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(09/23/03 6:07am)
As part of a corporate partnership with Eli Lilly and Co., the Kelley School of Business will host representatives from the pharmaceutical and health care company today. \nThe visit represents the first of many corporate recognition days that are planned for companies who have given substantial amounts of support to IU and the business school. \nAn entire day of events has been scheduled for the representatives and recruiters from Lilly. They will hold a meeting with Kelley School Dean Dan Dalton at 9 a.m., then will visit selected classes in the business school throughout the day.\nA lunch and meetings with members of Kelley's faculty and staff are also scheduled for today.\nFuture corporations that administrators are looking to invite to "Corporate Partner Recognition Day" include the Ford Motor Company, Proctor and Gamble, and Phillip Morris.\nAccording to Mercedes Enrique-Garcia, associate director of undergraduate career services at Kelley, the school bases its recognition of these companies on four criteria: recruitment on the undergraduate and graduate level, significant involvement in the school, use of executive education services, and provision of funding to developmental affairs. \nThe day is meant to "celebrate our partnership with Lilly," said Tracy Connelly, director of corporate and foundation relations. \nLilly sponsors an annual information technology case competition, contributed to the new graduate building and provides scholarships and fellowships for undergraduate and graduate students. \nAdditionally, Lilly has two representatives, Steve Plump and Bert van den Bergh, that currently sit on the dean's advisory board. \n"I think we view (the Kelley school) as a good solid program," Plump said.\nOver the years Lilly has recruited heavily at IU and provided many jobs for IU graduates in both the undergraduate and graduate programs.\n"We recognize Eli Lilly because of the many contributions they have made," said professor Dan Smith, who is also Kelley's associate dean of academics. \nFrom being involved in diversity efforts through a Direct Admit scholarship fund to being a major employer of Kelley students, the corporation has "been a very generous supporter of a lot of our initiatives," Smith said. \n-- Contact Business editor Daniel Lines at dmlines@indiana.edu.
(09/02/03 5:25am)
The Best Buy Corporation will open its first store in Bloomington, located just off of the intersection of the 45/46 bypass and 3rd Street on Nov. 21, according to Best Buy project development manager Travis Cinco. \nIn June, Best Buy signed the lease to build the new store next to Barnes and Noble and close to electronics rival Circuit City, which comes as part of Best Buy's plan to expand the company's operation to 800 North American stores by 2006. \n"I am excited about it," said senior Alex Fruchter. "They have good deals on music. It could hurt the independent stores, but there needs to be a place to buy cheap video games."\nThe store comes at the expense of the White Castle restaurant, located just off the 45/46 bypass, which closed mid-June. The property will be used to facilitate the 45/46 expansion in 2005 and 2006 and will provide for additional parking at Best Buy.\nTom Donohue, owner of local music store TD's Cds and LPs, isn't worried about the additional competition that Best Buy may provide. He does not see the Best Buy as a definite advantage or disadvantage, but cites the personal attention that he is able to give to his customers as a primary advantage to the locally owned competition. \n"I think it's unusual that sometimes a town bends over backwards to bring something like that (Best Buy) in." \nSince 1966, the Minneapolis-based Best Buy Corporation has sold consumer electronics, appliances and computers. With nearly 700 stores in the United States and Canada, Best Buy has become "North America's leading specialty retailer of consumer electronics, personal computers, entertainment software and appliances," according to bestbuy.com.\n"We are looking to have a presence in Bloomington that has been missing for a long time," said Cinco.\nHe said the Best Buy Corporation has attempted to open a store in the Bloomington area for nearly four years, and only now has the necessary real-estate become available.\n Opening the store at the 3rd Street and 45/46 intersection puts it in direct competition with the Circuit City store, located at the southwest corner of the intersection. This competition is comparable to that of Barnes and Noble and Borders bookstores, located close to the projected Best Buy store. \nEconomics professor Robert Becker sees no immediate economic impact on the consumer electronics market in Bloomington. Becker cites the coexistence of Barnes and Noble and Borders as a possible pattern for the relationship between Best Buy and Circuit City.\n"Competition is probably a good thing," Becker said. "I'd imagine that there will be some pressure on standard items, but it hard to say how much. It will most likely come in the form of sales."\nSophomore Justin Cravens, a marketing major, said the competition between the stores will be good for Bloomington.\n"I think it's great because anywhere there is competition, it's good," he said. "Whenever there's competition the consumer benefits"
(08/27/03 6:33am)
