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VOL. 126 | NO. 244 | Thursday, December 15, 2011

FedEx Earnings Up 76 Pct. to $497M

FedEx Corp.’s earnings rose significantly during the quarter ended Nov. 30, spurred by a jump in e-commerce during the Thanksgiving weekend, the company announced Thursday, Dec. 15.

Valero Planning $298M Investment in Memphis

Two Memphis companies will ask for tax breaks at next week’s meeting of the Memphis-Shelby County EDGE Board to help them keep and make new investments in their local operations.

Message of Hope

Chamber luncheon highlights city’s ‘medical miracles’

Bruce Hopkins, First Tennessee Bank’s president of banking for West Tennessee, couldn’t attend last year’s Greater Memphis Chamber annual chairman’s luncheon.

School Building Sale Still Unresolved

The countywide school board member who thought about having a set of rules in place to specifically set the terms of selling or transferring school buildings to a separate suburban school district called off the move this week.

Farris Bobango Targets Expansion

The law firm of Farris Bobango PLC has a proverbial “help wanted” sign outside its office doors in Memphis and Nashville.

Local Weather
Today
Memphis, TN
72°F
Fair
Wind: 6 mph
Humidity: 84%

EVENTS

Baker, Donelson, Bearman, Caldwell & Berkowitz PC will present “Social Media Update” Thursday, Dec. 15, from 8 a.m. to 9:30 a.m. at Holiday Inn Memphis – Southaven, 280 Marathon Way in Southaven. Registration for the free event begins at 7:30 a.m. The briefing will address issues related to the National Labor Relations Act, including whether a company’s social media policy violates the act. To register, visit www.bakerdonelson.com/events or email rsvp@bakerdonelson.com.

more events »

Ark. Organ Donor to be Honored at Rose Parade

Verna Harris is able to work 40 hours a week. She goes to church on Sundays and enjoys taking in a movie now and then.

Rules for Federal Drug Case Still Being Formed

The words “inordinate” and “extraordinary” keep coming up in the court documents for the largest drug case ever brought in Memphis federal court, even though the case is now down to two defendants who are scheduled to go to trial next month.

Commissioners Fail to Approve Redistricting Plan

Shelby County Commissioners will try again Monday, Dec. 19, to give final approval to a new set of district lines for the 13-member body.

MEMPHIS LAW TALK

Marty Regan Blends Civic, Community Duties

When Marty Regan looks out from his penthouse view at One Commerce Square, he sees an array of public and private partnerships that wouldn’t have been possible without real estate attorneys.

LOCAL COLUMNISTS

To be on Safe Side, Diversify

Ray’s Take The old adage “don’t put all your eggs in one basket” very much applies to saving and investing. You may think of investment diversification as simply having a variety of mutual funds, but it’s important to consider other factors, too.

Speeding Yields More Tales

Last week’s column was about speeding and how some charged therewith find a way to make the issuing officer laugh by candor, poetry, good-natured jokes, etc. Such stories remind others of their own experiences.

MEMPHIS AREA

At FedEx, No Elves but Plenty of Workers and Tech to Move Gifts

LOS ANGELES – With Christmas less than two weeks away, it's crunch time at the nation's shipping companies.

E.W. Scripps Borrows $300M to Finance TV Group Purchase

The E.W. Scripps Co., owner of the Memphis Commercial Appeal and the Knoxville News Sentinel, said Tuesday it has entered into a new $300 million revolving credit and term loan agreement with SunTrust Bank.

STATEWIDE

TVA Says Fuel Cost 3.1 Percent Lower in January

KNOXVILLE (AP) – A 3.1 percent decrease in the Tennessee Valley Authority's fuel cost will bring down average residential electric bills in January by between $2 and $4.

STATE GOVERNMENT

4,000 Tennesseans Losing Help From Program

NASHVILLE (AP) – A state program that helped 4,000 Tennesseans faced with sudden disabilities and life-threatening illnesses is being eliminated next July.

NATIONAL BUSINESS

Delta Air Lines Predicts 2011 Profit of $800M

NEW YORK (AP) Delta Air Lines Inc. says it expects an $800 million profit this year, and it will be solidly profitable in 2012.

Union Pacific Spent $1.26 Million on Q3 Lobbying

OMAHA, Neb. (AP) Union Pacific Corp. spent $1.26 million during the third quarter to influence proposed railroad regulations and pollution restrictions.

Research Firm: Holiday Buyers Willing to Spend

NEW YORK (AP) – Shoppers are again doing some holiday shopping after taking a break following their spree over the Thanksgiving weekend, according to data from research firm ShopperTrak.

Knight Foundation Awards NPR $1.5M for Web News

WASHINGTON (AP) – NPR is getting a $1.5 million grant from the John S. and James L. Knight Foundation to boost web training and content at member stations nationwide.

Overstuffed Carry-On Bags Getting More Scrutiny

NEW YORK (AP) – Before you board a flight this holiday season, think twice about stuffing that carry-on full of gifts to avoid a checked bag fee. You might get charged anyway.

NATIONAL GOVERNMENT

Congress Weighing Length of Jobless Benefits

WASHINGTON (AP) – Congress is looking at the downside of letting jobless people collect up to almost two years of unemployment benefits. While the benefits are a crucial lifeline for the long-term unemployed, economists worry they also can be a disincentive to looking for work and actually prolong joblessness.

Senate Rejects 2 Balanced Budget Amendments

WASHINGTON (AP) – The Senate on Wednesday voted against changing the Constitution to require a balanced budget as Congress hit yet another dead end in its search for a way out of its fiscal morass.

AP Sources: Dem Lawmakers May Drop Millionaire Tax

WASHINGTON (AP) – Democratic lawmakers are considering whether to jettison their demand for a millionaires' surtax, which they had hoped to use to cover the cost of a Social Security payroll tax cut extension for millions of wage-earners, officials said Wednesday.

Senate Panel Acts Against Lawmaker Insider Trading

WASHINGTON (AP) – A Senate committee Wednesday approved a bill that would prohibit members of Congress and their employees from using nonpublic information to enrich themselves.

Obama Admin: 2.5M Young Adults Gain Coverage

WASHINGTON (AP) – Young adults trying to get traction in a tough economy are getting a welcome assist: the new federal health care law has markedly improved their access to health insurance.

Feds Move Closer to Approving New Nuclear Reactor

ATLANTA (AP) – Federal regulators are leaning toward approving a nuclear reactor designed by Westinghouse Electric Co. that could power the first nuclear plants built from scratch in a generation.

SPORTS

AAU President: Task Forces Will 'Redefine Trust'

LAKE BUENA VISTA, Fla. (AP) – The Amateur Athletic Union says two task forces established to independently review child safety protocols, policies and procedures will make their recommendations by February.

Titans Place S Anthony Smith on IR Due to Injury

NASHVILLE (AP) – The Tennessee Titans have placed safety Anthony Smith on injured reserve with an injured groin and promoted safety Robert Johnson from the practice squad.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 109 433 13,330
MORTGAGES 114 591 17,349
FORECLOSURE NOTICES 11 93 3,391
BUILDING PERMITS 0 366 30,930
BANKRUPTCIES 76 352 12,695
BUSINESS LICENSES 21 108 4,597
UTILITY CONNECTIONS 77 564 19,457
MARRIAGE LICENSES 29 151 4,060

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