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Brownsburg girls get sectional revenge on Mooresville, advance to semifinals

Allison Bosse scored 23 points to lift the Bulldogs over Mooresville, 51-42, in Tuesday's sectional opener.

      




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Plainfield police officer arrested on suspicion of driving while intoxicated

An off-duty Plainfield police officer was arrested Friday night on suspicion of driving while intoxicated.

      




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This Brownsburg teen saves abandoned potbellied pigs at Oinking Acres

Olivia Head, 17, founded Oinking Acres in Brownsburg and has rescued up to 160 potbellied pigs and some other animals.

       




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Photos: Oinking Acres Pig Rescue and Sanctuary saves pigs in Brownsburg

Oinking Acres Pig Rescue and Sanctuary is making a difference in the Brownsburg community by saving more than 150 potbellied pigs.

       




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Here's what Danville looks like during coronavirus pandemic

A look at Danville, Indiana, during the coronavirus pandemic

       




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How funerals are removing dead from nursing homes during coronavirus pandemic

"We all struggled with personal protective equipment in the funeral industry," said Eric Bell, funeral director and owner of David A. Hall Mortuary in Pittsboro, Ind.

       




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Funeral director on how families are honoring their loved ones during coronavirus pandemic

Eric Bell, a funeral director in Pittsboro, Ind., says the longest he's waited to hold a memorial service is two months for a deceased person. He explains why.

       




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Browne not going to Glencore

Yes you read the headline correctly.

It turns out that Lord Browne isn't going to be chairman of Glencore after all

And, of course, if you think I look like a plonker, that's fair enough.

Here is what happened.

Glencore's announcement that it plans to list on the London and Hong Kong stock exchanges said this:

"Glencore has made its decision regarding the new chairman and is in the final stages of making the appointment, which will be communicated shortly".

I was told by impeccable sources that the chosen candidate was Lord Browne. And that is definitely the case.

However those "final stages of making the appointment" were not the formality that I and my sources believed.

When it came to the final talks between Lord Browne and Glencore, there was a disagreement about governance issues.

Anyway, Glencore came to the view that Browne wasn't quite right for it. My sense is that Lord Browne was more of a stickler for detail than this entrepreneurial company felt comfortable with.

So what on earth happens now?

Well Glencore can't float without a chairman.

Before Lord Browne became the preferred candidate, Simon Murray - the Hong Kong business leader - was the favourite to take the job.

Does he still want the job? Does Glencore want him?

I don't know, but I will endeavour to find out.

It's all a cracking corporate soap opera. But probably not the ideal curtain-raiser for the biggest flotation the London market has ever seen.

Update 15:15: Glencore has now appointed Simon Murray, former managing director of the Asian giant Hutchison Whampoa, as its chairman.




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The corporate story behind GDP challenge

A clutch of big company results today illustrate the big economic trends in the UK and the world - and also say something about what the UK economy needs if its insipid recovery is to become something a bit stronger.

First the good news.

ARM, the world-leading designer of electronic chips for smartphones, tablets and consumer devices, saw revenues rise 29% in the first three months of the year and profits increase 35% (to £51m).

If we had a few more ARMs in this country, we would be agonising less about the imperative of "rebalancing" the structure of our wealth-creation away from financial services and the City.

That said, we'd need an incredible number of ARMs to make a dent in the high unemployment figures, because ARM simply licences its technology to the likes of Apple and LG, which put the chips into their devices. Or to put it another way, ARM's success is in exploiting the grey matter of a few boffins: it manufactures nothing.

Now part of the drag on Britain's recovery is the burden of debt on households and the impact of rising commodity prices on consumers' spending power.

You can see some of that in the first half figures of Associated British Foods, which points out that world sugar prices are at a 30-year high and that there has been a sugar shortage in Europe. ABF's sugar, grocery and agriculture profits were up substantially (sugar by 27%).

ABF's Primark chain of shops, whose prices tend to be the lowest on the high street, seems to have benefited from shoppers desire to trade down and economise, since underlying or like-for-like sales rose 3%. But although that looks okay compared with competitors, it was half the rate of last year's increase.

A further manifestation of all that borrowing in the euphoric years, before the bubble burst in 2007-8, is another set of uninspiring financial results from Heathrow and Stansted airports, and their holding company, BAA (SP) limited.

The losses of the two London airports increased 8% to £211.5m and net debt in BAA (SP) was flat at a substantial £9.9bn. Net debt at the next corporate level up, BAA (SH) plc was a chunky £10.4bn, against a regulated asset base of £13bn (which moved in the right direction by 2.7%).

BAA was acquired by the Spanish group Ferrovial and partners at the height of the debt-fuelled buyout boom of 2006 - and although BAA would argue that operational performance has improved, there is a question about when if ever the owners will ever see a return on their enormous investment.

