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IndyStar.com: Business

Indiana's leading news source for all the top stories, local news, sports and weather.

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Slow demand for refrigerators means 100 layoffs at Whirlpool

EVANSVILLE » Whirlpool Corp. plans to lay off about 100 employees at its Evansville plant because of dwindling demand for refrigerators. About 170 others were laid off earlier, leaving about 1,260 workers at the Evansville plant, said Jill...

indystar, on Nov 21, 2008 at 2:07 AM in Business
indystar

Rolls-Royce plans to cut jobs globally, but few details given

INDIANAPOLIS » The parent company of one of Indianapolis' top manufacturing employers faces massive job cuts. Aircraft engine maker Rolls-Royce Group said Thursday it plans to slash 140 jobs at its aerospace assembly and test facility in Derby,...

indystar, on Nov 21, 2008 at 2:07 AM in Business
indystar

Burberry opening store at Fashion Mall today

INDIANAPOLIS » Despite the sluggish economy and predictions of frugal holiday shoppers, high-end retailer Burberry is opening its first store in Indiana today. The 4,000-square-foot store at the Fashion Mall, Keystone at the Crossing, will sell a...

indystar, on Nov 21, 2008 at 2:07 AM in Business
indystar

Congress to Big 3: Show us your plan

Looking for bailout loans, Detroit auto executives left Washington empty-handed Thursday.But they came away with the open offer of a cash infusion in early December -- if they show Congress a good plan for spending the money.Indiana, the No. 3...

indystar, on Nov 21, 2008 at 2:07 AM in Business
indystar

Ranks of uninsured kids in state fall, report says

About 8 percent of Indiana's children have no health insurance, even though many are eligible for a state insurance program, according to a new report.Indiana, however, is making progress. Today, about 131,000 children do not have coverage,...

indystar, on Nov 21, 2008 at 2:07 AM in Business

On the Move

New post: Vice president for business affairs and finance and university treasurer at Indiana State University.Previous position: Interim vice president.Other experience: She was associate vice president, assistant vice president, budget officer and...

indystar, on Nov 21, 2008 at 2:07 AM in Business
indystar

Google allows users to edit search results

SAN FRANCISCO » If Google delivers useless search results, just erase them and you won't see them again. That's possible under a new system Google unveiled Thursday. Hoping to give its search engine a more personal touch, Google now lets users...

indystar, on Nov 21, 2008 at 2:08 AM in Business

Judge orders that ex-CEO of slaughterhouse be detained

CEDAR RAPIDS, Iowa » A judge has ruled that the former chief executive officer of an Iowa slaughterhouse that was the site of a large immigration raid is a flight risk and should remain in federal custody. U.S. Magistrate Jon Scoles issued the order...

indystar, on Nov 21, 2008 at 2:08 AM in Business
indystar

Honda to cut production by another 18,000 units

NEW YORK » Honda says it is cutting its North American production by an additional 18,000 vehicles. Company spokesman Ed Miller says the cuts bring the automaker's total since August to 50,000 units. Miller said 12,000 of the cuts will be made at...

indystar, on Nov 21, 2008 at 2:08 AM in Business
indystar

Fed's December meeting now will cover 2 days

WASHINGTON » The Federal Reserve said Thursday it will conduct a two-day meeting in December to weigh its next move on interest rates and to make a fresh assessment of the economy. The Fed's last meeting of the year was slated as a one-day session...

indystar, on Nov 21, 2008 at 2:08 AM in Business

Citi shares sink despite Saudi prince's investment

NEW YORK » Citigroup shares tumbled below $5 a share Thursday for the first time in 15 years, a sign that a Saudi prince’s decision to boost his stake failed to galvanize confidence among increasingly anxious investors. Prince Alwaleed bin...

indystar, on Nov 21, 2008 at 2:08 AM in Business
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Bank of New York Mellon to cut 1,800 jobs

NEW YORK » The Bank of New York Mellon Corp. said Thursday it will cut its worldwide work force by 4 percent, or about 1,800 jobs. "It has become clear that we need to take additional steps beyond our merger synergies to reduce expenses, given...

indystar, on Nov 21, 2008 at 2:08 AM in Business
Tom Spalding

Coachmen RV selling assets to Elkhart rival

Coachmen Industries is shifting gears to stay on course in an economy that has punished recreational vehicle-makers. The Middlebury-based company today said it is selling most of the assets of its RV business.Forest River has acquired Coachmen's...

Tom Spalding, on Nov 21, 2008 at 7:00 AM in Business
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Clarian-Ball Memorial merger approved

MUNCIE, Ind. -- Officials have approved a merger between Indianapolis-based Clarian Health and the medical group that owns Ball Memorial Hospital in Muncie and Blackford Community Hospital in Hartford City.Cardinal Health System Chief Executive...

indystar, on Nov 21, 2008 at 7:31 AM in Business
Tom Spalding

Indiana has 5th-cheapest gas in U.S.

When the cost of gas set records last summer, Indiana filling stations were consistently in the top 5 states with the highest prices.Call the latest swing payback.The average price of the cheapest gallon of gas was $1.81 today statewide, putting...

