Drug distributor to create 1,300 jobs in region

DJIA 13,144 +71.3 / S&P 500 1,458.8 +5.1 / NASDAQ 2,627.9 +0 Tonight: Areas of rain and storms. Low 50. Tuesday: Mild, scattered showers. High 62.
	Monday, November 12, 2007
	Drug distributor to create 1,300 jobs in region Medco Health Solutions' plan to build a large pharmacy distribution center in the Indianapolis area hits the state's "sweet spot" for economic development, local and state officials said today. By employing pharmacists to oversee prescriptions, engineers and computer geeks to design and run robotic equipment to dump pills into bottles, and logistics workers to route 1 million prescriptions a week to patients, Medco's facility will feature all the kinds of jobs Indiana wants: life sciences, information technology and logistics.   Gifford to head Indy Partnership Ron Gifford, a partner at the Indianapolis law firm Baker & Daniels LLP, has been chosen as president and CEO of Indy Partnership, the organization that markets 10 counties in the region to businesses looking to expand. The Central Indiana Corporate Partnership announced that Gifford will succeed Gordon Hendry, who said in September he would be stepping down. Hendry is joining CB Richard Ellis, a commercial real estate firm, as director of asset services.
	CIB President Glass to resign Capital Improvement Board President Fred Glass plans to announce his resignation at a 4 p.m. CIB meeting today. Glass' resignation will be effective Dec. 31. Glass was appointed to the CIB by Democratic Mayor Bart Peterson in January 2000, and was elected president during his first meeting. "I always said the mayor's last day would be my last day," Glass said.   Foreclosure panel wants greater disclosure A state legislative panel assigned last summer to study the epidemic of mortgage foreclosures has agreed on several recommendations, according to The Journal Gazette of Fort Wayne. One recommendation involves forcing lenders to give potential borrowers a summary of the highest possible interest rate they could be charged.   Pricey oil could trigger recession, report says Soaring oil prices could be a second shock to the economy that sends it into recession, according to a Bloomberg report. The economy already was under pressure because of the credit crunch. Consumers and businesses for months have shrugged off rising oil prices, but now that the price of oil is approaching $100 a barrel, the odds of the nation entering recession are 45 percent rather than the 33 percent of last month, UBS AG economist Andrew Cates told Bloomberg. Nariman Behravesh, a former Federal Reserve economist who now is chief economist of Global Insight Inc., said, "We are in a danger zone." More to come on huge development On Friday, IBJ broke the news that developers are planning a $480 million mixed-use project just south of downtown. Watch tomorrow's IBJ Daily for additional details. Join the discussion underway at Property Lines. Saving Steak n Shake Lots of Hoosiers have warm-and-fuzzy feelings for Steak n Shake. Wall Street's feelings are an entirely different matter. As the company readies to announce fiscal fourth quarter financial results this Thursday, investors are frustrated. The company has reported eight straight quarters of declining same-store sales, and in August hired Merrill Lynch to help review strategy. Does the chain have a future as an independent company? Join the conversation at IBJ's new blog, News Talk. From IBJ staff and Associated Press-Compiled by Norm Heikens
	Autopsy expected on convicted cop-killer Authorities will conduct an autopsy tomorrow on an Indiana death row inmate found dead in his cell in Michigan City on Saturday morning. Police say it appears that Norman Timberlake, 60, died of natural causes. He was sentenced to death for gunning down Indiana State Police Master Trooper Michael Green in 1993, but was granted a stay of execution just 10 months ago. Police investigate Marion County Jail death Police say they have found no signs of foul play in the death of an inmate at the Marion County Jail yesterday. An autopsy will be performed on Anthony Robinson, 27, who was found unresponsive in his cell. Robinson was jailed Friday on drug and weapons charges.
	Canal cleaning starts today Crews will start removing fish from Indianapolis' downtown Central Canal today in preparation for clearing away the weeds and algae that line its bottom. Contractors started draining the water on Friday. They'll use large nets to herd the fish to the south end. Once captured, they'll be taken to the White River. Next week, workers will drain the remaining water and scrape away weeds and sediment. Fox 59 will have more at 10 p.m. Tickets go on sale for 2008 IMS events Tickets for the Indianapolis 500, the Brickyard 400 and inaugural Red Bull Indianapolis GP motorcycle race went on sale this morning. You can order tickets at www.indianapolismotorspeedway.com. Tickets also can be purchased at the IMS ticket office or by calling 492-6700. What now? Some business leaders are uneasy about Mayor-elect Greg Ballard because so much of his agenda remains sketchy.   High-rise in works near canal Strong demand for student housing is driving a $40 million plan for a high-rise apartment tower near the Central Canal.   Pegram's departure a stunner Observers are full of theories about what led to the abrupt departure of WTHR-TV Channel 13's general manager, Rich Pegram.   Largest Indianapolis-Area Meeting and Event Facilities       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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