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VOL. 128 | NO. 247 | Thursday, December 19, 2013

FedEx Income Rises But Misses Estimates

Memphis-based FedEx Corp. posted net income of $500 million, or $1.57 per share, in its fiscal second quarter, which ended Nov. 30.

Pioneering Woman

Grant Brown first female to head homebuilders association

It was 2004 and Kim Grant Brown had just finished her junior year at the University of Tennessee-Knoxville.

Cox Departs Airport Authority as Southwest Adds Flight

Longtime Memphis-Shelby County Airport Authority President and CEO Larry Cox celebrated his final board meeting before retirement with the announcement that Southwest Airlines is adding a flight next summer.

Crosstown Construction Bidding Process Underway

Construction documents for the ambitious Sears Crosstown redevelopment project have hit the street.

City Council Questions Pension Plan

Memphis Mayor A C Wharton Jr. plans to ask the Memphis City Council sometime in February or March to close the city’s defined benefits pension plan to new hires and those city employees with less than 10 years of service.

Start Co. Joins Global Accelerator Network

Start Co., the Memphis-based venture development group focused on grooming startup companies and their founders, is itself about to do some starting anew.

Plan to Renovate Southbrook Mall Resurfaces

Memphis Mayor A C Wharton Jr.’s administration is working on a broader plan for economic development in Whitehaven that will include a renovation and possible public use of Southbrook Mall.

Baptist CEO Set to Retire Next May

Baptist Memorial Health Care Corp. President and CEO Stephen Reynolds will retire next May, with Jason Little, Baptist’s executive vice president and chief operating officer, taking over as the hospital system’s next president and CEO.

School Board to Weigh Additional School Closings

Shelby County Schools board members voted Tuesday, Dec. 17, to start the process of considering the closing of four more schools for the 2014-2015 school year, bringing the number of schools that could close to 13.

MEMPHIS LAW TALK

Dickerson to Carry Tradition of Service as Young Lawyers Division President

Jake Dickerson, associate with Baker, Donelson, Bearman, Caldwell & Berkowitz PC, is the incoming 2014 president for the Young Lawyers Division of the Memphis Bar Association.

LOCAL COLUMNISTS

Don’t Panic Over Scary Financial News

Ray’s Take If it’s not another country defaulting on their debts it’s political gridlock on economic issues here or ominous predictions about the Federal Reserve. The news seems to be featuring more than its share of scary economic news these days.

Reading With Wolves

Thirteen-year-old Brian Robeson is the passenger in a Cessna. He’s headed to visit his dad in north Canada for the summer. The pilot dies of a heart attack. Brian crash-lands the plane in a lake surrounded by a dense forest. Can he survive?

NATIONAL BUSINESS

Holiday Shopping Season: A Disappointment So Far

NEW YORK (AP) – Sparse crowds at malls and "50 percent off" signs at The Gap, AnnTaylor and other stores give a clue as to how the holiday season is going.

Businesses Again Challenge Union Poster Rules

WASHINGTON (AP) – A prominent business group filed a lawsuit Wednesday challenging government rules that require federal contractors to display posters telling workers they have a legal right to form a union.

NATIONAL GOVERNMENT

Fed Will Reduce Bond Purchases by $10 Billion in January

WASHINGTON (AP) – The Federal Reserve has sent its strongest vote of confidence in the U.S. economy since the Great Recession struck six years ago: It's decided the economy is finally strong enough to withstand a slight pullback in the Fed's stimulus.

Bipartisan Budget Agreement Nears Final Passage

WASHINGTON (AP) – The Senate lined up Wednesday to give final congressional approval to legislation scaling back across-the-board cuts on programs ranging from the Pentagon to the national park system, adding a late dusting of bipartisanship to a year more likely to be remembered for a partial government shutdown and near-perpetual gridlock.

REAL ESTATE

US Home Construction Hits Highest Pace in 5 Years

WASHINGTON (AP) – U.S. builders broke ground on homes at the fastest pace in more than five years, strong evidence that the housing recovery is accelerating despite higher mortgage rates.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 87 87 14,804
MORTGAGES 80 80 19,410
FORECLOSURE NOTICES 22 22 3,817
BUILDING PERMITS 142 142 35,472
BANKRUPTCIES 62 62 14,096
BUSINESS LICENSES 62 62 5,053
UTILITY CONNECTIONS 99 99 21,532
MARRIAGE LICENSES 37 37 4,594

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