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VOL. 123 | NO. 210 | Monday, October 27, 2008

First Horizon to Get $866M From US Treasury

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.

Sept. Commercial Sales Drop 18%

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.

Morgan Keegan Misrepresented Risks, Paper Says

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.

Officials Mount Fight Against Charter Amendments

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.

City Celebrates Launch of Legends Park

Memphis continues to benefit from investments that are transforming the city’s public housing at a time when development capital is scarce.

Local Weather
Currently
Memphis, TN
30.0°F
Fair
Wind: Calm mph
Humidity: 72%

EVENTS

The University of Memphis will host an invitation-only economic forum today from 10 a.m. to 11 a.m. at The Zone at the FedEx Institute of Technology, 365 Innovation Drive. The forum, titled “A National Perspective on Economic Issues: The Intersection of Wall Street, Main Street and Pennsylvania Avenue,” will feature U.S. Sen. Bob Corker, R-Tenn.; Greg Gonzales, commissioner of the Tennessee Department of Financial Institutions; and Dr. Shirley Raines, president of the University of Memphis.

more events »

September Existing US Home Sales Up 5.5%

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.

Grocery at Heart of Neighborhood’s Rebirth

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.

Credit Markets See Signs of Squeeze Again

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.

OPEC Slashes Production; Crude Continues to Tumble

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.

Sector Snap: Auto Parts Retailer

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.

Drug Industry Spends $13 Million on Thank-You Ads

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.

Early Voting Glitches in 2 Counties in Ga., Tenn.

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.

GOP Open Seats Boost Democrats House Chances

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.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 128 183 20,949
MORTGAGES 130 174 24,535
FORECLOSURE NOTICES 4 27 8,637
BUILDING PERMITS 163 359 42,696
BANKRUPTCIES 61 116 14,018
BUSINESS LICENSES 24 46 6,447
UTILITY CONNECTIONS 29 85 13,596
MARRIAGE LICENSES 24 47 5,116

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