Meanwhile, in spite of the rising trend of commodities and energy, including oil, BP's profits in the first three months of the year actually fell a fraction to $5.5bn. You can see the impact of higher oil prices in a near trebling of profits to $2.1bn made in refining and marketing - but there was a significant fall in production, some of it related to the Gulf of Mexico disaster.

The fundamental BP story is that the risks and costs of extracting energy are on a secular rising trend - for which we all pay a price.

Last but never least is Barclays and its figures for the first quarter of 2011 - which show top line income lower than the first quarter of last year and below the last quarter of last year. As for profits, they were up a bit or down a bit, depending on what view you take of whether changes in the notional value of Barclays' own borrowings should be included.

The unambiguous trend is a sharp reduction in the charge of debts and investments going bad - which was 39% lower compared with a year ago and 33% down on a three-month comparison.

As for lending, loans to retail customers rose by just under £1bn to £229bn since the end of 2010 - which is neither here nor there for a bank of Barclays' size. And the overall value of Barclays' loans and investments, on a risk-weighted basis, fell 1.5% over 12 months to £392bn.

For Barclays and other big western banks, it's no longer about growing their balance sheets, about lending more and more. Their long term recovery requires deleveraging, shrinking, which is the corollary of the perceived need for western consumers and governments to pay down their respective debts.

Here's the painful part: we may need banks to become smaller, but we all suffer if in the process they starve job-creating businesses of vital finance.

Those who fear the worst won't be reassured by figures just released by the British Bankers Association (BBA), which show that net lending to non-financial businesses by banks fell £3.2bn in March.

The BBA blames weak demand from companies. And although Barclays and the other banks have promised the Treasury, in their Project Merlin agreement, that they will meet the credit needs of the economy, my electronic postbag indicates that there remains quite a gap between their perception of deserving borrowers and yours.

Update 11:15: As some of you have pointed out, ARM saw its profits increase to £51m not £51bn, as I originally said, whilst losses at the two London airports increased to £211.5m, not £211.5bn. Sorry for my brainstorm. I've probably been dealing in billions a little too often recently - due to the magnitude of our recent financial crisis.




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Is the Treasury understating pension liabilities?

Belatedly, I've got round to looking at the Treasury's recent decision to change how it calculates the necessary contributions that have to be made to cover the future costs of unfunded public service pensions.

My interest was sparked by a letter sent to the chancellor by 23 pension experts, organised by the consultant John Ralfe. They argue that the Treasury has made a mistake in its choice of a new so-called discount rate.

If you think this is tedious abstruse stuff that has no relevance to you, think again. The aggregate public-sector net liability for pensions is so huge - perhaps £1 trillion - that it matters to all of us as taxpayers, especially those likely to be paying tax in 10 and 20 years time, that the government has a reliable and accurate valuation of pension promises.

Pensions represent, to coin the phrase, a massive off-balance-sheet debt. And as we've all learned to our cost from the financial crisis of 2007-8, it is a bad idea to carry on blithely pretending off-balance-sheet liabilities don't exist.

So what is this blessed discount rate? Well in the private sector it can be seen as the number used to translate into today's money a commitment to pay £650 a week pension (for example) for 30 years or so to a retired employee (till he or she dies), so that we can see whether there's enough money in the pension fund to pay that employee (and all the other employees) during his or her long retirement.

The point of the discount rate is to assess whether there's enough money in the pension fund - or whether it needs to be topped up.

Which is all very well, except that for most of the public sector, there are no funds or pots of money to pay for future pensions. Most of the pension promises are unfunded, payable out of employees' current contributions and out of general taxation.

That said, since public sector workers are increasingly expected to make a contribution to the costs of their own pensions, it would presumably be sensible for that contribution to be set at a level that is rationally related to the value of promised pensions.

So what is the best way of measuring the cost today of new pension promises?

Well the government has decided to "discount" those promises by the rate at which the economy is expected to grow.

Now there is some logic to that: the growth rate of the economy should determine the growth rate of tax revenues; and the growth rate of tax revenues will have a direct bearing on whether future pension promises will bankrupt us all or not.

But here's the thing. Any private sector chief executive might well be sent to prison if he or she decided to use the equivalent discount rate for a company, which would be the expected growth rate of that company's revenues or profits.

The reason is that although it might be possible to remove subjectivity (or in a worst case, manipulation) from any long-term forecast of the growth of GDP or of a company's turnover, it is not possible to remove considerable uncertainty.

To illustrate, the Treasury has chosen a GDP growth rate of 3% per annum as the discount rate for public sector pensions, which is considerably above the rate at which the UK economy has grown for years or indeed may grow for many years.

If we were growing at 3%, we would in practice be less worried about the off-balance-sheet liabilities of public-sector pensions, because the on-balance-sheet debt of the government would not be growing at an unsustainably fast rate.

