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VOL. 127 | NO. 142 | Monday, July 23, 2012

First Horizon Reports Q2 Loss

The Memphis-based parent company of First Tennessee Bank swung as expected to a second-quarter loss Friday, July 20, over mortgage buyback demand from Fannie Mae and Freddie Mac.

Serving Tennis

Memphis tourney ownership promises big things to come

Fans of professional tennis in Memphis have got a lot to look forward to.

Huffman Approves Schools Merger Plan

Tennessee Education Commissioner Kevin Huffman has formally signed off on the part of the local schools consolidation plan that required state approval. And he has said the state is not likely to provide additional post merger funding.

Fly Delta More Airline Consultant Tells Mayors

Fly Delta whenever you can especially if you are flying business class on the company and don’t complain publicly or privately about high fares as local leaders work to build more competition for Delta at Memphis International Airport.

Metro Gang Unit Unveiling Monday

A new Metro Gang Unit will be unveiled Monday, July 23, by local, state and federal law enforcement officials.

Local Weather
Today
Memphis, TN
71°F
Fair
Wind: 7 mph
Humidity: 39%

EVENTS

Tennessee PTA will conduct summer leadership training as part of its 2012 Tour de Tennessee Monday, July 23, from 8:30 a.m. to 2:30 p.m. at Southwind High School, 7900 E. Shelby Drive. Anyone interested in increasing parental involvement in school is invited. Cost is $5. Visit tnpta.org.

more events »

Loeb Closes On $7M Purchase Of Overton Square

Loeb Properties Inc. has closed its $7 million acquisition of Overton Square, after many months of negotiations with former owner, Denver Colo.-based Overton Square Investors LLC.

St. Jude Honors Young Philanthropists

Fifteen of the nation’s top junior philanthropists visited St. Jude Children’s Research Hospital in Memphis Thursday, July 19, to learn first-hand what makes the hospital one of the nation’s most well-known and trusted charities.

Problems Hit First Week of Early Voting

As early voting began a week ago, Democrats and Republicans and those on both sides of the municipal school district issue had found common ground.

Q2 Court Filings Remain Consistent

Court filings in Chancery, Circuit and Probate courts remained constant for the most part in the second quarter of 2012.

SMALL BUSINESS SPOTLIGHT

Graffam Makes Dream a Reality With Creation of Simple Focus

When JD Graffam branched off on his own to start a user experience and Web design firm in August 2009, it wasn’t just a bold business move in a down economy, it was seeing a pipe dream to the finish line.

LOCAL COLUMNISTS

Link Between Business And Surgery

It is my understanding that if you want to master a surgical procedure you follow a relatively simple three-step process: you hear about it, you see it, and you do it. In other words, you might listen to someone deliver a lecture on a particular surgical procedure, then you observe a surgeon performing the procedure, and then you personally perform the procedure. It strikes me that this three-step process needs to be used more often in the business world.

THE MEMPHIS NEWS

Scorched Earth

High temperatures, drought bring disastrous season for region’s farmers

The daily hustle and bustle of city life makes it easy for Memphians to forget that the urban pocket they call home sits amid one of the nation’s richest agricultural regions, one that’s suffering the economic impact of unusually high temperatures and a nationwide drought.

Now’s Time to Make Key Election Choices

Voters are already making their decisions on an Aug. 2 election day ballot that in so many ways seems to transcend the power of personality that so often rules election considerations here.

Cohen Talks About Opponents, Schools, Race and His Political Past

U.S. Rep. Steve Cohen is running for a fourth term in Congress starting with the Aug. 2 primary, in which he is being challenged by countywide school board member Tomeka Hart.

REGIONAL

New Miss. Legislative Districts Submitted to DOJ

JACKSON, Miss. (AP) — Legislative leaders say plans for new district lines for the House and Senate have been delivered to the Department of Justice.

Oxford Tourism-Related Taxes at Record Levels

OXFORD, Miss. (AP) — Oxford tourism-related taxes hit an all-time high in April.

Miss. Jobless Rate Rises in June as Economy Drags

JACKSON, Miss. (AP) — Mississippi's unemployment rate ticked up in June, amid signs of a stalling economy.

Ark. Board Awards $322,427 in Victim Reparations

LITTLE ROCK, Ark. (AP) — The Arkansas Crime Victims Reparations Board has awarded $322,427 in reparations to victims of crime.

NATIONAL BUSINESS

SunTrust Q2 Profit Rises 55 Pct. on Interest, Fees

ATLANTA (AP) — SunTrust Banks Inc.'s net income shot up 55 percent in the second quarter, as it collected more interest on loans and fees and wrote off far fewer unpaid loans.

Earnings Preview: UPS Reporting Q2 Results

United Parcel Service Inc. is expected to report slightly higher second-quarter results Tuesday as strengthening demand for domestic packages and higher prices offset increasing uncertainty and slowing growth overseas.

Auto Sales Weaken a Bit in Early July

DETROIT (AP) — The raft of gloomy economic news may be starting to hurt U.S. auto sales.

NATIONAL GOVERNMENT

Study: Private Student Loans Parallel Subprime

WASHINGTON (AP) — Risky lending caused private student loan debt to balloon in the past decade, leaving many Americans struggling to pay off loans that they can't afford, a government study says.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 66 153 14,870
MORTGAGES 64 144 19,474
FORECLOSURE NOTICES 0 22 3,817
BUILDING PERMITS 217 359 35,689
BANKRUPTCIES 59 121 14,155
BUSINESS LICENSES 24 86 5,077
UTILITY CONNECTIONS 71 170 21,603
MARRIAGE LICENSES 22 59 4,616

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