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VOL. 126 | NO. 206 | Friday, October 21, 2011

Thomas & Betts Q3 Earnings Up 32 Pct.

Memphis-based electrical component maker Thomas & Betts Corp. on Thursday, Oct. 20, reported 32 percent growth in net earnings for the third quarter and raised its earnings outlook for 2011.

Room With a View

FAA dedicates air traffic control tower at Memphis International

There were times Thursday, Oct. 20, during the dedication of the new $72.6 million air traffic control tower at Memphis International Airport that noise from the arriving and departing jets drowned out the elected and appointed leaders.

Orlando Joins Memphis in Studying Possible NBA Suit

It's not just Memphis anymore.

Former C’ville Fitness Center Sells For $2.7M

Memphis-based Hackmeyer Properties has bought the former Prairie Life Fitness Center at 3690 S. Houston Levee Road in Collierville from Prairie Life Fitness LLC for $2.7 million and is leasing the 57,264-square-foot facility to a new fitness company.

Donald Takes Appeals Court Oath

Bernice Donald took the oath of office as the newest U.S. Sixth Circuit Court of Appeals judge Thursday, Oct. 20, at the Cannon Center.

Local Weather
Currently
Memphis, TN
78.0°F
Partly Cloudy
Wind: South at 9.2 mph
Humidity: 79%

EVENTS

Visible Music College will hold the seventh annual 24-Hour Drumathon beginning at 10 a.m. Friday, Oct. 21. The entire percussion department will drum for 24 hours at the Ann and Jim Vining Concert Hall, 200 Madison Ave. The event will raise money for Visible Music College drummers to attend the Percussive Arts Society International Convention in Indianapolis. The Drumathon will be broadcast live online, To donate, watch streaming video or request a song, visit www.drumathon.com.

more events »

Fields Pleads In Drug Case

One of the four remaining defendants in the largest drug case ever brought in Memphis federal court pleaded guilty Thursday, Oct. 20, to drug conspiracy, racketeering and money laundering charges.

Ford, Harris Vie for Council District 7 Seat

Early voting opens Friday, Oct. 21, for the last election of 2011 in Shelby County. The race is the runoff for the District 7 Memphis City Council seat between Kemba Ford and Lee Harris. Election Day is Nov. 10.

New Org. Dedicated to Hearing-Impaired Children’s Needs

A new nonprofit organization is working to improve the literacy needs and communications skills of hearing-impaired children and their families in the Memphis area.

McGuire Joins Accounting Firm Dixon Hughes Goodman

Dixon Hughes Goodman LLP, the new firm formed earlier this year with the combination of Memphis accounting firm Dixon Hughes PLLC and Virginia-based accounting firm Goodman & Co. LLP, has a new senior manager in Memphis leading the office’s financial institutions services group.

LOCAL COLUMNISTS

Who’s To Blame?

IS THIS OUR BEST SHOT? Evidently, after one of our state legislators falls off a barstool, another will take the stool – then take the wheel of his car. Loaded with a loaded gun.

Financial Health For Nonprofits – Part 2

Part two of a four-part series Financial health is a must for nonprofit organizations. If your organization wants to build toward financial health, this series is for you. In part one, we talked with Carol Cantwell, founder of Fun with Financials, about the challenges facing nonprofits and suggestions on addressing these.

MEMPHIS AREA

Ark. to Get Sliver of Morgan Keegan Settlement

LITTLE ROCK, Ark. (AP) – Arkansas investors will receive a sliver of a national settlement reached with an investment firm accused of overstating the value of mortgage investments just as the housing market was collapsing.

STATEWIDE

Report Criticizes Former Revenue Commissioner

NASHVILLE (AP) – A report by the state's comptroller says former Tennessee Revenue Commissioner Reagan Farr approved millions of dollars in tax reductions for businesses without proper documentation or justification.

Jack Daniel Distillery Targeted for More Taxes

NASHVILLE (AP) – Tennessee's Jack Daniel distillery, celebrated for years in folksy advertising, is being targeted to pay more taxes – with a tab of up to $5 million.

NATIONAL BUSINESS

Economy Shows Signs of Health After Summer Slump

WASHINGTON (AP) – The economy appears slightly healthier than many had feared it was a few weeks ago, raising hopes that it can end the year on an upward slope.

Leading Indicators Rise Modest Amount in September

WASHINGTON (AP) – A gauge of future economic activity edged up at a slower pace in September, signaling only modest economic growth in coming months.

Delta Expands Economy Comfort to Domestic Flights

ATLANTA (AP) – Delta Air Lines said on Thursday it will create a class of higher-end coach seats on its U.S. fleet, matching a service it already offers on the bigger planes that fly overseas.

Nucor Q3 Net Income Up Sixfold on Higher Prices

CHARLOTTE, N.C. (AP) Steelmaker Nucor Corp. said its third-quarter net rose more than sixfold as steel prices rose sharply from the same period last year, and shipments increased. But the company warned that earnings in the current quarter will be lower than the third quarter as steel prices stagnate.

Union Pacific Q3 Profit Rises on Higher Prices

NEW YORK (AP) Union Pacific Corp. on Thursday reported that its third-quarter earnings rose 16 percent, as the railroad charged higher prices to offset slower growth in shipments and higher fuel costs.

NATIONAL POLITICS

IRS Boosts Maximum 401(k) Contribution to $17,000

WASHINGTON (AP) – The Internal Revenue Service is raising the maximum contribution that workers can make to their 401(k) pension plans without paying upfront taxes. The limit will rise by $500 to $17,000 next year.

Investigator: $3.2 Billion in Overpaid Tax Credits

WASHINGTON (AP) – More than 2 million taxpayers – including some prisoners claiming students as dependents – apparently wrongly collected $3.2 billion in college tax credits last year, according to a report issued Thursday by a federal investigator.

REAL ESTATE

US Sales of Previously Occupied Homes Fell in Sept.

WASHINGTON (AP) – The number of Americans who bought previously occupied homes fell in September. Home sales are on pace to match last year's dismal figures – the worst in 13 years.

Rate on 30-Year Fixed Mortgage Falls to 4.11 Pct.

WASHINGTON (AP) – The average rate on the 30-year fixed mortgage was nearly unchanged this week after rising sharply last week.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 92 158 13,600
MORTGAGES 89 165 15,731
FORECLOSURE NOTICES 10 21 2,160
BUILDING PERMITS 250 250 28,008
BANKRUPTCIES 54 121 8,771
BUSINESS LICENSES 33 54 4,619
UTILITY CONNECTIONS 28 60 5,453
MARRIAGE LICENSES 20 48 2,942

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