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Coronavirus puts plans for Shake Shack in Fishers on hold

Before coronavirus, the 4,203-square-foot Shake Shake restaurant was originally slated for a late 2020 opening in The Yard at Fishers.

       




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IndyCar rookie Scott McLaughlin out-duels Will Power for win in Barber iRacing Challenge

Robert Wickens made the surprise charge of the race, taking eighth, but it was Scott McLaughlin clinching his first IndyCar victory of any sort Saturday.

      




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Through the eyes (and mouth) of Conor Daly: An unfiltered look at IndyCar's iRacing pursuit

Through his personal streaming platform, IndyCar veteran Conor Daly's Twitch offers fans a front-row seat to a driver's race-day mind.

      




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Dale Earnhardt on (virtual) IndyCar debut Saturday: 'Trying to keep myself out of trouble'

Though he's been heavily into iRacing in recent years, Dale Earnhardt Jr. had never ventured into the world of IndyCar. This week, he's gotten a heavy dose.

       




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IndyCar's iRacing introduction to ovals set to be 'action-packed' and 'a little nutty'

As IndyCar's iRacing Challenge ventures onto an oval track, expect the rhythm of the competition and, perhaps, those winning, to change.

       




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Dale Earnhardt Jr. lives 'dream come true' in third-place finish for IndyCar iRacing debut

He's unsure when he might return to the virtual IndyCar grid, but it's sure not from Dale Earnhardt Jr.'s lack of enjoyment in Saturday's event.

       




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IndyCar iRacing Challenge audience grows 25% in Dale Earnhardt Jr.'s open-wheel debut

Broadcast on NBC Sports for the second consecutive week, IndyCar's iRacing audience grew 25% from the previous week.

       




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IndyCar driver Graham Rahal selling $8 million cliffside mansion outside Los Angeles

When Rahal bought the estate in November of 2017 for $6.1 million, it was the most expensive home ever sold in the city.

       




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Will Power on iRacing: 'If you're driving like an idiot, you'll be called out. It's a great tool'

Oliver Askew: 'Wish I could have handled the situation differently, but I am thankful I am able to learn from this in sim rather than real life.'

       




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What we know about IndyCar's planned 2020 season opener

The IndyCar Series released details Thursday regarding its 2020 season opener, scheduled for June 6 at Texas Motor Speedway at Fort Worth.

       




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A month from IndyCar's planned return, Eddie Gossage is 'hopeful,' but the clock is ticking

IndyCar is scheduled to open its 2020 season on June 6, but one month from that date, the Texas Motor Speedway president can't guarantee a race.

       




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Varvel: How a kid from Castleton went from playing with dolls to a YouTube sensation

Taking the road less traveled has made all the difference

      




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Gary Varvel's cartoons about voters

A collection of cartoons depicting what voters experience every election.

      




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Former atheist Nancy Fitzgerald talks about Christian ministry

Former atheist and Hall of Fame golfer, Nancy Fitzgerald, talks about her world-wide ministry to help teens live the Christian life.

      




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Tully: The solution to Indy's pothole crisis

Indianapolis has a pothole problem that is both dangerous and embarrassing. Here's a way out of this infrastructure mess.

      




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Tully: A story about former police chief Troy Riggs

Former Police Chief Troy Riggs has left for Denver, but Indianapolis should remember his message.

      




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Tully: I'm taking a cancer break, but I'll be back

It's time for a short break to deal with some cancer issues. But I'll be back.

      




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Tully: The truth is, we need more politicians like Joe Donnelly

Bipartisanship doesn't score you many points in politics these days. But it should, and Sen. Joe Donnelly is a perfect example of why.

       




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In memory of Matt Tully, Indiana delegation introduces stomach cancer awareness resolution

The Indiana congressional delegation introduced a House resolution expressing support for the goals and ideas of ''Stomach Cancer Awareness Month."

       




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See what Wild Wednesday is all about: 'We come out to hear the music of the motors.'

Ordinary people in their ordinary cars take to the drag strip to get their need for speed.

