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AEP Generating Co. has agreed to buy an electric power plant at Lawrenceburg from New Jersey-based Public Service Enterprise Group for $325 million. The southeastern Indiana plant is next to a similar natural gas-fired facility AEP operates nearby. AEP is an arm of Columbus, Ohio-based American Electric Power.
A Merrillville real estate agent is inexperienced, and didn’t mean to try to frighten homeowners into moving by using racially divisive methods, her attorney claims in a letter to the U.S. Department of Housing and Urban Development, which is investigating the allegation. Merrillville officials claim that fliers with Mary Ann Winslow’s name on them warn […]
A global trend toward workers’ demanding a larger portion of their nations’ prosperity might result in an increase in the minimum wage and easing of restrictions on union organizing in the U.S., according to Bloomberg. Workers in Group of Seven industrialized nations are pressuring companies and governments after their share of national income eroded to 54 […]
Six of seven Indiana casinos on Lake Michigan and the Ohio River plan to plow a total of $1.2 billion into upgrades to expand and ward off potential competition from other states, according to The Courier-Journal. The Louisville newspaper said they particularly want to protect highly profitable operations should Kentucky or Ohio expand gambling.
The overnight fire at Seasons Lodge & Conference Center in Nashville is unlikely to severely drain the Brown County community’s life blood of tourism, according to Teresa Anderson, CEO of the Brown County Convention & Visitors Bureau. Damage to the 80-room hotel is still being assessed. None of the 18 guests were injured, according to the Brown County […]
AT&T plans to shut down operator services in Indianapolis, displacing 55 workers by April. The shutdown does not constitute all operations at the location, but a call to AT&T’s Chicago headquarters for additional information was not immediately returned.
First Internet Bancorp has closed its $12 million acquisition of Landmark Financial Corp., parent of Landmark Savings Bank and Landmark Mortgage Co. Both institutions are headquartered in Indianapolis. First Internet, founded in 1997 by entrepreneur David Becker, is an Internet-only bank with $445 million in assets.
More than three-quarters of commodity traders, farm advisers and grain buyers surveyed by Bloomberg late last week advised buying corn, because the price is likely to continue rising above the 10-year high of $3.91 per bushel reached last week on the Chicago Board of Trade. The reason: Total U.S. capacity at plants that turn corn […]
What a mixed bag 2006 was. For every yin, there was yang. Yin: The Indianapolis Colts claimed home-field advantage in the NFL playoffs. Yang: They then lost to the Pittsburgh Steelers when mouthy M i ke Va n d e r j a g t gagged on the gametyin kick. Yin: The city hosted a simply extraordinary Final Four at the RCA Dome and welcomed to town a genuine Cinderella, George Mason. Yang: The games were one-sided, and, speaking of…
Lawmakers last spring made it easier for AT&T, Verizon and big phone companies to get into the video business now ruled by cable TV operators. By summer, video providers were able to obtain a single, statewide video franchise instead of having to negotiate agreements with each municipality they serve. Opponents said reform was all about helping AT&T, the state’s largest phone provider and one of the most powerful lobbying and campaign contributors. AT&T didn’t want to have to negotiate individual…
Turmoil in the domestic auto industry cast uncertainty over thousands of central Indiana jobs in 2006. Ford Motor Co.’s 2,000-worker east-side Indianapolis plant will close or be sold by the end of 2008, according to a plan the automaker unveiled in September. The plant, which makes steering components, is part of Ford’s Automotive Components Holdings LLC unit, which includes 23 troubled plants that used to be part of Visteon Corp., a Ford spin-off. Business at the International Truck & Engine…
Marsh Supermarkets Inc. saw big changes in 2006 as new owners and a new CEO took over, and the Fishers-based company announced store closures and layoffs. Boca Raton, Fla.-based Sun Capital Partners in October closed on its $88-million purchase of Marsh. The purchase included the assumption of about $200 million in debt. For the first time since the company’s founding in 1931, a Marsh isn’t calling the shots at Marsh Supermarkets. With the deal’s closing, Sun installed Frank Lazaran, the…
Readers of this column know I’ve been critical of the institutional-feeding frenzy that is pouring fiduciary money into alternative investments. My premise isn’t that institutions all will end up losing a lot of money by investing in private equity, hedge funds and venture capital. But I am suggesting that aggregate returns from alternative investing merely will be mediocre. Indeed, 2006 will mark the third year in a row that the average hedge fund has failed to keep pace with the…
The Arch welcomes visitors to St. Louis. San Francisco’s Golden Gate Bridge ushers in the masses. And soon the Circle Gateway
Truss could greet travelers entering downtown Indianapolis.
Gov. Mitch Daniels created a firestorm in 2006 with his solution: Privatize the Indiana Toll Road. The 75-year lease of the 175-mile road in northern Indiana, to an Australian-Spanish consortium, closed June 29. The deal that gave the state a $3.8 billion check to finance other highway projects under Daniels’ Major Moves program not only lives on in controversy, but also could be the defining legacy of his administration. Daniels recently proposed privatizing the Indiana Lottery. And his team already…
Two Indianapolis business legends cemented their reputations for generosity in 2006 with charitable donations of $50 million and $15 million, respectively. The Indiana University School of Medicine announced in November that retail developer Melvin Simon and his wife, Bren, had committed $50 million to the school’s cancer center to recruit and retain researchers and to help with an expansion. Apartment developer Gene Glick and his wife, Marilyn, earlier in the fall announced a $15 million contribution to the Indianapolis Cultural…
In January, Mark Miles returned to Indianapolis after more than a decade at the helm of the Association of Tennis Professionals to become CEO of the Central Indiana Corporate Partnership. Twelve months later, the CICP looks much different than it did under his predecessor David Goodrich. And it could soon change even more. A former Eli Lilly and Co. executive and aide to Dan Quayle, Miles, 53, has been one of the key players in the potential consolidation of the…
The brutal murders of seven family members, including three children shot dead in their east-side Indianapolis home, cast a dark cloud over the city last summer. Yet the June slayings only served as a harbinger of a wave of violence that later claimed 15 lives in a 10-day span. The crime spree rattled city leaders so severely that Mayor Bart Peterson declared an emergency normally reserved for a natural disaster. 2006 no doubt ranked among the most deadly years in…
The ball has dropped. The champagne corks have been swept from the floor. And the rose petals have been blown by the breeze down Pasadena Boulevard. And so we begin anew: Another year. Another 12 months. Another 52 weeks. Another 365 days. Another 525,600 minutes. Another chance to live and learn, work and play, grow and love. And blessed with so much time (and it is a blessing), what will you make of yourself, and those dearest to you and…
When two separate storms boasting 80-mile-per-hour winds and massive hail hit the Indianapolis area in April, it was just the beginning of headaches for some. For others, it was the beginning of a lot of green. A storm on April 2 produced straightline winds that knocked out windows and tore away portions of the façade at downtown’s One Indiana Square office tower. The city was forced to close Pennsylvania Street for days to keep cars and pedestrians away from the…
