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VOL. 123 | NO. 241 | Wednesday, December 10, 2008

City Foresees $8.8M Deficit

Herenton declines comment for now

Memphis Mayor Willie Herenton already has promised no tax increase will be forthcoming next year, a pledge he made to Memphis City Council members during a mayor-council retreat last month at the University of Memphis.

Identity Theft Suspect Accused In Elaborate ATM Plot

A man arrested in an Airport area motel room Dec. 1 was indicted today by a federal grand jury on three counts of identity theft.

Airport Strip Club Closed As Nuisance

A four month long undercover drug investigation at an Airport area strip club surfaced Tuesday when Pure Passion, 1849 East Brooks Road, was closed as a nuisance under state law.

Federal Reserve Economists Discuss Crime Study

A new study by a Federal Reserve economist indicates the common belief that crime increases with recessions may not hold true.

WMC Cuts 15 Jobs

NBC affiliate WMC-TV laid off about 10 percent of its employees Tuesday, general manager Lee Meredith told The Daily News.

Local Weather
Memphis, TN
Light Rain
Wind: from the South at 15.0 gusting to 23.0 mph
Humidity: 76%


The Alliance for Nonprofit Excellence will hold a workshop titled “Ethical Leadership” today from 8:30 a.m. to noon at the Alliance office, 5100 Poplar Ave., Suite 502. The facilitator will be Kristi Tarbell. Cost is $55 for Program for Nonprofit Excellence participants, $65 for members and $125 for nonmembers. For reservations, e-mail adeberry@npexcellence.org, call 684-6605 or visit www.npexcellence.org.

more events »

Warehousing Sector Reacts to Retail Woes

The economic slowdown is taking its toll on Memphis businesses in the form of layoffs and store closures, sagging real estate values and rising foreclosures. But the logistics and distribution industries are weathering the storm as well as any sector – for now, at least.

Cook Leaves Long Shadow in Local Broadcast Community

To many Memphians, Fred Cook’s voice was rich and full, and he spoke with authority.

Closing Arguments in MCS Funding Case Set for Feb.

A landmark court case over who bears the ultimate funding responsibility for Memphis City Schools will move toward its conclusion in February.

Panel Rules on Seniority For Delta, NWA Pilots

ATLANTA (AP) – The pilot seniority lists at Delta Air Lines and Northwest Airlines will be integrated based on pilots’ status and aircraft category, though pilots from one carrier will not be able to fly for a period of time certain planes the other carrier brought to the combination, an arbitration panel ruled.

SunTrust Banks To Get $4.9B From Treasury

ATLANTA (AP)SunTrust Banks Inc. reported Tuesday it has received preliminary approval for an additional $1.4 billion from the U.S. Treasury Department for a total capital investment of $4.9 billion – the full amount for which the regional bank was eligible.

Fannie, Freddie Execs Ignored Warnings

WASHINGTON (AP) – Top executives at mortgage finance companies Fannie Mae and Freddie Mac ignored warnings that they were taking on too many risky loans years before the housing market plunged, according to documents released Tuesday by a House committee.

Caraway Named ‘Rising Star’ By Midsouth Superlawyers

Kirk Caraway of Allen, Summers, Simpson, Lillie & Gresham PLLC has been selected as a “Rising Star” in the field of Labor and Employment Litigation by Law & Politics Midsouth Superlawyers publication for 2008.

Tennessee GOP Chief Foresees New Legislative Map

CHATTANOOGA, Tenn. (AP) - Tennessee Republican Chairman Robin Smith is looking for GOP majorities in the state Legislature to get bigger when new districts are drawn after the census in 2010.

Kroger Says Storm Hit Q3 Earnings, Sees Slower Q4

CINCINNATI (AP) - Hurricane Ike battered Kroger Co.'s third-quarter profits, and the grocery chain offered a cautious forecast Tuesday amid the churning U.S. economic storm.

UT Prepares for $75M Budget Cut

KNOXVILLE, Tenn. (AP) - The University of Tennessee is bracing for up to $75 million in state funding cuts.

US Justices Weigh Concealed Evidence in Death Case

WASHINGTON (AP) - A convicted killer on death row since 1984 could be spared execution following arguments Tuesday at the Supreme Court.

Delta, American Express Extend Card Agreement

ATLANTA (AP) - Delta Air Lines Inc., the world's biggest carrier, said Tuesday it is getting a $1 billion boost following a credit card agreement it has reached with American Express Co. A company executive also said Delta expects to turn a profit in 2009.

Wal-Mart to Pay $54.25M to Settle Minn. Lawsuit

MINNEAPOLIS (AP) - Wal-Mart Stores Inc. said Tuesday it will pay up to $54.25 million to settle a class-action lawsuit that alleged the discount giant cut workers' break time and didn't prevent employees from working off the clock in Minnesota.

Principal Financial to Cut 550 Jobs

DES MOINES, Iowa (AP) - Insurance, banking, retirement and asset manager Principal Financial Group Inc. said Tuesday it is cutting 550 jobs, about 3.5 percent of its work force.

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