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VOL. 124 | NO. 80 | Friday, April 24, 2009

Herenton Urges Council To Restore 82 Cents To Tax Rate For Schools

Memphis Mayor Willie Herenton has urged the Memphis City Council to restore 82 cents to the city’s property tax rate to help fund the Memphis school system.

Stanford Receiver Details Findings

The status report Dallas attorney Ralph Janvey filed in the Texas court where a sprawling federal case is unfolding against Stanford provides new details about the motivations, goals and progress of Janvey’s efforts. Janvey was appointed as Stanford’s receiver in February shortly after the U.S. Securities and Exchange Commission filed a civil suit claiming the Stanford business empire was built on secrets, deception and a multibillion-dollar investment fraud.

Funding Boost Moves Kroc Center Closer to Reality

No matter what happens with the overall redevelopment of the Mid-South Fairgrounds – a project that could be scaled back in light of the economy – the plan to build the Kroc Center of Memphis is gaining steam.

State, Local Officials Differ On Living Wage Views

Memphis City Council members this week were given the first annual report showing the impact of the city’s living wage ordinance. The news was positive in one sense and difficult to categorize in another.

Receiver Tapped To Oversee Beale Street Saga

The new receiver for the Beale Street Entertainment District will oversee an entity with shifting alliances, more than two sides to every story and thousands of pages of records involving hundreds of thousands of dollars.

Local Weather
Memphis, TN
Partly Cloudy
Wind: South at 10.4 mph
Humidity: 56%


The Germantown Athletic Club will host the Father-Son Grand Slam BBQ event today at 5:30 p.m. at Charles Vergos’ the Rendezvous, 52 S. Second St. After dinner, fathers and sons are invited to watch the Memphis Redbirds play the Nashville Sounds at 7:05 p.m. at AutoZone Park. Cost is $25 for the meal and $12 for game tickets. Non-club members will be charged a guest fee of $10. For more information, contact Scarlet Jones at scarletj@germantown-tn.gov or 751-7678.

more events »

MCS Funding Still a "What If" for City Budget

Right now, it’s one of the city budget’s big What Ifs.

Hospital Administrators Move Within Methodist System

Hospital administrators have changed locations as Methodist Le Bonheur Healthcare expands its Germantown location and continues its campaign to put a hospital in Olive Branch.

Pyramid Transfer Includes Suburban Sweetener

The deal to continue city funding of the Memphis and Shelby County Health Department has a $2 million bonus if county government can get other Shelby County municipalities to join in its funding.

Memphis Orthopedics Competitor Opens New Training Center

Warsaw, Ind., which competes with Memphis for orthopedics manufacturing jobs, recently opened a state-of-the-art training center with new equipment and machinery.

Hubbard Brings Political Action to Real Estate

Regina Hubbard never considered herself a political person, but a couple of instances changed her outlook on the effect politics can have on real estate, in which she has practiced for 13 years.

House Rejects Senate Changes on Gun Proposal

NASHVILLE, Tenn. (AP) - The House has voted 45-44 to reject Senate changes to a bill to allow people with handgun permits to carry their weapons into establishments that sell alcoholic drinks.

Bredesen Expects Agreement on Tenn. Jobless Tax

NASHVILLE, Tenn. (AP) - Gov. Phil Bredesen says he expects partisan differences to be set aside on a proposal to raise taxes on employers to shore up Tennessee's unemployment trust fund.

Tenn. Dems to Set Up Separate Fundraising Entity

NASHVILLE, Tenn. (AP) - Prominent Tennessee Democrats are setting up a fundraising apparatus that will be separate from state party operations.

Bill to Ban Texting While Driving Passes Senate

NASHVILLE, Tenn. (AP) - The Senate has passed a proposal that would ban reading or sending cellular phone text messages while driving.

Bredesen: Lottery Sales Won't Hurt Scholarships

NASHVILLE, Tenn. (AP) - Gov. Phil Bredesen says sliding lottery sales shouldn't affect college scholarships.

Sen. Roy Herron Drops Leadership Role

NASHVILLE, Tenn. (AP) - State Sen. Roy Herron says he will step down as chairman of the Senate Democratic Caucus after this legislative session to focus on his run for governor.

Nucor Posts Q1 Loss of $190M on Weak Steel Demand

PITTSBURGH (AP) - Nucor Corp., the largest U.S. steel maker by production, on Thursday reported its first loss ever as a severe recession sapped demand for the metal. It forecast an even bigger loss for the second quarter, calling conditions the worst it's ever seen.

SunTrust Banks Posts Q1 Loss on One-Time Charge

ATLANTA (AP) - SunTrust Banks Inc. said Thursday that it swung to a loss in the first-quarter as a one-time impairment charge and increased loan loss reserves offset improving revenue.

UPS Q1 Profit Plunges More Than 55 Pct.

ATLANTA (AP) - UPS Inc.'s first-quarter profit plunged as fewer people sent packages and used premium services like next-day air amid the global financial crisis. The world's largest shipping carrier also gave a disappointing second-quarter outlook on Thursday, and disclosed it shed 10,000 domestic jobs during the first three months of the year.

WSJ: BofA CEO Says Was Told to be Quiet on Merrill

NEW YORK (AP) - Bank of America Chief Executive Kenneth Lewis told the New York attorney general he believed former Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke wanted him to keep quiet about the worsening terms of the bank's acquisition of Merrill Lynch, according to testimony reviewed by The Wall Street Journal.

Lawmakers Want Banks to Report on Bailout Use

WASHINGTON (AP) - Lawmakers pressed the Obama administration on Thursday to better track how financial institutions are using the government's financial bailout money, a step the Treasury Department has resisted despite demands from a federal watchdog agency.

GM Employees May Get Shutdown Details This Week

DETROIT (AP) - Thousands of GM workers could learn as early as Thursday that they will be idle for up to nine weeks this summer as the automaker's plants stop making all but its most popular cars and trucks.

AP Poll: After Obama's 100 Days, US on Right Track

WASHINGTON (AP) - Millions of people jobless. Billions of dollars in bailouts. Trillions of dollars in U.S. debt. And yet, for the first time in years, more Americans than not say the country is on the right track.

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PROPERTY SALES 77 435 9,569
MORTGAGES 104 511 11,314
BUILDING PERMITS 196 1,045 20,310
BANKRUPTCIES 44 275 6,437

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