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EYE ON THE PIE: Waiting for evidence of recession

Save the date: March 27. That’s when the U.S. Bureau of Economic Analysis will release the latest data on Indiana’s economy. At that time, we’ll get the first estimate of personal income for the last three months of 2007, plus revisions of previous quarters. If there is a recession, that’s where we will see the first clear indications. If? Yes, it is still not clear if there is a recession because the data, our photos of economic performance, are not…

Telamon on the rebound: Diversification puts Carmel technology firm back on fast track, prevents layoffs

In 2003, Carmel-based Telamon Corp. hit rock bottom. So, founder Albert Chen returned to his roots. Taiwanese native Chen, 63, had spent two decades building his firm to serve telecommunications giants. But when the dot-com bubble burst, the telecom industry tanked along with it. Telamon-then Indiana’s largest minority-owned business-saw its annual revenue plummet $300 million, down from $456 million in 2001. Most managers would have chosen to shrink Telamon to reflect its new reality. But Chen doesn’t do mass layoffs….

Citizens drops plan to use synthetic gas: Indianapolis utility says it can tap other suppliers and pay favorable prices

Citizens Gas has closed the valve on plans to buy synthetic natural gas from a $1.5 billion coal gasification plant slated for southwestern Indiana, leaving two other Indiana utilities as the initial customers. The Indianapolis gas utility attributed the pullout to the diversification of its gas supply since the Indiana Gasification LLC project was announced in October 2006. Citizens also signaled it would look at buying more supply through a gas purchasing authority it and two other municipal utilities created…

SPORTS: In defense of the indefensible blue and gold

Yes, I’m writing about the Indiana Pacers. Their struggles-and, yes, the scrapes with the law and bad judgment exercised by a few-have exposed an ugly underbelly that says as much about us as it does about them. It’s a cautionary tale for those riding-high Indianapolis Colts because (1) Peyton Manning won’t play forever, (2) Tony Dungy won’t coach forever, (3) Bill Polian won’t be the decision-maker forever, and (4) the law of legal averages eventually will catch up to any…

Commentary: Why are we so afraid of immigration?

Indiana Senate Bill 335 is a poorly crafted public policy that fails to reflect the totality of immigration and the societal and economic issues associated with it. Hispanics are the nation’s largest minority group, numbering 47 million. About a quarter of Hispanic adults, roughly 11 million, are unauthorized immigrants. The Pew Hispanic Center estimated Indiana’s unauthorized immigrant population at 65,000, roughly 1 percent of the population. In 2004, 93 percent of unauthorized men age 18-64 were in the labor force,…

Creditor pursues Premier property

Wachovia Bank has begun foreclosure proceedings on one of Premier Properties USA Inc.’s most prized developments, a giant
Ohio lifestyle center anchored by Target and J.C. Penney. The Charlotte, N.C.-based bank also is foreclosing on a vacant former
Wal-Mart store in front of Premier’s Metropolis mall in Plainfield.

Borshoff is latest communications company to diversify: Firm known for public relations seeks creative growth

An Indianapolis-based firm long known for public relations and crisis communications work is now trying to make its mark as a full-service advertising agency. Borshoff, formerly Borshoff Johnson Matthews, last month hired Art Haynie, a veteran Los Angeles-based creative director, to bolster the effort. “Public relations has been our handle for a long time,” said company founder Myra Borshoff Cook. “Now, we have to get the word out that we’re just as strong in other areas. To grow we feel…

STATEHOUSE DISPATCH: Thorny tax issues remain as scheduled adjournment nears

The closer we get to March 14, the date the 2008 legislative session is scheduled to end, the less optimistic people seem to be about reaching agreement on a property tax relief and reform package that will attract sufficient bipartisan support and be structured in a way that meets the requirements of Gov. Mitch Daniels for his signature. The biggest problems in private legislative negotiations appear to revolve around how to fund local government and school shortfalls, as well as…

BEHIND THE NEWS: With benefit of hindsight, some sales look savvy

S o m e t i m e s , being a good businessperson means knowing when to get out of the business. That truism comes to mind because of the recent carnage in banking. Shareholders in First Indiana Corp., it turns out, cashed in at the right time, as did investors in privately held Union Federal Bank and its parent, Waterfield Mortgage Corp. Last July, just before the subprime mortgage crisis threw credit markets into disarray, the board of…

Commentary: When is the right time to sell?

