VOL. 127 | NO. 6 | Tuesday, January 10, 2012
U.S. Rep. Steve Cohen, D-Memphis, got a closer look over the weekend at the proposed set of new district lines for his congressional district.
Multifamily market registers strong 2011 as occupancies, rents rise
The Mid-South apartment market is riding high after a strong 2011.
Memphis-based Pinnacle Airlines Corp. has proposed to United Steelworkers union leaders that all employees represented by the union take a five percent pay cut as the regional air carrier struggles to rework its financial arrangements with employees and major airlines.
MEMPHIS (AP) – The Memphis Grizzlies will be wearing a "GB" patch on their uniforms the rest of the season in tribute to the late Gene Bartow.
NASHVILLE (AP) – State Rep. Curry Todd's hearing on charges of drunken driving and carrying a loaded handgun while intoxicated has been delayed until next month.
Beignet Café and Blues Bar in Downtown Memphis’ South Main Historic Arts District is being replaced with a new restaurant venture.
Memphis-based International Paper has declared a quarterly dividend of 26 cents per share for the first calendar quarter of 2012. The dividend is payable March 15 to holders of common stock at the close of business on Feb. 15.
Shelby County commissioners will try to start their stalled redistricting process from square one next week with a special meeting.
The choices are already being made in this election year. There are lots of nominees. Some already hold elected office. Others are the non-elected officials that are the day-to- day face of local government.
If indeed a deal is close at hand for Regions Financial Corp. to sell its Memphis-based investment banking unit to either Raymond James Financial Inc. or Stifel Financial Corp., it would represent a major new chapter in the firm’s 43 years of history in the city.
Wei Chen, the Memphis-based businessman who last spring became the first Chinese citizen to fly around the world in a single-engine plane, will share his rags-to-riches story with Memphians Tuesday, Jan. 10, during a sold-out lunchtime presentation hosted by the Leadership Academy at its 22 N. Front St. office.
Tobias Pride told Mario Stewart that leaders of the drug organization Pride worked for wanted Stewart dead because they believed he was cooperating with police.
REAL ESTATE RECAP
460 Tennessee St., Memphis, TN 38103 -
Telesis Community Credit Union has bought back a mixed-use building at 460 Tennessee St. for $3 million at a foreclosure sale. The Downtown property went into foreclosure after 460 Tennessee Street LLC defaulted on a 2007 loan for $3 million through Telesis.
LOCAL COLUMNISTS
Last week we highlighted Ronald McDonald House Charities of Memphis, which is providing a “home away from home” for families that are in Memphis while their child is receiving treatment for cancer or another catastrophic illness at St. Jude Children’s Research Hospital.
Predicting 2012 According to Wall Street strategists, the S&P 500 will close somewhere between 1167, for a loss of 7 percent, and 1500, for a gain of 19 percent. Assuming earnings approximate $100 for the S&P 500, then applying a simple market P/E multiple tells you where we should be by year-end. If we feel no different than we did at the end of 2011, then the S&P 500 should finish at 1272 for a 1 percent gain.
STATE GOVERNMENT
NASHVILLE (AP) – State Sen. Jim Tracy says he's decided against a congressional bid in a redrawn 4th House District.
NATIONAL BUSINESS
WASHINGTON (AP) – Americans are feeling confident enough in the economy to go back to a time-honored tradition – taking on a little extra debt.
DETROIT (AP) – General Motors Co. is on track to retake the title of world's top-selling automaker, riding strong sales in the U.S. and China to beat Volkswagen and Toyota.
NEW YORK (AP) – The free preparation of the simple tax forms will be made available at more than 3,000 Walmart stores nationwide starting Monday, Jan. 9.
NEW YORK (AP) – Moody's Investors Service lifted Macy's Inc.'s credit rating out of junk status Monday, saying it believes that the department store operator should be able to keep up the strong performance it had over the holiday season and increase its earnings.
NATIONAL GOVERNMENT
WASHINGTON (AP) – In an abrupt jolt to the White House, President Barack Obama announced Monday that chief of staff William Daley was quitting and heading home to Chicago, capping a short and rocky tenure that had been expected to last until Election Day in November. Obama budget chief Jack Lew will take over the job.
WASHINGTON (AP) – The Internal Revenue Service is reviving a program that lets Americans hiding their money abroad pay back taxes and penalties while avoiding criminal prosecution, an effort that in recent years has netted the government billions of dollars.
SPORTS
KNOXVILLE (AP) – The NCAA and Southeastern Conference have cleared forward Jarnell Stokes to play at Tennessee.
NEW ORLEANS (AP) – The Bowl Championship Series as college football fans have come to know it is going away.
HEALTH CARE
WASHINGTON (AP) – Is health-care relief finally in sight? Health spending stabilized as a share of the nation's economy in 2010 after two back-to-back years of historically low growth, the government reported Monday.