Wall Street headed for another precipitous drop today as fears of a punishing global recession stirred panic among investors and sent world financial markets into a tailspin. The Dow Jones industrial average futures were down 550 points, triggering a freeze in selling.The massive decline was caused by increasingly grim news from overseas. In Japan, shares […]
German manufacturer Getrag is without a primary customer for the transmissions it expected to make at a new factory in Tipton. Chrysler LLC terminated a financing options agreement with Getrag over the weekend, the company said. Indiana economic development officials hope Getrag can find a new customer soon for dual-clutch transmissions that were to be […]
Engine maker Cummins Inc. said Tuesday it will buy $25 million of stock of Irwin Financial Corp. to support the Columbus bank’s restructuring plan. The investment is contingent upon regulatory approval of the purchase and the restructuring plan, a Cummins spokesman said. Irwin Financial said earlier this month that it planned to raise a total […]
President Bush said today that the government’s financial rescue plan was aggressive enough and big enough to work, but would take time to fully kick in. “We are a prosperous nation with immense resources and a wide range of tools at our disposal … We can solve this crisis and we will,” Bush said in […]
Wall Street extended its devastating losses this morning, but prices swung sharply as investors scooped up shares decimated by more than a week of intense and panicked selling. The Dow Jones industrials, down nearly 700 points in the opening minutes of trading, soon recovered to a loss of just over 200, and the other major […]
Shares of engine parts maker Cummins Inc., soared yesterday after Caterpillar Inc. announced a business deal with truck maker Navistar International Corp. – a move an analyst said will boost business for Cummins. Shares rose $6.25, or 9.9 percent, to $69.38. Earlier Thursday, Caterpillar, one of the world’s largest makers of heavy machinery, announced a […]
Shares of hip and knee implant maker Zimmer Holdings Inc. surged today after the company reported better fourth-quarter results than analysts expected, and forecast solid 2008 profit and sales. The Warsaw company’s profit and revenue both surpassed Wall Street estimates, as well as its own forecasts, in the fourth quarter. In 2008, Zimmer expects a […]
A state legislative commission studying Indiana’s tax woes said today that it thinks the government should trim property taxes 50 percent for most homeowners. The bipartisan commission also wants to reduce taxes by 25 percent for other residential property like apartments and second homes. It would balance these cuts with increases in local option income […]