Tom Spalding, on Nov 21, 2008 at 7:31 AM in Business
Tom Spalding

Jobless rate rises in Indiana to 6.4%

Indiana’s unemployment rate worsened slightly in October, tying its highest mark in 21 years.Indiana was at 6.4 percent, putting our state below the national rate of 6.5 percent and lower than neighboring states; the unemployment rate in Michigan...

Tom Spalding, on Nov 21, 2008 at 11:00 AM in Business
indystar

Terre Haute firm to lay off 100

TERRE HAUTE, Ind. -- A Terre Haute company that makes plastic film plans to lay off about 100 workers next month, citing a larger than normal seasonal drop in orders.Bemis Co. vice president Melanie Miller says customers who have seasonal business...

indystar, on Nov 21, 2008 at 11:00 AM in Business
Tom Spalding

Fed official forecasts improved credit flow

The head of the Federal Reserve Bank of Chicago said today he's optimistic that actions by the Fed and other branches of government will unlock lending capacity in the country and "move us toward financial stability."Charles L. Evans made the...

Tom Spalding, on Nov 21, 2008 at 1:16 PM in Business
indystar

Nev. company decides not to buy Ind. casino

EVANSVILLE, Ind. — A Nevada company has decided not to buy Casino Aztar in Evansville because of possible difficulty obtaining financing, according to a settlement filed in U.S. Bankruptcy Court.Eldorado Resorts LLC of Reno, Nev., agreed in March...

indystar, on Nov 21, 2008 at 5:31 PM in Business
indystar

New jobs offset losses in Indiana

Tim Blaker's job at Indianapolis International Airport vanished last week when the new $1 billion airport terminal opened and ended the need for the shuttle bus he drove for the Budget rental car agency.But he didn't panic -- he has a shot at...

indystar, on Nov 22, 2008 at 2:03 AM in Business
indystar

Moody's downgrades Lilly debt as ImClone acquisition nears

INDIANAPOLIS » Eli Lilly and Co.'s rating on $4.6 billion in long-term debt has been dropped to A1 from Aa3 at Moody's Investors Service, which cited the drugmaker's purchase of ImClone Systems. "Although the ImClone acquisition creates favorable...

indystar, on Nov 22, 2008 at 2:05 AM in Business
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Venture Center closing

INDIANAPOLIS » The Indiana Venture Center will end operations Dec. 31, saying it has accomplished its mission: to build and promote the state's entrepreneurial community. The center formed in 2003 with financial and strategic contributions from...

indystar, on Nov 22, 2008 at 2:05 AM in Business
indystar

Target won't pursue proposal to create REIT

NEW YORK » Target Corp. said Friday it will not implement a major shareholder's proposal to create a real estate investment trust. The retailer said in a news release that after evaluating the proposal from investor William Ackman, the company...

indystar, on Nov 22, 2008 at 2:05 AM in Business
indystar

Holiday shutdowns to be extended at some GM plants

DETROIT » General Motors Corp. will extend its holiday shutdown or make other production cuts at five factories as it fights to stay solvent.Also Friday, the company announced changes at five other factories that could increase production of some...

indystar, on Nov 22, 2008 at 2:05 AM in Business
indystar

130-year-old cotton broker closing down in Alabama

MONTGOMERY, Ala. » Weil Brothers-Cotton said Friday it will shut its 130-year-old cotton brokerage offices in the United States and England but will fulfill outstanding contracts before closing. The privately owned company, founded in 1878, will...

indystar, on Nov 22, 2008 at 2:05 AM in Business
indystar

Grand jury indicts meatpacker and several of its managers

DES MOINES, Iowa » A federal grand jury has returned a 12-count indictment against a kosher slaughterhouse and some its managers on charges including conspiracy, harboring illegal immigrants and bank fraud. The indictment includes three defendants...

indystar, on Nov 22, 2008 at 2:05 AM in Business
indystar

FDIC approves backing for bank debt, deposits

WASHINGTON » The FDIC will guarantee up to $1.4 trillion in U.S. banks' debt for more than three years as part of the government's financial rescue plan. Directors of the Federal Deposit Insurance Corp. voted Friday to approve the plan, which is...

indystar, on Nov 22, 2008 at 2:05 AM in Business
indystar

Boeing shuts down production at helicopter factory

PHILADELPHIA » Production has been shut down at Boeing's helicopter plant in suburban Philadelphia. U.S. Rep. Joe Sestak, D-Pa., said he has been told by a Boeing executive that a plastic cap was found in the fuel line of a V-22 Osprey fuselage....

indystar, on Nov 22, 2008 at 2:05 AM in Business
indystar

Citigroup's stock, prospects declining

NEW YORK -- Pressure intensified on Citigroup to sell part or all of itself as its stock fell below $4 a share on Friday and fears escalated about future loan losses.Chief Executive Vikram Pandit told managers earlier in the day he opposes...

indystar, on Nov 22, 2008 at 2:05 AM in Business
indystar

Knauf Insulation to lay off 65

SHELBYVILLE » Knauf Insulation alerted the Indiana Department of Workforce Development that it will lay off 65 workers, effective Jan. 19. The company employs 1,250 workers at its U.S. operations in Shelbyville; Lanett, Ala.; and Shasta Lake,...

indystar, on Nov 22, 2008 at 2:05 AM in Business

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