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VOL. 123 | NO. 235 | Tuesday, December 2, 2008

Economic Forum Gives Insight Into Local, Global Crisis

In a down economy, it’s critical to tout one’s strengths, which is why David Waddell of Waddell & Associates Inc. suggested the following slogan for the Regional Chamber in its attempts to attract new business to the city: “Memphis is Cheap. Move Here.”

Council Again Rejects Lee Legal Fees

Payday Lender Regulations Approved/Next Step In Fairgrounds Plan Charted

The Memphis City Council this evening affirmed its vote in Oct. to reject paying the legal fees of former Memphis Light Gas & Water Division president Joseph Lee.

Brooks’ Bankruptcy Petition May Change

The United States Trustee’s office is not convinced Shelby County Board of Commissioners member and former state lawmaker Henri Brooks should be allowed to wipe away most of her debt under Chapter 7 bankruptcy protection.

Chicago Company Buys Again In Memphis

A Chicago real estate firm has bolstered its Memphis presence with another industrial acquisition, its fourth high-dollar deal in the past couple of years.

Store Murder Makes Small Businesses, Community Wary

People who live and work in the community around LeMoyne-Owen College wonder if the person who killed Abdallah Assaedi last month is still in their midst.

Local Weather
Currently
Memphis, TN
47.0°F
Fair
Wind: Northwest at 6.9 mph
Humidity: 44%

EVENTS

The Hospitality Sales and Marketing Association International Mid-South Chapter and the Tennessee Chapter of Meeting Professionals will hold “Mind Your Meetings Industry Day” today from 7:30 a.m. to noon at the Memphis Cook Convention Center, 255 N. Main St. Actress and writer Annabelle Gurwitch will speak. To register, visit www.hsmaimidsouth.org.

more events »

Lobbyists Increase Efforts To Blunt Payday Ordinance

Over the past couple of weeks, Shelby County Board of Commissioners member Mike Carpenter has met privately with at least six representatives of two high-powered lobbying firms that are working to counter a proposed local zoning ordinance.

Under Pressure, US Eased Lending Rules

WASHINGTON (AP) – The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.

Quartet of TICs Joins Countrywood Crossing

2257 N. Germantown Parkway, Memphis, TN 38116, Sale Amount: $6.7 Million (combined) -
Four more tenant-in-common (TIC) partners have bought into the Countrywood Crossing shopping center at 2257 N. Germantown Parkway in Cordova, bringing the total to 30. All four warranty deeds, totaling $6.7 million, closed within the past three weeks.

Bernanke: Lower Interest Rates are "Feasible"

WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke said Monday that further interest-rate cuts are "certainly feasible," but he warned there are limits to how much such action would revive an economy likely to stay weak well into next year.

Bridgestone Firestone to Lay Off Over 150 in Tenn.

NASHVILLE, Tenn. (AP) - Bridgestone Firestone North American Tire will layoff at least 158 employees at its plant in LaVergne due to a decrease in demand for passenger and light truck tires.

Holiday Shopping Season Off to a Modest Start

NEW YORK (AP) - The Thanksgiving shopping weekend may not have been the disaster some had feared, but unprecedented discounts and tempered buying likely resulted in overall soft sales as a buying binge on Friday quickly fizzled. Now, online retailers are ramping up deals to turn skittish shoppers into "Cyber Monday" spenders.

Ford Weighs Selling Volvo Amid Industry Downturn

DETROIT (AP) - Ford Motor Co. is considering selling Volvo Car Corp. as the U.S. automaker seeks to raise cash and survive tight credit markets and a global automotive sales crisis.

UT-Knoxville Adjusts Thermostat

KNOXVILLE, Tenn. (AP) - The University of Tennessee is turning down the heat on the Knoxville campus.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 115 270 19,843
MORTGAGES 141 311 23,225
FORECLOSURE NOTICES 23 71 8,375
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 74 196 13,300
BUSINESS LICENSES 25 48 6,185
UTILITY CONNECTIONS 40 125 13,120
MARRIAGE LICENSES 15 73 4,915

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