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 DJIA 11,750.8 +16.5 / S&P 500 1,301.3 +5 / NASDAQ 2,432.2 +18.1
 |  |  Tonight: Clear and refreshing. Low 55. Tuesday: Mostly sunny, pleasant. High 81.
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|  Monday, August 11, 2008 |
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Armstrong replaces Long in IU tech transfer
Indiana University officials didn't have to look far to find a new CEO for IU's Research & Technology Corp. Tony Armstrong has a history with the corporation dating back more than a decade. He was its associate director from 1997 to 2000 and has led the organization on an interim basis since early April. Named to the position late last week, Armstrong replaces Mark Long, who left in March and now operates his own economic development consultancy, Long Performance Advisors Inc. in Greenwood. 
Indiana could land $100M to jumpstart housing
Indiana might be in line for a lot more than the $20 million minimum each state will be allocated as part of a housing stimulus initiative signed by President Bush on July 31, according to a new IUPUI study. The Center for Urban Policy and the Environment estimates Indiana could receive $80 million to $100 million in federal funding because foreclosures and mortgage delinquencies have hit Indiana harder than other states. If cities and other beneficiaries use the money wisely, it could have a fairly big impact, study author Seth Payton said.
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Conseco takes $1.2B charge to unload unit
Conseco Inc. will take a $1.2 billion hit to split off its troubled long-term care business as an independent entity owned by policyholders. The Carmel-based insurance company announced plans this morning to transfer Conseco Senior Health Insurance Co. to an independent trust based in Pennsylvania. Conseco shares rose nearly 9 percent to trade at $9.37 this morning.
Nestle plans expansion announcement
Nestle, the Swiss food and beverage giant that opened a plant in Anderson in May to manufacture and distribute its Nesquik and Coffee-Mate drinks, is likely to announce an expansion of the plant tomorrow, according to The Herald Bulletin. In June, Nestle asked the city Board of Zoning Appeals to allow a 260,000-square-foot expansion in order to manufacture an additional beverage. The expansion would add 140 jobs to the nearly 300 positions at the company's $359 million, 880,000-square-foot plant.
Arcadia posts $3.3M loss as revenue falls
Arcadia Resources Inc. narrowed its losses during its fiscal first quarter. The Indianapolis-based home health care company lost $3.3 million in the period ended June 30 compared with a $3.7 million loss in the same quarter last year. The company highlighted that its operations generated slightly positive cash flow, $600,000, compared with the same quarter a year ago, when Arcadia burned up $4 million in cash.
Utilities plan $1B electric line project
Columbus, Ohio-based American Electric Power and Charlotte, N.C.-based Duke Energy plan to build 240 miles of transmission lines between Greentown Station near Kokomo and the Rockport generating plant east of Evansville. The $1 billion project requires regulatory approval and wouldn't be completed until 2014 at the earliest, the utilities said today. The utilities say the "extra-high voltage" 765-kilovolt lines are more efficient at carrying power and should improve reliability of the transmission grid.
Fuel prices driving layoffs, closings
Nearly half the layoff and closing notices registered with the Indiana Department of Workforce Development this year have involved car and truck parts manufacturers, companies making mobile homes and recreational vehicles, and businesses involved in air service. The common thread across the industries is rising fuel prices, according to The Times of Munster.
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Editorial slams Daniels, Long Thompson on jobs
The Truth in Elkhart yesterday criticized Gov. Mitch Daniels and his challenger in this year's election, Jill Long Thompson, for inadequate plans to boost economic development in north-central Indiana. In an editorial yesterday, the newspaper chided Daniels for his claims about creating the best business environment in the Midwest. The Truth also hammered Daniels' Democratic opponent for "vague promises" on job creation.
St. Vincent, Women's hospitals snags $1.4M
St. Vincent Indianapolis and Women's hospitals have received a $1.4 million gift from the estate of a surgeon who practiced at the hospital for decades. Dr. Robert F. Nagan's gift is the largest ever by a physician to the hospital. About $375,000 went toward a new continuing care nursery at St. Vincent Women's Hospital. The rest will support St. Vincent Women's newborn intensive care unit and for other needs at the Indianapolis hospital.
Squabble erupts over dirty Evansville canopies
Evansville officials want to remove a series of canopies installed in 1973 to provide shade for downtown shoppers because many of them are in poor shape. Grass can be seen growing from the edges of a few, in spots where water, dirt and bird droppings collect. Grass can be seen growing from the edges of a few, in spots where water, dirt and bird droppings collect. Several business owners, however, want to keep them in place because they provide customers with shelter from sun and rain.
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Arts budget: Scales comments
A council member weights in on Ballard's arts cuts. Lou Harry's A&E
Olympics turning into a winner for NBC
Record audience is following games on TV and Web. The Score Companies focus on 401(k)s
Do you demand a 401(k) before taking a position? NewsTalk
From IBJ staff - Compiled by Norm Heikens
Ballard to unveil 2009 budget today
Mayor Greg Ballard today plans to reveal details of his $1.13 billion budget for 2009. He proposes cutting $3.4 million, leaving Indianapolis with a $4.8 million surplus, assuming a 2.5-percent increase in income tax revenue. Police would get an additional $12.6 million and the fire department, $7.2 million. The jail system would be cut by $5.5 million, with courts and parks budgets also seeing cutbacks. Committees will begin a three-week review tomorrow, with a public hearing set for Sept. 8.
Construction workers party at Lucas Oil Stadium
There's a party going on at Lucas Oil Stadium tonight but unless you helped build the Colts' new home, you're not invited. Thousands of constructions workers and their families will celebrate their achievement starting at 6 p.m., the latest event leading up to the grand opening. A public ribbon cutting is scheduled for Saturday at 9 a.m. Fans will be able to tour the venue a short time later, but tickets are required. Fox 59 will have more at 10 p.m.
Students heading back to school
Thousands of children across central Indiana go back to school today. Schools resuming classes include Franklin, Perry, Decatur, Wayne and Warren townships, Speedway, and Hamilton Southeastern. Tomorrow, they'll be joined by Lawrance and Pike townships, Center Grove, Carmel Clay, Danville, Lebanon, Decatur County, Seymour, Tippecanoe School Corp., Shelby Eastern and Northwestern Consolidated Schools in Shelby County.
Flood assistance deadline today
Today is the last day the Federal Emergency Management Agency accepts applications for individual assistance after this summer's storms and flooding in 40 Indiana counties. Homeowners, renters and businesses owners who want the U.S. Small Business Administration to help cover disaster-related losses also need to file loan applications by today. To register for assistance, go to www.fema.gov or call 1-800-621-FEMA.
Starting in the red zone
Lucas Oil Stadium will open with a big operating deficit.
Lilly taps hedge fund
In an unorthodox move, Eli Lilly and Co. has allowed a hedge fund to invest in drug development in order to spread costs.
Calling for help
The Mayor's Action Center in Indianapolis might be privatized to cure chronic woes.
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