Wild Wednesday drag racing: 'This is a run what you brung night.'

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

Plainfield's volleyball team won nine matches in 2015. This year, they've won 11 matches already. Here's what changed.

Comer was offensive coordinator for Western Boone's back-to-back state title teams

You might have noticed that my mind (and body) have been away from the day job. But I am so gobsmacked by the comprehensive defeat of the banks in the PPI case that my fingers felt compelled to tap on smartphone keys.

What probably matters most is that the judge has ruled against the banks on all important issues.

And two really mattered: first that the Financial Services Authority's principles governing the behaviour of financial firms are a proper basis for compensation awards; and that FSA rules based on those principles are necessary but not sufficient for judging whether financial firms engaged in mis-selling.

Frankly if the banks had succeeded in proving otherwise, it would have been utterly disastrous for the whole system of consumer protection in the UK, both the existing system and the new one being erected by the government.

As it turns out, it is the implications of today's ruling for the banks that are serious.

Unless they appeal (and I will come back to that question) they face having to make compensation payments of around £4bn to around two and a half million people (around a quarter of all PPI policies were allegedly mis-sold).

The damage is greatest for the two banks in which we as taxpayers have big stakes, Lloyds and Royal Bank of Scotland (which is just dandy for all of us) - largely because they have the largest shares of the retail banking market.

Lloyds faces the biggest bill: both it and RBS look as though they will have to pay compensation in excess of £1bn each.

That Lloyds and RBS appear to have done the most mis-selling in this instance will be seen by some as further evidence that their particularly powerful positions in retail banking is bad for the welfare of consumers - it will be taken as strengthening the argument of the Independent Commission on Banking that reinforcing competition is a priority (see my recent posts Banking Commission wants firewall around retail banking and Banking Commission: Retail banking must be ring-fenced).

The tab for Barclays and HSBC will also be pretty steep - some hundreds of millions of pounds each.

Given that few lawyers in my acquaintance rated the banks' chances of winning the case terribly highly, it is slightly odd that they used the courts to minimise or delay making restitution - especially at a time when they are not exactly the most popular institutions in the UK.

It is even more curious that they have fought and fought to limit their liability in the light of the two main examples of mis-selling identified by the FSA.

First there were all those refusals to make payouts under the loan insurance plans to those who had a pre-existing medical condition - when it is clear that relevant customers had no idea that pre-existing medical conditions were grounds for non-payment.

Second, it is a logical absurdity that the policies should have been sold by the banks to the self-employed, given that is impossible for a self-employed person to be made redundant.

So what next? Well the banks could make those two and a half million victims of mis-selling wait another couple of years to be made whole by appealing to the Supreme Court.

Or they could take the view that the prospects of winning in any court are too slim to outweigh the potential for further damage to their respective public images from being seen to defy an unambiguous legal judgement that they let down millions of their customers.

Unless of course they regard their reputations as so impaired that there's nothing left to lose from prevarication.

My colleague Tanya Beckett has conducted a rare and fascinating interview with Viktor Vekselberg, one of the billionaire oligarchs who co-own TNK-BP with BP - and who have fallen out with BP over BP's desire to form a business relationship with Rosneft, Russia's largest energy group, which would involve BP and Rosneft taking stakes in each other.

Because of the tensions that have arisen with AAR, the group that represents the oligarchs, BP in collaboration with Rosneft would dearly love to buy AAR's half share in TNK-BP. But their offer of $27bn for 50% of TNK-BP, which values the whole of TNK-BP at $54bn, was rejected earlier this month.

All may not be lost for BP, however. Mr Vekselberg suggests that a sale is possible. He tells Tanya Beckett:

"Of course it can be happen, for sure. If it will be [an] interesting proposal for us according to our understanding of (the) valuation of this company, of course we can accept. So far we have not received this."

So what would be an "interesting" valuation of TNK-BP? Well those close to the oligarchs say that they value TNK-BP at more than $70bn.

It's not clear BP and Rosneft are prepared to pay as much that. The difficulty for BP is that if it fails to reach an accommodation with Mr Vekselberg and his colleagues on price, then it will be stuck in a difficult place - because BP will have been publicly humiliated by the failure to consummate the Rosneft deal and will somehow have to rebuild relations with AAR in order to continue to extract billions of dollars in dividends from TNK-BP.

BP's partnership with AAR is in tatters, as Mr Vekselberg makes clear, in emotive terms, because of AAR's conviction, upheld in arbitration proceedings, that BP's proposed deal with Rosneft breached its contract with AAR:

"The picture is really simple. TNK-BP was created eight years ago, 2003. It was created like [a] joint venture between Russian shareholders and BP, huge global player... The company grew very active; it's now one of the best companies - not just Russian but internationally, because we have investment outside Russia...
 
And really I personally was surprised, I was surprised why BP decided to do something which [was] not according to our shareholders agreement. I am not surprised why BP would like to do this but I am surprised why they did it without any consulting or even just like, just inform us about that (sic). I was very upset, I am still upset even now".

