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VOL. 126 | NO. 24 | Friday, February 4, 2011

International Paper Reports Q4 Profit

International Paper Co. reported net earnings of $316 million for the fourth quarter of 2010 and net earnings for all of 2010 of $644 million, a $19 million drop for the year from 2009.

Blues Central

International Blues Challenge brings world to genre’s home

Memphis has long been known as the “home of the blues,” a moniker that’s on display this week at the annual International Blues Challenge.

Council Delays Schools Vote as Wharton and Haslam Talk

Memphis Mayor A C Wharton Jr. told Memphis City Council members Thursday that he and Tennessee Gov. Bill Haslam have been talking about some more changes in the state legislation that would lengthen the schools consolidation process to three years.

Schools Standoff Bill Clears House Committee

The state House education committee has approved the bill that would bar any consolidation of city and county schools until August 2013 and open the door to special school district status for Shelby County Schools.

Wolfchase Auto Dealer Site Sells for $4M

A Wolfchase auto dealership facility is officially changing hands and names.

Local Weather
Today
Memphis, TN
48°F
Partly Cloudy
Wind: 3 mph
Humidity: 80%

EVENTS

The Greater Memphis Chamber will hold a mixer Tuesday from 5:30 p.m. to 7 p.m. at the Holiday Inn Memphis East, 5795 Poplar Ave. Cost is free for the first four employees of a member company, $10 for each employee after four and $20 for prospective members. The registration deadline is Friday. To register, contact Ericka Milford at 543-3518 or emilford@memphischamber.com.

more events »

Coleman-Etter, Fontaine Merges with Crye-Leike

Crye-Leike Realtors Inc. continues to expand its standing as the largest real estate firm in the Mid-South area by merging with Memphis-based Coleman-Etter, Fontaine Realtors.

Blockbuster Shuttering All Memphis Stores

Some Hollywood films are so predictable, viewers can see the ending coming long before the credits roll.

UP Exec, Local Group to Meet About Harahan Wagonway

Union Pacific Railroad CEO James Young meets at the company’s headquarters in Omaha, Neb., Friday with a group from Memphis and West Memphis to talk about biking and hiking.

Farm to Table Conference Slated for Monday

Farmers, other food producers and chefs gather Monday for a half-day session to discuss emerging issues as the number of farmers markets in the city grows.

Charities Turn Super Sunday into Day of Giving

Several Memphis-based nonprofits are using Super Bowl Sunday as an opportunity to encourage citizens to give back to their community.

State Legislators Look for Education on Schools Standoff

Most members of the Tennessee Legislature are just now getting a crash course in the controversy that has dominated Memphis and Shelby County politics since Thanksgiving.

Aerotropolis Initiative to Develop Master Plan

The Greater Memphis Chamber’s Dexter Muller has often said the word “aerotropolis” sounds like the place where Superman was born.

U of M’s Ranta Wears Numerous Hats as CCFA Dean

Richard F. Ranta is a household name around the University of Memphis campus.

An Uncommon Man In Common

The first one was in the former Barksdale police station, a mounted police station complete with a stable and cells. Kids playing horse replaced the horses. Cells became offices, and the squad room turned into a classroom. A pool table took the place of the sergeant’s desk, kids doing homework replaced cops doing paperwork, and those with nowhere to go and nothing better to do found both and themselves in the first Boys Club.

Create a Fundraising Plan Before Hiring

Part Two of a Two-Part Series

STATEWIDE

Tenn. Agency Head Likens Budget Cuts to Amputation

NASHVILLE – Commissioner Doug Varney of the Tennessee Department of Mental Health on Wednesday likened pending budget cuts to amputating fingers.

REGIONAL

Census: Several Miss. Counties See Huge Growth

JACKSON, Miss. (AP) – There were few surprises for Mississippi when new census figures were released Thursday – DeSoto, Lamar, Madison and Rankin counties saw impressive growth.

Barbour to Miss. Legislature: Don't Drain Cash Reserves

JACKSON, Miss. (AP) – Mississippi Gov. Haley Barbour says a House budget proposal would spend too much from the state's financial reserves, and he believes that could hurt long-term economic development.

NATIONAL BUSINESS

Fast Growth in Service Sector Hints at More Hiring

WASHINGTON (AP) – The U.S. service sector, which employs nearly 90 percent of America's work force, grew in January at the fastest pace in five years. The report capped a string of data Thursday that pointed to an expanding economy and stronger hiring.

Rate on 30-year Fixed Mortgage Rises to 4.81 Pct.

NEW YORK (AP) – The average rate on the 30-year fixed mortgage edged up this week as bond yields increased.

Fewer People Applied for Jobless Aid Last Week

WASHINGTON (AP) – The number of people applying for unemployment benefits plunged last week, reversing a spike from the previous week largely caused by harsh winter weather.

Retailers Report Surprisingly Solid January Sales

NEW YORK (AP) – U.S. retailers reported surprisingly solid January revenue gains Thursday that swept away fears that snowstorms in much of the country had chilled sales.

CVS Caremark 4Q Profit Falls 2 Percent

NEW YORK (AP) – Drugstore chain and pharmacy benefits manager CVS Caremark Corp. said Thursday that its profit fell 2 percent in the fourth quarter on lower revenue because of client losses and fewer Medicare prescription drug program members.

Walgreen January Sales Rise, Top Key Measure

DEERFIELD, Ill. (AP) – Drugstore operator Walgreen Co. said Thursday that its sales increased in January, topping a key sales measurement monitored by Wall Street.

NATIONAL POLITICS

Bernanke: More Jobs Needed for Real Recovery

WASHINGTON (AP) – Federal Reserve Chairman Ben Bernanke says the U.S. can't fully recover from the worst recession in decades until hiring improves.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 242 14,959
MORTGAGES 111 255 19,585
FORECLOSURE NOTICES 21 43 3,838
BUILDING PERMITS 153 512 35,842
BANKRUPTCIES 61 182 14,216
BUSINESS LICENSES 18 104 5,095
UTILITY CONNECTIONS 76 246 21,679
MARRIAGE LICENSES 16 75 4,632

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The Memphis News: Business, politics, and the public interest.