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Conseco Inc. will take a $1.2 billion hit to split off its troubled long-term care business as an independent entity owned by policyholders. The Carmel-based insurance company announced plans this morning to transfer Conseco Senior Health Insurance Co. to an independent trust based in Pennsylvania. The deal, which requires approval by Pennsylvania insurance regulators, is […]
Arcadia Resources Inc. narrowed its losses during its fiscal first quarter. The Indianapolis-based home health care company lost $3.3 million in the period ended June 30 compared with a $3.7 million loss in the same quarter last year. The loss of 2 cents per share was worse than the breakeven anticipated by the sole analyst […]
The Truth in Elkhart yesterday criticized Gov. Mitch Daniels and his challenger in this year’s election, Jill Long Thompson, for inadequate plans to boost economic development in north-central Indiana. In an editorial yesterday, the newspaper chided Daniels for claiming to have creating the best business environment in the Midwest even as the core recreational vehicle […]
Nearly half the layoff and closing notices registered with the Indiana Department of Workforce Development this year have involved car and truck parts manufacturers, companies making mobile homes and recreational vehicles, and businesses involved in air service. The common thread across the industries is rising fuel prices, according to The Times of Munster. More than […]
Nestle, the Swiss food and beverage giant that opened a plant in Anderson in May to manufacture and distribute its Nesquik and Coffee-Mate drinks, is likely to announce an expansion of the plant tomorrow, according to The Herald Bulletin. In June, Nestle asked the city Board of Zoning Appeals to allow a 260,000-square-foot expansion in […]
Eli Lilly and Co.’s unorthodox efforts to develop new treatments for Alzheimer’s disease–if successful–could usher in
a new approach to drug development. The Indianapolis-based pharmaceutical company announced that a New York
hedge fund, TPG-Axon Capital, will invest up to $325 million to help cover the exorbitant development costs
of two experimental compounds to treat Alzheimer’s disease.
Women aren’t leaving the work force to stay home with their kids-they’re being forced out in equal numbers with men. That’s the word from “Equality in Job Loss: Women are Increasingly Vulnerable to Layoffs During Recessions,” a congressional report released July 21. Often women who face job losses decide to forego the job hunt and opt instead for selfemployment, the report said. Might this job downturn trigger a boom in entrepreneurship for women? Not if they don’t already have the…
The future of medicine is personal. That’s been the mantra of the pharmaceutical industry for the last decade-since the human genome was sequenced for the first time. But before Eli Lilly and Co. and its peers can develop and sell drugs that treat only patients with a specific gene, it needs sophisticated devices to test if a patient has that gene. And those devices need sophisticated software to make them run. That’s where The RND Group Inc. comes in. The…
A spate of lawsuits involving the state’s largest medical-device makers underscores the fiercely competitive nature of the life sciences sector, particularly when the billion-dollar companies need to protect trade secrets. Warsaw orthopedics manufacturer Biomet Inc., Indiana’s fourth-largest private company, is at the center of much of the messy litigation, which stems from a former sales representative’s move to rival Zimmer Holdings Inc., also based in Warsaw. In two unrelated lawsuits, Biomet sued in July 2007 the Kentucky sales rep and…
Most weeks, I use a pretty traditional definition of arts and entertainment when I decide what to review in this column. But that’s most weeks. This time, after a day-opening day-at the Indiana State Fair, I’m going to broaden my criteria a bit. Looked at with open eyes, the Indiana State Fair is one massive piece of performance art, with thousands of artists participating (most of them unknowingly). The kids in their band uniforms trying to pretend sweat isn’t pouring…
Worsening gas prices and congestion have some commuters demanding faster progress on launching a rapid transit line. They can quibble about slowness in getting it done, but lack of study hasn’t been an issue. The Indianapolis Metropolitan Development Organization spent $4 million since 2002 on a rapid transit study that concluded earlier this year, according to records provided by the agency. Most, or 80 percent, of the funds paid to eight consulting firms came from federal transportation funds, with 20…
Let’s get burritogate out of the way and proceed to more substantive, if less spicy, matters. Yes, a guy who works for the Canadian National Railroad paid for a burrito and a beer that I consumed. He did not know then that I wrote this column and hence commanded a vast, influential audience. I did not know then that he had a project to represent. But CN (as the rail line is called) has a most significant project going. It…
But the Indianapolis-based drugmaker hopes Indiana sees no net loss of jobs from its restructuring moves. The Aug. 6 announcement is part of a quickening effort by Lilly to reduce overhead costs before it loses patent protection on a string of drugs, which now make up 60 percent of its revenue. In Greenfield, Lilly is selling its labs for toxicology and other drug development tests to New Jersey-based Covance Inc., a contract research organization. Covance is paying Lilly $50 million…
Sometimes, obscure economic issues matter a great deal to our economic well-being. One example is the news that Indiana’s bond rankings have risen to the highest level, the highly coveted AAA ranking from Standard and Poor’s. Why that happened, what it means and why it is important should matter to Hoosiers. To begin with, all states, like virtually all households, borrow money to ease cash flow issues. States also borrow money to make infrastructure investments. The government essentially takes out…
Maybe it’s a stray dog rooting through your garbage. Perhaps someone has abandoned a car amid the potholes riddling your
street. Either way, Indianapolis offers a one-stop shop for irate residents to complain. Just dial the Mayor’s
Action Center at 327-4MAC. Then get ready to wait. And wait. So long, in fact, that close to half of the
MAC’s callers hang up in frustration.
At the same time, those same athletes, thrust into the spotlight, will find their failures magnified along with their successes. Media who normally shun gymnastics, or aquatic sports, or track and field, or cycling, or rowing, or even Taekwondo, will suddenly become instant experts, lifting up the victors and damning the vanquished. How well I know. It was my good fortune to cover three Olympics for the local daily: Seoul in 1988, Barcelona in 1992, and Atlanta in 1996. The…
E-mail, today’s ubiquitous form of communication, is proving to be the smoking gun in a number of recent financial fiascos. The Securities and Exchange Commission recently released a draft of its investigation into the behavior of bond-rating firms during the subprime-mortgage-securitization craze. The report highlighted e-mails expressing the sentiment of the authors during the period-a sentiment in conflict with the Wall Street sales pitch being used to sell these securities to investors. One e-mail a Standard & Poor’s analyst sent…
The promise of personalized medicine-genetic tests that allow more informed and individualized health care decisions-has been blocked in recent times as patients struggle with the fear that those same genetic test results could bring genetic discrimination in the form of cancelled health insurance coverage or even the catastrophe of job loss. In 1997, Indiana enacted a state law protecting genetic screening or testing and prohibiting health insurers from considering any information obtained from such testing in a manner adverse to…
Lucas Oil Stadium can be a jack of all trades. Hang rigging from its ceiling, lower built-in sound-absorbing curtains over most of the seats, and it can host a fairly intimate 20,000-seat concert. Roll out the temporary floor to cover the turf, part and pack away one side of the bleachers, and it can stretch to be a convention hall, boasting 183,000 square feet of contiguous exhibition space plus 12 meeting rooms, a welcome plaza and party deck. But the…
Indianapolis has spent more than $2 billion on worthy civic projects such as the new airport terminal, Lucas Oil Stadium, and a new Central Library. The same sense of civic pride must be mobilized for funding improved criminal justice. Strong, coherent mayoral leadership is required to address the causes of increased criminal activity here, but a lasting solution requires a community-wide effort. Criminal activity is not simply the result of an individual’s motivation to offend. For crime to occur, the…