To put it another way, in choosing its view of the long term growth rate of GDP as the discount rate, the Treasury is arguably understating the burden of future pensions to a considerable extent.

So what discount rate do companies use?

Well they are obliged to discount the liabilities at the yield or interest rate on AA rated corporate bonds.

Which may not be ideal, but has some advantages: there is a market price for AA corporate bonds, so the yield or discount rate is difficult to manipulate by unscrupulous employers; and it tells the company how much money would need to be in the pension pot, on the basis that all the money were invested in relatively safe investments (AA corporate bonds).

Now Ralfe and his chums believe that the discount rate for public sector promises should be the yield on long-term index linked gilts (gilts are bonds or debts of the British government) - partly because this too has a difficult-to-manipulate market price and because an index-linked government bond is a very similar liability to a public sector pension promise (both are protected against inflation, both are in effect debts of the government).

They point out that gilt interest and principal payments are paid out of future tax revenues, just as future pensions are. So if the value today of future pensions should be discounted at the GDP rate, that's how index linked gilts should be value on the government's balance sheet - which would be bonkers.

Anyway, if you've read this far (and many congratulations to you if you have), you may take the view that it would not be rational to impose a tougher discount rate on the government than on private-sector companies - which is what Ralfe et al seem to want, in that the yield on index linked gilts will always be lower than the yield on AA corporate bonds (because HMG, even with all its debts, is deemed to be more creditworthy than any British business).

But for a government and for a chancellor who have made it a badge of honour to bring transparency and prudence to public-sector finances, prospective GDP growth does look a slightly rum discount rate for valuing those enormous pension liabilities.




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Peston Picks is moving

My blog is dead. Long live the new blog. Or to put it another way, my page - and those of other BBC bloggers - is having a makeover. So if you don't want to read on, and you simply want to read my latest post, click here.

The reason for the change is to bring together more of my output in one place. So on the new page, you'll find many of my TV and radio pieces, and (soon) my tweets.

If I go mad and decide to do other social media, that'll be there too.

Fingers crossed that you like what you see. I can't hope that all of you will love all the changes. And in particular, I am sure some of you will be frustrated that (for cost reasons) there is now a 400 character limit on the comments you can leave.

Please don't let that put you off expressing yourselves. I can't tell you how much I value your opinions and the debate we have.

As for the posts I've written since Picks was launched in January 2007, the best place to find them is here. For future posts, the best URL for me is still bbc.co.uk/robertpeston




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IndyCar could be dancing with the stars again

FORT WORTH, Texas -- It appears an IndyCar Series driver will be dancing next month on national television.

      




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Cavin: James Hinchcliffe will shine on 'Dancing With the Stars'

Through driver-turned-dancer James Hinchcliffe, the Verizon IndyCar Series is about to experience something similar to what Helio Castroneves delivered as a celebrity contestant in 2007.

      




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10 things to know about Dancing with the Stars

Before the show, audience members take the stage to dance

       




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Avon Schools is closing due to coronavirus concerns. Here's what parents need to know.

After a coronavirus update that a second student was showing symptoms, Avon schools decided to close all buildings ahead of spring break.

      




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Indiana University will move to remote teaching after spring break over coronavirus concerns

Indiana University will move to remote teaching after its scheduled spring break over concerns about the spread of the coronavirus.

      




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As one Indiana school district closes amid COVID-19 concerns, others consider eLearning

As districts prepare for the possibility of an outbreak of the novel coronavirus in their schools, most consider a move to online learning.

      




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What Indianapolis-area schools are saying about the coronavirus in Indiana

As the first cases of Hoosiers who test positive for COVID-19 are confirmed, schools in central Indiana are continuing to keep families updated.

      




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List of Indianapolis-area coronavirus school closings

As national, state and local officials consider ways to slow the spread of COVID-19, many are closing schools.

      




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MSD Lawrence Township is providing 5 days of breakfasts and lunches for students

The school district provided free grab-and-go breakfasts and lunches for students Monday. It will do it again next Monday (March 23).

      




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All Indiana schools will remain closed until May 1, state testing canceled

Gov. Eric Holcomb announced new steps to combat the spread of the coronavirus Thursday, including the prolonged closure of schools.

      




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How Indiana schools make eLearning work

More Indiana schools are using eLearning in the wake of the COVID-19 pandemic. Here's some advice to make it a success for students, teachers and parents.

       




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'Just the beginning': Teachers, parents reflect on eLearning as schools remain closed

Many Indianapolis area districts started eLearning this week only to learn that school closures will be longer than expected due to COVID-19 concerns.

      




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Indiana schools continue to pay teachers, other staff during coronavirus closures

Indiana schools will be closed until at least May 1, but districts are ensuring employees continue to get paid.

