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VOL. 128 | NO. 106 | Friday, May 31, 2013

Fred’s Net Income Rises 9 Percent

Discount retailer Fred’s Inc. said Thursday its first-quarter net income rose 9 percent, helped by a modest rise in sales and lower costs.

Retail Resurgence

Whitehaven stakeholders hopeful Kroger investment only beginning

When leaders of the Delta Division of Kroger kicked off the $5 million renovation of the chain’s Whitehaven supermarket, some of the area’s community and business leaders were looking beyond the store’s parking lot.

Cozymel's Property Comes Down

The first financial ripples from International Paper Co.’s decision to build a fourth tower at its East Memphis campus are seeping out.

Wharton Pitches Options But No Recommendations On Budget Reset

Memphis City Council members were looking Thursday, May 30, for a new budget plan to get City Hall on new financial footing after a state comptroller’s office report critical of city financial practices.

Haslam Says State Won't Touch Auto Inspections

Tennessee Gov. Bill Haslam has, through his chief of staff, told Memphis Mayor A C Wharton Jr. and Shelby County Mayor Mark Luttrell that the state will not take over auto inspections in Memphis when city funding for the emissions testing runs out June 30.

Local Weather
Today
Memphis, TN
95°F
Partly Cloudy
Wind: 10 mph
Humidity: 47%

EVENTS

The Healthy Church Challenge Obesity Summit will be held Saturday, June 1, from 10 a.m. to 1 p.m. at Breath of Life Christian Center, 3795 Frayser Raleigh Road. Winners of the 100-day weight-loss challenge will be announced; other events include a keynote by fitness expert Donna Richardson, health screenings and workout sessions. Call 278-0881.

more events »

Bolding Advocates For Underserved Market

Some people get up early to look at the sports pages or comics in the local newspaper, but Tim Bolding wakes up early to look at foreclosure notices.

Bon Ton Owners Continue Eatery’s Legacy

Ever since Bon Ton Café reopened Downtown, the eatery has been rolling out incremental improvements.

MEMPHIS STANDOUT

City’s Scarboro Passionate About Sharing Memphis

Born and raised in Fayetteville, N.C., Douglas Scarboro has chosen to make Memphis his home. As the executive director of the Office of Talent and Human Capital for the City of Memphis, his job is to help others realize the opportunities and recognize the same assets that he has found here.

SPORTS

Offseason Questions Abound for Grizzlies

Maybe the fans standing and cheering moments before the Grizzlies were swept out of the Western Conference Finals were simply saying thank you for a great season, a franchise-best 56-win season and the team’s deepest playoff run in history.

Spurs Provide Right Role Model for Grizzlies

Every time Tony Parker made another impossible shot, he was easy to hate. Every time Tim Duncan turned back the clock by sprinting down the court, he was easy to hate. Every time coach Gregg Popovich made an adjustment and put the Grizzlies’ offense deeper into the mud, he was easy to hate.

LOCAL COLUMNISTS

Round Of A Lifetime

WHAT THESE GUYS DO ISN’T PROFESSIONAL. IT’S IMPOSSIBLE. I told this story last year and, like describing an exceptional shot much less a whole round of golf, it’s worth telling again. After all, this was a round of a whole lifetime, and lifetimes last a whole lot longer because of it.

Focus on Your Donors, Not Their Money

Part two of three-part series on transformational giving Why does one nonprofit receive $1,000 from a donor when another receives $1 million? What is the difference between fundraising and the process of securing transformational gifts? To get some answers we talked with Barbara Pierce, founder of Transformative Giving.

STATEWIDE

More Charges May Come in Case Involving Haslams

NASHVILLE, Tenn. (AP) — Sudden guilty pleas by a pair of mid-level executives show the investigation into the truck stop chain controlled by the family of Tennessee's governor and the Cleveland Browns' owner is picking up steam, with prosecutors likely setting their sights on higher-ups at the company, experts say.

NATIONAL BUSINESS

Average US Household Far From Regaining its Wealth

WASHINGTON (AP) — The average U.S. household has a long way to go to recover the wealth it lost to the recession, a report by the Federal Reserve Bank of St. Louis concludes.

US Economy Grew at Modest 2.4 Percent Rate in First Quarter

WASHINGTON (AP) — The U.S. economy grew at a modest 2.4 percent annual rate from January through March, slightly slower than initially estimated. Consumer spending was stronger than first thought, but businesses restocked more slowly and state and local government spending cuts were deeper.

Applications for US Unemployment Aid Rises

WASHINGTON (AP) — The number of Americans seeking unemployment benefits rose 10,000 last week to a seasonally adjusted 354,000. Still, the level of applications is consistent with steady hiring and remains near a five-year low.

REAL ESTATE

Signed Contracts to Buy US Homes at 3-Year High

WASHINGTON (AP) — The number of Americans who signed contracts to buy homes ticked up in April to the highest level in three years. The increase points to growth in home sales in the coming months.

US Rate on 30-Year Mortgage Rises to 3.81 Percent

WASHINGTON (AP) — Average U.S. rates on fixed mortgages jumped this week to their highest levels in a year, signaling slightly higher costs for homebuyers. But rates still remain low by historical standards.

Sales of Bank-Owned Homes Hit 5-Year Low

LOS ANGELES (AP) — Sales of bank-owned homes have plunged to a five-year low, the latest evidence that the nation's foreclosure woes are easing as the U.S. housing market recovery gains momentum.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 75 255 11,693
MORTGAGES 72 295 15,274
FORECLOSURE NOTICES 3 71 2,982
BUILDING PERMITS 198 590 27,844
BANKRUPTCIES 62 280 11,242
BUSINESS LICENSES 35 98 4,136
UTILITY CONNECTIONS 94 516 17,000
MARRIAGE LICENSES 18 80 3,544

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