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VOL. 128 | NO. 25 | Wednesday, February 6, 2013

Schools Merger Budget Sent Back

The first and very preliminary draft of a budget for the first year of the consolidated public school system in Shelby County was probably dead on arrival this week.

Funding Film

Officials continue analyzing state film incentives, challenges

A prominent Republican state senator recently asked the state Department of Economic and Community Development to make sure and take the call if the department gets a ring from Molly Mickler Smith, the daughter of FedEx founder Frederick W. Smith.

Council Changes Names of 3 Civil War Parks

Nathan Bedford Forrest, Confederate and Jefferson Davis Parks are no more.

Vaco Memphis Adds Two Divisions

Vaco has added two new divisions to its Memphis office, growth partners of the consulting and placement firm say is an organic extension of its service offerings.

Businesses, Schools to Participate in Citywide Weight Loss Challenge

Memphis businesses, school systems and individuals are gearing up to participate in the HealthyWage $10,000 Team Weight Loss Challenge, a citywide three-month weight-loss contest beginning Feb. 22 that will reward three top-performing Memphis teams with a total of $18,000.

Local Weather
Today
Memphis, TN
58°F
Fair
Wind: 0 mph
Humidity: 81%

EVENTS

Talk Shoppe will meet Wednesday, Feb. 6, from 9 a.m. to 10 a.m. at the Better Business Bureau, 3693 Tyndale Ave. Don and Holly Swogger of Homevestors will present “Build Wealth Buying Real Estate.” Cost is free. Visit talkshoppe.biz.

more events »

Urban Child Institute Loses Claim Against Morgan Keegan

The Urban Child Institute has lost an arbitration case it filed against Morgan Keegan & Co. Inc., the Memphis brokerage firm that was sold to Raymond James Financial Inc. in 2012.

MEMPHIS NEWSMAKERS

Lovette Heads Career Services at Remington College

Demetrius “Dee” Lovette has been named director of career services at Remington College’s Memphis campus. In the role, Lovette provides job placement services to students and graduates, and works with local employers to assess their workforce needs and provide qualified applicants.

LOCAL COLUMNISTS

Let’s Start a Currency War

Prior to Nixon’s closing of the gold window in 1971, world currencies traded in value relative to the U.S. dollar, which was tethered to gold at $35 an ounce. Following the divorce, currencies began trading relative to the dollar, but the dollar in turn began trading relative to other currencies.

Economic Development Through Entrepreneurism

Last week we visited downtown Las Vegas to tour and learn more about what Zappos founder Tony Hsieh is doing to stimulate entrepreneurial activity and urban revitalization through his Downtown Project initiative. Hsieh is personally investing $350 million to transform downtown Las Vegas into the most community-focused large city in the world in less than five years.

STATE GOVERNMENT

Tennessee Child Agency Head Quits as Deaths Questioned

NASHVILLE (AP) – The commissioner of the Tennessee Department of Children's Services resigned Tuesday amid scrutiny of how her agency was handling cases of children who died after investigations of abuse and neglect.

NATIONAL BUSINESS

US Service Firms Grew More Slowly in January

WASHINGTON (AP) – Growth at U.S. service companies slowed slightly in January behind weaker new orders and business activity. But hiring improved, a bright sign for the economy.

NATIONAL GOVERNMENT

Federal Budget Deficit Estimated at $845 Billion

WASHINGTON (AP) – The federal budget deficit will drop below $1 trillion for the first time in President Barack Obama's tenure in office, a new report said Tuesday.

Obama Seeks to Avoid Sequester With Short-Term Fix

WASHINGTON (AP) – President Barack Obama is asking Congress for a short-term deficit reduction package of spending cuts and tax revenue that will delay the effective date of steeper automatic cuts now scheduled to kick in on March 1. Obama said the looming cuts would be economically damaging and must be avoided.

US Sues Standard & Poor's Over Pre-Crisis Mortgage Ratings

WASHINGTON (AP) – The U.S. government says Standard & Poor's knowingly inflated its ratings on risky mortgage investments that helped trigger the 2008 financial crisis.

REAL ESTATE

US Home Prices Rose Last Year by Most in 6.5 Years

WASHINGTON (AP) – U.S. home prices jumped by the most in 6.5 years in December, spurred by a low supply of available homes and rising demand.

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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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