Fed unleashes another big rate hike in bid to curb inflation
The Fed is tightening credit even while the economy has begun to slow, thereby heightening the risk that its rate hikes will cause a recession later this year or next.
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Indianapolis-based Aearo files for bankruptcy protection amid flood of lawsuits
Aearo Technologies filed for Chapter 11 bankruptcy protection this week as a way to deal with the more than 230,000 product liability suits filed against the company and its corporate parent, 3M, in recent years over its now-discontinued Combat Arms earplugs.
Indianapolis-based Scale Computing lands $55M investment
Scale Computing CEO Jeff Ready said the $55 million investment will help the fast-growing company move closer to its goal of an initial public offering.
Deal-making down as inflation, rate hikes spur caution
Companies hit the brakes on deal-making during the first half of 2022 as concerns over pervasive inflation, interest rate hikes and the threat of a recession loomed over Wall Street.
Hope for depositors dwindles as crypto lender Celsius files for bankruptcy
For several years, Celsius was a crypto golden child under co-founder Alex Mashinsky, offering more than 20 percent yields under what he and other executives said was a disruptive plan that avoided the fees and greed of traditional banks.
Crypto plunge is cautionary tale for public pension funds
The recent crypto meltdown has prompted a larger question: For pension funds that ensure teachers, firefighters, police and other public workers receive benefits in retirement after public service, is any amount of crypto investment too risky?
Wall Street expects inflation squeeze on 2Q earnings
Inflation tightened its grip on businesses and consumers during the second quarter and investors expect to see a dent in the latest round of corporate earnings.
With U.S. dollar nearly equal to euro, impact is being felt
The U.S. Dollar Index, which measures the value of American money against six major foreign currencies, has jumped nearly 12% this year, to a two-decade high.
Fishers-based ‘blank check’ company finds acquisition target
Fishers-based American Acquisition Opportunity Inc. says it has entered into a merger agreement with Royalty Management Corp. in an all-stock deal that values Royalty Management at $111 million. The merger will create a new Fisher-based public company.
Indiana stocks fare better than most this year
At the close of trading June 24, Bloomberg’s Indiana Index was trading at $375.30, up 0.55% from the beginning of the year. The S&P 500 was down 18.45% and the tech-heavy Nasdaq was down 26.59%.
Some medical debt being removed from U.S. credit reports
Starting Friday, the three major U.S. credit reporting companies will stop counting paid medical debt on the reports that banks, potential landlords and others use to judge creditworthiness.
From stocks to crypto, a punishing six months for investors
The S&P 500, Wall Street’s broad benchmark for many stock funds, closed the first half of 2022 with a loss of more than 20% after starting the year at an all-time high. It’s the worst start to a year since 1970, when Apple and Microsoft had yet to be founded.
Elevate Ventures taps local entrepreneur Christopher Day as next CEO
Christopher Day, the CEO and cofounder of Indianapolis-based marketing tech firm DemandJump, will take over as CEO of the Indianapolis-based organization on July 18.
FTC sues Walmart over scammers’ use of money transfer unit
In its lawsuit, the agency alleged that for years, Walmart failed to properly secure the money transfer services offered at its stores.
Old National Bank to sell its health savings account business
The deal, expected to close in the fourth quarter, includes about $500 million in client assets held in about 157,000 accounts associated with more than 3,000 employer groups.
Crypto hedge fund Three Arrows Capital in default on $665M loan
The loan default comes at a perilous moment for cryptocurrencies, with investors enduring staggering losses. The market value for all cryptocurrencies stood just below $1 trillion on Monday; seven months ago, that figure approached $3 trillion.
All big U.S. banks pass Fed’s annual ‘stress tests’
The tests vary from year to year, but generally involve the Fed testing to see how steep the losses in the banking industry would be if unemployment were to skyrocket and economic activity were to severely contract.
Crypto investors’ hot streak ends as harsh ‘winter’ descends
It’s a dizzying turn of events for investments and companies that at the start of 2022 seemed to be at their financial and cultural apex. The industry’s combined assets back then were estimated to be worth more than $3 trillion; today, they are worth less than a third of that. Maybe.
Fort Wayne-based credit union to enter central Indiana market
Fort Wayne-based 3Rivers Federal Credit Union, which operates 21 branches in northeast and east-central Indiana, plans to spend $7.5 million to construct three branches in central Indiana.
Average U.S. mortgage rates make biggest jump in 35 years
Mortgage applications are down more than 15% from last year and refinancings are down more than 70%, according to the Mortgage Bankers Association.