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VOL. 124 | NO. 78 | Wednesday, April 22, 2009

Receiver Appointed For Beale Street District

Attorney John Ryder has been appointed receiver for the Beale Street entertainment district.

City to Buy County’s Share of Pyramid, Partially Fund Health Department

The Shelby County Board of Commissioners today approved in special session a deal that would continue city funding for the local Health Department for another year and sell off the county’s share of The Pyramid to the city.

Herenton May Run For Congress

Memphis Mayor Willie Herenton announced Tuesday that he has formed an exploratory committee to run for Congress in the 2010 elections.

Priest Sex Suit Hangs on With Latest Ruling

The last pending civil lawsuit alleging child sexual abuse by a Memphis priest remained alive this week.

New City Property Tax Rate $3.25 or Less

During his 18th annual budget presentation to the Memphis City Council, Memphis Mayor Willie Herenton signaled the city’s current property tax rate of $3.25 per $100 of assessed value likely will be reduced for the coming fiscal year.

Local Weather
Currently
Memphis, TN
77.0°F
A Few Clouds
Wind: East at 4.6 mph
Humidity: 85%

EVENTS

The Shelby County Board of Commissioners will hold committee meetings today beginning at 8:30 a.m. at the Shelby County Administration Building, 160 N. Main St. For more information, call Steve Summerall at 545-4301.

more events »

City Dropping Linebarger as Back Tax Collector

The city of Memphis will not renew its controversial contract with a Texas law firm responsible for collecting delinquent taxes from Memphis taxpayers.

First Horizon CEO Strikes Optimistic Tone for Shareholders

First Horizon National Corp. president and CEO Bryan Jordan opened his remarks to shareholders at the Memphis company’s annual meeting Tuesday with what most listeners probably would say was an understatement.

Mueller Industries Posts Q1 Loss

Mueller Industries Inc. announced Tuesday a first-quarter net loss of $2.5 million. In a company press release, numbers showed first-quarter net sales were $326.6 million, compared to $704.1 million in the first quarter of 2008. The company posted net income of $27.4 million for the first quarter of 2009.

Heart Pump’s Popularity Spreads in Local Hospitals

The first use in Memphis of what is billed as the world’s smallest heart pump helped bring Benjamin Greene back from the brink of death.

Delta Posts $794M Q1 Loss

ATLANTA (AP)Delta Air Lines Inc., the world’s biggest airline operator, said Tuesday it was instituting a $50 fee for most passengers to check a second bag on an international flight – a first among major U.S. carriers – as it reported a $794 million first-quarter loss from the weak economy and bad bets on fuel hedges.

Regions Financial Posts Surprising Q1 Profit

BIRMINGHAM, Ala. (AP) - Regions Financial Corp. on Tuesday reported a surprising first-quarter profit, driven by strong mortgage banking revenue and deposit growth. But loan losses at the regional bank continued to increase as consumers struggled to pay off their debts.

House OKs Gore, Hull Statues At Tennessee Capitol

NASHVILLE (AP) – Tennessee’s two Nobel Peace Prize winners, Al Gore and Cordell Hull, might be honored with statues on the state Capitol grounds.

Smith Signals Turning Point With ‘Green’ Emphasis

FedEx Corp. is known for its orange and purple logo, but company founder Fred Smith this week revealed his proclivity for an entirely different color – green.

Weichert Realtors’ Chapman Recognized for Service Achievement

Amy Chapman, broker and owner of Weichert Realtors-Chapman & Associates, has been awarded Quality Service Certified Platinum status. It is considered the highest level of service achievement in the real estate industry.

Measure to Cap Nursing Home Damages Fails in House

NASHVILLE, Tenn. (AP) - A proposal to place caps on damages in lawsuits against nursing homes failed in a House subcommittee on Tuesday, but the sponsor says he will try again next year.

Senate Panel Advances Transportation Budget

NASHVILLE, Tenn. (AP) - The Senate Transportation Committee advanced the state Transportation Department spending plan despite objections to the use of bonds in the budget.

Tenn. House Speaker Returns After Father's Death

NASHVILLE, Tenn. (AP) - House Speaker Kent Williams returned to the Legislature Tuesday following the death last week of his 92-year-old father, Roby.

Measure to Ban Local Wage Increases Fails in House

NASHVILLE, Tenn. (AP) - A measure to prohibit local governments in Tennessee from imposing a minimum wage higher than the federal rate has failed in a House subcommittee.

GM, Chrysler to Get Up to $5.5B More From Gov't

DETROIT (AP) - General Motors Corp. could get as much as $5 billion more in federal loans, while Chrysler LLC could get $500 million as they race against government-imposed deadlines to restructure, according to a government report filed Tuesday.

Caterpillar Posts Loss, Hurt by Weak Sales, Charge

PITTSBURGH (AP) - Caterpillar Inc., the world's largest maker of construction and mining equipment, on Tuesday reported a first-quarter loss of $112 million, hurt by sharp sales declines across the globe and a big charge for recent layoffs.

Geithner Defends Bank Rescue Program Amid Warnings

WASHINGTON (AP) - Treasury Secretary Timothy Geithner acknowledged continued weaknesses in the U.S. financial system Tuesday, citing declines in consumer lending and higher costs for credit despite billions of dollars of government money for financial institutions.

At Citi's Annual Meeting, Shareholders Get Angry

NEW YORK (AP) - The anger was evident at Citigroup Inc.'s annual meeting, where all nominated directors were elected but shareholders took turns at the microphone to vociferously object to the bank's performance over the past year.

IMF: Losses From Global Credit Crisis Mounting

WASHINGTON (AP) - The International Monetary Fund said Tuesday worldwide financial institutions could suffer more than $4 trillion in losses from the global credit crisis with the U.S. leading the way with a total of $2.7 trillion.

Treasury Says About $110B Left in Bailout Fund

WASHINGTON (AP) - Only $109.6 billion in resources remain in the government's $700 billion financial rescue fund.

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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.