Kelley School of Business students might receive a hand-up when it comes to starting a business of their own. Monday's unveiling of the Indiana Venture Center, a nonprofit business organization, means greater opportunities for students to expand their ideas and experiences through internships and hands-on support.\nStarted by Kelley School of Business-Indianapolis alum Michael Hatfield, the IVC will provide the opportunity for a federation of Indiana schools to develop and assist innovative companies and businesspeople. \nAlthough it will not provide the funding that is needed to actually initiate a business plan, the IVC will provide entrepreneurs with the help that they need to fully establish their ideas for a business. \nThe center will help aspiring business founders go through the necessary steps leading up to an ultimate business proposal to a venture capital firm. The IVC help to put together a business plan, deal with legal and tax matters, put together a managerial staff and allows them to draw from the expertise of the various Indiana schools. \nBy establishing a board that consists of all major Indiana schools, the IVC allows entrepreneurs to receive professional advice and guidance from experts in all fields. Businessmen that are looking to start a biotech firm can receive information from entrepreneurship experts at IU, while a person looking to start an engineering firm can talk to experts from Purdue University. \n"It will take an idea from promise to the promise land," said Dan Dalton, dean of the Kelley School of Business.\nJohannes Denekamp, Management Professor and Faculty Advisor to the Young Entrepreneurs Club at IU, said that the venture center will provide the infrastructure and resources that have been missing in Indiana. By assisting entrepreneurs with their business models, the center will attempt to stop Indiana's "brain drain," a term given to the trend of Indiana college graduates leaving the state for higher-paying and more prestigious job opportunities.\nThe IVC also provides an opportunity for student internships and a forum for them to present their ideas to a group of experts for development. Students will have an opportunity to intern at the venture center and will work with representatives of the Indiana schools as they help aspiring businesspersons develop their ideas and plans. \nThe center is also open to students with entrepreneurial aspirations. It will allow students to present their ideas and receive the same opportunities as any professional businesspeople that come to the center. \nTodd Petersen, an MBA student at the Kelley School of Business-Indianapolis sees the IVC as "exciting from (many) aspects." \nThe center offers an opportunity for student interns to apply their classroom and textbook knowledge to help develop real-world entrepreneurial ideas as well as providing a jump start for budding student ideas, Petersen said. \nThe services and opportunities that the IVC provides will be open to any and all aspiring entrepreneurs when the center opens this October.\n-- Contact Business editor Dan Lines at dmlines@indiana.edu.
(07/21/03 1:20am)
The 47th Monroe County Fair kicked off this past weekend as members of the community flocked to the fairgrounds to soak up the fun, food and festival. The fair will continue to run every day through Saturday. \nThe fair started in 1955 as an event geared toward the 4-H program and has grown progressively over the years into an event that brings the entire county together. \n"It's an educational program," said Monroe County Fair Board Treasurer Pat Haley. "It's a fun place to be. It has good clean entertainment."\nThe purpose of the Monroe County Fair is not just to provide fun and entertainment for local residents; it is to include an education directly within the fun and entertainment. By intertwining the educational aspect, the fair still maintains its strong ties to the 4-H program. \nChildren of all ages gather at the fair with a menagerie of animals, all of which they have raised themselves, to present them for judging and sale. By doing this the children are able to bring their experience and education full circle by seeing the animal from its birth to its sale to a new owner or butcher at the fair. The kids suffer from the loss, but the learning experience from the 4-H program will last a lifetime.\n"4-H kids just don't get in trouble. It's a wholesome family bringing up," said Monroe County Fair Board president Kenneth Treadway, whose son, Kevin, participated in the 4-H program for 10 years.\nHe said he wanted to be a large part of this year's fair for his son.\n"I just feel like giving something back for (Kevin) being in (4-H) 10 years."\nFrom the animal auctions to demolition derbies, the Monroe County Fair has a full lineup of events from dawn till dusk everyday. The fun started this weekend with the amateur talent show Saturday night. Contestants from all over Monroe County came to perform dance routines and belt out verses of "Freedom." \n"They work really hard all year long, and some feel that they can go on with this as a career," talent show co-chair Laura Newton said. \nThe winners of the individual county fairs throughout Indiana are given the opportunity to compete at the Indiana State Fair, August 6-17 in Indianapolis.\nThe fair also offers a wide variety of professional talent, including local musicians Claudia Nygaard and Lloyd Wood.
