‘Cliff’ deal sends stocks up, but problems lurk
The "fiscal cliff" compromise, even with all its chaos, controversy and unresolved questions, was enough to send the stock market shooting higher Wednesday, the first trading day of the new year.
Banking & Finance
Articles
Columbus-based mutual fund shines in 2012
Kirr Marbach’s ‘mid-cap blend’ outpaces similar Indiana-based investments.
Investment strategists confront shrinking interest rates
You know the investing climate is unusual when a stock’s dividend yields more than bonds issued by the same company.
Despite deal, taxes to rise for most Americans
While the tax package that Congress passed New Year's Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying significantly more federal taxes in 2013.
After cutting debt, Emmis lines up $100M refinancing
The Indianapolis-based media company had been carrying debt far above market rates, some as high as 23 percent. It also was facing tens of millions of dollars in debt maturities in 2013 and 2014.
Developer loses fraud appeal
The Indiana Court of Appeals affirmed Christopher White’s 2009 conviction, resulting from a $500,000 bad check he wrote as he tried to save his real estate development firm.
Former Lifestyle gym building target of foreclosure
The owner of the building at 4225 E. 82nd St. owes $4.9 million on a $7.4 million loan, according to the suit. The tenant, Lifestyle Family Fitness, closed the location in November 2011.
Analysis: Ordinary folks are losing interest in stocks
Defying decades of investment history, ordinary Americans spooked by the Great Recession have been selling more stocks than they’ve been buying. The selling has not let up despite unprecedented measures by the Federal Reserve to persuade people to buy and the come-hither allure of a levitating market.
Former brokerage VP suing for sex, age discrimination
Attorneys for Dana Hurst say in a Dec. 20 court filing that David A. Noyes & Co. didn’t grant her pay increases or year-end bonuses during her last 15 years on the job, while male counterparts were better rewarded.
REWIND: IBJ’s top 10 business stories of 2012
The state's labor landscape changed, and the housing market improved. Indianapolis basked in the glow of a flawless Super Bowl, and big-name CEOs were shown the door. IBJ's reporters and editors recall the year's biggest stories.
Women’s physician building targeted for foreclosure
A lawsuit from the lender claims that Women’s Physician Group still owes $8.7 million on a $9 million loan it received for a northwest-side building.
U.S. economy grew at 3.1 percent in summer
Exports increased, consumers spent more and state and local governments added to growth for the first time in three years. But the economy is likely slowing in the current quarter.
Slinky maker’s owner buys bankrupt Fundex for $1.7M
Private equity firm Propel Equity Partners is acquiring Fundex following a court-ordered auction in which a surprise bidder surfaced, driving up the price of the company.
Former country club controller gets 2 years for fraud
Officials say Denise Abrell defrauded the Country Club of Indianapolis of $400,000 by writing checks to herself and using the club's credit card without its knowledge.
Auditors: Tech issues, worker rush led to state tax errors
Auditors investigating Indiana's Department of Revenue are saying outdated technology and a work culture that sacrificed accuracy for speed led to $526 million in tax errors from the state.
Actuarial firm plans expansion at Indy office
Milliman Inc. said it will add 26 jobs by 2017 and invest $2 million to install additional information technology equipment at its office in downtown’s Chase Tower.
Analysis: Simon factions make peace as tax hike looms
Widow Bren Simon and her stepchildren finally managed to settle a long legal battle over the estate of mall magnate Melvin Simon. The goal that appears to have united the survivors: Reducing Uncle Sam’s take of a fortune that has swelled to nearly $3 billion.
FDIC suits charge JPMorgan worsened Irwin Union’s woes
The FDIC says offering circulars Irwin Union relied on when it bought residential mortgage securities contained false and misleading information.
Home seizures by banks rise in Indiana, nationally
Home repossessions rose in 29 states and the District of Columbia in November, led by an increase of 96 percent in Indiana. However, the number of homes starting on the path to foreclosure declined to the lowest level in six years.
Simon’s Rushmore Mall loan sent to servicer, Fitch says
A loan with a balance of $94 million on a South Dakota shopping center owned by Simon Property Group was sent to a special servicer because default is imminent, Fitch Ratings said.