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Strong demand for recycled steel and falling energy prices helped Steel Dynamics Inc. churn out $105 million in fourth-quarter profit, its second best, and $396.7 million in 2006 profit, a record. The Fort Wayne company said the quarter was an increase of 64 percent from the same period a year earlier; the year was up […]
The Indianapolis Museum of Art has revoked Wolfgang Puck Catering’s exclusive contract for events at the museum after the Los Angeles-based company failed to deliver at a big event last year. The IMA sent a letter Monday to 10 caterers that are locally based or have a local presence in order to gauge interest in […]
More people watched the AFC title game between the Indianapolis Colts and New England Patriots than any non-Super Bowl television show since the final episode of Friends, according to CBS, which broadcast Sunday’s game. The 46.7 million people viewing the Colts-Patriots game compared to 52.5 million who tuned into the conclusion of NBC’s Friends in […]
A study released this week projects $66 billion changing hands among generations in Indiana over the next 10 years. If 5 percent of the amount were donated to charity, the resulting $164 million a year in income could be made available to communities, according to the study sponsor, the Indiana Grantmakers Council. Other findings include: […]
The compelling AFC Championship game between the Colts and Patriots won record ratings for CBS. But the broadcast frustrated city officials for what it lacked. CBS didn’t show a single shot of the city. No shots of the skyline. No beauty shots of White River State Park or Monument Circle. No street-level shots. “It’s a […]
State job numbers rose 0.3 percent in December from the same month last year, according to the Indiana Department of Workforce Development. The 2,986,300 nonfarm jobs were down slightly from November but in line with a long-term trend of plodding growth. The Indianapolis area also maintained a steady upward pace, increasing 0.8 percent from December […]
Visitors to French Lick Resort Casino dumped $1.8 million in wagers and admission taxes in December, the casino’s first full month, according to the Indiana Gaming Commission. The casino opened Nov. 3. Argosy casino in Lawrenceburg collected the most among the state’s 11 riverboat casinos, $15.5 million. The riverboats reported a total of $76.3 million […]
Writing off a $17.7 million balance on loans to an unnamed Florida charter airline has forced Integra Bank to report a $2.6 million loss for the fourth quarter. The Evansville bank reported yesterday that it had classified the loans as non-performing after learning three other banks also thought their loans to the airline were secured […]
The ethanol industry, which is mushrooming in Indiana, could get a massive push from President Bush in his State of the Union speech tonight, according to The New York Times. Bush might call for increasing ethanol to as much as 10 percent of total gasoline consumption by 2012. Such a ramp-up could require producing 15 […]
Louisville struggles to attract high-end white-collar jobs because it’s stuck in a high-density, “almost European” neighborhood of competing cities that includes Indianapolis, Cincinnati and Nashville, says Paul Coomes, a University of Louisville economist. Indianapolis attracts engineers, scientists and other professionals because its downtown is vibrant and, unlike Louisville’s, isn’t dissected by freeways, Coomes said in […]
British plumbing and heating supplier Wolseley Plc said today it will eliminate 2,000 jobs in the U.S. because the soft housing market has weakened profits. Its Stock Building Supplies arm, which is based in Raleigh, N.C., in the U.S., is laying off 1,500 jobs at 22 locations in addition to 2,000 positions it already has […]
Pfizer’s insulin-production plant in Terre Haute was not on a list of plant closings the New York pharmaceutical giant announced today. Pfizer said it would shutter one plant each in Brooklyn, N.Y., and Omaha, Neb., along with research two facilities in Ann Arbor, Mich., and one in Kalamazoo, Mich. The company cited the closings as part […]
Health care startups in Indiana attracted $37.2 million in venture capital last year—up 61 percent from the $23.1 million in 2005, according to BioEnterprise, a Cleveland not-for-profit that offers management counsel and support services. The increase outstripped the 25 percent growth experienced by the Midwest. The Indianapolis area landed six deals worth a total of […]
Players starring in the Super Bowl can cash in big time, and the Colts have several who could break out in Miami on Feb. 4, sports marketers say. "A Super Bowl MVP can increase players’ market value considerably, not only as a player, but as a corporate spokesman," said Marc Ganis, president of Sportscorp Ltd., […]
A Chrysler Group four-speed transmission line at a Kokomo plant may be sold to China’s Chery Automobile Co. if a deal between the two automakers is finalized. Chrysler and Chery previously announced an agreement in principal for Chrysler to distribute Chery-made small cars globally. A story today in AutoWeek says Chery wants to move the […]
Approximately 130 workers at Daimler-Chrysler’s transmission operations in Kokomo were laid off last week after slow sales of gas-guzzling pickup trucks and sport-utility vehicles prompted the automaker to cut production. About 100 of the jobs were at Kokomo Transmission and 30 at Kokomo Casting, according to the Kokomo Tribune. The company employs about 6,000 in […]
Author Solutions Inc., the Bloomington parent of self-publisher AuthorHouse, has been sold to Bertram Capital of Palo Alto, Calif., for an undisclosed price. Author Solutions, which published one of every 30 U.S. book titles last year, was owned by Carmel-based Gazelle Tech Ventures. AuthorHouse CEO Bryan Smith said he expects Bertram to expand deeper into […]
About 85 percent of the 565 state employees working on the Indiana Toll Road applied for jobs with the Spanish-Australian consortium that’s leasing the road, and nearly all were hired, according to The Elkhart Truth. Those not hired were offered vacant positions with the state, many in the Department of Transportation. The figures were released […]
There is conjecture that the hosting of the AFC Championship game between the Indianapolis Colts and New England Patriots is the biggest/greatest/most significant-choose your superlative-sports-related event in the city’s history. That got me to thinking. Is it greater than the 1911 Indianapolis 500, which led to the other 88 500s that, in their current form, generate far more annual economic impact than even a Super Bowl? Is it greater than the 1946 Indianapolis 500, when Tony Hulman took ownership of…
A couple of years ago, I quoted legendary market analyst John Mendelson, who predicted the “mother of all short squeezes,” causing a market “melt-up.” So far, nobody would say we’ve experienced anything resembling a melt-up. In the two years since Mendelson’s report, I haven’t seen the words “melt-up” used. That is, until the last couple of weeks, when I saw it twice. In early January, Barron’s columnist Michael Santoli was describing the state of the market. He said valuations by…
