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VOL. 126 | NO. 105 | Monday, May 30, 2011

FDIC: Banks Inch to Profitability

In the first three months of 2011, Tennessee’s banking industry shed workers, got smaller and reported surging profits.

Market Changes

Commercial foreclosure sales increase 47 pct.

With the local commercial real estate industry showing signs of a rebound, it still appears the bounce back has a ways to go to a full recovery.

Slow Deals Latest Signs of Times

Office and industrial deals across the Mid-South are taking longer to get accomplished thanks to shaky confidence and more financial hurdles coming out of the economic downturn of the past few years.

Halperin Helps Shape Boyle’s Presence

Mark Halperin and the office tenants he represents have one thing in common – longevity.

Grubb & Ellis Survives, Prospers in Economy

Like everybody else in the real estate business, the last 36 months or so have been trying times for Grubb & Ellis Co. Memphis, a commercial realty firm that splits its business between leasing/management and sales.

Local Weather
Currently
Memphis, TN
78.0°F
Fair
Wind: Southeast at 3.5 mph
Humidity: 69%

EVENTS

Methodist North Hospital will host a free seminar on heart attack symptoms Tuesday, May 31, at 11 a.m. to 1 p.m. in the Total Joint Center Classroom at the hospital, 3690 Covington Pike. Dr. Matthew Smolin, cardiologist at the Sutherland Cardiology Clinic, will speak. To register, call 888-777-5959.

more events »

CCC Rebrands as Downtown Memphis Development Commission

The center of the city shifted to – take your pick – East Memphis or Midtown a long time ago, at least geographically speaking.

Memphis MSA Unemployment Hits Double Digits

The unemployment rate in the Memphis metropolitan statistical area ticked upward two percentage points from March to April, going from 9.9 percent to 10.1 percent, landing in double-digit territory at the same time the national unemployment rate was only 9.0 percent.

Organization Works to ‘Advance’ 38126 ZIP

The 38126 ZIP code shone brightly in the national spotlight when President Barack Obama delivered the commencement address at Booker T. Washington High School after the school won the 2011 White House Race to the Top Commencement Challenge.

Slow-Moving Road Ends at Sustainability Office

If a 2008 study on sustainable building and other practices for local government was still sitting on a shelf somewhere in the county administration building, few of those who worked on the effort would be surprised.

5000 E. Raines Warehouse Sells in Foreclosure for $7.7M

5000 E. Raines Road, Memphis, TN 38118, Sale Amount: $7.7 million -
A 1.1 million-square-foot warehouse at 5000 E. Raines Road has sold at a foreclosure sale for $7.7 million. GECMC 2003-C2 5000 Raines Road LLC bought the property at the May 13 sale.

Try to Minimize Distractions

Based on a study by Microsoft and the University of Illinois it takes, on average, about 16 minutes for a worker interrupted by an email to get back to what he or she was doing. I find this statistic absolutely astounding!

Discipline is the Winning Ingredient

A primary ingredient for success as a business owner has nothing to do with business knowledge but everything to do with a character trait. Among the high-value qualities you must have to succeed, none is more important than discipline. Most success is based upon this quality. Witness the capture of Osama bin Laden. The SEALs’ discipline, honed day-in and day-out for years, set up massive victory. Same for you in business.

Building Community Leaders

Last week we discussed the Power of the Dollar campaign and the economic impact realized in Memphis when we focus efforts on purchasing an increased percentage of products and services from locally owned and operated companies. This week let us explore an organization whose mission is to encourage and equip the next generation of community leaders through proven mentor coaching and teaching: NEXUS.

THE MEMPHIS NEWS

No Octane

Despite recent drop, high gas prices threaten recovery

Several of Memphis’ major publicly traded companies pointed to it during calls with analysts and presentations of their first quarter results.

Price Only One Factor in Complex Gas Issue

Whatever the gas price is that begins to change habits other than how much we allocate to spend on the same priorities, we’re not there.

Gershwin Favorite Hits Theatre Memphis

It’s been almost a century since George and Ira Gershwin first lit Broadway with songs that ultimately outshined the musicals they were written for, but Theatre Memphis found a timely message in the adaptation of one such gem.

Rise of Vegetarianism Means More Choices

According to a study commissioned in 2008 by Vegetarian Times, 3.2 percent of Americans – about 7.3 million people – follow a vegetarian-based diet. About 1 million of those people are vegan, meaning that they avoid eating not only animals but animal products. Another 10 percent, about 22.8 million, said that they “largely follow a vegetarian-inclined diet.”

Enjoy These Malbec Wines

So, May 28 is Sunset Symphony. This weekend is also, of course, Memorial Day weekend, so the two wines I recommend here will not be wasted.

STATEWIDE

Travel Officials Optimistic About Summer Season

NASHVILLE (AP) – The Dollywood theme park in Pigeon Forge has a new ride that park namesake Dolly Parton is "plain scared" to ride.

STATE LEGISLATURE

Probe Finds Tenn. Senate Staffers Get Pay Hike

NASHVILLE (AP) – A special investigation has found that Senate Speaker Ron Ramsey gave pay hikes to 18 staffers last year even though no other raises were being allowed for state employees.

NATIONAL BUSINESS

Natural Disasters Probably Won't Bruise US Economy

WASHINGTON (AP) – The tornadoes and floods that have devastated parts of the South and Midwest have also hammered the local economies – flooding farmlands, suspending factory work and disrupting energy production.

Google to Fight PayPal's Trade Secrets Lawsuit

SAN FRANCISCO (AP) – Google says it will fight allegations that it stole PayPal's trade secrets to develop a service that allows people to use their smartphones like credit cards.

Grocery Chain Expands $1-a-Gallon Gas Discount

CINCINNATI (AP)The Kroger Co. is pumping up its fuel discount program, more than tripling the number of grocery stores where regular shoppers can get up to a $1-a-gallon discount on a tankful of gas.

REAL ESTATE

Contracts to Buy Homes Fall to a 7-Month Low

WASHINGTON (AP) – The number of people who signed contracts to buy homes fell sharply in April, hitting its lowest point since fall and renewing fears that a recovery in the housing market is far off.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 77 286 16,478
MORTGAGES 95 347 19,032
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 176 569 33,695
BANKRUPTCIES 59 183 10,920
BUSINESS LICENSES 20 77 5,275
UTILITY CONNECTIONS 0 102 11,446
MARRIAGE LICENSES 27 97 3,964

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