(07/21/03 1:17am)
The 47th Monroe County Fair kicked off this past weekend as members of the community flocked to the fairgrounds to soak up the fun, food and festival. The fair will continue to run every day through Saturday. \nThe fair started in 1955 as an event geared toward the 4-H program and has grown progressively over the years into an event that brings the entire county together. \n"It's an educational program," said Monroe County Fair Board Treasurer Pat Haley. "It's a fun place to be. It has good clean entertainment."\nThe purpose of the Monroe County Fair is not just to provide fun and entertainment for local residents; it is to include an education directly within the fun and entertainment. By intertwining the educational aspect, the fair still maintains its strong ties to the 4-H program. \nChildren of all ages gather at the fair with a menagerie of animals, all of which they have raised themselves, to present them for judging and sale. By doing this the children are able to bring their experience and education full circle by seeing the animal from its birth to its sale to a new owner or butcher at the fair. The kids suffer from the loss, but the learning experience from the 4-H program will last a lifetime.\n"4-H kids just don't get in trouble. It's a wholesome family bringing up," said Monroe County Fair Board president Kenneth Treadway, whose son, Kevin, participated in the 4-H program for 10 years.\nHe said he wanted to be a large part of this year's fair for his son.\n"I just feel like giving something back for (Kevin) being in (4-H) 10 years."\nFrom the animal auctions to demolition derbies, the Monroe County Fair has a full lineup of events from dawn till dusk everyday. The fun started this weekend with the amateur talent show Saturday night. Contestants from all over Monroe County came to perform dance routines and belt out verses of "Freedom." \n"They work really hard all year long, and some feel that they can go on with this as a career," talent show co-chair Laura Newton said. \nThe winners of the individual county fairs throughout Indiana are given the opportunity to compete at the Indiana State Fair, August 6-17 in Indianapolis.\nThe fair also offers a wide variety of professional talent, including local musicians Claudia Nygaard and Lloyd Wood.
(07/21/03 12:43am)
Bloomington Mayor John Fernandez presented his 2004 city budget Friday during a press conference at his office in the Showers Building. \nFernandez maintained the two solid goals he set out to accomplish for his previous budget -- to maintain an administrative focus on strategic investing and manage unavoidable cost increases to the city budget while keeping money in the taxpayers' pockets.\n"We're maintaining a key commitment to the community," Fernandez said.\nThe mayor said he does not seek the maximum admitted levee increases in his budgets, which is the total amount collected through property taxes. Assuming a worst-case scenario, the mayor submits a budget that assumes a city growth of zero. \n"I would describe this mayor and this council as being fiscally conservative," District 1 council member Patricia Cole said. \nDue to the Sept. 11 attacks, there has been a great deal of increases in the sectors relating to risk assurance over the past couple of years, which only adds to the $72,542 increase that has occurred to the Public Employees Retirement Fund. \nFernandez has compensated for such increases this year by cutting over $700,000 in operating budget costs. \nIn spite of these budget cuts, Fernandez said the city still maintains a high commitment to the level of services available. From transportation and public safety to animal control and the Greenways Plan, Fernandez stressed the continuation of quality of life investments. This commitment balances a demand for high quality services with a minimum effect on taxpayers.\n"We maintain a sharp focus on protecting taxpayers pocketbooks," Fernandez said.\nThe results of the city's strong commitment were seen Thursday when Bloomington was named a 5-Star Community in terms of quality of life by Expansion Management magazine. This award is the most recent in a list of honors that the city of Bloomington has received for being a good place to live.\nThe mayor's budget calls for a continuation of his $500,000 annual investment in the city's Greenways Plan, the addition of three firefighters and an expansion of the city's animal shelter.\nThe addition of the three new firefighters provides for the city's biggest new investment of $160,724 and completes the mayor's five-year Fire Safety Improvement Plan. \nFire Chief Jeff Barlow said the addition of these three firefighters is "very significant" and that the five-year program has "done significant help to providing protection for the community." \n"From a realistic perspective, I think the fire department has done well under Mayor Fernandez," Barlow said. "We have come a huge, huge distance in a very short period of time." \nThe city will be holding public hearings at the City Council chambers for the next week and a half to receive public feedback on the budget. Afterward, the city council and the mayor will make adjustments to the budget before submitting a final proposal, which is sent to the council in September. \nThe city council and the mayor began working on the budget in March and April. \nCole said any changes made to the budget usually come between cooperation with the mayor's office and the city council. \n"The draft is a collaboration always based on the direction and the way the council would like to see things going in the city," Cole said.\nCole said the council and the mayor make a strong point to keep their fiscal projections conservative. They remain open to new ideas and can be flexible, but they are careful with their money, she said.
