Former Butler President Bobby Fong dies at 64
Fong, who presided over a period of enrollment growth and national renown at the Indianapolis university, died Monday morning of natural causes.
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More Carmel apartments on the drawing board
An affiliate of Butler Automotive Group is asking Carmel for a zoning change that would clear the way for a 235-unit apartment complex just north of an under-construction Hyundai dealership at 96th Street and Randall Drive.
Electrolux to buy GE Appliances in $3.3B deal
The acquisition is the largest ever for Stockholm-based Electrolux, ranked as the world's second biggest home appliance maker after U.S. rival Whirlpool. Louisville-based GE Appliances has a long history in Indiana.
Pence’s pivot to the middle annoys far-right base
Many in GOP circles are keeping close watch on the first-term governor, especially those on the far right who are showing signs of disillusionment.
Indiana works to avoid record-low election turnout
Indiana's top elections official and leaders of both political parties are turning to traditional and social media and door-to-door visits in hopes of getting more residents to vote in the November general election.
Conservatives swinging Pence’s way on health reform
Conservatives, after waging war on Obamacare, including its large expansion of Medicaid, are starting to try to propose alternative, conservative ways to achieve its key goals.
Startup Companion Diagnostics trying to work through bankruptcy
Companion Diagnostics Inc., a biotech company that relocated to Indiana from Connecticut in 2010, has entered bankruptcy reorganization while it tries to develop a therapy for inflammation.
People
Brian Schroeder has been named administrative director of Eskenazi Health Wellness, Eskenazi Health Occupational Health and Eskenazi Health Volunteer Services. He previously worked as a clinical practice administrator for the obstetrics and gynecology department of the Indiana University School of Medicine. He holds a bachelor’s degree in public health and a master’s degree in health administration, both from Indiana University.
Dr. Beth Nagle, a family physician, has joined Franciscan Physician Network’s Beech Grove Family Medicine practice. She earned her medical degree at the University of Tennessee Health Science Center College of Medicine in Memphis and received her undergraduate degree in biology from Taylor University.
Company news
Eli Lilly and Co. plans to seek regulatory approval early next year for a new once-a-day insulin after the diabetes treatment fared better than the blockbuster drug Lantus in two late-stage clinical studies. According to the Associated Press, Lilly’s drug peglispro produced statistically significant lower blood sugar levels in Type 1 diabetes patients when compared to people who took Lantus, which garnered $7.8 billion in sales last year for France-based Sanofi SA. Peglispro is a basal or background insulin that patients with Type 1 or Type 2 diabetes can take along with shorter-acting mealtime insulin to help keep blood sugar levels stable.
St. Vincent Health wants to build a $14 million sports performance facility for serious athletes at Indy Cycloplex, a city park that includes the Major Taylor Velodrome cycling track. St. Vincent’s proposal is one idea being discussed with Marian University, which has a contract to manage the park for the city, and four amateur sports groups: Indiana Sports Corp, Play Ball Indiana, USA Football and USA Track & Field. St. Vincent’s idea, if accepted, could become reality as early as 2017. While no firm plans are in place, the groups are likely to discuss the possibility of relocating their offices or some of their operations to the site to create an “amateur sports community,” officials said. The four sports groups are all based in Indianapolis, but are spread around the city. Facilities for research, training, sports safety and performance are among the possible development options on the table in the hope they could attract other sports-governing bodies to Indianapolis. Another possibility for the site is a youth sports park.
Just three months before the parent company of AIT Laboratories was sold in 2009 to its employees for $90 million, it was appraised for less than one-fifth as much, according to a lawsuit filed Aug. 29 by the U.S. Department of Labor. That sudden swing in value is why the federal government has sued AIT founder Michael Evans and the bank he hired to help sell AIT, alleging they breached their fiduciary duties. The suit, filed in federal court in Indianapolis, asks the court to force Evans and Louisville-based PBI Bank to give back any gains they made from the sale. Evans, 70, owned nearly 88 percent of AIT when it was sold to an employee stock ownership plan, or ESOP, according to the lawsuit. Evans did not cash out that entire stake immediately when the sale was made, but instead was to be paid over time as AIT employees made contributions to the ESOP, which functions as their company retirement plan. The lawsuit claims Evans has been paid $16.3 million. It's not clear from the suit how much more he might be in line to collect. The complaint notes that in 2013, a period when AIT was under severe financial pressure, a recapitalization resulted in Evans, who had helped finance the buyout, receiving a 90-percent stake in AIT. Meanwhile, the ESOP's stake shrank from 100 percent to 10 percent.
Taxi drivers settle with Speedway over confiscated licenses
Under the agreement, drivers who had their licenses taken by police on the day of the 2013 Indianapolis 500 will receive a payment and assurances that the town won't take similar action on race days.
Bank to give homebuyers $15K for down payments
Wells Fargo is unveiling a $4.5 million program in Indianapolis that would provide a huge chunk of up-front money for eligible homebuyers.
IPL begins construction on $600M power plant
IPL says the plant, adjacent to the Eagle Valley Generating Station, will generate 671 megawatts of electricity more efficiently and with fewer emissions than the retiring coal-fired plant.
TECHNOLOGY
Local tech startup Gusto LLC is looking to raise $1.5 million in private equity, according to a recent Securities and Exchange Commission filing, and it has $500,000 so far. The software firm is behind smartphone app Gusto, which brings user emails, photos and files from various accounts onto a central platform. CEO Shawn Schwegman,who launched […]
INVESTING
Kirr Marbach & Co., an investment management firm based in Columbus, has won accolades from Kiplinger’s Personal Finance for the performance of its value-oriented stock mutual fund. The Kirr Marbach Partners Value Fund racked up an annualized 24.4-percent return for the five years ended June 30, 2014, the ninth-best performance out of 295 midsize company […]
Obamacare tax rule that split appeals courts gets rehearing
The full U.S. Court of Appeals will rehear a case on Obamacare tax subsidies, granting a government request in a move that may reduce chances of a new Supreme Court showdown over a central part of the law.
IndyCar TV ratings up, sponsors want more
Although television viewership of IndyCar Series races is still lagging far behind what most sponsors and potential sponsors would like to see, there is cause for some optimism in the open-wheel paddock.
Wabash National plans Frankfort factory, 100 jobs
Wabash National announced Friday that its new manufacturing complex in Frankfort, about 45 miles northwest of Indianapolis, will expand its Wabash Composites business.
Unemployment rate dips even as hiring slows
The unemployment rate fell to 6.1 percent from 6.2 percent in August, although U.S. employers added fewer jobs than expected.
Ritz asks for money to cover textbook costs
Indiana Superintendent of Public Instruction Glenda Ritz is also asking for a 3-percent increase in education spending.
Mortgage firm eyes long-vacant Westfield office complex
Once home to the regional headquarters for telecommunications firm GTE, a long-vacant two-building office campus on U.S. 31 in Westfield is slated to get a new tenant.