U.S. stock markets sank today as investors booked profits from last week’s gains and new worries set in over banks’ profit reports. The Dow Jones industrial average index plummeted 3.6 percent, to 7,841.60, the Standard & Poor’s 500 dropped 4.2 percent, to 832.42, and the NASDAQ composite fell 3.9 percent, to 1,608.21. Worries about the […]
Federal officials have chosen Navistar Corp.’s Fort Wayne plant to help develop a new electric hybrid school bus that’s part of the Obama administration’s goal of lessening the nation’s reliance on petroleum. The U.S. Department of Energy said Friday that Navistar will be a partner in a project to develop, test and put onto the […]
GM North America President Troy Clarke said in an e-mail to employees sent today that the layoffs are needed to ensure the company’s long-term viability. “In these unprecedented times, GM is reinventing every aspect of our business, including our organizational size and structure, to create a lean and agile company,” Clarke wrote in the e-mail […]
A mystery is unfolding in the world of college fundraising: During the past few weeks, at least eight universities have received gifts totaling nearly $45 million, and the schools had to promise not to try to find out the giver’s identity. One school went so far as to check with the IRS and the Department […]
A developer is working on plans to install up to 75 turbines on several small wind farms in northern Indiana’s LaGrange County. Fort Wayne-based Pioneer Wind Energy LLC says it has rented more than 4,000 acres, enough to build two of the wind farms with 10 to 15 turbines each. The company’s plans for LaGrange […]
Indiana is extending the state tax-filing deadline for those trying to use its clogged online system. A technology glitch slowed the state’s I-File system, and last-minute tax filers created a bottleneck yesterday. The Indiana Department of Revenue has extended the I-File state tax deadline until midnight Sunday. Revenue Commissioner John Eckart said today he regrets […]
IUPUI officials are negotiating with the Indiana Pacers to play home basketball games at the nearby 18,000-seat Conseco Fieldhouse. The Jaguars normally play home games at their 1,200-seat campus gymnasium, and coach Ron Hunter said the program “will not be able to move forward any further unless we get a new facility.” The Summit League […]
U.S. jobless claims fell more than expected for the second straight week, but the number of Americans continuing to receive unemployment insurance benefits rose above 6 million for the first time. Analysts expect the labor market to remain weak for the most of this year, as many employers are reluctant to hire until an economic […]
The Indiana House has approved a bill that would prohibit the governor from soliciting or receiving campaign contributions during budget-writing sessions of the General Assembly. The bill also would prohibit any businesses with state contracts worth more than $50,000 from giving contributions to statewide office holders or candidates. The ban would also apply to executives […]
A Statehouse proposal that would allow Indianapolis to raise local taxes to save its cash-strapped stadium agency cleared the Indiana Senate yesterday as the debate over who should pay for the bailout continued. The Senate voted 33-17 for a proposal to fund the Indianapolis Capital Improvement Board, which expects to be $47 million short in […]
Eight Midwestern states, including Indiana, hope to secure federal stimulus money for a network of faster passenger trains with Chicago as its hub – joining forces to boost their chances of getting a cut of $8 billion set aside for high-speed rail. The governors, including Illinois Gov. Pat Quinn, said yesterday they have sent a […]
Another $4.4 million in economic recovery funds are going to four airports in Indiana, with about half of the amount going to repair a taxiway at Mount Comfort Airport, about 10 miles east of Indianapolis. U.S. Transportation Secretary Ray LaHood said the Federal Aviation Administration will provide $2.2 million to Mount Comfort. Another $1 million […]
Thousands of protesters – many first-timers – gathered on the Indiana Statehouse lawn yesterday to make it known they were fed up with overspending by the government. The word “enough” was everywhere – on signs handed out by organizers, spelled out in red, foam letters behind a country music band, on the homemade signs held […]
The federal unemployment tax rate paid by Indiana employers might rise 38 percent next year if the state has not repaid all of the hundreds of millions of dollars in loans it needs to keep paying jobless benefits, a top official said yesterday. Chief Financial Officer Scott Sanders of the Department of Workforce Development told […]
A Statehouse proposal that would allow Indianapolis officials to raise a handful of local taxes to save its cash-strapped stadium agency has cleared the Indiana Senate. The Senate voted 33-17 today for a proposal to fund the Indianapolis Capital Improvement Board, which expects to be $47 million short in its operation of the city’s professional […]
Consumer prices dipped unexpectedly in March, leaving prices over the past year falling at the fastest clip in more than a half-century. The recession is expected to keep a lid on inflation as widespread layoffs dampen wage pressures and weak demand keeps companies from raising prices. The Labor Department said Wednesday that consumer prices edged […]
The first phase of a wind farm being developed in Indiana by Richmond-based Dominion Resources Inc. and BP Wind Energy is operational, the companies announced today The companies said the 222 turbines at the Fowler Ridge Wind Farm in Benton County can generate 440 megawatts of electricity, enough to power about 120,000 average homes. Dominion […]
Indiana University is reorganizing its athletic department and splitting student development and compliance into separate offices. Athletic director Fred Glass said IU Administrative Services Director Mary Ann Rohleder will become associate athletic director for compliance, and Associate Athletic Director Grace Calhoun will now be in charge of student development and academics. The reorganization announced today […]
Alcohol taxes would double only in Marion County – not the whole state – under a plan advanced by the Indiana Senate yesterday. The Senate made several changes to a bill aimed at rescuing the Indianapolis Capital Improvement Board, which expects to be $47 million short in its operation of the city’s professional sports stadiums […]
The Indiana Senate has approved a budget that would rely on federal economic stimulus money to boost school spending, but a top senator says the funding increase might be short lived. A new state revenue forecast expected Friday will give lawmakers a better idea of how much the state can spend over the next two […]
