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VOL. 123 | NO. 214 | Friday, October 31, 2008

Multifamily Sector Steady to Good in Q3

The Memphis multifamily market once again proved itself resistant to the economic downturn, registering another period of improvement during the third quarter (July through September) as other sectors continued their slide.

Gusmus to Lead FTN Financial

Gusmus moved into the role of interim president at FTN Financial a little more than two months ago following the departure of former FTN Financial president Mark Medford.

County Tax Shortfall ‘Hard to Predict’

Shelby County’s revenue picture for the current fiscal year is beginning to come into focus: So far, it looks as if county officials were correct in predicting this year the county would not see its usual 1 percent growth in tax collections.

Memphis Branch Of Investors Group To Expand

At a time when mortgage lenders are shrinking or even shutting down in response to the housing crisis, Knoxville-based Mortgage Investors Group is expanding.

International Paper’s Q3 Net Income Off 31 Percent

Paper and packaging company International Paper Co. reported Thursday its third-quarter profit fell 31 percent, hit by an array of one-time charges, including reorganization costs.

Local Weather
Today
Memphis, TN
62°F
Mostly Cloudy
Wind: 9 mph
Humidity: 80%

EVENTS

The Memphis Bar Association will host a continuing legal education seminar today from noon to 1:30 p.m. in the MBA conference room, 80 Monroe Ave., Suite 220. Patrick Wrenn will apply Sun Tzu’s “The Art of War” to the practice of law. Registration is $45 and the class is worth 1.5 hours of credit. For more information, call 527-3573.

more events »

GDP Report Shows Economy Shrank in Q3

WASHINGTON (AP) – The government reported Thursday the economy shrank in the summer, the strongest signal yet that a recession may have already begun, a day after the Federal Reserve slashed a key interest rate to battle an economic downturn.

Conway Looks for Better Ways to Build Business

John Conway pointed to a likeness of himself emblazoned in full color on a Conway Services van that lets people know he’s in the heating and air conditioning business.

SunTrust Banks Cuts Prime Lending Rate

ATLANTA (AP) - SunTrust Banks Inc. said Thursday it lowered its prime lending rate to 4 percent from 4.5 percent.

Reports Show Final PAC Contributions in Tennessee

NASHVILLE, Tenn. (AP) - The final campaign finance reports before Tuesday's election show a last minute flurry of contributions from political action committees to legislative candidates and causes in Tennessee.

Rates on 30-Year Mortgages See Increase

WASHINGTON (AP) - Rates on 30-year mortgages spiked this week as the tumult in financial markets continued to be felt in housing finance.

Commercial Paper Rises For First Time in 7 Weeks

NEW YORK (AP) - The Federal Reserve says the amount of commercial paper in the market increased over the past week for the first time since the collapse of Lehman Brothers Holdings Inc.

American Express to Cut 7,000 Jobs

NEW YORK (AP) - In a stark acknowledgment of the tough times ahead in the credit card industry, American Express Co. said Thursday that it plans to cut 7,000 jobs, or about 10 percent of its worldwide work force, in an effort to slash costs by $1.8 billion in 2009.

CBS Swings to $12.46B Q3 Loss After Hefty Charge

CBS Corp. posted a massive third-quarter loss on Thursday after taking a $14.12 billion charge to write down the value of media assets on its books.

Economy Shrinks in Q3, Signaling Recession

WASHINGTON (AP) - The economy jolted into reverse during the third quarter as consumers cut back on their spending by the biggest amount in 28 years, the strongest signal yet the country has hurtled into recession.

Exxon Mobil Posts Biggest US Quarterly Profit Ever

HOUSTON (AP) - Exxon Mobil Corp., the world's largest publicly traded oil company, reported income Thursday that shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter.

Waste Management Q3 Profit Rises Nearly 12 Pct

Waste Management Inc., the nation's largest trash hauler, said Thursday its third-quarter profit rose nearly 12 percent, helped by higher revenue in its recycling business and fuel surcharges.

Bank Sues Tenn. Congressional Candidate for $1.8M

NASHVILLE, Tenn. (AP) - Republican congressional candidate Monty J. Lankford and his medical equipment company are being sued for $1.8 million for what a Tennessee bank calls fraudulent practices.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 81 217 5,290
MORTGAGES 94 276 6,985
FORECLOSURE NOTICES 22 72 1,628
BUILDING PERMITS 384 712 12,691
BANKRUPTCIES 66 241 5,541
BUSINESS LICENSES 27 85 2,146
UTILITY CONNECTIONS 52 234 7,292
MARRIAGE LICENSES 10 53 1,511

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