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VOL. 127 | NO. 10 | Monday, January 16, 2012

Electrolux Touts Local and Local Minority Contracts

Electrolux North America executives said Tuesday, Jan. 17, the company has awarded $6.3 million of the $15.3 million in contracts so far for construction of its new Memphis plant to local minority-owned firms. And $14.5 million of the $15 million total has been awarded to local companies including the minority-owned firms.

‘The Man, Not the Myth’

Fictional play draws on Dr. Martin Luther King Jr.’s life, motel room

Broadway’s Memphis connection continues with a third play in which the city is a backdrop.

More of the Same for Housing

Last year’s home sales declined 6 percent from 2010, and local real estate professionals expect 2012 to be more of the same, as consumers hold their pocketbooks tight and wait for more economic stability.

Q4 Sales See 4 Pct. Uptick

Local home sales saw a slight uptick during the fourth quarter, but the improvement wasn’t big enough to boost 2011’s overall totals.

2011 West TN Home Sales Statistics by ZIP Code

Local Weather
Currently
Memphis, TN
79.0°F
Mostly Cloudy
Wind: Southeast at 5.8 mph
Humidity: 79%

EVENTS

The Better Business Bureau of the Mid-South will host a breakfast seminar Tuesday, Jan. 17, from 7:30 a.m. to 9 a.m. at 3693 Tyndale Drive. Marlin McKelvy of Consumer Directed Benefit Solutions will speak on “The New Health Insurance Landscape: Public and Private Health Insurance Exchanges, Guaranteed Issue Health Insurance and You.” For reservations, contact Susan Harris at 757-8617 or sharris@bbbmidsouth.org.

more events »

Grizz Honor MLK, Get Record Back to .500

Sometimes the youngest among us say it best. So it was on Monday at FedExForum, where Sherry Knights and her two sons stopped in at the Martin Luther King Jr. Day Sports Legacy Symposium before taking in the game between the Grizzlies and the Chicago Bulls.

Report: No Cost for Bartlett Schools Transfer

The local discussion about changes to Shelby County’s two public schools systems shifts this week to efforts by leaders of the county’s six suburban towns and cities to form their own school system or systems.

City Community Enhancement Probe Clouds Wharton's Long Term Plans

Memphis Mayor A C Wharton Jr. admitted that he sounded a bit glum Wednesday, Jan. 11, when he spoke to a group of around 100 at the Memphis Kiwanis Club at the start of his new term of office.

State Redistricting Wrinkles Save Kyle's Seat But Continue Debate

There was one very important change to the new district lines for the Tennessee State Senate as the week ended in Nashville with the legislature taking final action on the once a decade redistricting process.

Suburban Leaders Await Schools Report

The week after the schools consolidation transition planning commission began holding public hearings, the leaders of Shelby County’s six suburban municipalities are about to get a long-awaited report from consultants they hired last year to explore forming a separate school system to avoid schools consolidation.

Carter Is New Millington Mayor

Linda Carter, a former Millington alderwoman, is the new interim mayor of Millington.

Ex-Wright Exec Sues

Frank Bono, former senior vice president and chief technology officer for Wright Medical Technology Inc., has filed complaint in Shelby County Chancery Court against his former employer seeking damages and injunctive relief for breach of contract, retaliatory discharge, defamation and violations of the Tennessee Public Protection Act.

Shelby Co. Mortgages Fall 8 Pct.

It’s still very much a buyer’s market for prospective homebuyers in Shelby County – there’s just not enough of those buyers.

Q4 Mortgages Remain Unchanged

The last three months of 2011 followed the same pattern of mortgage activity that occurred throughout all of 2011. To use an airline metaphor, the local industry still had ice on its wings during the fourth quarter.

Council to Delve Into Electrolux Incentives

Memphis City Council members will talk Tuesday, Jan. 17, about getting more information from the mayor’s office about financial incentives used to bring companies to the city.

GOVERNMENT AGENDA

Memphis City Council Agenda

The Memphis City Council will meet Tuesday, Jan. 17, at 3:30 p.m. in the Council chambers in City Hall, 125 N. Main St. Click on the meeting icon for a full agenda.

