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VOL. 124 | NO. 99 | Thursday, May 21, 2009

Breaking News: County Schools Deseg Suit Over Appeals Court Rules

The 46-year-old racial desegregation lawsuit that has governed the Shelby County school system for decades is over, according to a ruling today from the Sixth U.S. Circuit Court of Appeals.

School Funding Foes to Confer Today

At a budget presentation and community forum Memphis City Schools will host today, nearly everyone with a stake in the year-long squabble over school funding will gather under one roof.

A New Day for King Cotton: Biotech and agribusiness redefine themselves

If you’re in the right place at the right time during May, you might glimpse a motorcade cutting through mid-day traffic, followed by a green bus with a big papier-mache boll weevil on top. Nothing hints at Memphis’ agribusiness roots like that longtime foe of the cotton plant.

Follow The Yellow-Brick Biosphere

Because our city is at the doorstep of the most fertile land in the world, agriculture will always be a part of the Memphis economy.

Ambassador: Embrace Better Methods Now to Benefit Future Generations

Jose Goni is Chile’s ambassador to the United States. He was in Memphis this month as part of a Chilean delegation to the Memphis In May International Festival. Chile is this year’s honored country.

Local Weather
Currently
Memphis, TN
34.0°F
Fair
Wind: Northeast at 5.8 mph
Humidity: 73%

EVENTS

Christian Brothers University will present the second session of its Family Business Enrichment Series today from 7:30 a.m. to 9:30 a.m. in the Thomas Center of the Sabbatini Lounge. The topic of the lecture is “Engaging Your Workforce in Challenging Economic Times.” For reservations, call 321-3999 or e-mail rsvp@cbu.edu.

more events »

New TBA President Ready With Plans

When Danny Van Horn, a member of the Commercial Litigation Group at Butler, Snow, O’Mara, Stevens and Cannada PLLC, learned May 4 he was elected as the Tennessee Bar Association’s vice president/president-elect, he was busy working the Greater Memphis Chamber’s golf tournament.

Memories of Jumping In the Hospital Elevator

Watching the new UT-Baptist Research Park go up against the Memphis skyline, I often think of the hospital that once stood there.

Palmer Rejoins Butler Snow After Stint as EPA Appointee

James Palmer Jr. has rejoined the Environmental Practice Group at Butler, Snow, O’Mara, Stevens & Cannada PLLC after completing his presidential appointment as the administrator for Region IV of the U.S. Environmental Protection Agency. Region IV is the largest of the 10 EPA regions. It includes Tennessee, Mississippi, Alabama, Kentucky, Georgia, North Carolina, South Carolina and Florida.

Live at the Garden Returns For Mixing, Mingling, Music

The Memphis Botanic Garden will kick off its ninth summer-long Live at the Garden series June 5 with a fresh, young face and some blasts from the past.

Tenn. House Keeps Referendum Option for Distilleries

NASHVILLE, Tenn. (AP) - The House has voted to keep a county referendum option in place for whether voters want to allow distilleries to be located in their communities.

Dem Vote Change on Abortion Measure OK'd by Tenn. House

NASHVILLE, Tenn. (AP) - The state House has agreed to officially change a Democratic lawmaker's vote on a proposed constitutional amendment that would allow more restrictions to be placed on abortions.

Charter Schools Bill Stalls in Tenn. House Panel

NASHVILLE, Tenn. (AP) - A proposal that would make more students eligible for charter schools stalled in the House Education Committee after the panel adjourned without taking up the measure.

Air France-KLM, Delta to Reap $12B a Year

Delta Air Lines Inc., Air France and KLM signed a deal Wednesday to combine two separate joint venture agreements to create a more integrated trans-Atlantic powerhouse they said will generate $12 billion in annual revenue and provide better travel options for customers.

Geithner: Bank Payback $25B Over Next Year

WASHINGTON (AP) – U.S. Treasury Secretary Timothy Geithner said Wednesday a new public-private partnership to help U.S. banks shed their bad assets will begin operating in the next six weeks.

BofA CEO Lewis: Industry Consolidating, But Not Us

CHARLOTTE, North Carolina (AP) - Bank of America Corp.'s chief executive Ken Lewis expects consolidation in the banking industry to pick up as the economy stabilizes, but says his bank won't be participating.

Target Posts 13 Percent Drop in 1st-Quarter Profit

NEW YORK (AP) - Discount retailer Target Corp. reported a 13 percent decline in first-quarter profit on Wednesday as it confronts sluggish consumer spending. But the results beat analysts' estimates because of cost-control measures.

Congress Sends Obama Major New Credit Card Rules

WASHINGTON (AP) - Congress has sent President Barack Obama a bill with sweeping new rules for the credit card industry that will affect just about every American.

Fed Sees Hopeful Signs But Downgrades '09 Forecast

WASHINGTON (AP) - The Federal Reserve expects the economy to improve in coming months, even as policymakers downgraded their outlook for all of 2009 and said the unemployment rate could approach 10 percent.

Geithner: Major Banks Have Raised $48 Billion

WASHINGTON (AP) - Treasury Secretary Timothy Geithner says banks identified in stress tests as having capital shortfalls have raised $48 billion of the $75 billion that the government said they needed to get through an adverse turn in the economy.

Former Head of Pension Agency Takes the Fifth

WASHINGTON (AP) - The former director of the government's pension agency took the Fifth Amendment at a Senate hearing where lawmakers quizzed him about allegations that he had inappropriate contacts with three Wall Street firms.

Judge OKs Use of $4.96B in Financing

NEW YORK (AP) - A bankruptcy judge ruled Wednesday that Chrysler can use $4.96 billion in government loans to keep operating and create a bridge to the sale of its most valuable assets to Italy's Fiat Group SpA.

Dollar 3-Month Interbank Lending Rate in Big Fall

LONDON (AP) - The cost of three-month dollar loans slid to a new record low Wednesday after Bank of America Corp. said it had raised around $13.5 billion to shore up its capital position.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 78 307 21,073
MORTGAGES 82 330 24,691
FORECLOSURE NOTICES 66 93 8,703
BUILDING PERMITS 0 837 43,174
BANKRUPTCIES 63 240 14,142
BUSINESS LICENSES 17 75 6,476
UTILITY CONNECTIONS 25 139 13,650
MARRIAGE LICENSES 10 77 5,146

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