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 DJIA 13,959.1 +108 / S&P 500 1,546 +0.8 / NASDAQ 2,703.3 +0.6
 |  |  Tonight: Mainly clear and pleasant. Low 60. Tomorrow: Partly cloudy, isolated storms. High 85.
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|  Monday, July 23, 2007 |
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Note to readers
Due to technical difficulties with an earlier version of IBJ Daily, you are receiving a corrected version. IBJ apologizes for the inconvenience.
Hicks to oversee Ball State bureau
Ball State University announced today that veteran economist Michael Hicks has been hired to direct its Bureau of Business Research. Hicks most recently was associate professor of economics at the Air Force Institute of Technology's Graduate School of Engineering and Management at Wright-Patterson Air Force Base in Dayton, Ohio. He replaces Patrick Barkey, now director of health care research at the Bureau of Business and Economic Research at the University of Montana.  |  | | | |
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WFMS parent bought by Merrill Lynch unit
Cumulus Media Inc., which owns three Indianapolis-area radio stations, has been acquired by Merrill Lynch Global Private Equity for $1.3 billion, the Atlanta company said today. Cumulus owns local country music giant WFMS-FM 95.5, classic hits station WJJK-FM 104.5, and WWFT-FM 93.9, which has a talk format. The company is the nation's second-largest radio broadcaster.
Steak n Shake Chili included in expanded recall
Ten-ounce cans of Steak n Shake chili have been included in an expanded recall of canned meat products blamed for botulism. Indianapolis-based Steak n Shake's chili is made by Castleberry's Food Co. of Augusta, Ga. The U.S. Food and Drug Administration last week recalled three hot dog chili sauces and seven other canned products made by Castleberry's after four people become ill; two of them were in Indiana.
SafetyComm to be sold to Wichita company
Noblesville-based SafetyComm Solutions has agreed to be bought by Paradigm Liaison Services LLC of Wichita, Kan., for an undisclosed price, according to Wichita Business Journal. SafetyComm offers safety-awareness training programs for the oil and gas industries. Paradigm is a direct mail, public awareness campaign that targets households affected by pipelines or transmissions lines.
Ethanol boom could expand Louisiana Dead Zone
Voracious demand for corn from ethanol plants springing up across Indiana and elsewhere in the Midwest is expected to swell the so-called Dead Zone in the Gulf of Mexico to a record 8,543 square miles-about the size of New Jersey. The zone at the end of the Mississippi River has little fish or other marine life because nitrogen fertilizer used to grow corn washes down the river and feeds microscopic organisms that in turn absorb oxygen, according to Bloomberg. As a result, fishing operations are increasingly threatened.
Some analysts fret oil could hit $105 a barrel
Oil prices could soar nearly 40 percent, to $105 a barrel, within a few months, according to analysts quoted by Bloomberg. While some skeptics doubt such a dire scenario, other experts fret that rising demand, military conflict in Iran and continued chaos in Iraq could cause supplies to tighten and prices to spike. "The unrelenting pressure of increased demand has left the market a coiled spring," said John Kilduff of the New York office of futures broker Man Financial Inc.
Council to vote on income tax hike
The City-County Council is expected to vote tonight on a plan to raise Marion County's local option income tax rate to 1.65 percent from 1 percent. The increase would generate about $90 million a year for public safety and for police and fire department pensions. Also today, state Sen. Luke Kenley, R-Noblesville, held the first of a series of public hearing on property taxes. Fox 59 will have more at 10 p.m.
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IPS students head back early
Eight Indianapolis Public School locations opened today, ahead of the Aug. 15 opening date for the rest of the district. Half the schools that opened early have been on a year-round schedule for some time after parents and teachers asked for it, but the other half were forced to the schedule after struggling academically.
Summer Celebration ends
Metro police say stepped up curfew enforcement was a success during Indiana Black Expo Summer Celebration, which ended Saturday night. By Sunday, officers picked up more than 80 teens, and 32 others were arrested for other violations. Officers were forced to use a Taser to subdue a teen-age girl after she fired a gun into the air near Circle Centre mall.
Minimum wage reaches $5.85
The federal minimum wage officially increased to $5.85 an hour today. That's up 70 cents, and is the first increase in nearly a decade. Almost 36,000 people already earned the minimum wage in Indiana, because earlier this month a state law took effect tying Indiana's minimum wage to the federal rate. Both state and federal levels will rise incrementally to $7.25 in two years.
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