      




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Avon football finding out about itself — and after 2 games, it likes what it sees

The third-ranked Orioles knocked off Ben Davis 41-17 with strong QB play and a defense that just keeps scoring.

      




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IU coaches expected Peyton Hendershot to break out this year — and he's delivering so far

The new offensive scheme allowing Tri-West graduate to become a difference maker for IU offense.

      




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'This was a game we needed.' No. 1 Avon pushed again, but passes latest test

Avon, ranked No. 1 in Class 6A, has had to display a high level of resiliency and develop that elusive clutch gene to remain unbeaten at 8-0.

      




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What price a Greek haircut?

One of Europe's most influential bankers said to me the other day that he thought it would be a disaster if any of the eurozone's debt-stretched nations imposed a reduction in the value of their respective sovereign borrowings, or - to use the jargon - took a haircut on their debts.

For him, the eurozone approach of muddling through - providing IMF and eurozone loans to those countries that cannot borrow on markets - is the right approach, even if it hasn't actually solved anything for the eurozone in a permanent sense.

It is curious he should take that view, given that the rescues of Greece and Ireland that took place last year are already having to be renegotiated. And the bailout of those countries didn't stop the rot: Portugal is well into the process of obtaining emergency finance from eurozone and IMF.

Wouldn't it be better to cut what Greece - or Portugal or Ireland - owes down to a manageable size, in tandem with the imposed shrinkage of its public sector, to put its public finances back on a basis that is sustainable for the long term?

The markets are saying that's the only way forward. Over the course of a year, the market price of Greek government debt has fallen by more than half, for example. The yield on 10-year Greek government bonds is well over 15%. Which is an unambiguous statement from investors that there is not the faintest chance that they will lend to Greece again, unless and until its debt burden is reduced to a manageable size.

Or to put it another way, markets are presenting a simple choice to eurozone government heads and the IMF: they can continue to lend to Greece for an indefinite period, in the hope that Greece's economic growth will eventually pick up and generate incremental tax revenues, which would allow the Greek government to perhaps start paying down its debts; or they can bite the bullet and put Greece into the equivalent of what the Americans call Chapter 11 bankruptcy protection, to restructure and reduce what Greece owes so that it is consistent with the market price of all that debt.

Now as of this instant, option one looks a bit naive, in that what's happened subsequent to the first bailout of Greece a year ago is that its ratio of debt to GDP has been growing in leaps and bounds to more than 150% of GDP (and for more on the heroic challenges faced by Greece, see reports in the next day or two from Stephanie Flanders, who is in Athens).

So you would have expected my influential banker - who knows a thing or two about the markets - to be in favour of what the markets are saying is inevitable. Surely he should be calling for that most humiliating event for any creditor, a formal admission by Greece that it can't pay what it owes, which goes by the moniker of a haircut, or restructuring, or default?

But Mr Big Banker doesn't think that's the right way forward. His reasoning is that he fears a debt restructuring would weaken many of Europe's banks, such that they would be forced to raise new capital - perhaps from their respective governments. And, for reasons that slightly elude me, he sees that as a worse outcome than leaving Greece trapped in an unbreakably vicious cycle of economic decline.

The odd thing, however, is that the official statistics really don't seem to indicate that a haircut on Greek debt would be Armageddon for Europe's banks.

It would be a disaster for Greece's banks, that's certainly true, given that (according to Bank of England figures) a 50% writedown of Greek sovereign debt would wipe out more than 70% of their equity capital. Or to put it another way, they would be bust and would have to be recapitalised.

But, sooner or later, Greece's banks are going to need strengthening in any case. Fixing Greece's public finances won't fix Greece unless its banks are mended too. So any estimate of the costs of rehabilitating that country will include the price of providing new capital to the banks.

The more relevant question, perhaps, is what a Greek haircut would mean for banks outside Greece.

The latest figures from the Bank for International Settlements, published a few days ago, show that at the end of last year banks outside Greece had lent $146bn to Greek banks, companies and the public sector - down from $171bn three months earlier. And, of this, loans to the public sector (largely holdings of Greek government bonds) were $54bn.

