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VOL. 127 | NO. 6 | Tuesday, January 10, 2012

Cohen Concerned Over Redistricting

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.

Lofty Heights

Multifamily market registers strong 2011 as occupancies, rents rise

The Mid-South apartment market is riding high after a strong 2011.

Pinnacle Proposes Five Percent Pay Cut, Says USW

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.

Grizzlies to Wear Patch Rest of Season for Bartow

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.

Curry Todd's DUI, Gun Arrest Hearing Delayed

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.

Local Weather
Currently
Memphis, TN
41.0°F
Light Rain
Wind: East at 13.8 mph
Humidity: 96%

EVENTS

The National Association of Women Business Owners will meet Tuesday, Jan. 10, from 11:15 a.m. to 12:45 p.m. at The Crescent Club, 6075 Poplar Ave. The discussion will focus on topics of the audience’s choice. For more information or to register, call Nita Black at 413-1315.

more events »

Double J Smokehouse Replacing Beignet Cafe

Beignet Café and Blues Bar in Downtown Memphis’ South Main Historic Arts District is being replaced with a new restaurant venture.

IP Declares Stock Dividend

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.

County Commission to Start Over on Redistricting Talks

Shelby County commissioners will try to start their stalled redistricting process from square one next week with a special meeting.

Dunavant Awards Nomination Deadline Nears

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.

Morgan Keegan Deal Would Represent New Chapter

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.

Chen to Discuss Inspirational Story

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.

Recordings Could be Played in Major Drug Trial

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

Tennessee St. Office Bldg. Again in Foreclosure

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

Visible is Music To Memphis’ Ears

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.

Is Bull Market in Store For New Year?

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

State Sen. Jim Tracy Decides Against US House Bid

NASHVILLE (AP) – State Sen. Jim Tracy says he's decided against a congressional bid in a redrawn 4th House District.

NATIONAL BUSINESS

Consumer Borrowing Surges as Economy Improves

WASHINGTON (AP) – Americans are feeling confident enough in the economy to go back to a time-honored tradition – taking on a little extra debt.

GM Likely to Recapture Global Auto Sales Lead

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.

Wal-Mart Offers Tax Prep

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.

Moody's Lifts Macy's Out of Junk Status

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

Obama Announces Resignation of Chief of Staff

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.

IRS Reviving Program Seeking Offshore Tax Cheats

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

F Jarnell Stokes Cleared to Play at Tennessee

KNOXVILLE (AP) – The NCAA and Southeastern Conference have cleared forward Jarnell Stokes to play at Tennessee.

BCS as We Know it is Going Away

NEW ORLEANS (AP) – The Bowl Championship Series as college football fans have come to know it is going away.

HEALTH CARE

America Hits the Brakes on Health Care Spending

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.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 86 393 21,159
MORTGAGES 94 424 24,785
FORECLOSURE NOTICES 0 93 8,703
BUILDING PERMITS 173 1,010 43,347
BANKRUPTCIES 52 292 14,194
BUSINESS LICENSES 15 90 6,491
UTILITY CONNECTIONS 28 167 13,678
MARRIAGE LICENSES 12 89 5,158

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