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VOL. 127 | NO. 146 | Friday, July 27, 2012

IP Profit Down $85M in Second Quarter

Memphis-based International Paper Co.’s profits dropped 39 percent in the second quarter of 2012 with revenue growth lower than analysts had expected.

Going Green

Seminar aims to help businesses become more efficient – and profitable

Many organizations of all sizes and across all sectors seek to “green” their facilities and operations but often worry about how reducing their carbon footprint could affect their bottom lines.

State Confirms Shelby Election Investigation

Tennessee Secretary of State Tre Hargett has called for the Tennessee Comptroller to investigate the Shelby County elections and state officials are moving toward the probe as early voting comes to an end Saturday, July 27.

Planning Commission Makes Adjustments To Schools Merger Plan

The group that drafted the blueprint for the consolidation of Memphis City Schools and Shelby County Schools met Thursday, July 26, for what could be the final time to consider a few changes to their merger plan.

Rail Yard Opens In Rossville

Those in the logistics industry have known since the end of June, but Norfolk Southern Corp.’s Memphis Regional Intermodal Facility at Rossville had its soft opening earlier this month.

Local Weather
Today
Memphis, TN
52°F
Fog
Wind: 10 mph
Humidity: 89%

EVENTS

Small Business Chamber Breakfast Club will meet Friday, July 27, from 7:30 a.m. to 9 a.m. at Panera Bread, 714 N. Germantown Parkway, suite 39. Email smallbusinesschambermemphis@gmail.com.

more events »

EdR Net Income Rises in Q2

EdR’s second quarter was marked by improvements in same-community net operating income, operating profits of new communities and lower interest expense, the Memphis-based collegiate housing REIT reported in its Thursday, July 26, conference call.

MAPCO to Debut Bill Payment Kiosks

MAPCO Express Inc. has signed a deal with TIO Networks Corp. to deploy 37 bill pay kiosks in MAPCO convenience stores across Memphis and Nashville.

Haslam Awards Trans Grants, Visits Frayser School

During a day in West Tennessee Thursday, July 26, Tennessee Gov. Bill Haslam talked about higher education on the campus of the University of Memphis-Lambuth campus in Jackson and dropped in on preparations for the first day of classes next month at Corning Achievement Elementary School.

MEMPHIS STANDOUT

Gathje Finds Avenues Of Service in Memphis

While working toward his undergraduate degree at St. John’s University in Minnesota years ago, Peter Gathje – now professor of Christian ethics and associate dean at Memphis Theological Seminary – felt called to practice the lifestyle of the monks at the Benedictine monastery affiliated with the academic institution.

LOCAL COLUMNISTS

Thundering Across America

ON THIS CROSSING, EVERY STEP RESONATES. In the big bubble-shaped cars of the 1940’s, the space – the shelf, if you will – between the back seat and the rear window was roughly the size of Overton Park, a place for picnic baskets, hatboxes, shopping bags and babies. For me. No baby seats. No seat belts. The only things that would keep me from flying into the front seat and beyond would be the sure hands of my brothers in the back seat, and I’m pretty sure they’d be watching out for themselves.

Build an Advantage By Creating Talking Points

You just said yes to fundraising for an organization you believe in. It could be your child’s school, your alma mater, a local hospital or an advocacy organization. You felt confident you could help when you took on the task, but now, upon reflection, you wonder what you have gotten yourself into.

NATIONAL BUSINESS

US Economy Looks Weaker

WASHINGTON (AP) – Businesses placed fewer orders for most long-lasting manufactured goods in June, suggesting many are losing confidence in the slumping U.S. economy.

US Jobless Claims Drop by 35,000 to 353,000

WASHINGTON (AP) – The number of Americans applying for unemployment benefits dropped by 35,000 last week, a figure that may have been distorted by seasonal factors.

NATIONAL GOVERNMENT

Senate Passes Cuts for All but Richest Americans

WASHINGTON (AP) – The Senate has debated, sniped and voted on the politically fraught issue of tax cuts, and next week the House is likely to do it all over again. Still, Americans won't know until after the November elections how much more of their paychecks will go to the government next year.

Gov't Stepping Up Fight Against Health Care Fraud

WASHINGTON (AP) – The Obama administration is upping the ante in the fight against health care fraud, joining forces with private insurers and state investigators on a scale not previously seen in an attempt to stanch tens of billions of dollars in losses.

House GOP Passes Latest Anti-Regulation Bill

WASHINGTON (AP) – The Republican-led House on Thursday passed legislation that would freeze major government regulations until the unemployment rate, now at 8.2 percent, drops to 6 percent or below.

Hill Leaders May Punt Spending Bills to Next Year

WASHINGTON (AP) – With the agenda for a postelection lame duck session of Congress already stacked high, congressional leaders are considering lightening the load by punting much of the remaining budget work of Congress to next year.

House Committee Approves Normal Trade With Russia

WASHINGTON (AP) – A House committee on Thursday approved legislation to end Cold War restrictions and normalize trade with Russia as U.S. business groups pressed for quick congressional action.

REAL ESTATE

US Rate on 30-Year Mortgage Hits New Record at 3.49 Pct.

WASHINGTON (AP) – The average rate on the 30-year fixed mortgage fell again, this time dropping below 3.50 percent for the first time on records dating back 60 years.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 41 41 17,762
MORTGAGES 70 70 23,138
FORECLOSURE NOTICES 0 0 4,519
BUILDING PERMITS 0 0 42,157
BANKRUPTCIES 49 49 16,740
BUSINESS LICENSES 14 14 5,795
UTILITY CONNECTIONS 113 113 25,287
MARRIAGE LICENSES 18 18 5,399

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