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 DJIA 12,652.4 +51.2 / S&P 500 1,397.4 +6.7 / NASDAQ 2,468 +19.8
 |  |  Tonight: Scattered clouds, not as cool. Low 53. Tomorrow: Clouds increase, isolated showers. High 68.
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|  Thursday, May 22, 2008 |
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Startup paving way for Chinese investment
Columbus, one of the first cities in the state to welcome Japanese investment in the 1980s, is taking an early role in drawing investment from China. Chinese investment in the southern Indiana city is miniscule so far compared to the factories built there by forklift manufacturer Toyota Industries Corp. and other Japanese companies. But the Columbus startup that's spearheading the new push, LHP Technologies, just landed its second Chinese joint venture, and plans more of the agreements. 
Simon prepared for acquisitions, exec says
Indianapolis-based Simon Property Group Inc. has access to $3.5 billion in credit and it anticipates snapping up more shopping malls, according to Bloomberg News. Chief Financial Officer Steve Sterrett told Bloomberg that the $1.5 billion of bond positions the company sold last week were used to pay down debt. The resulting improvement to Simon's balance sheet should help the company take advantage of acquisitions that might emerge from the distressed real estate market, he said.
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|  | Ohio company launches Franklin machine shop
Toledo, Ohio-based Precision Cutoff LLC said today it will open a machine shop in Franklin and hire 47 workers by 2012. Precision plans to invest $2 million at an existing, 110,000-square-foot building in Hurricane Industrial Complex. The Indiana Economic Development Corp. offered $35,000 in tax credits and $29,500 in training grants. The city of Franklin pledged property tax breaks.
HKW takes controlling stake in Airworx
Local private equity firm Hammond Kennedy Whitney & Co. has bought a controlling interest in Airworx Construction Equipment and Supply LLC, an Indianapolis company that rents and sells aerial lift equipment, for an undisclosed price. Selling the stake in the 12-year-old company was Source Capital of Atlanta. With a capital infusion resulting from the transition, the company anticipates expanding its fleet; it also is opening a Cincinnati office and plans an office in Louisville, Ky.
Eastgate mall acquisition closes
Lifeline Data Centers LLC said yesterday that its acquisition of Eastgate Consumer Mall has closed. The Indianapolis company announced in December that it would spend $23 million to transform the 370,000-square-foot mall at East Washington Street and Shadeland Avenue into a high-tech hub for hosting a data-storage operation.
Hospital loses appeal for higher reimbursements
The federal government has rebuffed an attempt by Ball Memorial Hospital in Muncie to pay higher reimbursements for the Medicaid and Medicare patients it serves. Ball Memorial, which lost $7 million on the patients last year, is reimbursed 86 cents for every dollar of the costs. Many other hospitals in the state receive 96 cents, according to The Star-Press of Muncie. U.S. Rep. Mike Pence had asked the U.S. Department of Health and Human Services to change a wage classification index to allow a greater reimbursement.
Indiana State names 3 finalists for president
Indiana State University trustees have named three finalists in their search for a new school president. The three candidates are University of Arkansas at Little Rock Provost David Belcher; University of West Georgia Vice President Thomas Hynes; and Daniel Bradley, president of Fairmont State University in West Virginia. Current ISU President Lloyd Benjamin III announced last year his intentions to step down in June.
Lawmakers: Don't speed up railway purchase
Indiana's two U.S. senators and a congressman representing northwestern Indiana are fighting a request by Canadian National Railway to speed up the federal review of its proposed purchase of a rail line through northwestern Indiana. The proposal has gained support from the city of Chicago, which would see a decrease in rail traffic and congestion if the sale of the Elgin, Joliet & Eastern Railway goes through. It is opposed in some Chicago suburbs and in northwest Indiana, where rail traffic through some communities would triple.
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Hubbard blasts Florida over oil
Al Hubbard says Floridians should allow oil drilling. NewsTalk
Kite pitches Pan Am plan
The Pan Am Plaza redevelopment plan is unveiled. Property Lines
Anatomy of the Super Bowl vote
Indy won the event by a bigger margin than was reported. The Score
From IBJ staff - Compiled by Norm Heikens
State Police get new unmarked cars
Indiana State Police today unveiled and issued unmarked Ford Mustangs for patrol. Troopers hope the new cars will provide more flexibility in addressing highway safety. The event happened at the Indiana State Police Youth Education and Historical Center. Fox 59 will have more at 10 p.m.
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| Man seeks to overturn 2nd murder conviction
The Indiana Supreme Court will hear arguments today that could lead to a third trial for a former state trooper accused of murdering his wife and two children. Lawyers for David Camm will try to convince the court that his second murder conviction should be overturned. Camm was twice convicted in the September 2000 murders of his wife, 35-year-old Kimberly, and their children, Bradley, 7, and Jill, 5, in the southern Indiana town of Georgetown. The first conviction was overturned by the Indiana Court of Appeals in August 2004. A different jury convicted him in March 2006 after a second trial. Another man, Charles Boney, also was convicted in the murders.
Mayor unveils 'boxes' to curb panhandling
Mayor Greg Ballard this morning introduced a plan to curb panhandling through installing donation boxes downtown. Ballard hopes kind-hearted people will put donations in the boxes, which look similar to parking meters, instead of giving directly to the panhandlers. The money will be given to groups that help the homeless. The program is based on models used in cities including Dallas, Cincinnati, Cleveland and Asheville, N.C.
Tumor-fighting drugs could give Indy a boost
Cancer is big business. And it's about to get even bigger for pharmaceutical makers. Sales of cancer drugs will hit $80 billion globally in 2012, according to an estimate by IMS Health, which tracks sales of pharmaceuticals. That's up from $41 billion last year. How much could central Indiana capitalize on the trend? A fair amount, actually. In Indianapolis, Eli Lilly and Co. is fighting for its share of cancer drug growth, testing nine new cancer molecules and pushing to win regulatory approvals that would allow wider use of its existing medicines. The importance of cancer drugs also could open up more money for Indiana's drug-discovery firms. 
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| |  | | | | | | Visit IBJ's Web site, www.ibj.com | | | | | | Indianapolis Business Journal has launched a redesigned Web site with news updated throughout the business day. | | | | | At www.ibj.com you will find the latest business news from the Indianapolis area and around the state, video of IBJ events, CEO interviews from the Inside IBJ radio program, and our weekly podcast. | |
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