(07/17/03 1:26am)
The return of the West Nile virus to Monroe County was announced Monday by local health officials.\nThe Indiana State Department of Health confirmed that a dead blue jay found in Monroe County tested positive for the virus. There have been nine counties with confirmed cases of West Nile virus this year. No human cases have occurred thus far in the state of Indiana, but the first human case in the nation was confirmed in South Carolina at the beginning of June. \nIn 2002, all 92 counties in Indiana had confirmed cases of West Nile virus. Not all Indiana counties reported human cases; however, 293 human cases of the West Nile were reported, with 11 of these resulting in death. \nState officials said they are anticipating the spread of West Nile to all 92 counties this year. \n"We will not be surprised if we see more cases," said Bob Schmidt, administrator for the Monroe County Health Department. "It is the nature of the beast, and sometimes we are not as cautious as we should be."\nThe West Nile virus was first confirmed in 1999 in New York. The disease originates in wild predatory birds such as crows, blue jays and hawks. Mosquitoes that bite infected birds become carriers of the disease and can pass it on to other birds, horses, humans and the mosquito's offspring, according to the State Department of Health. \nThe disease can only be passed to humans by a mosquito that has bitten an infected bird.\n"There is no human to human transmission," said Jennifer Dunlap, public information officer at the State Department of Health.\nA human is considered a dead host, in that if a mosquito bites a human that is already infected with the disease, the mosquito will not become a carrier of the West Nile virus. \nThe Indiana State Department of Health is urging all residents to report any findings of dead birds to county officials. Once a case has been confirmed in a county, any further finding of dead birds will not be tested, but rather they will be used to help county and state officials determine the direction in which the disease is spreading so that it can be neutralized in the area. State surveillance officials are working closely with local officials to help test live birds and mosquitoes to help obtain more accurate data about the spread of the disease. \nSchmidt said through a few simple measures, residents can help to curb the spread of West Nile and greatly reduce the risk of individual infection. \nMosquitoes are most prevalent during dawn and dusk, and it is during these times that people should be sure to wear long clothes and spray their clothes with a mosquito repellent that contains DEET, in order to reduce their chance of infection. DEET is a chemical compound that is common in most repellents and can vary in amounts depending on the type of mosquito spray. \nResidents also should control the amount of standing water around their property. This includes such areas as puddles, bird baths and gutters. These areas serve as breeding grounds for mosquitoes and greatly increase the risk of becoming infected for residents living in the area. \nThe symptoms associated with West Nile are typically mild and can take three to 15 days to develop fully. Typical early symptoms include a high fever and weakness. Other severe cases have been reported to have meningitis, a swelling of the brain and spinal cord membrane, and encephalitis, an inflammation of the brain. \nIf a person is suspected of having West Nile, a sample of spinal fluid and blood is sent to the State Department for testing. The Center for Disease Control reports that only one in 100 to 150 of those who become infected with the disease develops serious reactions.\n"There is no specific treatment for West Nile virus," said Thomas Kuhn, nurse practitioner at the PromptCare Clinic in Bloomington. "All you're trying to do is assist the person and prevent any secondary infections." \nAntiviral agents such as ribovirin and interferon have proved to have some success, but neither of these drugs is specific to the West Nile virus.
