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VOL. 124 | NO. 222 | Wednesday, November 11, 2009

Baptist Selling Hospital in Ripley

Baptist Memorial Health Care announced this morning that it plans to sell its hospital in Ripley, Tenn., to HMC/CAH.

City, Bioworks Receive $30 Million In Tax Credits

The Memphis Bioworks Foundation and the city of Memphis have new incentives to lure private investment to struggling areas with a $30 million allocation of New Markets Tax Credits.

County Mayor Deadlock Moves to Next Week

The pressure of 24 roll call votes didn’t change any minds. Attempts at persuasion between the votes didn’t change any votes on the Shelby County Commission.

Public-Private Partnerships at Center of Freight Conference

Memphis’ intermodal and freight capabilities are legendary. The city has boasted the world’s busiest cargo airport for 17 straight years thanks to hometown shipping giant FedEx Corp.

Ruling Allows City To Switch Sides In Lee Suit

The city of Memphis can switch sides in a lawsuit against the former head of the city-owned utility company in an attempt to recoup money the city paid this summer to that official, a judge decided Tuesday morning.

Local Weather
Memphis, TN
A Few Clouds
Wind: Northwest at 12.7 mph
Humidity: 58%


Vaco Mid-South will host a continuing education seminar today at 8 a.m. at the Memphis Botanic Garden, 750 Cherry Road. Topics of the event are “Fair Value Measurements,” “Goodwill and Intangible Asset Impairment” and “Extensible Business Reporting Language.” Cost is $75. To register, call Joe Fracchia or Justin Farmer at 333-2250.

more events »

Grocery, Health Clinic Among New Soulsville Tenants

Although the biggest vibrations in Soulsville come from heavy equipment right now, that will soon change when grocery shoppers will be able to prance through the aisles and pick out produce to the beat of old-school classics.

YLD President Wiggins Joins Baker Donelson as Associate

Kyle M. Wiggins has joined Baker, Donelson, Bearman, Caldwell & Berkowitz PC as an associate in the Health Services & Products group. He will concentrate his practice on litigation surrounding medical malpractice defense, personal injury defense and general civil litigation.


FedEx Says IRS Won't Impose Penalties for 2004-06

NEW YORK (AP) - FedEx says the IRS will not impose tax penalties for 2004 through 2006 in the package delivery company's long-running battle over the classification of its FedEx Ground drivers as contractors instead of employees.


State Tax Collections Fall for 3rd Straight Month

The Tennessee Department of Finance and Administration announced today that state tax collections in October fell below budgeted estimates for the third consecutive month in the fiscal year, which began July 1.

Bredesen: Biofuels Investment Back in 'Good Shape'

NASHVILLE, Tenn. (AP) - Gov. Phil Bredesen said Tuesday that a private investment deal is back on track following discussions between the company and the head of a legislative panel that questioned a state-backed biofuels initiative in East Tennessee.

Gatlinburg Trader Pleads Guilty in Ponzi Scheme

KNOXVILLE, Tenn. (AP) - A Gatlinburg businessman accused of defrauding investors of $21 million in a wide-ranging Ponzi scheme pleaded guilty Tuesday to all charges against him.

Police Escort Lawmaker from UT Game Over Mask

KNOXVILLE, Tenn. (AP) - State Rep. Stacey Campfield was escorted from a University of Tennessee football game following a dispute with police over a Halloween mask.


PSC Agrees with Miss. Power, More Power Needed

JACKSON, Miss. (AP) - Mississippi Power Co. has received the first level of regulatory approval in its effort to build a new coal-powered generating plant in the east-central part of the state.


Fed Officials Warn Weak Recovery Won’t Spur Jobs

WASHINGTON (AP) – Unemployment likely will remain high for the next several years because the economic recovery won’t be strong enough to spur robust hiring, Federal Reserve officials warned Tuesday.

Job Openings Remain Close to Record Lows

WASHINGTON (AP) - Job openings are at rock-bottom levels, according to government and private surveys released Tuesday, a trend that could keep the unemployment rate high even as layoffs slow.

BofA CEO Says Financial Industry Recovery Slow

CHARLOTTE, N.C. (AP) - Bank of America Corp.'s outgoing CEO Ken Lewis said Tuesday that the economy may be improving but the recovery in the financial industry remains slow.

Former Wal-Mart CEO Joins Private Equity Firm

NEW YORK (AP) - Lee Scott, former Wal-Mart Stores Inc. CEO and president, has joined the private equity firm Solamere Capital as an operating partner and a member of its investment committee.


US Senate Democrats Move to Curb Fed's Powers

WASHINGTON (AP) - Senate Democrats on Tuesday proposed stripping the U.S. Federal Reserve of its supervisory powers and creating instead three new federal agencies to police banks, protect consumers and dismantle failing institutions.


Median Home Prices Fall Nationwide In Third Quarter

A real estate group says home prices fell in eight out of every 10 U.S. cities in the third quarter of this year as heavily discounted distressed sales made up 30 percent of all deals.

Housing Plan Reaches 1 in 5 Borrowers

WASHINGTON (AP) - After a slow start, the Obama administration's mortgage relief program has reached one in five eligible homeowners, a government report says.

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PROPERTY SALES 79 396 11,921
MORTGAGES 90 443 13,870
BUILDING PERMITS 191 975 25,139
BANKRUPTCIES 56 289 7,762

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