Indiana-based manufacturer Philips Products Inc. is ceasing operations, a move that will put 675 people out of work at plants in six states. The closure will cost 250 jobs in its headquarters city of Elkhart, which has seen its unemployment rate reach about 18 percent with the collapse of the RV industry. The company says […]
Normal 0 false false false MicrosoftInternetExplorer4 Chrysler heads back to bankruptcy court today to ask the judge overseeing its case to allow it to terminate the franchise agreements of 789 of its dealerships, despite the protests of many dealers who say the move could close their businesses for good. U.S. Judge Arthur Gonzalez is expected […]
Normal 0 false false false MicrosoftInternetExplorer4 The NCAA wants to give schools an economic break. College sports’ largest governing body has announced it will suspend membership dues for the next school year. It also hopes to save about $500,000 by holding most of its future committee meetings in its headquarters city of Indianapolis. Some NCAA […]
Indianapolis International Airport officials are facing a budget shortfall because of fewer flights at the same time they have higher costs from the new terminal that opened last year. Officials expect revenue to be $15 million less than planned this year but that the airport has enough cash reserves to cover the shortfall. Flight traffic […]
Indiana Gov. Mitch Daniels is calling legislators back to the Statehouse next week to resume work on a new state budget, and legislative leaders are already meeting to lay the budget groundwork. Daniels told a bipartisan group of lawmakers yesterday that the special legislative session would begin June 11. The Republican governor said he hopes […]
Indiana’s largest teachers union says it will stop making payments in July to people who are supposed to get long-term disability benefits from its insurance trust. A National Education Association trustee who has taken over the Indiana State Teachers Association’s troubled insurance arm had previously said that his top priority was making sure teachers and […]
Indiana Gov. Mitch Daniels is calling legislators back to the Statehouse next week to resume work on a new state budget, and legislative leaders are already meeting to lay the budget groundwork. Normal 0 false false false MicrosoftInternetExplorer4 Daniels told a bipartisan group of lawmakers yesterday that the special legislative session would begin June 11. […]
Officials in four Midwestern states badly hurt by the auto industry’s woes are lining up to ask the Cabinet secretaries crisscrossing the region for a better deal when it comes to getting funds from the federal recovery act. With the bankruptcy filing of industry icon General Motors Corp. just days old and Chrysler LLC plants […]
Indiana Gov. Mitch Daniels is calling legislators back to the Statehouse next week to resume work on a new state budget. Daniels told members of the bipartisan State Budget Committee today that the special legislative session would begin June 11. Daniels said he hopes that give lawmakers plenty of time to agree on a spending […]
General Motors Corp. has a tentative agreement to sell its Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. of China, a person briefed on the deal said today. GM announced earlier today that it has a memorandum of understanding to sell the brand of rugged SUVs, but the company didn’t disclose the buyer. The […]
General Motors Corp. said today that it has tentatively agreed to sell its Hummer brand, a day after the U.S. automaker filed for bankruptcy protection with hopes that it will transform its most profitable assets into a new company within just 30 days. The Detroit-based company did not name the proposed buyer or the price, […]
A federal bankruptcy judge has approved the sale of most of Chrysler LLC’s assets to Italy’s Fiat, moving the American automaker a step closer to its goal of a quick exit from court protection. But it didn’t take long for a trio of Indiana state pension and construction funds to file an appeal, saying that […]
Indiana Gov. Mitch Daniels wants to slash overall state spending by 2.5 percent, but the budget he outlined in a live broadcast last night would give public schools and student aid a boost. The Republican governor also said he’s willing to reach into the state’s piggy bank – a bit. He said he wants to […]
General Motors filed for Chapter 11 bankruptcy protection today as part of the Obama administration’s plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.GM’s bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 […]
General Motors filed for Chapter 11 bankruptcy protection today as part of the Obama administration’s plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. Normal 0 false false false MicrosoftInternetExplorer4 GM’s bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial […]
U.S. construction spending rose 0.8 percent in April, defying economists’ forecasts for a decline. The unexpected gain – the most since August – marked the second straight month that builders boosted spending on construction projects around the country, the Commerce Department reported today. Economists were bracing for a 1.2-percent drop in construction spending for April. […]
Indiana University will lose two of its top Bloomington campus administrators as Richard McKaig and Terry Clapacs retire this summer. McKaig is the campus’ dean of students and will retire July 31 after 38 years at the university. Clapacs is the vice president and chief administration officer and will end his 43 years with IU […]
A federal bankruptcy judge approved the sale of most of Chrysler LLC’s assets to Italy’s Fiat, moving the American automaker a step closer to its goal of a quick exit from court protection. But a trio of Indiana state pension and construction funds filed an appeal, saying that the ruling sets aside the rights of […]
Frugal consumers trimmed spending in April – although by less than expected – as rising unemployment kept pocketbooks in check. With income growth far outpacing spending, Americans’ personal savings rate zoomed to 5.7 percent, the highest since February 1995, the Commerce Department reported today. Consumer spending dipped 0.1 percent in April. That was slightly less […]
General Motors Corp., the century-old automaker battered by the economic downturn, mounting debt and management problems, filed for Chapter 11 bankruptcy protection this morning as part of an Obama administration plan to shrink the automaker to a sustainable size and give a majority-ownership stake to the federal government. GM’s bankruptcy filing is the fourth-largest in […]