To be clear, this doesn't take account of exposure through derivatives, credit commitments or guarantees. So the world's banks probably have a further $100bn exposure to Greece.

The sums at risk therefore look serious though not - on their own - potentially disastrous for the health of the financial system.

Now as luck would have it, the banks most at risk happen to be those of the eurozone's two largest and strongest economies, Germany and France. The exposure of German banks to Greece is $34bn, including perhaps $20bn of loans to the Greek government, while the exposure of French banks is $57bn, of which again around $20bn is probably sovereign lending

Now because of what some would say is the madness of how the global Basel rules - that measure the strength of banks - are applied, there would be a double whammy for eurozone banks if there were a write-off of Greek sovereign debt.

The banks with Greek sovereign exposure would have to reduce their respective stocks of capital by the amount of the loan loss. And they would have to inflate the size of their balance sheets, because the residual exposure to the Greek government would lose its official (and some would say insane) zero risk weighting. So the fall in the capital ratios of banks with exposure to Greece would be magnified in a painful way.

Of the larger listed banks, only one, the Franco-Belgian group Dexia, looks as though it would be seriously hurt by a Greek debt writedown. According to Morgan Stanley, Dexia has 4.9bn euros of exposure to Greek sovereign debt, equivalent to more than half the value of its equity capital. Dexia would be significantly weakened by a 50% Greek haircut.

Next at risk, according to Morgan Stanley, would be Commerzbank of Germany, with €3bn of Greek sovereign debt, equivalent to 15% of its capital. Meanwhile BNP Paribas and Credit Agricole of France, Erste of Austria, KBC of Belgium and Deutsche Bank of Germany all have meaningful though not devastating exposures.

Less visible is the Greek exposure of Germany's state backed landesbanks - which regulators tell me is considerable. But if they were to incur large losses on it, Germany could afford to recapitalise them.

So what is going on? Why are eurozone governments so wary of a restructuring or haircut of Greek sovereign debt, given that banks in the round won't be killed by the consequential hit?

There seem to be three reasons.

First, in Germany, it is apparently politically more acceptable to provide rescue finance to Greece directly than to rescue German banks that foolishly and greedily bought Greek debt for its relatively high yield.

Second, a Greek debt restructuring would be a severe blow to eurozone pride in the strength of the currency union.

Third, a Greek haircut might be the thin end of a large wedge. If it created a precedent for haircuts in Portugal and Ireland, the losses for the eurozone's banks would begin to look serious. But again, if there were just a trio of national debt haircuts, if the rot were to stop with Ireland and Portugal, eurozone governments could afford to shore up and recapitalise their banks.

That said, what the eurozone could not afford - or so regulators fear - would be haircut contagion to the likes of Spain and Italy.

But Spain and Italy are looking in better shape. Spain, for example, is taking steps to strengthen its second tier banks and its banks in general have become less dependent on funding from the European central bank (which is a proxy for their perceived weakness).

So here, I think, will be what will determine whether Greece gets its haircut in the next two or three months: if eurozone governments come to believe that Spain is well past the moment of maximum risk of financial crisis, there will be a bold restructuring of Greek debt.

But, to use that awful footballing expression, if they do go for a Greek debt haircut or writedown, it will be squeaky bum time in government buildings all over Europe.




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'Business absolutely as normal' for Power, Pagenaud

SONOMA, Calif. – For a weekend with an IndyCar Series championship on the line and a season climaxing at Sonoma Raceway, there might not be two more relaxed drivers than Simon Pagenaud and Will Power.

       




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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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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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With schools closed, day cares step up: What to know about child care as COVID-19 spreads

Indianapolis is partnering with YMCA, At Your School and Early Learning Indiana to provide care for children of first responders at a discounted rate.

      




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Coronavirus pushed school online. But what happens when you don't have internet at home?

The coronavirus outbreak shut down Indiana schools until at least May 1, meaning many are moving online. But not all students have internet access.

      




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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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When we may know more about what school will be like in the fall

An advisory group from across the state is looking at the challenges and possibilities for bringing students back to campus.

