U.S. businesses slashed inventories in December by the biggest amount in seven years as they coped with plunging sales in a dismal holiday season. The Commerce Department reported today that inventories fell 1.3 percent in December, far worse than the 0.9 percent decline analysts expected. It was the largest cut since the record 1.5 percent […]
The Indianapolis Motor Speedway is cutting ticket prices for this summer’s Allstate 400 at the Brickyard NASCAR race. A limited number of seats in two sections of the backstretch will be sold for $45 each, a savings of $30. Speedway President Joie Chitwood says track officials decided to cut the ticket prices because of the […]
U.S. retail sales jumped 1 percent in January, reversing a six-month declining trend and defying economists’ expectations by posting the biggest increase in 14 months. The Commerce Department says January retail sales rose a percent from December after having fallen for six straight months. Wall Street economists surveyed by Thomson Reuters had expected January sales […]
The number of people requesting first-time unemployment benefits dropped slightly last week, but remained near a 26-year high as companies laid off thousands of workers amid a deepening recession. The Commerce Department said today that the number of initial jobless benefit claims dropped to a seasonally-adjusted 623,000, from an upwardly revised figure of 631,000 the […]
The Justice Department will investigate the proposed merger of ticketing giant Ticketmaster Entertainment Inc. with Live Nation Inc. to see if it would create an unfair monopoly in the ticket-selling business. Federal antitrust lawyers are “committed to vigorous enforcement of the merger antitrust laws and will conduct a thorough investigation,” Justice Department spokeswoman Gina Talamona […]
Legislation would eliminate township government Lawmakers are considering a bill that would eliminate township government in Indiana and shift duties such as poor relief to the county level. Dozens of township officials packed the Senate chambers yesterday to tout some of the services they provide: helping the needy pay their bills, maintaining cemeteries and handling […]
Several parents made a pitch yesterday for a proposed state law that would prohibit traditional public schools in Indiana from starting their academic year earlier than late August. Parents from schools that started this school year as early as Aug. 11 said earlier start dates that many schools have turned to mean higher building cooling […]
“Smoking ban light.” That’s how Democratic state Rep. Charlie Brown of Gary described his bill to ban smoking in public places in Indiana after a House committee today carved out exemptions for casinos, some bars and certain hotels. “Very, very light, and I don’t like it,” Brown said after his amended bill cleared the Democrat-controlled […]
The U.S. trade deficit fell to the lowest level in nearly six years in December as the recession depressed demand for imports. The trade deficit in 2008 fell for a second straight year, and economists expect an even bigger decline this year. The Commerce Department said today that the deficit in December fell 4 percent, […]
Indiana State Police say it might be mid-afternoon before the southbound lanes of Interstate 65 completely reopen on the south side of Indianapolis after a tanker truck carrying 8,500 gallons of fuel overturned this morning. State police say crews must drain the fuel from the tanker truck before it can be removed. Sgt. Anthony Emery […]
A new proposal would help fix Indiana’s depleted unemployment insurance fund by raising taxes on employers. The Indiana House labor committee voted 9-3 yesterday to raise more money from businesses by increasing both the taxable wage base and tax rates. The plan wouldn’t raise enough money to immediately fix the fund, which is currently paying […]
The Indiana House approved two massive spending bills yesterday – a job-creation proposal that would funnel $1 billion toward local road projects and an education budget that would give schools a 2-percent spending increase. Some Republicans objected to both bills because they would each tap into reserve or trust funds to help pay for the […]
Investors are frustrated with the government’s latest bank bailout plan – and showing it by unloading stocks. The major stock indexes fell more than 4 percent today, including the Dow Jones industrial average, which tumbled 382 points. Financial stocks led the market lower, a sign of how concerned Wall Street is about the government’s ability […]
A longtime Wayne County judge has been named the new chairman of the Indiana Alcohol and Tobacco Commission. Gov. Mitch Daniels appointed Judge P. Thomas Snow to the position today. Snow has been a Superior Court judge in the eastern Indiana county, which includes Richmond, since 1989. He will start as alcohol commission chairman on […]
The U.S. Postal Service announced today that the price of a first-class stamp will rise 2 cents, to 44 cents, on May 11. That gives plenty of time to stock up on Forever Stamps, which will continue to sell at the current 42-cent rate until the increase occurs. They will remain valid in the future […]
A Muncie plant that makes boxes for a variety of consumer products has announced that it will close, putting 154 employees out of work. Graphic Packaging International plant manager Rich Maday said the company announced the plans today. Work at the plant will be moved to other factories by the summer. Marietta, Ga.-based Graphic Packaging […]
General Motors Corp. said today it will cut 10,000 salaried jobs, citing the need to restructure itself with a government deadline looming and amid some of the worst sales in the auto industry’s history. The Detroit-based automaker said it will reduce its total number of salaried workers to 63,000 from 73,000 this year. About 3,400 […]
U.S. wholesalers cut inventories in December by the largest amount in 16 years, slashing stockpiles amid the deepening recession. The reduction means wholesalers ordered fewer new goods, leading to reduced production and potentially more job layoffs. The Commerce Department said today that wholesale inventories plunged by 1.4 percent, nearly double analysts’ expectations of 0.8 percent. […]
A new proposal would help fix Indiana’s depleted unemployment insurance fund by raising taxes on employers. The Indiana House labor committee voted 9-3 this morning to raise more money from businesses by increasing both the taxable wage base and tax rates. The state’s unemployment insurance fund currently pays out millions of dollars more than it […]
Two of the biggest forces in the entertainment business are joining up. Concert promoter Live Nation Inc. and ticketing giant Ticketmaster Entertainment Inc. said this morning that they plan an all-stock merger of equals. The combined company would be called Live Nation Entertainment. Regulatory experts have said the deal could get delayed by an antitrust […]
