VOL. 123 | NO. 210 | Monday, October 27, 2008
Memphis-based First Horizon National Corp. is set to get an infusion of $866 million in capital from the U.S. Treasury Department, money that’s part of the federal government’s plan to put $250 billion directly into banks across the country.
Shelby County’s commercial real estate market was highlighted by a wide variety – but a low volume – of transactions in September, revealing a continued slowdown because of the credit crisis and overall economic slowdown.
A former economist with the U.S. Securities and Exchange Commission believes the Memphis-based brokerage firm Morgan Keegan & Co. Inc. misrepresented the risks of investing in six bond funds that cost investors $2 billion last year.
Several countywide elected officials are mounting an effort to defeat the two Shelby County charter amendments on the Nov. 4 ballot. The effort has drawn a formal complaint from Shelby County Board of Commissioners member Mike Ritz.
Memphis continues to benefit from investments that are transforming the city’s public housing at a time when development capital is scarce.
WASHINGTON (AP) – Sales of existing U.S. homes rose by the largest amount in more than five years in September, a real estate trade group reported Friday. The data are a possible glimmer of hope that the housing slump could be starting to bottom out.
The line starts forming before noon in the back of Williams Street Grocery & Deli, where the yams are sweet enough to save for last and the juice from the greens is good enough to sop up with a pancake of hot-water cornbread.
NEW YORK (AP) - The credit markets showed renewed signs of stress Friday as investors, worried about plunging stocks and the possibility of companies defaulting on their debt, fled once again to the safety of Treasury bills. Another dip in bank-to-bank lending rates offered little relief.
VIENNA, Austria (AP) - OPEC said at an emergency meeting Friday that it will slash oil production by 1.5 million barrels to stem the "dramatic collapse" of oil prices, but crude prices plunged 5 percent anyway as financial markets spiraled downward across the globe.
NEW YORK (AP) - A Credit Suisse analyst on Wednesday boosted his rating for AutoZone Inc. to "Outperform" from "Neutral," saying that while he expects the auto parts retailer to post a drop in profit, its share price already reflects that.
WASHINGTON (AP) - The pharmaceutical industry is underwriting one of the biggest issue ad campaigns of the election season – a $13 million televised thank-you to 28 lawmakers, most of them Democrats, who supported legislation last year to expand a children's health insurance program.
ATLANTA, Ga. (AP) - Elections officials were untangling early voting glitches in at least two states Friday after a Tennessee county reported some voters had gotten ballots for the wrong district and an Atlanta-area county discovered problems with some of its absentee ballots.
WASHINGTON (AP) - A rush of Republican retirements has positioned Democrats to pick up 20 or more seats in the House and transform what might otherwise be a march to modest gains on Election Day into a wave to a lopsided majority.