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UPDATE: Bankrupt Chrysler owes Cummins $43.9M-WEB ONLY
Chrysler LLC said in its bankruptcy filing today that it owes Cummins Inc. $43.9 million, placing the southern Indiana company among its top unsecured creditors. A Cummins spokesman said some of that money will be covered by the U.S. Treasury Department’s new Supplier Support Program, which the company entered earlier this month. “It’s our belief […]
BREAKING: Feds charge Charter Homes owner, others-WEB ONLY
Federal authorities have filed mortgage fraud charges against seven local residents, including the owner of Charter Homes, the subject of an IBJ investigation last year. The U.S. Attorney’s Office for the Southern District of Indiana today charged Jerry J. Jaquess and six others with crimes connected with 149 fraudulent loan transactions totaling $19.7 million between […]
Feds charge Charter Homes owner, 6 others-WEB ONLY
Federal authorities have filed mortgage fraud charges against seven local residents, including the owner of Charter Homes, the subject of an IBJ investigation last year. The U.S. Attorney’s Office for the Southern District of Indiana today charged Jerry J. Jaquess and six others with crimes connected with 149 fraudulent loan transactions totaling $19.7 million between […]
Bankruptcy could idle Chrysler for months-WEB ONLY
Chrysler LLC filed for Chapter 11 bankruptcy protection in New York today and will form an alliance with the Italian carmaker Fiat Group SpA in an effort to revive the nation’s ailing third-largest automaker. The move will idle Chrysler production workers across the nation for 60 days or more, including about 6,000 employees in Indiana […]
IU’s Crean tweeting to win
Big news out of Bloomington … basketball coach Tom Crean is Twittering. Pardon me, he’s tweeting. He began about two weeks ago. Actually, it is rather cool, and pretty forward thinking too. Crean…
Daniels defends firm stand on budget-WEB ONLY
Indiana Gov. Mitch Daniels says he will call a special session on the budget when lawmakers are ready to deal with fiscal realities. The General Assembly adjourned last night without passing a new, two-year budget, which will force lawmakers to reconvene to craft a spending plan. Daniels said today that the plan lawmakers voted on […]
Radio stations cut jobs, announce furloughs-WEB ONLY
Two national radio giants with several stations in Indianapolis announced cost-saving steps this week to cope with the slumping economy. Clear Channel Communications Inc. slashed 590 positions nationwide Tuesday, on top of cuts it made earlier this year. And Atlanta-based Cumulus Media Inc. told employees yesterday that it is requiring them to take five days […]
Governor says he’ll sign jobless-fund bill-WEB ONLY
Indiana Gov. Mitch Daniels said he plans to sign into law a proposal to fix Indiana’s bankrupt unemployment fund, despite calls from business leaders for him to veto the bill. The state’s unemployment insurance fund currently pays out hundreds of millions of dollars a year more in benefits than it collects in employer taxes. The […]
Chrysler to file for bankruptcy today-WEB ONLY
Auburn Hills, Mich.-based Chrysler LLC, which has about 6,000 workers in Indiana at four plants in Kokomo, will file for Chapter 11 bankruptcy protection in New York today and be eligible for up to $8 billion in federal aid, senior administration officials said today. The move would come after talks with a small group of […]
Radio stations cut jobs, announce furloughs-WEB ONLY
Two national radio giants with several stations in Indianapolis announced cost-saving steps this week to cope with the slumping economy. Clear Channel Communications Inc. slashed 590 positions nationwide Tuesday, on top of cuts it made earlier this year. And Atlanta-based Cumulus Media Inc. told employees yesterday that it is requiring them to take five days […]
State distributes antiviral drugs to combat flu outbreak-WEB ONLY
County health departments will start receiving shipments of antiviral drugs today as officials prepare to treat possible cases of the H1N1 swine flu virus. State Health Commissioner Judy Monroe says Indiana has a stockpile of more than 850,000 antiviral drugs. The Hoosier State also was among the first to receive extra medication from a federal […]
Bauer blames Daniels for special session-WEB ONLY
Democratic Indiana House Speaker Patrick Bauer is blaming Republican Gov. Mitch Daniels for the need of a special legislative session. The General Assembly did not pass a new state budget by last night’s midnight deadline for adjourning the session, which will force Daniels to call a special session to get one approved. Bauer said today […]
Mini-Marathon activities kick off today-WEB ONLY
The 500 Festival Mini-Marathon Expo launches this afternoon. The event will give organizers a chance to unveil the new 500 Festival t-shirts, and runners a chance to start picking up their registration packets. Vendors will be on hand to show off the latest gear and get Hoosiers ready for the race. The expo begins at […]
Duke results meet analyst expectations-WEB ONLY
Indianapolis-based Duke Realty Corp. late yesterday reported first-quarter results in line with analyst expectations and detailed an ongoing plan to strengthen its balance sheet. The office, industrial and health care developer reported funds from operations – a common performance measure for real estate investment trusts – of $110.6 million, or 71 cents per share. Excluding […]
CIB debate goes overtime
Where do we go from here? When it comes to the Capital Improvement Board and this city’s sports facilities, it’s anybody’s guess.
About the only thing we know for sure, the CIB has called…
Vectren profit jumps despite lower energy usage-WEB ONLY
Evansville-based utility Vectren Corp.’s first-quarter profit rose 12 percent, to $72.8 million, despite lower energy consumption from its commercial customers, the company reported yesterday. Earnings per share of 90 cents beat analysts’ estimates by 7 cents, and were 6 cents higher than at the same time last year. Revenue declined 13.4 percent, to $795.2 million. […]
Baldwin & Lyons bounces back with profit-WEB ONLY
Baldwin & Lyons Inc. swung to a profit and met analysts’ expectations in the first quarter, the trucking fleet insurer reported today. Indianapolis-based Baldwin earned $5.4 million, or 37 cents per share, as investment losses eased from a year earlier. In the first quarter of 2008, Baldwin lost $4.6 million, or 30 cents per share. […]
Chrysler to file for bankruptcy today-WEB ONLY
Auburn Hills, Mich.-based Chrysler LLC, which has about 6,000 workers at four plants in Kokomo, will file for bankruptcy, two Obama administration officials said today. The move would come after talks with a small group of creditors crumbled just a day before a government deadline for the automaker to come up with a restructuring plan. […]
Cummins Inc. earnings slides 96 percent-WEB ONLY
Cummins Inc. revised its 2009 revenue and earnings outlook downward today while reporting its first-quarter profit slid 96 percent compared to the same period a year ago. The Columbus diesel engine maker posted a profit of $7 million, or 4 cents per share, down from $190 million, or 97 cents per share, a year earlier. […]