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 DJIA 11,478 -18.6 / S&P 500 1,261.6 +0.9 / NASDAQ 2,283.7 +0.9
 |  |  Tonight: Lingering showers or storms, mild. Low 67. Tomorrow: Passing showers, cooler. High 82.
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|  Monday, July 21, 2008 |
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Ontario Systems names new president & CEO
One of Indiana's biggest information technology companies is adding new leadership. Muncie-based Ontario Systems LLC, which develops debt-collection software, has named Tony Reisz as its new president and CEO. He replaces Ontario co-founder Wil Davis, who continues as chairman. Co-founder Ron Fauquher said top management jobs had grown too large for one person to handle. The pair had led Ontario since its founding in 1980. 
Expert: Most flood loss likely permanent
Record flooding in early June won't spark an economic shot in the arm for Indiana like the typical rebuilding process that follows hurricanes and many other natural disasters, according to Richard DeKaser, senior vice president and chief economist at National City Bank. That's because most of the damage was to agricultural crops, which cannot be rebuilt like houses and businesses. In effect, much of the damage amounts to a write down that never will be recovered.
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State credit rating raised to record by S&P
Standard & Poor's Rating Service has raised Indiana's credit rating to its highest-ever, allowing schools and other agencies to borrow money at lower interest rates. Standard & Poor's pushed the rating to "AAA" from "AA+," where it had stood since 2006. The was due in part to property tax reform, low-overall state debt levels, a stable and diversifying economy, and relatively conservative biennial budget.
Final sale takes Emmis out of TV business
Emmis Communications Corp. said last week it has completed its sale of WVUE-TV in New Orleans, marking its exit from the television business. The Indianapolis company sold the Fox affiliate station to Louisiana Media Co. for $41 million. Emmis said the sale ends its divestiture of its television business.
Roche offers $44B for balance of Genentech
Roche Holding today said it was offering $43.7 billion to take over the remaining shares of Genentech Inc. and create the seventh-largest pharmaceuticals company in the United States. Roche, which already owns 55.9 percent of the San Francisco-based drug maker, said it was offering $89 per share, 8.8 percent above the closing price Friday and 19 percent above the price a month ago. Roche officials did not respond to telephone calls seeking comment regarding how the company's Indianapolis operations might be affected.
Jarrett Engineering expand its headquarters
Jarrett Engineering Co., which designs machines and tooling used in manufacturing plants, plans to add to its Indianapolis headquarters at 1011 N. Pennsylvania St. and add nearly 40 employees by 2012 - doubling its head count. Jarrett received $225,000 in tax credits and training grants from the state based on hitting job-creation targets. Its customers are involved in automotive, aerospace and pharmaceuticals.
BMV's customer satisfaction rate on the rise
The Bureau of Motor Vehicles used to be the butt of jokes when it came to Indiana government agencies, with a reputation for low morale, long waits and scandal. Even efforts to improve things drew scathing criticism. Thousands of people were outraged when more than 20 license branches were closed in 2005. A conversion to a new computer system in 2006 resulted in weeks of problems and hours-long waits at some branch offices. State officials now say the agency has turned a corner.
Will state's financial picture remain sound?
When Republican state Auditor Tim Berry announced the closeout of Indiana's fiscal year finances last week, he began by ticking off names of states that faced big money troubles. Indiana could be proud, he said, because it ended the fiscal year on June 30 with its third consecutive balanced budget and a surplus that had grown to $1.4 billion. Republican Gov. Mitch Daniels bragged about it, too, and even suggested the possibility of seeking tax cuts during the next legislative session if re-elected. But Daniels and his administration's budget director, as well as Democratic House Speaker Patrick Bauer of South Bend, also were waving caution flags about any possible spending spree when lawmakers draft the next two-year budget in 2009.
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You-review-it Monday
What did you see over the weekend? Lou Harry's A&E
IRL title sponsor hunt down to final five
League officials think they'll have a deal done by Dec. 31. The Score
From IBJ staff - Compiled by Norm Heikens
Carjacking leads to police chase
Police chased a carjacking suspect at more than 100 mph early this morning after several people in a car pulled up beside their victims, pointed a gun at them and took their car. The chase started at 42nd Street and Diller Drive on the far east side and ended about nine miles away at a mobile home park at 1102 S. Franklin Road. A suspect was found walking on an Interstate 465 ramp, and police continue looking for other suspects, who are thought to have the gun. Fox 59 will have more at 10 p.m.
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| Weekend storms leave many in the dark
More than 30,000 Hoosiers were left without power yesterday after severe storms swept through central Indiana, knocking down trees and power lines. Duke Energy says that 156 customers in Hendricks County, 66 in Johnson County, and 235 in Bartholomew County are without electricity.
Bike tour raises money for tree research
About 70 bicyclists from around the country took off from downtown this morning en route to St. Louis to raise money for tree research and education. Tour des Trees has raised more than $3 million since beginning in 1991. Each rider needs to raise at least $3,500 to participate in the full tour.
Past its prime
The Indianapolis Tennis Championships, formerly known as the RCA Championships, is struggling to stay relevant.
Martin University chief draw ire
The new president of Martin University has slashed 25 percent of the staff and raised money to plug a deficit.
On deck: Litigation
CMG Worldwide has become embroiled in a lawsuit between two of the nation's biggest baseball card companies.
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