Simon Property holds deal talks with Taubman, sources say
The talks come as a wave of retail bankruptcies squeeze mall-oriented real estate investment trusts, putting pressure on the industry to consolidate.
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Tech companies lead U.S. stock rally following global gains
Technology companies and banks led a broad rally for U.S. stocks in midday trading Tuesday following solid gains overseas as China took more steps to soften the financial impact of the virus outbreak.
Cummins sees 4Q sales drop, expects bigger revenue decrease this year
The Columbus-based engine-maker said it expects sales to drop another 8% to 12% in 2020, it expects its full-year 2020 revenue to decline between 8% and 12%, mostly because of lower truck production in North America, Europe, China and India
Clock ticking for companies that depend on China imports
If much of industrial China remains on lockdown for the next few weeks, Western retailers, auto companies and manufacturers that depend on Chinese imports will start to run out of the goods they depend on.
Century-old Diamond Chain downtown plant with 240 employees set for closure
New owner Timken Co. plans to consolidate the local plant’s operations in Illinois. Diamond Chain was founded in 1890 as the Indianapolis Chain & Stamping Co., originally to produce chains for the nation’s fast-growing bicycle industry.
Charter operator spending $10M to relocate elementary school to former warehouse
Paramount Schools of Excellence bought the 55,000-square-foot building in the Cottage Home neighborhood for about $3.2 million.
Simon Property’s fourth-quarter performance exceeds expectations
The Indianapolis-based shopping mall giant topped analyst predictions for funds from operations and revenue in the latest quarter.
Tough start for Democrats: Big delay for leadoff Iowa caucus results
The Iowa Democratic Party said Monday night that results from the state’s first-in-the-nation caucus were greatly delayed due to “quality checks” and new reporting rules, an embarrassing complication that added a new layer of doubt to an already uncertain presidential primary season.
State lawmakers send school ‘hold harmless’ bill to governor
Schools won’t be punished for low test scores earned during the first two years of the state’s new ILEARN test—a move by state lawmakers Monday that will render schools’ 2019 and 2020 state grades essentially meaningless.
Carmel council members seek answers over hotel’s cost overruns
A double-barrel audit may be the next step in scrutinizing why Carmel’s boutique hotel project, The Hotel Carmichael, is about $20 million over its original budget.
Report: First month of Illinois pot sales netted nearly $40M
Despite shortages, Illinois residents bought more than $30.6 million in January, while out-of-state visitor sales totaled $8.6 million. Dispensaries sold more than 970,000 products.
Indiana push for pregnant worker protections gets sidelined
The proposal faced opposition from some business groups, including the Indiana Chamber of Commerce and the Indiana Manufacturers Association.
Indiana House passes bill to slow utilities from shutting down coal plants
The bill’s opponents call the legislation a “coal-bailout bill,” designed to prop up the state’s struggling coal industry just as utilities are preparing to shut down aging coal plants.
Amazon plans new Indianapolis-area distribution facility with up to 1,000 employees
The Seattle-based e-commerce company plans to use a 660,384-square-foot building that’s already under construction for an an “inbound cross dock” center.
Two dozen Indiana hospitals to be fined for high rates of infections, patient injuries
Twenty-four Indiana hospitals will be docked by the Centers for Medicare & Medicaid Services—the highest number since the program began six years ago.
Earth Fare grocery chain bagging all of its stores
Following a round of closures earlier in the year, the high-end, organic-heavy chain says “challenges in the retail industry” have hindered its ability to pay off debt.
Hamilton County chief deputy treasurer files suit against former coworker, political foe
Hamilton County Chief Deputy Treasurer Kim Good is pursuing defamation charges against a former co-worker who claimed Good engaged in nepotism and fired her to cover it up.
Stocks rise on Wall Street, but China’s main market dives
Technology companies led U.S. stocks higher in midday trading Monday as global markets mostly calmed down following a sharp sell-off last week over worries about the spreading virus outbreak in China.
UPDATE: Simon, partners bid $81 million for bankrupt Forever 21 chain
The deal is the latest evidence of Simon’s willingness to step into an ownership role to rescue mall chains that overexpanded and made other blunders as the internet roiled the fashion-retailing industry.
Survey: U.S. factories expand for first time since July
New orders, production and export orders all grew last month. Factory hiring dropped for the sixth straight month but at a slower pace than it did in December.