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 DJIA 13,559.2 +57.5 / S&P 500 1,516.9 +6.7 / NASDAQ 2,646 +6.8
 |  |  Tonight: Clear and cool. Low: 58. Tomorrow: Partly cloudy and nice. Evening showers. High: 83.
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|  Wednesday, July 11, 2007 |
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Moody's considers cutting Lilly debt rating
As early as next year, Moody's Investors Service could lower its debt rating on Eli Lilly and Co. because of the looming patent expiration of Lilly's top-selling drug, Zyprexa. In a quarterly snapshot of the drug industry, Moody's said it will take a hard look at any pharmaceutical company with a blockbuster drug set to expire in 2010-2012, according to a Reuters report. Indianapolis-based Lilly and Bristol-Myers Squibb Co., headquartered in New York, are particularly vulnerable, Moody's said. 
Tax push chases Indy firm from Illinois
Locally based Royce Inc. has sold its Illinois consumer-finance business to World Acceptance Corp. of Greenville, S.C., to avoid the prospect of paying a gross-receipt tax. Illinois Gov. Rod Blagojevich is pushing for the tax in a heated battle with the Legislature over the 2008 budget. |  | | | |
|  | Such a tax would be too great of a blow for the subsidiary, called Royce Financial Inc., a spokesman said. The company, based at 6565 Coffman Road on the northwest side, specializes in short-term, unsecured loans of about $300-often to people with unexpected bills.
Silence forces Wayne County to abandon development
A Minneapolis-area startup apparently has withdrawn plans to build an $18 million processing plant in Richmond, but the Economic Development Corp. of Wayne County isn't sure because it can't reach the company. Nevertheless, the development group says the company, Kelsie's Food and Dairy, must forfeit a $10,000 deposit it made on 26 acres because it didn't meet certain obligations within a 540-day window, according to Richmond's The Palladium-Item. The obligations haven't been made public. The group offered $1.9 million in incentives, and Kelsie's said it planned a 200-employee facility by 2010.
Ethanol glut could hurt plant prospects
Demand for new ethanol plants, of which Indiana has 20 planned or operating, could already be drying up. Aventine Renewable Energy, a Pekin, Ill., ethanol producer, said a year-long price slump caused by a glut of the fuel additive might last two more years. U.S. ethanol prices are down 52 percent from an all-time high in 2006, according to Bloomberg News.
Trooper funeral held in Wabash
Family and friends gathered Wednesday morning to honor the life and service of a state trooper killed in the line of duty. Master Trooper David Rich, an 18-year veteran of the Indiana State Police and father of three, was shot July 5 on U.S. 24 about a mile west of Wabash. He was laid to rest at Friends Cemetery. Fox 59 will have more at 10 p.m.
Drug chemical found in teenage shooter
The Floyd County coroner says a chemical found only in marijuana was in the body of Tyler Dumstorf, the teenager who killed himself after shooting two sheriff's deputies. The coroner says THC can stay in the body six to eight weeks, so he doesn't know when Dumstorf used the drug. Dumstorf killed himself in the middle of June after shooting two deputies who were responding to a domestic dispute at his Georgetown home. One deputy died and the other is recovering.
State lawmakers talking property taxes
State Rep. David Orentlicher will host a public forum next week to discuss what can be done about Marion County's rising property taxes. Orentlicher made the announcement as some top state legislators said it's too early to call a special session on property taxes, as Gov. Mitch Daniels has suggested. | | | |
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Arson suspected in Traub Avenue garage fires
Firefighters on the west side are investigating two garage fires started in the 100 block of North Traub Avenue on the west side early this morning. Investigators say both fires began from the inside. Police were called to the scene to sweep nearby streets and alleys after a firefighter reported seeing a suspicious person.
Suspect on the loose in Hendricks County
Metro police say a man who escaped into a cornfield after a high-speed chase last night is not a threat to the public. Police say they tried to pull the man over on a motorcycle near West 21st Street, but he led them into Hendricks County, ditched his bike and disappeared.
Pinnacle exits local apartment market |  | | | |
| Bloomington-based Pinnacle Properties LLC has exited the Indianapolis apartment market, selling eight properties in three transactions in the last month. The company plans to focus on office and retail instead, said Judy Ferguson with Pinnacle. The properties sold are in Broad Ripple, downtown and on the south side of Indianapolis. 
What do you think about income, property tax hikes?
Mayor Peterson is proposing a hike in Marion County income taxes to pay for public safety. Should the mayor have delayed this request in light of the steep jump in property taxes?  | 
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