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The Indiana Pacers are running into a pick even before their pre-season tips off tomorrow at the Indiana State Fairgrounds. The Secret Service—preparing for presidential candidate Barack Obama’s appearance at the Fairgrounds’ grandstand—is…
Wall Street didn’t embrace Eli Lilly and Co. CEO John Lechleiter’s plan to acquire biotech firm ImClone Systems Inc., a maker of cancer drugs, for $6.5 billion. Lilly shares tumbled 5 percent today to less than $40 a share-a new 52-week low. One analyst called Lilly’s deal “an act of desperation” as the company struggles […]
Stocks in Indiana and across the globe tumbled again today, as fears grew that the financial crisis will cascade through economies globally despite bailout efforts by the U.S. and other governments. The Dow Jones industrials skidded nearly 500 points and fell below 10,000 for the first time in four years, while the credit markets remained […]
Janitors and clergy staged a rally this morning over a decision by the owner of the 101 W. Ohio office tower downtown to hire a janitorial contractor that didn’t sign on to a citywide janitors’ contract negotiated last spring. The Service Employees International Union said Philadelphia-based Amerimar Enterprises replaced New York-based ABM Industries Inc. with […]
Normal 0 MicrosoftInternetExplorer4 Nonferrous Products Inc., a Franklin company specializing in metalworking and specialty alloys, has agreed to be acquired by International Beryllium Corp. of Vancouver, British Columbia, for $10.5 million. Nonferrous employs 35 at its 12-acre Franklin campus. The company reported $11.7 million in 2007 revenue and is profitable, International Beryllium said in a […]
It’s time for Indiana University leaders to make the same commitment to football they’ve made to basketball.
And I don’t want to hear any more excuses about this being a basketball state. I’d say the…
Normal 0 MicrosoftInternetExplorer4 OHL, a Tennessee-based provider of logistics services, announced today that it will expand its Plainfield operations, investing $11.3 million and creating 120 jobs. The expansion will boost employment at OHL’s 3.2-million-square-foot Plainfield campus to 520. OHL provides logistics services for a variety of firms. The Indiana Economic Development Corp. said the state […]
Damage in Indiana caused by the remnants of Hurricane Ike is causing steep losses for an Ohio insurer with a big presence here. State Auto Financial Corp., a property-and-casualty insurer based in Columbus, Ohio, said it has customers in Texas, where Ike made landfall Sept. 13, but suffered its worst losses in Indiana, Ohio and […]
Eli Lilly and Co.’s planned acquisition of ImClone Systems Inc. is its boldest move yet to replace revenue it will lose once patent coverage for its bestseller Zyprexa expires in three years. The Indianapolis-based drugmaker announced this morning it would pay $6.5 billion in cash to acquire New York-based ImClone, a biotech firm that develops […]
Eli Lilly and Co. this morning announced that it has agreed to buy biotechnology company ImClone Systems Inc. for more than $6 billion, a deal that expands Lilly’s pipeline of cancer treatments. Indianapolis-based Lilly said it will pay $70 per share for New York-based ImClone. “We really do create an oncology powerhouse,” Lilly CEO John Lechleiter said this […]
Eli Lilly and Co.’s frustrating attempt to get a ruling from federal regulators on its experimental blood thinner prasugrel may be a test case of life under a more cautious-and understaffed-U.S. Food and Drug Administration. That’s the opinion taken by many pharmaceutical analysts after the FDA missed its self-imposed Sept. 26 deadline to make a ruling on prasugrel. The FDA already had delayed its decision by three months after it agreed to give prasugrel a “priority” review lasting six months….
Pathway Productions, one of the city’s highest-profile video production firms, has a new owner, a new CEO and a new plan to blaze a trail to prosperity. Michael Husain, who founded the company from his basement in 1996, earlier this year quietly sold a majority stake to Mays Chemical Co. President William Mays, who in turn named Jerald Harkness the new CEO.
Local companies that rely on credit have seen their borrowing power shrink and in some cases disappear as a deep freeze
in the nation’s credit markets drives fears of a broad economic slowdown. A handful of businesses, including
a Greenwood security firm and an Indianapolis contractor, already have shut down after credit dried up,
and others are on the ropes as troubled banks seek to limit their loan exposure.
Underlying the financial turmoil is a significantly dreary problem in housing markets. It is a bit easier to understand, but understanding will almost certainly lead to anger and frustration. The 1995 revisions to the Community Reinvestment Act specifically permitted subprime loans. The intent was laudable enough, to provide lower-income Americans a chance to buy homes and force financing to local businesses. The former worked quite well, but in a 2004 academic paper I reported minimal effect of lending on rural…
Reader beware: You may not have the willpower to resist the draw of Hulu. I realize that sounds a little strange, as if the service itself is drawing some sort of mind-melding power from Spock or exhibiting the addictive draw of caffeine. The truth is far more sinister. This is television on demand-on steroids-with movies thrown in just to destroy any remnant of your ability to fight it. I’m talking about Hulu (www.hulu.com), a joint venture of NBC Universal and…
Managing the balance sheet. The very phrase is s l e e p – i n d u c i n g . But in times like these, doing it well is what separates the winners from the losers. In the winners’ column is Simon Property Group Inc., which finds itself on the offensive as competitors, including Chicago-based General Growth Properties Inc., lean back on their heels. In the losers’ column is Emmis Communications Corp., which is saddled with more…
The woman chosen as president and CEO of the city’s Super Bowl host committee isn’t exactly a household name, but those who hired her think she’ll make Indianapolis the best host city ever. Allison Melangton, 46, is the first paid member of the 2012 Indianapolis Super Bowl Host Committee, and is expected to throw planning and organization into overdrive over the next 30 days.
FAST Diagnostics quickly is becoming one of the more promising companies in Indiana University’s efforts to commercialize its discoveries. Incorporated in November 2006, it is developing a method to measure kidney function faster and more accurately than existing techniques can. While FAST represents speed, the name actually stands for functional assessment and surveillance technology. The fledgling firm so far has attracted more than $4 million from investors, including $2 million from the state’s 21st Century Fund. BioCrossroads, Rose Hulman Ventures…
The word bailout is being used more than the folks at Merriam-Webster ever could have imagined. Yet, bailout is the wrong term to characterize the rescue plan the Federal Reserve and the Treasury presented to Congress. Our leaders have done a poor job explaining why. At present, the U.S. financial system is in cardiac arrest, and this plan is the defibrillator designed to jolt the system back to life. The crux of the problem is that banks and other financial…
Signs of hope as many retreat Some shrug off economic fears The front page of this week’s IBJ tells of companies that are in dire straits-or out of business-after banks, jittery about a financial collapse, called their loans or canceled their credit line. Stories like these put a local face on the economic crisis that has gripped the American psyche in the last two weeks unlike anything since the terrorist attacks of 9/11. Anyone who didn’t realize credit’s vital role…