SMALL BUSINESS SPOTLIGHT

Brothers Carry on Legacy At Ron Archer Auto Care

When Ron Archer Auto Care owners Brandon Archer and Luke Archer took over the family business in late 2007, the brothers made a commitment to continue doing business the way their father had for the previous 32 years.

REAL ESTATE RECAP

City Files $12M Permit Application For Mitsubishi Plant Infrastructure

2865 Riverport Road, Memphis, TN 38109 -
A $12.1 million building permit application has been filed for the Mitsubishi Electric Power Products Inc. plant property at 2865 Riverport Road in southwest Memphis’ Rivergate Industrial Park. The application states it is for “deep foundation for manufacturing and office building.”

LOCAL COLUMNISTS

Draw Line To Prevent Overloading

What if by simply drawing a line you could reduce the suffering and anguish of thousands and save lives in the process? Wouldn’t you think it was a good idea?

Making Big Differences

Last week we spotlighted Visible Music College, which is working to train and equip artists, technicians and business professionals in skill and character for effective service in the music industry and the church. Since January is known as National Mentoring Month, this week let us turn our attention toward an organization that is helping children reach their potential through professionally supported one-to-one relationships with mentors that have a measurable impact on youth: Big Brothers Big Sisters of Greater Memphis.

THE MEMPHIS NEWS

Trading Hands

Morgan Keegan sold to Raymond James in blockbuster $930M deal

It’s been something of a roller coaster ride for a little more than six months in the drawn-out process by Regions Financial Corp. to sell Morgan Keegan & Co. Inc., its Memphis-based investment unit.

Raymond James Statement on Deal

Editor’s Note: Below is a portion of the official statement Raymond James issued on the Morgan Keegan acquisition. For the complete corporate statement, plus additional coverage of the historic sale, visit www.memphisdailynews.com.

Opera Memphis Dons Comic Mask

Opera Memphis, which opened its 2011-2012 season with the torrid romance and drama of “Tosca” now invites audiences to sit back and laugh.

Restaurateurs Remain Upbeat About 2012

The good news is that in November, the National Restaurant Association’s Restaurant Performance Index rose to its highest level in five months. The bad news – well, can there be any bad news if these indices hold true for 2012? Naturally the National Restaurant Association is bullish about the figures they have complied, but let’s do a little analysis.

New Grape Yields Tasty Red Wine

If you drink a wide range of wines, you probably know the names of most of the important grapes. I mean, you don’t have to take a wine class or even read a book to remember chardonnay, chenin blanc, pinot grigio and sauvignon blanc; cabernet sauvignon, merlot, pinot noir, syrah, zinfandel.

STATE GOVERNMENT

Tenn. Lawmakers Approve GOP Redistricting Plans

NASHVILLE (AP) – State lawmakers have approved new boundaries for the 132 seats in the Tennessee General Assembly and nine seats in the U.S. House.

POST Rescinds Rules on Immigration Status Checks

NASHVILLE (AP) – After being sued for creating rules in secret, a state commission on Friday rescinded a policy that directed local jailers to check the immigration status of detainees.

NATIONAL BUSINESS

Balmy Winter Brings Plenty of Economic Surprises

NEW YORK (AP) – Out of a relatively balmy winter have sprung some economic surprises. People have more cash in their pockets because they aren't turning up the thermostat. Airlines don't have to de-ice planes or battle blizzards. And shoppers are finding great deals on coats and boots.

NATIONAL GOVERNMENT

Obama Takes on Big Government: 'It Has to Change'

WASHINGTON (AP) – Seeking more power to shrink the government, President Barack Obama on Friday suggested smashing six economic agencies into one, an election-year idea intended to halt bureaucratic nightmares and force Republicans to back him on one of their own favorite issues.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 52 374 8,123
MORTGAGES 52 433 9,632
FORECLOSURE NOTICES 22 103 1,461
BUILDING PERMITS 218 906 17,513
BANKRUPTCIES 45 252 5,658
BUSINESS LICENSES 0 143 3,091
UTILITY CONNECTIONS 24 152 3,402
MARRIAGE LICENSES 38 158 1,846

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