Vector Insurance Services bought by Indian firm

DJIA 13,972.5 +65.3 / S&P 500 1,555.1 +2.6 / NASDAQ 2,710.1 +3.1 Tonight: Chance of isolated storms, not as cool. Low 68. Tomorrow: Isolated storms, hot, more humid. High 89.
	Monday, July 16, 2007
	Vector Insurance Services bought by Indian firm Indianapolis-based Vector Insurance Services LLC has been acquired by MajescoMastek of Edison, N.J., for an undisclosed price. Vector, led by founder and CEO Harold Apple, has 30 employees providing policy acquisition, administration and processing to customers in the North American life insurance industry. MajescoMastek is the U.S. subsidiary of Mastek, a technology giant headquartered in Mumbai, India. Apple said he will remain with the company for a couple of years, but doesn't know the full extent of MajescoMastek's plans. "No cutbacks, probably expansion," he said.  Businesses decry gambling crackdown Business owners whose livelihood depends in part on video gambling machines say they may sue the state over a crackdown on the devices that they say is unconstitutional. A state law that
	took effect July 1 steps up enforcement against video gambling machines found in bars and gas stations by providing 16 extra officers to go after the devices, sometimes called "Cherry Masters." The law also creates an administrative position that could revoke alcohol, tobacco and retail licenses from businesses that house illegal gambling machines.  Jischke hit some Purdue goals, missed others In his seven years as president of Purdue University, Martin Jischke exceeded some of the lofty goals he set but missed others, according to an analysis by the Journal & Courier of Lafayette. Jischke, whose last day was yesterday, exceeded a fundraising goal and made sweeping inroads in using the university to help the state build its economy. But faculty salaries didn't improve as much as anticipated.  Sparks replaces Pfaff as state development director The Indiana Economic Development Corp. has named Charles E. Sparks as business development director. Sparks previously led the central Indiana office for the state's economic development outreach. Sparks replaces longtime development director Christopher Pfaff, who resigned in May to become director of the Center for Business Support and Economic Innovation at Indiana State University in Terre Haute.  Star to continue stand-alone business section The Indianapolis Star has reversed course and decided not to eliminate business as a stand-alone section. IBJ reported last month that the newspaper intended to fold business into Metro&State-a plan industry experts say was driven by a desire to cut costs. Star Editor Dennis Ryerson said newspaper officials changed their minds because they couldn't figure out a good way to integrate the two sections. He said there had not been a major outcry against the move.  From IBJ staff and Associated Press-Compiled by Norm Heikens City-County Council to discuss income tax hike The City-County Council meets tonight to begin talks on Mayor Bart Peterson's proposal to increase the city income tax to 1.65 percent from 1.0 percent. The mayor wants to use the $90 million the hike would generate to pay police and firefighter pensions and new crime-fighting initiatives. Fox 59 will have the latest at 10 p.m. Demonstrators gather to protest property taxes Hoosiers for Fair Taxation will protest soaring property taxes tonight outside the City-County Building before the City-County Council meets. The event likely will be similar to a protest that took place on Monument Circle yesterday. The protestors called it Black Sunday.
	Vote expected tonight on Greenwood Cabela's The Greenwood city council will hold a second and final reading tonight on a measure that could pave the way for a Cabela's outdoor superstore. Council members are expected to vote to approve $18 million in bonds to lure the store. Cabela's is the nation's largest outdoor retailer. Officials with competitor Gander Mountain have said the incentives offered to Cabela's "set a dangerous precedent." Missing mail carrier found Many questions remain after a postal worker missing from Greenfield since Wednesday was found safe Saturday. The Columbus Police Department found John Jordan of Knightstown unharmed at a coin-operated laundry after receiving a telephone tip. Jordan was arrested and charged with possession of a handgun without a permit. Police say he told them he paddled south down the White River to Columbus in a canoe to escape personal and work problems.
	Down the drain The city's water utility is squandering a huge quantity of water, even as it encourages residents to cut the amounts they use to water lawns.   Aging IT taxing system Inadequate, outdated computer systems left government officials without the ability to anticipate the huge property tax increases that now are spurring community outrage.   Clarian launches venture capital firm Clarian Health Partners is investing $3 million to launch a venture capital firm, a move it hopes boosts returns on at least part of its $1.5 billion investment portfolio.   Do you prefer banking at a company with its headquarters in Indiana? Ownership of First Indiana Bank is finally headed out of state. Do you prefer banking at a company with its headquarters in Indiana?  | What is the best time-saver you've come up with at work?       Indianapolis Business Journal is in-depth coverage of local business news, brought to by IBJ's award winning editorial team.     n 52 weekly issues plus annual Book of Lists (valued at $35.00) n News, people, analysis and trends of the business community n More than 30 special interest publications n And much, much more     Click HERE for Bonus Subscription Offer
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