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VOL. 126 | NO. 249 | Thursday, December 22, 2011

Valero Wins 15-Year Tax Freeze

A local economic development agency granted a 15-year tax freeze to Valero Energy Corp. in return for the company spending more than $298 million in planned investments and upgrades at the Memphis refinery.

Green Light

City Council approves $16 million for Overton Square plan

It may have been a murky day in Memphis, but neighborhood stakeholders didn’t let the afternoon rain dampen their support of the Overton Square redevelopment project during the Memphis City Council’s final meeting of the year.

Amazon Finalizes Deal to Open 2 Centers in Tenn.

NASHVILLE (AP) – With Amazon and Tennessee finally in agreement over the collection of sales taxes, the online retailer formally finalized its plans to open two new distribution centers in Murfreesboro and Lebanon that are expected to create 1,300 new jobs.

FedEx, UPS Holiday Package Volume Up From 2010

LOUISVILLE, Ky. (AP) – Tiera Washington's workload doubled during the holiday rush at UPS' largest air hub, where seemingly endless streams of packages are sorted and shipped as the peak season puts the package delivery company to the test.

Christmas Day Big Biz for Some

While the city sleeps quiet as a mouse the night before Christmas, Christmas night is one of merry-making in Memphis.

Local Weather
Today
Memphis, TN
36°F
Fair
Wind: 7 mph
Humidity: 76%

EVENTS

Chez Philippe will host a Christmas Eve dinner Saturday, Dec. 24, at the restaurant in The Peabody hotel, 149 Union Ave. Cost is $80 per person and includes a four-course meal. For reservations, call 529-4188. Christmas Day Brunch will be held Sunday, Dec. 25, on The Peabody’s mezzanine from 10:30 a.m. to 3:30 p.m. Cost is $55 per person and $20 for children. For reservations, call 529-3668. The Capriccio Grill will have a Christmas Day dinner Sunday, Dec. 25, from 11 a.m. to 10 p.m. Cost is $45 per person and $15 for children. For reservations, call 529-4199.

more events »

Feds Sue FedEx Corp. For $1.5M

The federal government filed a lawsuit Tuesday, Dec. 20, against FedEx Corp. that seeks civil penalties of a little more than $1.5 million plus interest.

Supreme Court Website Provides Civil Legal Help

The Tennessee Supreme Court has created a website targeted especially for people who can’t afford a lawyer and need help with civil legal matters.

Accredo Parent Co. Merger Approved

Shareholders of Medco Health Solutions Inc., parent company of Memphis-based Accredo Health Group Inc., on Wednesday, Dec. 21, approved a proposed $29.1 billion merger with Express Scripts.

MEMPHIS LAW TALK

Love of Horses Impacts Dunlap’s Law Practice

Melanie Dunlap, an attorney with Harris Shelton Hanover Walsh PLLC, is a lifelong horsewoman whose love of horses does not end at the doors of her law office.

LOCAL COLUMNISTS

Expect, Plan For Unexpected

Ray’s Take Odds are you will encounter financial emergencies in your lifetime. They could range from the relatively minor – like damaging the family car – to something as devastating as complete home destruction. You simply should expect that the unexpected will happen and, at a minimum, have six months’ worth of living expenses set aside in savings or money-market accounts you can readily access.

Less-Than-Angelic Christmas Programs

Again it is the time of year that reminds me of Christmas programs. Such as the one recounted by John Irving in “A Prayer for Owen Meany.” The one directed annually by Rev. and Mrs. Wiggin. The one that made Owen mad because “the smaller children were disguised as turtledoves. The costumes were so absurd that no one knew what these children were supposed to be; they resembled science-fiction angels, spectacular life-forms from another galaxy, as if the Wiggins had decided that the Holy Nativity had been attended by beings from faraway planets.”

REGIONAL

Tupelo Plant to be Modernized

TUPELO, Miss. (AP) – Tecumseh Products Company, manufacturer of refrigeration and air conditioning products, has announced a modernization of its Tupelo operations.

NATIONAL BUSINESS

BofA in $335M Settlement Over Countrywide Loans

Bank of America agreed to pay $335 million to resolve allegations that its Countrywide unit engaged in a widespread pattern of discrimination against qualified African-American and Hispanic borrowers on home loans.

Census: Population Slowing in Large Portions of US

WASHINGTON (AP) – Many states that posted big population gains in the 2010 census are now seeing their decade-long growth fizzle, hurt by a prolonged economic slump that is stretching into larger portions of the South and West.

European Finan. Crisis Tops AP Picks of '11 Biz Stories

NEW YORK (AP) – Europe took the financial world on a stomach-churning ride in 2011.

Holiday Shopping Season is Strong

NEW YORK (AP) – The holiday shopping season is wrapping up to be bigger than anyone expected. Now, retailers are holding their breath and hoping consumers will keep spending in the final days before Christmas.

NATIONAL GOVERNMENT

New Election Rules a Win for Labor Unions

WASHINGTON (AP) – In a win for organized labor, the National Labor Relations Board on Wednesday approved sweeping new rules that would speed the pace of union elections, making it easier for unions to gain members at companies that have long rebuffed them.

FAA Issues Rules to Prevent Tired Airline Pilots

WASHINGTON (AP) – Rules aimed at preventing airline pilots from flying while dangerously fatigued were issued Wednesday by the Federal Aviation Administration, a move safety advocates have been urging for more than two decades.

REAL ESTATE

Realtors Group Overstated Sales From 2007-2011 by 14 Pct.

WASHINGTON (AP) – The number of Americans who bought previously occupied homes rose last month. But the National Association of Realtors says it overstated about 3.5 million sales during and after the Great Recession, showing the housing market remains much weaker than previously thought.

Fmr. Fannie Mae CEO Steps Down at Fortress

NEW YORK (AP) – Former Fannie Mae CEO Daniel Mudd announced he would take a leave of absence from the hedge fund he runs Wednesday, less than a week after being charged in connection with the 2008 financial crisis.

HEALTH CARE

Walgreen Q1 Profit Drops on Express Scripts Fight

NEW YORK (AP) – Drugstore operator Walgreen Co.'s fiscal first-quarter earnings fell more than 4 percent due in part to a slow flu season and its decision to leave the Express Scripts Inc. pharmacy network next month.

SPORTS

Grizzlies Think Big With Gay Healthy, Core Intact

MEMPHIS (AP) – With Marc Gasol signed and Rudy Gay healed, the Memphis Grizzlies are thinking and talking big.

Grizzlies Tender Offer Sheet to Dante Cunningham

MEMPHIS (AP) – The Memphis Grizzlies have tendered an offer sheet to restricted free agent forward Dante Cunningham.

Bulls Announce 5-Year Extension for Rose

DEERFIELD, Ill. (AP) – The Chicago Bulls have made it official: Reigning MVP Derrick Rose has agreed to a five-year contract extension.

CJ Sits With Sore Ankle, Expects to Play Vs Jags

NASHVILLE (AP) Chris Johnson says he originally feared he had hurt his right ankle badly, but says he expects to be able to play Saturday as Tennessee tries to keep its faint playoff hopes alive against the Jacksonville Jaguars.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 15 91 4,519
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

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