(07/14/03 1:52am)
Piles of discarded belongings were dumped on top of piles of heartache as Noblesville residents began the long process of regaining their lives after last week's record-setting flood left many of their homes underwater. \nNoblesville, located just northeast of Indianapolis, is situated on the banks of the White River. Torrential downpours for the greater part of last week brought the White River, which reaches flood stage at 14 feet, to a record level of 21.84 feet, putting this years flood just short of the all time high of 23.8 feet in 1913.\nNoblesville resident Debbie Koch saidshe has never seen the typical water level reach these heights.\n"You see a little bit of water come up the streets but never in the homes," she said.\nAn estimated 70 to 90 homes were affected by the flooding, with approximately 40 residents needing to evacuate completely. The Hamilton County Red Cross Station, located on the banks of the White River itself, has been assisting the residents in any way possible to help expedite the cleanup process. \nResidents worked hard this past weekend to assess the damage, empty out their remaining belongings and tear up carpets. Water-stained furniture and multicolored rugs decorated the front lawns of many of the houses as the residents sat and waited for insurance adjusters to arrive and observe the damage.\n"I watched them take out an antique mirror that was 100 years old, and it was completely ruined," Kocher said.\nMany of the flood victims cannot afford to insure themselves against flooding. These people are forced to clean out their homes and cut their losses, which in some cases might end up being their entire house. \n"It's going to be a waiting process," said local resident Dennis Denoss.\nMost residents were given fair warning of the flooding, so they were able to save most of their belongings. However, many homeowners, including Denoss, said they doubt their homes, due to foundation damage, will still be a sound structure. \nDenoss, who is lucky enough to be insured, said he will most likely have to condemn his house and move in with his son Rich Williams, who lives next door in an elevated house.\nMany of the afflicted residents, however, are not as fortunate as Denoss. If their house is lost, then they will have only the Red Cross as their last crutch to lean on. \nKristi Werner, a Red Cross worker, and her colleagues have been working to provide the afflicted families with shelter and food until they are able to move back into their homes. \n"It's just been devastating for the people involved, but the community support has been amazing," Werner said. "Neighbor helping neighbor, agencies doing anything they can and businesses helping." \nThe damage has brought the Noblesville community together to help one another in spite of their own losses and hardships.\n"Everyone is still pretty much in shock," Kocher said. "The flooding has caused a lot of damage, but it has allowed us to come together as a community."\nShe and many other residents have shown great resilience to the disaster. Kocher said that it is bad now but in a couple of days it will be like nothing happened -- everyone will move back into their homes and the children will start playing in the streets and on the playground again.
(02/11/03 5:04am)
College students have many concerns, and preparing for retirement generally isn't one of them. \nBut long-term investments, whether they are in the form of a retirement fund, a mutual fund or the open market, can provide advantages for people who start investing at an early age.\nTo understand the substantial long-term growth potential of money, one need only examine the hypothetical example, provided by Kelley School Associate Professor of finance Utpal Bhattacharya, of a 19-year-old who invests $1 each year in a security with a five percent interest rate.\nIf a 19-year-old follows the investment pattern outlined by Bhattacharya, adding $1 to his or her account over a 46-year period, the account becomes worth $168.69. The $1 a year and a five percent return are both modest figures. With realistic returns and a more substantial annual investment, the amount grows exponentially, potentially reaching the hundreds of thousands without putting much strain on the investor's wallet. For instance, if $1,000 were invested annually, keeping the same five percent interest rate, the account grows to $168,690.\nTotal returns also decrease exponentially the longer one waits to invest.\nMany people look at the state of the economy and immediately back away from risking their money and retirement fund in a volatile market.\nFor older people, this strategy is probably the correct one, but an average college student need not worry about such risks. The unpredictable market in today's economy provides the perfect environment for a student investing small to average amounts of money in low cost mutual funds. A college student faces minimal risks, which is why it is beneficial to invest early. Greater risks are involved for those who do not have the time to recover from market downturns.\n"It's a great idea for a college student to start investing both because investing early provides more time for your investment to grow and also because it helps to teach the discipline of investing and saving at a young age," said Robert Dittmar, associate professor of finance in the business school.\nYoung investors must approach investing with some knowledge about which types of funds are available to them.\nTwo types of mutual funds that a young investor should be concerned with are active and passive funds. Both types give the investor diversification, but a passive fund will replicate the performance of an index and is typically cheaper than an active fund, where the investor typically hires a person to research specific stocks and determine which ones will perform well.\nAn example of a passive approach is when employers invest their employees' 401(k) plans. Active funds, even though they are heavily researched, often do not outperform the passive funds. Passive funds provide young investors an opportunity to gain a good annual return with a minimal investment.\nIt is recommended young investors to take a passive stance and leave the management of their money up to a financial advisor, said Clinical Associate Professor of finance Scott Smart.\n"The passive approach is probably best for most investors because it provides tremendous diversification benefits at very low cost, and passive investors on average outperform active investors once you account for the higher cost of active investing," Smart said.\nToday's young investors can take advantage of the economic situation by taking large risks with negligible losses and the possibility for high returns. Investing young gives investors the ability to learn about the various markets, develop the discipline of saving and the time to gain perspective. Young people would be wise to take advantage of the opportunity because the knowledge they gain can benefit them as they get older and the value of their investments will increase along with their risks.