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VOL. 124 | NO. 54 | Thursday, March 19, 2009

Commercial Appeal Lays Off Veteran Reporters

The Commercial Appeal has begun a series of layoffs delayed from earlier this month. Among those fired today was Jimmie Covington, the CA’s most senior reporter who recently had been assigned to the newspaper’s DeSoto County bureau, newsroom sources said. Covington came to the newspaper as an intern in the early 1960s. His tenure included lengthy stays on the Memphis City Schools beat as well as covering Shelby County government.

FedEx Plans to Cut Jobs

Despite gains in market share, recession means company will reduce workers' hours, and trim shipping capacity

"Our financial performance was sharply lower during the quarter due to the global recession," Chairman, President and Chief Executive Frederick W. Smith said in a statement. "While we are gaining market share in all of our transportation segments, the downturn in our industry and the severity and expected duration of the recession require that we take additional actions."

UPDATE: Priest Abuse Case Dismissed

Williams Cites Tn Supreme Court Decision

One of several civil lawsuits alleging child sexual abuse by a Memphis Catholic priest has been dismissed the same week that the Tennessee Supreme Court refused to hear an appeal in a similar case out of Memphis.

St. Jude Golf Tourney Drops Stanford Name

This summer’s PGA Tour golf tournament in Memphis, formerly known as the Stanford St. Jude Classic, has been renamed in the wake of an extensive federal investigation of former title sponsor Stanford Financial Group.

Newspaper Moves to Open Priest Abuse Records

The Daily News has filed a motion to intervene in a Circuit Court lawsuit alleging child sexual abuse by a Memphis Catholic priest.

Local Weather
Currently
Memphis, TN
88.0°F
A Few Clouds
Wind: Variable at 3.5 mph
Humidity: 52%

EVENTS

The University of Phoenix will host a “Tough Times” workshop today from 10 a.m. to 2 p.m. at the Memphis campus, 65 Germantown Court, Suite 100. The workshop topics will include resume writing, financial planning and living on a budget. The workshop is free. To register, call 522-6865.

more events »

Two Former Cops Sentenced in Bad Cops Case

Two former Memphis police officers got very different sentences Wednesday in Memphis Federal court for being part of a four year scheme by a group of at least five cops to rob drug dealers.

Memphian Carranza Found Guilty of Human Rights Abuses

The U.S. Sixth Circuit Court of Appeals affirmed Tuesday that Nicolas Carranza, a former commander of El Salvador’s security forces – now a naturalized U.S. citizen and Memphis resident – is responsible for human rights abuses that took place under his command in his native country in the 1980s.

Citizens Concerned About I-269 Impact

When Interstate 269 is completed, it will serve as an outer loop for the entire Mid-South region, a beltway linking communities and providing easier access for vehicles traveling into or out of Memphis.

Pastor Seeks Computer Expert For Literacy Effort

Donated computers, with blank, black screens and their cords still coiled, sit in a freshly painted room at Bent Tree Apartments.

AIG CEO Says Employees Starting to Return Bonuses

WASHINGTON (AP) – The head of battered insurance giant AIG told Congress on Wednesday that “we’ve heard the American people loudly and clearly” in their rage over executive bonuses and appealed to employees to voluntarily return at least half of the money.

Health Care Overhaul Cost May Reach $1.5 Trillion

WASHINGTON (AP) – Your lungs may work just fine, but the estimated price for universal health care could take your breath away.

Cates Named Real Estate Lawyer of the Year

C. Thomas Cates, a member at Burch, Porter & Johnson PLLC, has been named by Best Lawyers in America as the Memphis Real Estate Lawyer of the Year for 2009.

All About the Bonuses: AIG Head Says Some Returned

WASHINGTON (AP) - Under intense pressure from the Obama administration and Congress, the head of bailed-out insurance giant AIG declared Wednesday that some of the firm's executives have begun returning all or part of bonuses totaling $165 million.

Fannie Plans Bonuses of Up To $611K for 4 Execs

WASHINGTON (AP) - Fannie Mae plans to pay retention bonuses of as much as $611,000 each to key executives this year as part of a plan to keep hundreds of employees from leaving the government-controlled company.

Bredesen to Lay Out 4-Year Tenn. Spending Plan

NASHVILLE, Tenn. (AP) - Gov. Phil Bredesen says he will lay out a four-year state spending plan when he presents his annual budget proposal to lawmakers next week.

Valero Energy CEO's Compensation Drops 50 Percent

NEW YORK (AP) - The chairman, president and chief executive of Valero Energy Corp. received compensation valued at $6.6 million in 2008, a 50 percent decrease from the previous year, according to an Associated Press calculation of figures disclosed in a regulatory filing.

Refiner Valero to Obtain 7 VeraSun Plants

SIOUX FALLS, South Dakota (AP) - Valero Energy will buy seven ethanol plants from VeraSun Energy for $477 million, the largest biofuel buyout in terms of production capacity.

Fed to Buy Up to $300B Long-Term Treasury Bonds

WASHINGTON (AP) - The Federal Reserve announced Wednesday it will spend up to $300 billion over the next six months to buy long-term government bonds, a new step aimed at lifting the country out of recession by lowering rates on mortgages and other consumer debt.

Bill Would Require Death Certificate for Abortions

NASHVILLE, Tenn. (AP) - Legislation that would require death certificates be issued for abortions performed in Tennessee has likely failed this session.

Madoff's Accountant Released on $2.5M Bail

NEW YORK (AP) - Bernard Madoff's longtime accountant has been released on $2.5 million in bail.

With Key Rate Near Zero, Fed Scopes Out Options

WASHINGTON (AP) - With a key interest rate already near zero, Federal Reserve policymakers are weighing what other tools they can use to jolt the country out of recession.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 312 16,192
MORTGAGES 0 293 18,685
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 655 33,126
BANKRUPTCIES 0 237 10,737
BUSINESS LICENSES 0 112 5,198
UTILITY CONNECTIONS 0 127 11,344
MARRIAGE LICENSES 0 94 3,867

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The Memphis News: Business, politics, and the public interest.