       




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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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Sintomas do coronavírus: quais os novos sinais de covid-19 que as autoridades americanas acrescentaram à lista

Ao longo da pandemia e com rápida propagação do vírus, que já atingiu mais de 3 milhões de pessoas, tem surgido diversos outros sinais associados à enfermidade, como tremores e calafrios persistentes.




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Autoridades americanas comemoram 'efeito certeiro' de remédio contra coronavírus

No mesmo dia, entretanto, uma publicação no periódico Lancet colocou dúvida sobre eficácia do remdesivir.




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Bolsonaro terá 'centrão', mas impeachment pode avançar se houver apoio popular, dizem autores de pedido

Ciro Gomes (PDT), Kim Kataguiri (DEM), Joice Hasselmann (PSL), Alessandro Molon (PSB) e outros autores de pedidos de impeachment de Bolsonaro avaliam as chances do impedimento prosseguir no Congresso.




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Mortes, testes e contágio: como o Brasil se compara a outros países na pandemia de coronavírus

BBC News Brasil apresenta situação do país no cenário internacional a partir de cinco dados: taxa de espalhamento da doença, taxa de morte por 1 milhão de habitantes, taxa de teste por mil habitantes, o número de dias que leva para dobrar o total de casos registrados e a previsão do PIB (soma de todas as riquezas produzidas) em 2020 e 2021.




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Coronavírus: o futuro incerto das viagens aéreas após a pandemia de covid-19

Observadores do setor preveem mudanças nos aeroportos e no tráfego de pessoas, além de temer demissões em massa, em meio a uma grande incerteza sobre o futuro próximo.




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Coronavírus: as mutações do Sars-Cov-2 que intrigam cientistas

Mudanças naturais na estrutura do vírus podem mudar o quão infeccioso ele é e afetar o desenvolvimento de vacinas.




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Fim da quarentena do coronavírus: o que são as 'bolhas sociais', estratégia para o fim do isolamento adotada pela Nova Zelândia e outros países

Um dos países de maior sucesso na luta contra a covid-19, a Nova Zelândia permitiu que seus cidadãos expandissem, de forma limitada, o círculo de contatos; entenda como essa proposta funciona e por que está sendo avaliada por vários governos.




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Coronavírus: 'Devo usar máscara? Posso pegar duas vezes?' Essas e outras perguntas sobre a covid-19

BBC preparou lista de perguntas e respostas sobre covid-19.




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Fila para UTI e falta de testes: os relatos do colapso na saúde que leva o Rio a planejar lockdown

Profissionais de enfermagem relatam falta de equipamentos de proteção, baixas nas equipes e lotação; em ofício, governador Witzel reconhece que esforços contra a covid-19 não foram suficientes e que estuda endurecer confinamento.




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'Não quero morrer sem revê-la': as mães que doaram seus filhos no passado e hoje lutam para reencontrá-los

Mulheres que doaram os filhos décadas atrás relatam angústia e tristeza em busca de respostas sobre paradeiros das crianças.




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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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'That's when it changed.' Story of how 2009 team put IU baseball on the map

"I look at that group — it was not sexy at that time to play for Indiana. They made it sexy."

       




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Preps Podcast: What's happening in recruiting, concerns about fall sports

Kyle Neddenriep and Matt Glenesk discuss sports after the coronavirus hits, what is happening in recruiting, concerns about fall sports and more.

       




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Charlie Hughes Shootout

High School basketball teams competed in the Charlie Hughes Shootout on Saturday, June 29, 2019.

       




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Build-A-Team: We're onto the second round in the Southwest region

We had more than 43,000 votes cast in the first round, and we asked you for submissions on who you'd add to each advancing school's all-time roster.

       




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Build-A-Team: We're onto the second round in the Southeast region

We had more than 43,000 votes cast in the first round, and we asked you for submissions on who you'd add to each advancing school's all-time roster.

       




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Build-A-Team: Putting together the best Broad Ripple basketball team

IndyStar preps Insider Kyle Neddenriep identified the 64 "best" high school teams of all-time. That means the best team you can put together.