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VOL. 124 | NO. 55 | Friday, March 20, 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.

Commercial Real Estate Hangs on for Dear Life

The pulse of commercial real estate is barely detectable, but the fact that it’s still registering a beat is remarkable considering the trauma it’s suffered over the past year.

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.?Reflecting the troubles surrounding Stanford, the tournament – scheduled for June 8-14 at Southwind – has dropped the name of Stanford and is now the St. Jude Classic.

Analysts Offer Hope After FedEx Takes Big Hit

FedEx Corp.’s earnings report landed with a thud Thursday morning, as the world’s largest air cargo shipper announced plans to further slash costs after seeing third-quarter profits plummet 75 percent.

Assessor Sends Out Next Batch Of Reappraisal Notices

The Shelby County Assessor of Property is releasing a second batch of 2009 residential property reappraisals today. And the preliminary figures show double-digit increases in taxable value for each municipality outside of Memphis included in the mailout.

Local Weather
Memphis, TN
Wind: Southwest at 4.6 mph
Humidity: 94%


MemphisInvest will hold a property-buying conference today from 1 p.m. to 5 p.m. at its in-house training center, 130 Timber Creek Drive. The conference is free and seating is limited. To register, call 751-7191 or e-mail cjwhenderson@yahoo.com.

more events »

Court Dismisses Priest Abuse Case

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

Mixed Bag For Bad-Cop Convictions

There were different outcomes in Memphis federal court this week for two former Memphis police officers accused in a four-year scheme to rob drug dealers.

An Ex-Educator, Williamson Takes on Crime With Security Org

Peggy Williamson has no background in criminal justice or community policing, but that hasn’t stopped her from organizing and heading the Midtown Security Community.

Lowenstein Building, Neighbors Born Again

There were times in the past 25 years or so when Downtown watchers believed it was only a matter of time before the old Lowenstein Building would crumble from neglect.

13 Firms Receiving Federal Bailout Owe Back Taxes

WASHINGTON (AP) – At least 13 firms receiving billions of dollars in bailout money owe more than $220 million in unpaid federal taxes, a key lawmaker said Thursday.

House Debates Bill Taxing AIG and Other Bonuses

WASHINGTON (AP) - Democrats pressed for quick action Thursday on a bill to slap punishing taxes on big employee bonuses from firms bailed out by taxpayers. Republicans called it a legally questionable ploy to paper over Obama administration missteps.

Tenn. House Votes to Allow Loaded Rifles in Cars

NASHVILLE, Tenn. (AP) - The Tennessee House has voted to allow people with handgun carry permits to transport loaded rifles and shotguns in their vehicles.

Tenet Says Aetna Will Use 400 Doctors in Networks

DALLAS (AP) - Hospital operator Tenet Healthcare Corp. said Thursday it agreed to a contract with health insurer Aetna Inc. under which Aetna will use 400 doctors who work for Tenet in its health plan networks.

New Jobless Claims Fall More than Expected to 646K

WASHINGTON (AP) - New jobless claims fell more than expected last week, but continuing claims set a new record for the eighth straight week and few economists expect the labor market to improve anytime soon.

Mortgage Rates Sink; Likely to Fall Further

WASHINGTON (AP) - Rates on 30-year mortgages plunged this week to the lowest level since January, and are poised to fall further after the Federal Reserve launched a new effort to prop up the flailing housing market.

Federal Appeals Court Hears Madoff Jail Argument

NEW YORK (AP) - An appeals court considering whether Bernard Madoff should remain jailed pending sentencing grilled lawyers for both sides Thursday, noting to prosecutors that Madoff could have fled the country before his massive Ponzi scheme was uncovered.

AP: Gannett Slashes CEO's Pay Package by 60 Pct

SAN FRANSCISCO (AP) - Gannett Co. slashed its chief executive's pay package by 60 percent last year, passing along the financial misery that has tormented the largest U.S. newspaper publisher as its stock price and profit shrank amid an industrywide drop in advertising revenue.

Auto Suppliers to Get $5 Billion in Aid

WASHINGTON (AP) - The Treasury Department, trying to stabilize the battered auto industry, will provide up to $5 billion in financing to troubled auto parts suppliers who are linked to Detroit's carmakers, officials said Thursday.

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PROPERTY SALES 119 482 10,051
MORTGAGES 119 497 11,811
BUILDING PERMITS 268 1,056 21,366
BANKRUPTCIES 50 263 6,700

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