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VOL. 128 | NO. 119 | Wednesday, June 19, 2013

FedEx Fourth-Quarter Profit Drops

DALLAS (AP) — FedEx Corp.'s fourth-quarter profit fell 45 percent as international customers traded down to less-expensive delivery options.

Sticking to Niche

RKA Construction finds early success with custom building as specialty

Chris Clark got into the contracting and construction business in 1975, learning the trades as he worked on them. Ryan Anderson graduated from Auburn University in 2007 with a building science degree.

Old Dominion Could Bring 188 Jobs

Old Dominion Freight Line Inc. and Barnhart Crane and Rigging Co. are considering expanding in Memphis.

Council Approves $24.2 Million In Budget Cuts

Memphis City Council members tallied $24.2 million in city operating budget cuts Tuesday, June 18, in a marathon seven-hour session before an overflow crowd of angry city employees.

Mortgage Activity Sees Small Increase

Mortgage activity was a bit lackluster in Shelby County last month compared to the same time in 2012, judging by the latest data.

Local Weather
Today
Memphis, TN
54°F
Partly Cloudy
Wind: 0 mph
Humidity: 86%

EVENTS

The Center City Development Corp. board will meet Wednesday, June 19, at 9 a.m. in the Downtown Memphis Commission conference room, 114 N. Main St. Visit downtownmemphiscommission.com.

more events »

Commission Approves Schools Budget

Two weeks out from the formal start of the merger of Shelby County’s two public school systems, critics of the merger on the Shelby County Commission portrayed it as about the Memphis City Schools’ or the Shelby County Schools’ way of doing things.

Eureka Encourages Girls to Explore STEM Fields

A small group of girls huddled around a car-like robot with long sensors as they worked on making sure the car will be able to complete a programmed route at an exhibition next week.

Multiple Reasons Forced Trail to Lose Funding

Bureaucratic snafus, a lack of city funds and the transformation of The Pyramid into a Bass Pro Shops store led the city to lose a $316,680 federal grant for a riverfront bike and pedestrian system.

Schools Payroll Systems to Remain Separate

A week after announcing a change in when Shelby County Schools teachers get paid in the schools merger that begins July 1, interim schools superintendent Dorsey Hopson changed course. The change keeps teachers from the two systems on different pay schedules for the first year of the merger.

MEMPHIS NEWSMAKERS

Blank Joins WKNO-FM As News Director

Christopher Blank has joined WKNO-FM, the Mid-South affiliate of National Public Radio, as news director. Blank, who has produced feature stories for the station since 2011, will oversee local news production for “Morning Edition” and “All Things Considered.”

LOCAL COLUMNISTS

How to Murder A Brand

Seventeen short months after former Apple retailer extraordinaire was tapped as CEO of J.C. Penney, Ron Johnson was fired in spectacular fashion for a 55 percent drop in stock and sales declines as high as 20 percent in a single quarter. This certainly wasn’t the legacy he intended to leave for this outdated brand struggling to connect with its “next generation” of customer.

King Kong Versus Godzilla

Among attentive investors the recent bout of market volatility has reprised fears of country, currency, economic decline and general market collapse. When global macro-market events occur, large trading positions that have been spooling quickly unspool, leading to jarring movements like those we are witnessing in Japan. These environments become a bit of a predator’s ball, as short-term traders feast on volatility, which only amplifies volatility further.

STATEWIDE

Tennessee to Review Proof of Citizenship Ruling

NASHVILLE, Tenn. (AP) — Tennessee election officials plan to review a U.S. Supreme Court ruling that says states can't demand proof of citizenship from people registering to vote in federal elections unless they get federal or court approval to do so.

Sessions Held to Train Teachers on New Standards

NASHVILLE, Tenn. (AP) — Tennessee education officials are training teachers from across the state on how to implement a new set of uniform benchmarks for math and reading.

USDA Funding Nine Rural Tennessee Projects

MEMPHIS, Tenn. (AP) — Agriculture Secretary Tom Vilsack says the federal government is funding nine Tennessee business-related projects with more than $100,000 in grants.

REGIONAL

Southern GOP Leaders Meet in Alabama

BIRMINGHAM, Ala. (AP) — Republican leaders from 10 Southern states have been meeting in Alabama to plan strategies for making new GOP inroads across the region.

NATIONAL BUSINESS

Medtronic Slips After Infuse Reviews Detailed

Shares of Medtronic Inc. slipped Tuesday, a day after the medical device maker announced findings from independent reviews of studies of its Infuse bone graft

US Consumer Prices Rise Just 0.1 Percent in May

WASHINGTON (AP) — U.S. consumer prices rose slightly last month, as higher energy costs partly offset cheaper food. The small increase is further evidence that consumers are benefiting from mild inflation.

REAL ESTATE

US Home Construction Rises 6.8 Percent in May

WASHINGTON (AP) — U.S. builders stepped up home construction in May and applied for permits to build single-family homes at the fastest pace in five years. The gains show housing remains a key source of growth for the economy.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 307 5,073
MORTGAGES 101 483 6,709
FORECLOSURE NOTICES 22 77 1,556
BUILDING PERMITS 0 720 11,979
BANKRUPTCIES 84 341 5,300
BUSINESS LICENSES 36 125 2,061
UTILITY CONNECTIONS 152 594 7,058
MARRIAGE LICENSES 36 117 1,458

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