VOL. 123 | NO. 248 | Friday, December 19, 2008
The economy dealt a devastating blow to Memphis’ largest employer Thursday as FedEx announced $1 billion in cost reductions – including pay cuts for its top executives – during this fiscal year to cope with plummeting global freight volumes.
Former Shelby County Board of Commissioners member Bruce Thompson told a federal judge this week his behavior was “anomaly.”
Using realty transfer and mortgage tax activity as a gauge, Shelby County’s real estate market has recorded a nearly 40 percent slump for the fiscal year that began July 1.
The Economic Club of Memphis on Thursday got a detailed report on the recession thus far from a government economist and an outlook on how long it could last from a private economist.
The recession is now taking a toll on Memphis’ core industries – logistics and distribution. Plano, Texas-based PFSweb Inc., which manages more than 2 million square feet of space in Memphis and Southaven, is cutting 218 local jobs after losing a lucrative contract here.
WASHINGTON (AP) – Initial claims for unemployment benefits dropped more than expected last week, but little relief for workers is in sight as companies continue to cut jobs.
The year’s most critical political moment came near the end of the budget season at City Hall. In June, the Memphis City Council voted to cut the city’s $93 million share of funding to the Memphis school system in fiscal year 2009 that began just weeks later. With the vote, the council members – nine of whom began their first term of office six months earlier – confirmed their status as agents of change.
The city’s most fascinating politician in 2008 was also its most unpredictable – Memphis Mayor Willie Herenton.
With all the public development projects and city planning efforts he’s either involved in or leading, Robert Lipscomb’s professional life can resemble the act of the plate-spinning performers on “The Ed Sullivan Show.”
WASHINGTON (AP) - Shipments carried by U.S. railroads sank for a third straight week last week amid deteriorating economic conditions, a major industry trade group reported Thursday.
NASHVILLE, Tenn. (AP) - Gov. Phil Bredesen says that if a federal relief package for the states appears likely, he will ask the Legislature to give him more time to present his budget proposals.
WASHINGTON (AP) - Mortgage rates are falling as this week's dramatic action by the Federal Reserve provides a boost to the dismal housing market, but the nation's unemployment rolls are stuck at historically high levels amid a deepening recession.
NASHVILLE, Tenn. (AP) - The first federal effort to rate nursing homes ranked Tennessee's third worst in the nation and gave 30 percent of its nursing homes the worst rating possible.
NASHVILLE, Tenn. (AP) - The Tennessee Registry of Election Finance has fined former state Sen. Rosalind Kurita more than $6,000 for campaign finance violations related to her legal challenge to being ousted as the Democratic nominee for last month's election.
TRENTON, N.J. (AP) - Sales of two controversial cholesterol drugs sold by Schering-Plough Corp. and Merck & Co. dropped significantly in November, after their year-long slide appeared to stop the previous month.
WASHINGTON (AP) - Federal regulators on Thursday adopted sweeping new rules for the credit card industry that will shield consumers from increases in interest rates on existing account balances among other changes.