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Bad Economic News Continues In Listening Area

Last updated on Tuesday, November 11, 2008

(UNDATED) - The WBIW listening area isn’t getting much good economic news.

InsideIndianaBusiness.com says Columbus-based Irwin Financial reported a $54 million 3rd quarter loss.

The site says the losses are a result of sales of parts of the company. Germany-based shipping giant DHL yesterday said they are pulling out of domestic shipping operations in the US which will put 9,500 people out of work on top of the 5,400 they've already laid off. However, how many of those jobs will be in Indiana are unknown.

What is known, at least, is, according to InsideIndianaBusiness.com, DHL has "drop off" locations in Indianapolis, Lafayette, South Bend and Bloomington.

Auto parts maker Visteon, who turned the lights out on their Bedford factory this past July, announced their chairman is stepping down. Michael Johnston will be replaced by President and CEO Donald Stebbins.

To add insult to injury, CNBC.com reports the United States government may lose its AAA credit rating. That could call into question the ability to follow through on already-announced bailout plans.

So far today, stock market indices are down more than 3%, the Dow Jones losing 260-plus points.

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