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VOL. 123 | NO. 247 | Thursday, December 18, 2008

FedEx To Cut Salaries 5%, Suspend Bonuses, Freeze 401(k) Contributions

Salaries of Fred Smith and top execs cut even more

NEW YORK (AP) — FedEx will cut salaries 5 percent for all U.S. salaried personnel as a result of the weak economy, as well as make even deeper pay cuts for senior executives, eliminate some bonuses and implement a one-year freeze in contributions to 401(k) private retirement accounts.

PILOT Study Prompts Chamber Call For Changes

Wharton Unveils College Gap Fund

The system of tax breaks local government offers businesses looking to relocate can’t compete with DeSoto County and other neighboring counties, according to a review by the Greater Memphis Chamber of Commerce and Shelby County economic development officials.

Thompson Draws Six Month Prison Sentence - $10,000 Fine

Thompson was sentenced by U.S. District Judge Jon P. McCalla on one count of mail fraud.

City Council Ponders What to Do Next in Lee Case

The same day this week that each member of the Memphis City Council was served notice they are being sued by former Memphis Light, Gas and Water Division president and CEO Joseph Lee, council members were not yet certain how they would respond.

Small Law Firms Brace Against Economic Storm

Small boutique law firms and solo practices may be struggling in some ways during these economic times, but in general, most are weathering the economic storm, observers say.

Local Weather
Currently
Memphis, TN
79.0°F
Overcast
Wind: Southeast at 8.1 mph
Humidity: 77%

EVENTS

The Economic Club of Memphis and the Memphis branch of the Federal Reserve Bank of St. Louis will hold a 2009 Economic Outlook Breakfast today from 7 a.m. to 9 a.m. at the Holiday Inn–University of Memphis, 3700 Central Ave. Bruce Scherr of Informa Economics Inc. will provide the national economic outlook. Michael R. Pakko, an officer and regional economist in the Research Division of the Federal Reserve Bank of St. Louis, will offer his views on the regional and local economy.

more events »

Godwin Optimistic About Cop Policy

In a month’s time, the debate about how to hire more Memphis police officers seems to bear out staying at least within Shelby County.

Harrah’s Names New Regional President

Harrah’s Entertainment has named a new regional president to supervise management of casinos in Mississippi and North Carolina.

Cohen Puts Own Spin on White House Dustup, Reflects on ‘08

U.S. Rep. Steve Cohen, D-Memphis, told the Memphis Rotary Club this week he was never asked to leave the White House. And he did find the Memphis ornament by local artist Carol DeForest on one of the White House Christmas trees before a run-in with an usher.

Casino Industry’s Luck Has Run Out

ATLANTIC CITY, N.J. (AP) Juan Jimenez’s job at the casino wasn’t the most glamorous one in the place.

Awards, Accolades Help Caraway Strive for Professional Betterment

Kirk Caraway, a partner at Allen, Summers, Simpson, Lillie & Gresham PLLC, earlier this month received the Memphis Bar Association’s Sam A. Myar Jr. Award. He also recently was selected as a “Rising Star” in the field of labor and employment litigation by Law & Politics Mid-South SuperLawyers 2008. This award is limited to attorneys 40 years old and younger.

Policy to Serve as Guideline for Records Requests

NASHVILLE, Tenn. (AP) - Tennessee officials hope a policy dealing with people who make frequent and multiple requests for public records will help custodians who handle such inquiries.

Cooper Tire to Close Albany, Ga., Plant

TEXARKANA, Ark. (AP) - With tax incentives and worker concessions, four cities in four states vied to keep their Cooper Tire & Rubber Co. plant open after the Ohio-based company said the weakening economy would cause it to shutter one of its U.S. plants.

Hospital Federation Spent $740K Lobbying in Q3

WASHINGTON (AP) - The Federation of American Hospitals, which represents for-profit hospital chains, spent $740,000 lobbying the federal government in the third quarter, according to a recent disclosure form.

Glaxo and Dynavax Sign Development Deal

LONDON (AP) - British drug maker GlaxoSmithKline PLC said Wednesday it will pay U.S. biotechnology company Dynavax Technologies Corp. $10 million upfront in a research deal to develop drugs to treat autoimmune and inflammatory diseases.

Car, Home Buyers Could Benefit from Fed Rate Cut

WASHINGTON (AP) - Consumers trying to buy a house or finance a car loan could be the big winners as a result of the Federal Reserve's decision to slash its target interest rate to nearly zero and take other steps to battle the financial crisis and worsening recession.

OPEC Cuts Record 2.2 Million Barrels a Day

ORAN, Algeria (AP) - OPEC on Wednesday agreed to slash 2.2 million barrels from its daily production – its single largest cut ever – while bloc outsiders Russia and Azerbaijan announced their own cutbacks of hundreds of thousands of barrels from the market.

Microsoft Issuing Emergency Fix for Browser Flaw

REDMOND, Wash. (AP) - Microsoft Corp. is taking the unusual step of issuing an emergency fix for a security hole in its Internet Explorer software that has exposed millions of users to having their computers taken over by hackers.

Energy Agency: Oil Demand Slowing, Causes are Many

WASHINGTON (AP) - U.S. oil consumption is expected to level off with virtually no growth between now and 2030 because of increases in energy efficiency, greater use of renewable fuels and an expected rebound in oil prices, the government said Wednesday.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 87 87 7,836
MORTGAGES 108 108 9,307
FORECLOSURE NOTICES 8 8 1,366
BUILDING PERMITS 130 130 16,737
BANKRUPTCIES 55 55 5,461
BUSINESS LICENSES 32 32 2,980
UTILITY CONNECTIONS 47 47 3,297
MARRIAGE LICENSES 37 37 1,725

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