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VOL. 124 | NO. 96 | Monday, May 18, 2009

Stanford Receiver Seeks $20 Million In Fees and Expenses

SEC Opposes Proposal

The court-appointed receiver in charge of what little remains of Texas billionaire R. Allen Stanford’s business empire has asked permission to pay $20 million in fees and expenses to 14 companies who’ve worked on the Stanford case.

Dueling Letters Set Stage For Thursday City Schools Discussion

A series of letters exchanged over the past two weeks between attorneys for Memphis City Schools and the Memphis City Council suggests each side in the long-running school funding debate remains unlikely to give up any ground.

Unified Development Code Updates Up for Approval

It’s taken about five years to pull together, and the result weighs in at more than 300 pages.

World Trade Consult Fills Receivables Insurance Need

John Koch launched his credit insurance and trade financing firm World Trade Consult LLC in 2001 with just one client, a local cotton merchant who hired him at a seminar sponsored by Export-Import Bank of the United States.

Mid-South Red Cross Announces Staff Layoffs

The Mid-South Chapter of the American Red Cross has reduced its staff by one-third because of the economy.

Local Weather
Currently
Memphis, TN
46.0°F
Mostly Cloudy
Wind: from the Southwest at 9.2 gusting to 18.4 mph
Humidity: 56%

EVENTS

The Salvation Army’s Annual Dinner will be today at 7 p.m. at the Holiday Inn-University of Memphis, 3700 Central Ave. Willard Scott, NBC’s “The Today Show” centenarian birthday announcer, will be the keynote speaker. Cost is $125 per person or $1,250 to reserve a table for 10. For more information, contact Elizabeth Duncan at 260-9130 or elizabeth_duncan@uss.salvationarmy.org.

more events »

Insurers Get OK For Treasury Funds

LOS ANGELES (AP) – The U.S. Treasury Department has agreed to extend billions in bailout funds to six major life insurers, following a months-long quest by some in the sector for government help in shoring up capital positions in the wake of major investment losses.

Consumer Prices Flat, Production Dips

WASHINGTON (AP) – Consumer prices were flat in April, while industrial production fell by the smallest amount in six months – further evidence that the recession’s grip is slowly easing.

SPEAK! Creative Specializes In Nonprofit Web Site Needs

Anyone who has viewed the Web sites for Memphis in May or the Memphis Zoo has experienced the work of SPEAK! Creative.

SunTrust to Sell $1.25B in Stock, Cut its Dividend

NEW YORK (AP) - SunTrust Banks Inc. said Friday it will sell $1.25 billion of common stock and slash its dividend by 90 percent as it works to raise money in light of the government's increased capital requirements.

TVA to Reduces Rates Again July 1

KNOXVILLE, Tenn. (AP) - The Tennessee Valley Authority will trim electric rates again on July 1, effectively erasing a huge rate boost approved last year to offset rising fuel costs.

Slave Memorial Being Dedicated at The Hermitage

NASHVILLE, Tenn. (AP) - The Hermitage, the home of President Andrew Jackson, is hosting a ceremony Sunday to dedicate a new memorial for the 60 slaves recently reinterred on the grounds.

FBI Probes Possible Insider Trading by SEC Lawyers

WASHINGTON (AP) - Federal prosecutors and the FBI have been investigating possible illegal insider trading by two Securities and Exchange Commission enforcement attorneys who were in a position to receive sensitive information about agency probes of public companies.

YRC Reported to Ask for $1 Billion in Bailout Cash

NEW YORK (AP) - The nation's largest publicly traded trucking company will ask for $1 billion in aid from the federal bailout fund, as creditors come knocking and business continues to sink, media reports said Friday.

Treasury: Loans Held by Big Banks Fall in March

WASHINGTON (AP) - The value of loans held by the 21 largest U.S. institutions getting federal bailout support fell in March, although the companies did boost new lending for the first time this year.

Trade Group: Summer Air Traffic Could Fall 6.7 Pct

WASHINGTON (AP) - A trade group for U.S. airlines says the number of passengers will drop 6.7 percent this summer because of the recession.

WSJ: Gov't Pressuring Bank of America Board Change

CHARLOTTE, N.C. (AP) - A report Friday said federal officials are pressuring Bank of America Corp. to revamp its board and bring in directors with more banking experience.

Obama Taps NYC Health Commissioner to Head CDC

WASHINGTON (AP) - President Barack Obama on Friday appointed New York City's crusading health commissioner, Dr. Thomas Frieden, to lead the Centers for Disease Control and Prevention, the disease-detective agency that spearheads the nation's fight against threats from AIDS to obesity.

GlaxoSmithKline Taking Pandemic Vaccine Orders

LONDON (AP) - Pharmaceutical giant GlaxoSmithKline said Friday it has received orders from several countries to stockpile pandemic vaccine as soon as it gets the vaccine's key ingredient from the World Health Organization.

GM Eliminating about 1,100 Dealer Franchises

NEW YORK (AP) - General Motors Corp. on Friday told about 1,100 dealers, or nearly 20 percent of its U.S. network, that they will be fired by the automaker late next year because their sales are weak.

Busy at the Bank

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 86 393 21,159
MORTGAGES 94 424 24,785
FORECLOSURE NOTICES 0 93 8,703
BUILDING PERMITS 173 1,010 43,347
BANKRUPTCIES 52 292 14,194
BUSINESS LICENSES 15 90 6,491
UTILITY CONNECTIONS 28 167 13,678
MARRIAGE LICENSES 12 89 5,158

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