent businesspeople. But it does identify as clients the Hudson Institute, the prominent think tank that relocated from Indianapolis to Washington, D.C., in 2004, as well as north-side resident Howard J. Glass. The 162-page list […]
The weakening economy is producing worse and worse tax revenue forecasts for Indiana. As a result, Democrats
are calling for Gov. Mitch Daniels, a Republican, to open the stateâ??s $1.3 billion rainy day fund.
Tough times like these are what…
Funeral arrangements for a fourth grade boy killed by a school bus are being kept private. Family members will gather today to remember Christopher Michael Beltz, 10, who was struck by the bus Friday morning at Spring Mill Elementary School. The family is asking interested Hoosiers to make donations to the Northview Christian Life Church […]
A newly released list of clients of disgraced investment manager Bernard L. Madoff does not include any of Indianapolis’ most prominent businesspeople. But it does identify as clients the Hudson Institute, the prominent think tank that relocated from Indianapolis to Washington, D.C., in 2004, as well as north-side resident Howard J. Glass. The 162-page list […]
Arcadia Resources Inc., an Indianapolis-based provided of health care services, this morning reported a loss of $2.6 million on revenue of $35.2 million for its third fiscal quarter, which ended Dec. 31. The loss was 7.7 percent more than the company reported in the same period a year earlier. Arcadia provides home health care equipment, […]
Indianapolis Colts defensive end Darrell Reid faces disorderly conduct and trespassing charges following his arrest early yesterday morning on East 82nd Street near Allisonville Road. Police officers trying to clear the parking lot outside the Oxygen Lounge say Reid kept insisting he be let into the club. After repeated warnings, they arrested Reid when he […]
Rising consumer demand for locally grown, organic produce is fueling a surge in the number of small Indiana farms, boosting their numbers nearly 80 percent over five years, a new farm census report shows. The number of Indiana farms under 10 acres soared from 5,436 in 2002 to 9,720 in 2007 – a 79 percent […]
Camp Atterbury in Edinburgh will host a departure ceremony this afternoon for 60 Hoosiers soldiers heading to Afghanistan. Members of the National Guard’s 119th Agribusiness Development Team will help Afghan leaders improve their farming practices. The ceremony begins at 2 p.m. in Building 722 at the Camp Atterbury Joint Maneuver Training Center.
Two drug companies, Pfizer Inc. and Eli Lilly and Co., spent hundreds of millions of dollars last year to raise awareness of a murky illness, helping boost sales of pills recently approved as treatments and drowning out unresolved questions – including whether it’s a real disease at all. Key components of the industry-funded buzz over […]
