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 DJIA 13,442.8 -75.2 / S&P 500 1,481.1 -7.3 / NASDAQ 2,660.9 -7.6
 |  |  Tonight: Cloudy. Low 23. Tomorrow: Snow mix in afternoon south. High 32. Saturday night: Significant accumulations. Low 23. Sunday: Morning snow then cloudy. High 27.
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|  Friday, December 14, 2007 |
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Council vote could threaten convention hotel
Backers of the $250 million convention hotel project slated for downtown are raising alarm bells about a City-County Council resolution they say would kill the deal between the city and developers. The resolution, sponsored by Democratic council member Joanne Sanders, requires that the hotel have a "labor peace agreement" to get city financing. The resolution says a labor agreement would ensure "the smooth operations of the hotel without any labor strife," but an opponent characterized it as payback to Democrats' big labor constituency. Comment at News Talk. 
India rebuffs Lilly patent claim on Cialis
Regulators in India have rejected a patent claim by Indianapolis-based Eli Lilly and Co. for its Cialis erectile dysfunction drug. The drug's basic components were synthesized in 1970 by Indian scientists at a government body that researches pharmaceuticals, the Central Drug Research Institute, an Indian drugmaker contended. Lilly's predicament was the subject of an article in the Business Standard, an Indian business newspaper.
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Republic to buy back $100M of its shares
Republic Airways Holdings today announced plans to repurchase as much as $100 million of its common stock, a move that helps lift earnings per share for the company at a time merger rumors are swirling around its big airline customers. Republic shares late this morning were trading at $19.90, up 2.5 percent on the day. "Our business model is structured to provide Republic with long-term, secure and predictable earnings and cash flows regardless of whether or not the major airlines undertake consolidation," said CEO Bryan Bedford.
Airline seeks flights between Gary, Indianapolis
An airline that recently began service linking Indianapolis with Evansville and South Bend also is considering flights between Gary and Indianapolis. Cape Air is asking for a subsidy from the Gary/Chicago International Airport to start the flights. Consultant Mark Sixel, who is helping broker deals between Indiana airports and Cape Air, said Terre Haute also is interested in connecting to Cape Air's Indiana network.
Ex-Purdue president to lead library strategy
Former Purdue University President Martin C. Jischke and his wife, Patty, will co-chair a strategic planning committee charged with identifying service and programming priorities as well as funding opportunities for the Indianapolis-Marion County Public Library over the next five years. The Jischke-led strategic planning process will begin in the first quarter of 2008. As part of the process, the Jischkes promised to solicit community input.
Greenwood panel bans new I-65 gas stops
New gas stations and auto service shops would be barred from Greenwood's two Interstate 65 interchanges if the city council approves a unanimous decision reached this week by the city's planning commission. Truck-oriented businesses such as body shops and storage yards also would be banned. The city wants to lure high-end retail and other attractive commercial development, according to the Daily Journal of Franklin. Existing gas stations and shops would be allowed to continue operating.
Haynes shares tumble despite huge profit gain
Investors are selling off shares of Kokomo-based Haynes International Inc., even though the company issued a glowing earnings report yesterday. Shares in the maker of precision alloy parts for aerospace and chemical processing were trading late this morning at $74.97, off $9.53, or 11 percent, over the past two days. The sell-off came after Haynes reported fiscal fourth-quarter profit shooting up 73.8 percent on "solid demand in the markets we serve."
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Study: Angel returns match other investments
Angel investors - wealthy people who toss money at fledgling companies - received about the average rate of return as other types of private equity investments, according to a survey of 539 U.S. angels. The average rate of return of angel investments was 2.6 times the investment over a period of 3.5 years. "This average return compares favorably with the internal rates of return of other types of private equity investments," said the study.
Blog: End times/good times
Today, "I am Legend" opens in theaters and "The Mist" is still lingering. I'm hoping to see both this weekend. Just what is it about movies, plays and books about the end of the world that's so appealing? Can any psychologists, sociologists, or person-with-an-opinion enlighten me as to why these sorts of stories grab me-and maybe you? Join the conversation at IBJ's new blog, Lou Harry's A&E.
From IBJ staff and Associated Press-Compiled by Norm Heikens |  | | | |
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Indiana braces for another round of snow
Old man winter is expected to blast Indiana with anywhere from 3 to 6 inches of snow this weekend. A winter storm watch has been issued, with snow beginning Saturday morning and lasting through Sunday morning. You can get the latest storm information on Fox 59 News at 10 p.m.
Woman in jail after baby's death
A Hamilton County woman is in jail after the death of a child. Rebecca Kyrie was arrested yesterday on charges of murder and battery resulting in the death of Hei Min Chung, a 13-month-old child she and her husband were adopting. The coroner said the baby died in September from severe head injuries.
Hundreds take TB tests at Southport High School
About 200 people at Southport High School will undergo tuberculosis testing today. Marion County Health Department officials met with school administrators and identified people who had close contact with a student who was diagnosed with it. Health department workers will come back to the school Monday to read those tests.
Judge could rule in Fishers-Geist annexation
A Hamilton County judge presiding over the Fishers-Geist annexation argument could rule in the case today. The ruling will determine if Geist residents can incorporate into their own towns of East Geist and West Geist. Fishers officials say any incorporation would be against the law because Fishers began its annexation proceedings before Geist residents began looking into incorporation.
Clarification
A story in yesterday's IBJ Daily about a man accused of posing as a deliveryman in order to follow a Noblesville woman into her house incorrectly said she was raped. Police initially accused him of sexual assault but now have charged him with attempted rape.
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