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In Fort Wayne, more than 100 rental houses in the past two years have been sold at one price and a mortgage taken out at a higher price, a practice that enriches dealmakers but leaves banks and buyers in the lurch, according to an investigation by The Journal Gazette. Typically, sellers were paid a certain […]
One of the largest tracts of land remaining along Interstate 465 has been bought by MacAllister Machinery Co. Inc. to make room for the Caterpillar heavy equipment dealership to expand. The 69 acres, which is immediately north of MacAllister headquarters at 7575 E. 30th St., was sold by SMC Corp. of America for $4 million, […]
The surprise announcement that Larry Glasscock is retiring as CEO of WellPoint Inc. paves the way for his successor, Angela F. Braly, to be the highest-ranking female executive in corporate America. None of the 11 women CEOs of Fortune 500 companies run larger businesses, based on revenue, than WellPoint, which has $58 billion in annual […]
Telecommunications giant AT&T as well as state and local officials have called a news conference tomorrow morning to announce what Indiana Economic Development Corp. spokesman Mitch Frazier has said be hundreds of new jobs in Indianapolis. Indiana competed with several other states for the expansion. The state says the announcement is tied to telecom deregulation, […]
Navistar International Corp. has suspended production of diesel engines at its plant on Indianapolis’ eastside and at another plant in Alabama. The decision stems from a lawsuit filed by Ford Motor Co. claiming Illinois-based Navistar isn’t adequately sharing warranty costs for the engines, which are used in its lucrative Super Duty F-Series pickup trucks. Seven-hundred workers at […]
Evansville-based communications company Q-Comm Corp. has closed its acquisitions of Norlight Telecommunications from Journal Communications of Brookfield, Wis., for $185 million. Both companies handle high-speed telecommunications. Norlight’s territory was adjacent to Q-Comm’s. Journal Communications publishes the Milwaukee Journal Sentinel.
Jeffrey Binder, most recently senior vice president of Illinois-based Abbott Laboratories Inc., has been named CEO of Biomet Inc., the Warsaw orthopedics firm announced this morning. Binder, 43, led Abbott’s global laboratory diagnostics business. He replaces Daniel Hann, who had been interim CEO since company co-founder Dane Miller resigned nearly a year ago. Biomet is […]
Eli Lilly and Co.’s antidepressant drug Cymbalta has been approved by the Food and Drug Administration to treat generalized anxiety disorder. About 6.5 million Americans suffer for the disorder. The drug is currently marketed to treat depression and to manage diabetes-related pain. In 2006, Cymbalta sales were $1.3 billion, up from $679 million the year […]
Larry Glasscock, who built WellPoint Inc. into the nation’s largest health insurer, will retire as CEO and president on June 1, the Indianapolis company announced this morning. Glasscock, 58, will remain as chairman. He will be replaced as president and CEO by WellPoint executive Angela F. Braly, 45. Since 2005, she has served as an […]
Both Arvin Industries Inc. and its headquarters city of Columbus have suffered from the company’s 2000 merger with fellow auto parts supplier Meritor Automotive Inc., of Troy, Mich. Instead of keeping a sharp focus on its niche in exhaust and suspension parts, Arvin under the so-called merger of equals lost not only its way, but […]
It seems I have to write this column every year. Our elected leaders and their appointees are once again telling us how many jobs they have brought to us through their superlative efforts. Have pity on them. They know what they are doing, but they don’t know what’s going on. Yet, you and I will go to the polls and judge them based on the number of jobs they bring to the city, county or the state when we vote…
As the boys’ and girls’ high school swimming seasons come to a close, my thoughts turn to a man who in April will be inducted into the first class of the Indiana High School Swimming and Diving Hall of Fame. It’s notable because this person never swam a competitive lap in his life. That said, I can’t think of anyone more deserving. In the big picture of local sports-where the major leaguers and the major colleges reside-not many have heard…
A push from Indiana Pacers co-owner Herb Simon and seven other National Basketball Association owners is spurring league officials
to adopt broader revenue-sharing measures. But those measures might not be enough to pull the Pacers out of the red.
I love summer. Especially June, when you know you have months of great weather left. Of course, there always are people who complain. There is always the possibility of a few bad storms now and again, but with a slight perspective on the calendar, you know how much time you have left before the cold. Too bad the stock market is not like the seasons. But in a way, it can be looked at from a weatherman’s perspective. His record…
Sure, it’s a budget session, and one would expect fiscal talk to dominate the discussion. But the one thing that has surprised us so far this year-and we are literally at the midpoint-is just how much the dollar debate has consumed this Legislature. Through the first few weeks of the session, the big sport was picking the over/under on when the relationship between Gov. Mitch Daniels (R) and House Speaker Pat Bauer (DSouth Bend)-and thus between Republicans and Democrats as…
Small-business owners know building relationships helps build business. But cultivating strategic connections also takes time-one commodity that’s always in short supply. That’s where networking groups come in. A growing number of such organizations are working to connect busy business owners so they can trade advice and customer leads in a short span of time. With weekly or monthly meetings, the groups promise a one-stop opportunity to make dozens of contacts that can lead directly to sales. One of the fastest-growing…
To do so the Indianapolis-based health insurer is moving to start its own bank, whose initial role will be to hold and manage its customers’ health savings accounts. An HSA is a relatively new breed of health insurance that places money-and more responsibility-in consumers’ hands. Well-Point bets more and more of its customers will start such accounts in the future. “We expect to see continued strong growth for these products. There is a tremendous amount of interest in the marketplace…
Hoosier homeowners and motorists could pay more for insurance this year in the wake of last April’s hailstorm that produced a nation-leading $1.5 billion in catastrophic claims. But even as insurers continue to pay for new roofs and car body repairs, industry experts say any increase would be less than 10 percent. So far, no insurance companies have formally requested a premium increase due to the hailstorm, according to the Indiana Department of Insurance, although claims continue to roll in….
It seems strange that a piece of jewelry that I won’t own and will only see on passing occasions should hold my interest, but it does. And judging by how often I hear other people discussing Super Bowl rings, (“What do you think the design will look like?” “Will everyone in the Colts organization get one?” “How much will they cost?”), I suspect there are many others feeling the same. Perhaps it’s because this victory seems so sweet, so picture…
Indiana University appears poised to choose an internal candidate as president for the first time in 35 years . The decision
could be announced within days. Two IU trustees confirmed that finalists include Michael McRobbie and Ora Pescovitz, well-known
IU administrators.
