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Mount Vernon-based SABIC Innovative Plastics said yesterday it plans to lay off as many as 125 workers next month as part of a series of cost-cutting measures. The measures include reducing executive salaries, freezing salaried employees’ pay and reducing the company’s 401(k) match. The plant, which employs about 1,200 workers in the southern Indiana community, […]

New-home sales tumbled to a record-low annual pace in January and there’s no relief in sight as mounting damage from the collapsed housing market pushes the country deeper into recession. The Commerce Department reported today that sales fell 10.2 percent, to a seasonally adjusted annual rate of 309,000, the worst showing on records going back […]

New jobless claims rose more than expected last week and the number of laid-off Americans continuing to receive unemployment benefits topped 5.1 million, fresh evidence the recession is increasingly forcing employers to shed jobs. The Labor Department said today that first-time requests for unemployment benefits jumped to 667,000 from the previous week’s figure of 631,000. […]

The state’s casinos would get tax breaks under a bill approved yesterday by the Indiana House. The bill would lower tax rates for casinos at the state’s pari-mutuel tracks in Anderson and Shelbyville. They’re struggling to pay debts they took on to pay $250 million each in slot machine licensing fees. The bill would also […]

General Motors Corp. posted a $9.6 billion fourth quarter loss and said it burned through $6.2 billion of cash in the last three months of 2008 as it fought the worst U.S. auto sales climate since 1982 and sought government loans to keep the century-old company running. The nation’s biggest domestic automaker said today it […]

A bill to require chain restaurants in Indiana to make nutritional information available to customers at each location has cleared the Indiana House. The bill failed to pass earlier this session, but its author, Democratic Rep. Charlie Brown of Gary, called it for another vote last night. It passed 51-46 and now moves to the […]

A state lawmaker abandoned a bill yesterday that would have effectively eliminated the Indiana High School Athletic Association and replaced it with a board under the state Department of Education. Rep. David Niezgodski (D-South Bend) is upset over the way the IHSAA has handled the eligibility case of a female high school basketball player in […]

Political sparring in the narrowly divided Indiana House has sidelined legislation to help fix the state’s bankrupt unemployment insurance fund – but lawmakers say the critical issue will be revived. The proposal would have significantly raised taxes on employers to help balance the fund. The account pays out millions of dollars more than it collects […]

Rose-Hulman Institute of Technology’s president is leaving the Terre Haute engineering school to become provost of the California Maritime Academy. Gerald Jakubowski had announced his resignation, effective June 30, from Rose-Hulman on Monday, but did not then give a reason. The maritime academy near San Francisco is part of California State University system. Jakubowski told […]