Like the song says, “You gotta know when to fold ’em.” But how do you know when it is the proper time to sell a business? Age and health issues aside, I suggest the “trigger” moment is when there is a looming fundamental adverse change in the industry. One should not sell needlessly. The government imposes a harsh penalty for those transactions. It’s called a longterm capital gains tax. I would not fault anyone, however, for a premature exit that…

Lilly drops inhaled-insulin project

Eli Lilly and Co. confirmed this evening that it will abandon its inhaled insulin program, citing increased uncertainties about its commercial potential and the regulatory environment. The decision will cost Lilly $90 million to $120 million, or from 5 to 7 cents per share. The Indianapolis-based drugmaker now expects to per-share profit of $3.73 to […]

Big Ten Network battle rages

UPDATE (March 11): The Chicago Tribune and Street & Smith’s Sports Business Journal are reporting today that officials for Comcast Cable and the Big Ten Network are closing in on an agreement to put the channel on an expanded basic tier. One…

Rising costs hurt FinishMaster profit

Fourth-quarter profit fell nearly 70 percent for FinishMaster Inc., the Indianapolis company that distributes auto paint and other products to body shops. The $2.4 million profit was down from $7.6 million a year earlier, partly because the year-ago period benefited from the settlement of a lawsuit, FinishMaster said today. After taking out the settlement, profit […]

Rising costs hurt FinishMaster profit

Fourth-quarter profit fell nearly 70 percent for FinishMaster Inc., the Indianapolis company that distributes auto paint and other products to body shops. The $2.4 million profit was down from $7.6 million a year earlier, partly because the year-ago period benefited from the settlement of a lawsuit, FinishMaster said today. After taking out the settlement, profit […]

BREAKING: Steak n Shake activist claims victory

An activist investor in locally based Steak n Shake Co. declared victory this afternoon in a proxy battle for two board seats. The Lion Fund of Texas released a statement after today’s annual meeting saying that “an overwhelming majority” of shareholders supported its effort to turn around the struggling restaurant chain. But Steak n Shake […]

Rendering for Mass Ave project

What do you think of the proposed replacement for a one-story, township-owned structure on Mass Ave? (Click for a larger version.) The $9 million plan, proposed by…

IRT’s new season

Yesterday the Indiana Repertory Theatre announced its 2008/2009 season and while it’s clearly too soon to pass any judgments – or make accurate predictions – I have to admit that the optimist and the pessimist in me had a field…

UPDATE: Allied Waste center to employ 350

Allied Waste Industries Inc. said this morning it will establish a customer service center in Morocco, Ind., and add 350 jobs within six years, according to the Indiana Economic Development Corp. The center is the result of the Phoenix-based company’s decision to consolidate its regional customer support operations into a centralized location. It will support […]

Partner: Lilly may halt inhaled insulin project

The company helping Eli Lilly and Co. develop inhaled insulin said it expects Lilly to scuttle the project next week. Massachusetts-based Alkermes Inc. said in a news release this morning that Lilly officials have told the company they are evaluating the business prospects for inhaled insulin, called AIR Insulin. Alkermes’ statement said company officials are […]

Johnson officials considering hotel tax

Officials in Greenwood and Franklin want Johnson County to consider implementing a hotel tax, reports the Daily Journal of Franklin. The money would be used to create a convention and visitors bureau. The tax, which likely would be as high as 5 percent, wouldn’t happen before next year because the current legislative session is set […]