      




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Waving and honking hello: Noblesville teachers have car parade to see students

In less than 24 hours, teachers organized a parade of nearly 40 cars to say hello to students from afar.

      




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Coronavirus in Indiana: What will happen if schools are closed longer than May 1?

Schools across the state are closed until at least May 1, and it's possible that will be extended so students finish the year at home.

      




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How Indiana colleges are handling refunds after coronavirus empties campuses

Colleges across Indiana are navigating how to handle refunds for students who have had to vacate residence halls during the COVID-19 pandemic.

      




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Indianapolis police investigating homicide on city's northwest side

Indianapolis Metropolitan police are investigating after a man was found shot on the city's northwest side Thursday night.

      




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An untrue April Fools' Day prank scared students and angered officials

The April Fools' prank is being shared in Indiana and other states across the nation.

      




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Schools, donors rush to fill 'digital divide' and keep students learning during closures

During coronavirus, Indiana schools turn to donors to fill gaps in access to devices and home internet as state and federal resources lag behind.

       




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How closed schools impact English learners and how teachers communicate amid coronavirus

While learning loss is a concern, ESL teachers are finding ways to stay connected, even if that means doing more in students' native languages.

       




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Coronavirus took their final milestones. Now, high school seniors are planning next steps

With schools and campuses closed, high school seniors are planning for college just like they are finishing their high school careers: virtually.

       




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How fifth, eighth graders are preparing to leave elementary, middle school away from peers

With schools closed, fifth and eighth grade students navigate the transition from elementary to middle school or middle to high school on their own.

       




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Prom at the Palladium: How graduating seniors can avoid missing a high school staple

The Center for the Performing Arts in Carmel invites the class of 2020 from across Central Indiana to a prom this August.

       




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Colleges are getting millions to help students in need, but don't know how to spend it.

Indiana colleges and universities are getting millions in federal CARES Act dollars but say they need more guidance on how to spend it.

       




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This is what Indiana colleges are saying about their plans for fall classes

Indiana colleges and universities talk plans for the fall as campuses remain empty statewide

       




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As Indiana reopens, parents returning to work need to make decisions about child care

As Indiana prepares to reopen its economy during coronavirus, parents who are returning to work are facing a new challenge about childcare.

       




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Rap videos, virtual running club, bookmobile: Teachers go above and beyond amid pandemic

Join IndyStar and #ThankATeacher during Teacher Appreciation Week. These are some educators that are making the best of a bad situation.

       




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Eta Aquáridas: a impressionante chuva de meteoros do cometa Halley que atinge seu clímax nesta semana

Passagem da Terra pela trilha de resquícios do cometa Halley traz espetáculo de chuva de meteoros todos os anos; países da América do Sul estão entre os melhores posicionados para assistir a esse show noturno.




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IndyStar basketball recruiting rankings for Indiana's 2021 class

See which incoming sophomores Kyle Neddenriep thinks are the best in the state.

      




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Where locals land on new basketball prospect rankings for 2019 and 2020

A look at where locals land on new national lists

      




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Purdue, IU are prioritizing Brandon Newman — but there's a sleeper Big Ten school to watch

Purdue and Indiana have prioritized the Valparaiso product for their 2019 class, but they aren't short on competition.

      




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Where IU basketball stands in race for blue-blood darling Matthew Hurt

Right now, there's a 1 in 8 chance the Hoosiers land the consensus top-10 talent out of Minnesota. But they're competing with NCAA royalty.

      




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Secret to landing top-30 target Zeke Nnaji could lie in Indiana's music department

Zeke Nnaji, a four-star, top-30 power forward from just outside Minneapolis, is arguably as good a pianist as he is a basketball player.

       




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Insider: What IU basketball is getting in 2019 commit Armaan Franklin

Senior combo guard Armaan Franklin, a standout at Cathedral and a four-star prospect, becomes IU's first commitment in the 2019 class.

       




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Hunter Dickinson likes that 'big-man factory' Purdue is prioritizing him

Purdue, along with Notre Dame, Gonzaga, Louisville and Kentucky are recruiting Dickinson. Duke is also in the mix but has yet to offer Dickinson.

       




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IU basketball big man target Isaiah Stewart gets intriguing recruiting pitch

"I had a coach tell me that I could pick the players they recruit to come and play with me."

       




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Top-10 forward Matthew Hurt eager to see how IU basketball develops Romeo Langford

"I'm pretty sure he's one-and-done. I just want to see how they develop him. What they do for him is key for me."

       




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Representing Indiana has special appeal for five-star IU target Keion Brooks

"Us being from Indiana, you know, going there, we would be taken care of the rest of our life."

       




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Several in-state prospects in latest Rivals basketball prospect rankings

Trayce Jackson-Davis and Keion Brooks are considered among the nation's best players in the 2020 class