Mr Vekselberg says he is "not so interested in money". The billionaire
adds: "I have enough money, for my life, for my family, for all that".
But "we are businessmen, we are not ideological or something", so of course a sale to BP and Rosneft "can happen".

So what would occur if BP and Rosneft were to make him several billion dollars richer? "I am already very upset" he says "but I will [be] double upset if I have to decide to sell. It's because I dedicated for this company almost like 15 years".

These remarks by Mr Vekselberg are a sign that the impasse over the purchase by BP and Rosneft of AAR's stake in TNK-BP can be overcome.
It offers hope to BP, perhaps for the first time, that it may be able to buy AAR out of the joint venture by the time of the May 16 extended deadline set by Rosneft.

But here's the question? Is the price that Mr Vekselberg and his fellow billionaires will accept one that BP's owners will see as acceptable?

Some of them are already dubious about the terms of the new partnership it wants to form with Rosneft. At a time when BP remains financially stretched by the costs of the disaster in the Gulf of Mexico, BP's shareholders won't want it to further enrich Mr Vekselberg more than is strictly necessary.

For more on the Vekselberg interview, see Russia Business Report.

SONOMA, Calif. – The men and women who pull racing helmets over their heads are a different breed, defying speed and danger mortals cannot imagine.

Coffee table picture book tells the 100-year history of the famous race

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

Most Marion County public schools will close Friday and all public schools in the county will close by Monday.

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

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

Gov. Eric Holcomb announced that all Indiana schools are closed until May 1, possibly beyond that.

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

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.

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

From federal funds to decisions about opening and closing schools, here's how census data makes a difference for schools.

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

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

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

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

Plans are underway for Speedway High School seniors to celebrate their graduation at IMS on May 30.

Victor Oladipo made the move from Team Takeover to IU star. Hoosiers have their sights set on another guard from his AAU team.

Hamilton Southeastern senior averaged 8.4 points and 5.7 rebounds as a junior

What Trayce Jackson-Davis' decision to return to Bloomington for his sophomore season means for Archie Miller and the Hoosiers.

Paul Corsaro is already busy at UIndy and a bunch of local players are on the move.

Nominate a mother involved in a sports for a Mother's Day feature

In 2018, Gray was honored as the state's top coach at the Indiana Sports Awards.

With the 2020 softball season approaching, it's time to break down the top Indiana prospects in each class. We start with a loaded senior class.

With the 2020 softball season approaching, it's time to break down the top Indiana prospects in each class.

USA Today Network will pay tribute to senior high school athletes who did not get to participate in spring sports.

For 2020 "Sports Mom of the Year," Kyle Neddenriep received heartfelt nominations from fathers, mothers, husbands, sons, daughters and friends.

The past several weeks have brought a whirlwind of emotions for the Loggan family as beloved North Central AD Paul Loggan died from COVID-19.

I don't like to reduce the hard work of the much respected Institute for Fiscal Studies and Morgan Stanley to a single number. Their annual Green Budget is after all 299 pages long. (It is nothing to do with environment...

So far, Indiana leaders haven't made a decision to postpone the May primary over coronavirus despite decisions to do so in Ohio and Kentucky.

Ten things to know as Indiana prepares to hunker down to fight coronavirus.

Education will be the key to enforce orders from Gov. Eric Holcomb and Mayor Joe Hogsett to close businesses and to urge people to "stay at home."

Gov. Eric Holcomb's coronavirus "stay at home" executive order generally limits travel to essential trips, allows outdoor activities such as walking.

Indiana on Monday joined a handful of states, including several of its neighbors, by shutting down nonessential travel and businesses.

Beth Henderson on the "Good Morning Grant County" radio show said U.S. Rep. Susan Brooks encouraged her to run for Indiana's 5th District.

Holcomb's veto, only his second as governor, provides a win to hundreds of advocates who had all but begged for his support in recent weeks.

Vice President Mike Pence said President Donald Trump has absolute power during a national emergency. Here's what experts say.

he idea for a protest that drew a few hundred people to the governor's residence Saturday started at high school teacher Andy Lyon's kitchen table.

Officials would direct the Navy's Blue Angels and Air Force's Thunderbirds to fly over Indianapolis, Washington, New York and others

The most important decisions during a public health emergency are more likely to be made by Indiana's governor and local officials than the president.

Holcomb and Hogsett say they are on the same page.

Woody Myers, the presumptive Democratic nominee for governor, thinks Gov. Eric Holcomb is making a big mistake in how he's reopening the economy.

Anonymous sources ripped Washington QB Jacob Eason, and ESPN gave the cowards their say after the Colts selected Eason in the fourth round Saturday.

Indianapolis Colts general manager Chris Ballard and coach Frank Reich discuss what they see in quarterback Jacob Eason.

Glasgow is likely to see his initial playing time on special teams