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VOL. 124 | NO. 66 | Monday, April 6, 2009

Pastner Is New Tigers Basketball Coach

Josh Pastner is the new head coach of the University of Memphis men’s basketball program.

Maclin Announces For County Clerk

Wrestling promoter and television personality Corey Maclin is the latest Democratic candidate to announce his intentions for the 2010 county-wide elections.

FedEx Lays Off 500

Memphis-based FedEx Corp. laid off 1,000 salaried managers and professionals across its global work force Friday, a day that a FedEx spokesman described as painful and one “we thought we could avoid.”

TARP’s Effectiveness Remains to Be Seen

If you’re having trouble deciding what to make of the federal government’s rescue plan for the financial system thus far – and whether mailing billions of dollars to U.S. banks has served its purpose of kick-starting loan activity – you’re not alone.

Former GTx Employee Sues Over Stock Option

While executives at Memphis-based GTx Inc. continue to exercise stock options in advance of the possible release of new drug therapies, a former employee of the pharmaceutical company is suing in federal court for her right to cash in any windfalls.

Local Weather
Currently
Memphis, TN
55.0°F
A Few Clouds
Wind: Variable at 3.5 mph
Humidity: 29%

EVENTS

The Musculoskeletal Quarterly Lecture Series will be today at 5 p.m. at the University of Memphis’ FedEx Institute of Technology. Timothy M. Wright will speak on “Improving the Performance of Elbow Arthroplasty – An Effort in Translational Research.” For reservations, call 271-0000.

more events »

Jobless Rate Bolts to 8.5 Percent

WASHINGTON (AP) – The nation’s unemployment rate jumped to 8.5 percent in March, the highest since late 1983, as a wide swath of employers eliminated 663,000 jobs. It’s fresh evidence of the toll the recession has inflicted on America’s workers, and economists say there’s no relief in sight.

Loan Modifications On Rise

WASHINGTON (AP) – Though lenders are boosting their attempts to curb record-high home foreclosures, fewer than half of loan modifications made at the end of last year actually reduced borrowers’ payments by more than 10 percent, data released Friday show.

Health Clinics Receive Stimulus Funds

Memphis Health Center and Christ Community Health Services will share portions of the $6.5 million in federal stimulus money the state has budgeted for community health centers.

Store Specializes in Furnishings for Casual Entertaining

The sexes diverge when couples walk into Ken Rash’s Inc.

Senate Goes on Record to Lower Estate Tax

WASHINGTON (AP) - The Senate has voted to cut taxes on multimillion-dollar estates as it gets ready to pass a budget backed by President Barack Obama.

House, Senate Budget Plans Boost Obama Agenda

WASHINGTON (AP) - Passage by both House and Senate of companion budget plans gave President Barack Obama and his allies on Capitol Hill a key victory, but the debates also exposed some of the president's vulnerabilities.

Fannie, Freddie Worker Bonuses Total $210M

WASHINGTON (AP) - Mortgage finance giants Fannie Mae and Freddie Mac plan to pay more than $210 million in bonuses through next year to give workers the incentive to stay in their jobs at the government-controlled companies.

Fed 'Extremely Uncomfortable' About Bailouts

CHARLOTTE, N.C. (AP) - While acknowledging that the Federal Reserve was "extremely uncomfortable" about last year's bailouts of big financial companies, Fed Chairman Ben Bernanke said Friday the central bank's strategy to ease the financial crisis is working.

Obama Turns to Survey Researcher for Census Post

WASHINGTON (AP) - President Barack Obama on Thursday selected Robert M. Groves to be the next census director, turning to a survey researcher who has clashed with Republicans over the use of statistical sampling to lead the high-stakes head count.

Property Foreclosure

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 61 331 19,904
MORTGAGES 80 391 23,305
FORECLOSURE NOTICES 0 83 8,387
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 35 231 13,335
BUSINESS LICENSES 28 76 6,213
UTILITY CONNECTIONS 0 125 13,120
MARRIAGE LICENSES 21 94 4,936

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