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VOL. 128 | NO. 108 | Tuesday, June 4, 2013

Delta to De-Hub Memphis

Memphis is losing its status as a passenger hub for Delta Air Lines.

App Savvy

Memphis company finds niche in tech startup field

Memphis’ entrepreneurial ecosystem has picked up a steady stream of buzz and success in recent years, attracting new participants, mentors, startups and accelerators.

Wharton Proposes 14-Cent Tax Hike Above Recertified Rate

The administration of Memphis Mayor A C Wharton Jr. is proposing a 14-cent city property tax hike on top of the 25 cents added to the current rate of $3.11 to compensate for property value lost in the 2013 property reappraisal.

Budget Vote Faces Postponement

Memphis City Council members have final votes on their agenda Tuesday, June 6, on an operating budget for the fiscal year that begins July 1 in addition to setting a city property tax rate.

Commission Approves Budget and 1st Reading of Tax Rate

Shelby County Commissioners approved an operating budget for Shelby County government Monday and approved on the first of three reading a $4.38 property tax rate to fund that budget.

Local Weather
Today
Memphis, TN
41°F
Fair
Wind: 9 mph
Humidity: 49%

EVENTS

Methodist Le Bonheur Germantown Hospital will hold a stroke survivor group meeting Tuesday, June 4, at 5 p.m. in suite 250 of Medical Office Building A, 7655 Poplar Ave. Stroke survivors will discuss caregiving issues; partners and family will discuss time and stress management. Call 516-6929.

more events »

New Study Forecasts 4,000 Local Manufacturing Jobs Through 2016

A new report on manufacturing jobs in the Memphis area by the Workforce Investment Network and the Greater Memphis Chamber as well as Memphis Mayor A C Wharton Jr. and Shelby County Mayor Mark Luttrell shows rapid growth through 2016.

Achievement District Plans Include Two High Schools

The state-run Achievement School District has identified nine charter school operators that will run failing Memphis schools in the 2014-2015 school year including, for the first time, two high schools.

FedEx Takes $100 Million Charge for Aircraft Retirement

MEMPHIS (AP)FedEx Corp. said Monday that it recently took a $100 million charge for retiring some of its aircraft and said it will take $74 million in additional charges in its next fiscal year because it is speeding up retirement of other planes.

Guardian Relocation Expands Into Memphis

Guardian Relocation Inc. is seeking to make a name for itself in the Mid-South by planting its flag in Memphis.

Wharton Points to Decisions Beyond Budget Dilemma

The city of Memphis debt issues that prompted a critical report from the Tennessee comptroller’s office stem from the city’s 2010 decision to refinance the city’s debt and push it further out instead of dealing with it then, says city finance director Brian Collins.

GOVERNMENT AGENDA

June 4 Memphis City Council Agenda

The Memphis City Council will meet Tuesday, June 4, at 3:30 p.m. in the Council chambers in City Hall, 125 N. Main St. Click on the meeting icon for an agenda.

REAL ESTATE RECAP

University Cabanas Sell for $2.1 Million

2059 Vollintine Ave., Memphis, TN 38107

LOCAL COLUMNISTS

Take It From 30 Years of Experience

Ray’s Take I started my career as a professional financial planner 30 years ago this month. Just as I do with my clients every year, I think it is important to review what has happened, what has worked and what has not, in order to improve.

Scaling Up the Organization

Remember the days when your startup team was crammed into a single office? Now you may have 150-plus employees and find it infinitely more difficult to know how to divide up into teams and set clear accountabilities. Worse, both customers and employees may seem confused about how to navigate your organization.

MEMPHIS AREA

MAA Buying Colonial Properties Trust in Stock Deal

NEW YORK (AP) – Real estate investment trust Mid-America Apartment Communities Inc. is buying peer Colonial Properties Trust Inc. in an all-stock deal, expanding its presence in the South and Southwest portion of the U.S.

NATIONAL BUSINESS

Small Business Borrowings Up for First Time in 2013

NEW YORK (AP) – Small businesses took out more loans and leases during April, the first increase in borrowing this year, according to an index released Wednesday.

S&P Takes Nasdaq Off Watch for Credit-Rating Cut

NEW YORK (AP) – Standard & Poor's has decided against cutting the Nasdaq OMX Group's credit rating after reviewing how the exchange operator plans to pay for two acquisitions.

US Auto Sales See Big Gains in May

DETROIT (AP) – Price cuts at Nissan and strong demand for pickup trucks helped U.S. auto sales rebound in May after a slight dip in April.

NATIONAL GOVERNMENT

New IRS Head Says Taxpayers No Longer Trust Agency

WASHINGTON (AP) – His agency under relentless fire, the new head of the Internal Revenue Service acknowledged to Congress on Monday that American taxpayers no longer trust the IRS amid a growing number of scandals – from the targeting of conservative political groups to lavish spending on employee conferences.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 66 378 15,444
MORTGAGES 67 456 20,235
FORECLOSURE NOTICES 12 121 4,007
BUILDING PERMITS 175 1,046 36,888
BANKRUPTCIES 58 290 14,633
BUSINESS LICENSES 16 80 5,209
UTILITY CONNECTIONS 76 388 22,205
MARRIAGE LICENSES 28 111 4,774

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