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Indiana exporters have more good times to look forward to if the value of the dollar continues to decline. The dollar is at $1.368 against the Euro-a record low, according to Bloomberg. And at least two economists-Jay Bryson of Wachovia Corp. and Kenneth Rogoff, a former International Monetary Fund chief economist-say it’s likely to shrink […]
WellPoint Inc. CEO Larry C. Glasscock plans to sell about $13.5 million in stock holdings over the next 10 months, the company announced late Friday. The plan to diversify his holdings comes less than a month before Glasscock will resign his CEO post and hand the reins of the Indianapolis-based health insurer to Angela F. Braly. […]
Darden Restaurants is closing seven restaurants in Indiana-including the Smokey Bones Barbeque and Grill locations in downtown Indianapolis, Avon and Bloomington, plus the recently opened Rocky River Grillhouse in Castleton. Other Indiana restaurants slated for closing are in Mishawaka, Merrillville and Evansville, the Orlando, Fla., company said Saturday. The company is closing 54 Smokey Bones […]
Apparently Darden Restaurants is no longer keen on the Hoosier dining scene. The Orlando, Fla.-based company announced this weekend it’s closing seven restaurants in Indiana, including Smokey Bones Barbeque and Grill locations in downtown Indianapolis and Avon, and the just-opened…
Toyota Industries Corp., a Japanese forklift manufacturer, has started a new unit, Indiana Hydraulic Equipment Corp., to make hydraulic valves and will build its first plant in Franklin. The $12 million, 58,000-square-foot facility will open in June 2008 and ramp up to employ 35, Toyota Industries announced today. The new unit will be advised by […]
Layoffs widely expected in Fort Wayne after Lincoln National Corp. bought Jefferson-Pilot Corp. of Greensboro, N.C., a year ago for $7.5 billion haven’t materialized. Instead, Lincoln National has added 150 workers to the 1,500 who remained in Fort Wayne after the financial services company moved its headquarters to Philadelphia in 1999. Forty more positions remain […]
There is a character in an old Hunter S. Thompson novel who shows up in every scene sweating profusely. Halfway through the book, he finally explains it-sweating is normal. It’s when he stops sweating that the alarm bells should sound. It’s a little like that with bankers. Except it’s not literally sweat, but worry. Bankers are always worried-about loan quality, interestrate spreads, renewed inflation, you name it. After all, the banking business is really business in general. How we collectively…
Bustling foot traffic at lunchtime and at night helps sustain many of the restaurants, shops and galleries in the vibrant
Mass Ave downtown neighborhood. But few of the Massachusetts Avenue shoppers and diners on foot venture east of the psychological
barrier that is College Avenue.
The 2007 session of the Indiana General Assembly is now history. Whatever else might have been involved in shaping its outcome, nothing was so determinative as the revelation in the closing days that property taxes-driven by the first application of trending, rising property values in general, the elimination of the inventory tax, and some old-fashioned political legerdemain on the part of some assessors in different regions of the state-were expected to rise an average of 24 percent for taxes payable…
A longtime sales representative for one of the roofing industry’s largest manufacturers alleges his former employer defrauded Indiana public schools out of more than $1.5 million. Brennen Baker charges that the company, Beachwood, Ohio-based Tremco Inc., circumvented Indiana’s public bidding laws for school projects; overcharged for its services; and billed for materials, services and equipment it never delivered. Baker was a Tremco sales rep for southwest and central Indiana from 1991 until January 2004. Baker, who later founded the Fishers-based…
Interactive Intelligence Inc. has come full circle. On May 2, Marion County’s Metropolitan Development Commission was slated to review a 10-year property tax abatement for the communications software maker. If the incentive is approved, Interactive Intelligence plans to use it to hire 637 people at an average of $32.50 per hour. According to its filings with the city, the company also will build a $15 million, 154,000-square-foot building next door to its current headquarters near Interstate 465 and West 71st…
You’ve already heard about electronic information and the law. The I. Lewis “Scooter” Libby trial, the recent firing of eight U.S. attorneys – even the Monica Lewinsky scandal-involved e-mail messages that were called into court. The rules on use of electronically stored information in legal cases used to be muddy, but amendments to the Federal Rules of Civil Procedure on Dec. 1, 2006, made it clear that electronically stored information can be requested and obtained during the discovery phase of…
Thrifty Threads store manager Tim Waldrip can hardly keep up when he puts stylish used clothes on the thrift store’s mannequins.
Customers snag them so quickly he has to change the outfits three to four times a day. Regardless of what its mannequins are
wearing, the not-forprofit shop on West 86th Street is flourishing. Sales in 2006 reached $336,000-a 24-percent increase from
the previous year. Now the Julian Center, the Indianapolis shelter for abused women that runs Thrifty Threads, is…
The new Indiana State Museum building–a 230,000-square-foot study in glass, steel and limestone–opened in 2002 to blockbuster
attendance, with nearly 260,000 of its 614,000 total visitors checking out the exhibits. Fast forward to its five-year anniversary
and the news isn’t so rosy.
Economic development is all about gaining jobs and increasing earnings per job. The U.S. Bureau of Economic Analysis (BEA) just released county level earnings and employment data for 2005. “Who cares?” you say. “You should,” I say. “These are the most comprehensive reports for more than 3,000 U.S. counties. They help explain how county economies are performing and the dynamics of change.” “But they’re old data,” you say. “First, 2005 has to end before we can have data for the…
Competition for top college presidents is intense these days. But neither Indiana University nor Purdue University trustees appear willing to break the bank to make sure they’re landing the right leader. About one in six of the public universities surveyed by the Chronicle of Higher Education now pays its president more than $500,000. That’s well above the $400,000 IU’s new leader, Michael McRobbie, will collect-though his wife, Laurie Burns McRobbie, will receive another $90,000 for her efforts to support and…
Few Hoosiers had heard of O’Reilly Auto Parts before the Missouri-based company built a massive distribution center in Hendricks County and bought the naming rights to Indianapolis Raceway Park last June. Now, the company, which was founded in 1957 and went public in 1993, figures to become a major retail presence here. Already, 14 stores have cropped up here among 35 that opened statewide. That makes 1,700 stores in 25 states for the company that reported revenue of $2.3 billion…
A 140- to 160-room boutique hotel straddling the Central Canal has been added to the mix of proposals to develop a nearly one-acre parcel the state owns but wants to lease out for development. Four groups submitted plans by an April deadline, but details were not released until May 1. IBJ reported the specifics of two of the proposals April 16. The newly released plans from Wichita, Kan.-based LodgeWorks LP are by far the most ambitious, calling for the state…
Even before Bobby Schnabel became a candidate to take charge at the Indiana University School of Informatics, he knew enough about the program to know he wanted to lead it. By ending his 30-year affiliation with the University of Colorado at Boulder, Schnabel, 56, officially exchanges the black and gold of the Buffaloes for the cream and crimson of the Hoosiers on July 1. But of even greater significance is the fact that IU sought Schnabel to succeed J. Michael…
The Indiana Economic Development Corp. did OK in the just-completed legislative session. IEDC received $96 million it can
now dole
out as business grants. And lawmakers had authorized tax credits worth millions more for the commercialization of new…
