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Standard & Poor’s and A.M. Best have downgraded debt of Conseco Inc. after second-quarter earnings released by the Carmel-based insurer Monday evening disappointed investors. Standard & Poor’s bumped senior debt ratings and counterparty credit ratings to B+ from BB-. A.M. Best cut its rating to B+ from B++. Conseco said its loss widened to $64.5 […]
A federal judge in South Bend this month will weigh whether lawsuits filed by independent contractors against FedEx Corp. in two dozen states should be combined. About 150 independent contract drivers, designated by FedEx as part-time employees, seek to be classified as full-time workers, according to Bloomberg. That would entitle them to benefits and paid […]
Per-capita personal income rose 4 percent in the Indianapolis area in 2006, less than the 5.4-percent average increase across all metro areas, the U.S. Department of Labor reported yesterday. The Indianapolis area saw per-capita income climb to $37,849 from $36,391. The region’s income level ranked 59th. The average of all metro areas increased to $38,109 […]
Officials of Hoosier Park plan to build a 92,696-square-foot facility at the Anderson horse track for the addition of slot machines. Officials of track owner Centaur Racing rolled out the plans to the Anderson Park Board last night, according to The Herald Bulletin. The horse track leases property from the city, and the plans must […]
General Motors Corp. said today it has completed its $5.6 billion sale of Allison Transmission to Carlyle Group, based in Washington, D.C., and Onex, of Toronto. Allison employs about 3,400 in Indianapolis. Observers have said the equity firms’ ownership likely would benefit the Indianapolis operation because Carlyle has deep military and government connections that could […]
Stock in Conseco Inc. slipped 6 percent this morning to trade near $17 after the Carmel-based life and health insurer reported yesterday that its losses widened in its second quarter. The $64.5 million setback resulted from pouring more money into its hemorrhaging long-term care reserves and into a class-action lawsuit settlement over life insurance policies. […]
Kosene & Kosene has begun construction on its latest downtown project, the 105-unit Maxwell. The six-story building sits along Ohio Street between Park and East streets and will feature condos starting at…
Looming shortfalls with Medicare reimbursements are among the business reasons HealthSouth Corp. cited for announcing yesterday that it will shutter its long-term acute-care facility in Terre Haute, the Tribune-Star reported today. About 80 full-time and 25 part-time workers were told the facility will close Oct. 4. Many patients served by the facility needed care following […]
Conseco Inc.’s loss widened to $64.5 million in its second quarter-the fruit of pouring more money into its hemorrhaging long-term care reserves and into a class-action lawsuit settlement over life insurance policies. The Carmel-based life and health insurer lost 38 cents per diluted common share, compared with a 21-cent per share loss in the second […]
eTapestry, which makes software available to not-for-profit groups from its offices at Mount Comfort Airport in Hancock County, has been acquired by Blackbaud Inc., a Charleston, S.C., company that also specializes in software for nonprofits. The price of $24.8 million could increase as much as $1.5 million under a stock-based incentive. eTapestry stores fundraising information […]
WRTV-TV Channel 6 will launch a 7 p.m. newscast Sept. 10 to coincide with the first day of the station’s new anchors, Todd Wallace and Trisha Shepherd. WRTV will be the only local station with a 7 p.m. newscast. WRTV will continue to air newscasts at 5 p.m., 5:30 p.m. and 6 p.m. The 7 […]
Food prices are rising faster than prices for other consumer products because ethanol plants are consuming more corn, Purdue University economists say. Food prices will edge up as much as 4 percent this year and next year, the economists told The Journal Gazette of Fort Wayne. Ethanol plants are bidding up the price of corn, […]
Second-quarter earnings increased 8 percent, to $846,662, on across-the-board strength, Indianapolis-based First Internet Bancorp reported today. Profit for the year through June 30 was up 18 percent for the parent of First Internet Bank of Indiana. Ongoing integration of First Internet’s $12 purchase of Landmark Financial Corp. will continue to produce efficiencies, First Internet CEO […]
Billionaire investor Warren Buffett in recent years has wanted to make a massive acquisition but held back, he said, because private equity funds were bidding up prices. Now, with shares of companies like Indianapolis-based WellPoint Inc. dropping and private equity firms pulling in reins due to rising financing costs, the Berkshire Hathaway Inc. chairman finally […]
The last full week of July turned out to be exciting for the stock market. Not long after the Dow Jones industrial average topped 14,000, a solid correction came flying in. The speed and power of the pullback deserve some respect, but so does the tenet of perspective. If it wasn’t already, it now is probably apparent why I have been harping all year that you should concentrate investments in energy, industrials, materials and select technology. The market suffered through…
Local hospitality firm’s early work with Lilly helped it carve out a major niche in the pharmaceutical market.
Will a new president and the next Congress finally take meaningful action to address the financial storm looming for health care? Perhaps. In the meantime, the pressures created by rising health care costs have been too strong for everyone else to wait. Businesses have been adapting to rising premiums for employer-provided coverage in predictable ways. And beginning with Massachusetts, states are responding to rising Medicaid costs by crafting solutions of their own. But much of the solution, whatever shape that…
There are two books I want to call to your attention. They are both written by Hoosiers and are both vitally important to Indiana at this time. But this column, again, must be about property taxes because that is the compelling issue of the day. One book is “I Never Worked a Day in My Life,” by Bill Haeberle, the retired IU business professor who has started and aided hundreds of businesses. The other is “Performance is the Best Politics,”…
Dealer Services Corp. is an example of what happens when an entrepreneur sells his company to a bigger one and then comes
back to haunt it after he is tossed aside. In this case, the spurned entrepreneur, John Fuller, became a thorn to Adesa Inc.
a few years after its CEO sent him packing in late 2001.
