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VOL. 124 | NO. 86 | Monday, May 4, 2009

BancorpSouth Eludes Economic Snares

Not every bank these days is confronted with sagging or nonexistent profitability, a souring loan portfolio and relying on Uncle Sam’s charity.

Malone Builds Toward Run for County Mayor

Shelby County Commission chairwoman Deidre Malone probably will launch her campaign for county mayor in September once she completes her term as chair of the 13-member body.

FedEx Sues UPS Over ‘Most Reliable’ Claim

Memphis-based FedEx Corp. has gone to court in an attempt to get rival United Parcel Service Inc. to take down TV and print advertising touting UPS as “the most reliable” shipment carrier.

Bioworks Head To Address City Council

Dr. Steve Bares, president of the Memphis Bioworks Foundation, is scheduled to give an update to Memphis City Council members during the council’s executive session Tuesday. He’ll talk about the progress of his nonprofit foundation, as well as the growth of the Memphis Medical Center.

Souter Retiring From High Court; Obama Mum

WASHINGTON (AP) – The news that Justice David Souter is planning to retire set off spirited speculation about a successor Friday, but the man who will appoint the new justice was staying out of it. “No Supreme Court questions,” President Barack Obama told reporters by press time late last week.

Local Weather
Memphis, TN
Mostly Cloudy
Wind: South at 6.9 mph
Humidity: 94%


The South Main Association will hold a Cuatro de Mayo Fiesta today from 5:30 p.m. to 8 p.m. at The Arcade Restaurant, 540 S. Main St. There will be complementary food, wine, beer and margaritas for members. Attendees interested in joining the association may do so at the door.

more events »

Musician Delivers Financially With Day Job

When Jon Felix’s hands aren’t lilting across a piano, they’re grabbing luggage.

Impending Foreclosure Not First For Downtown Building

The foreclosure notice filed Friday against One Commerce Square at 40 S. Main St. isn’t the first financial crisis the landmark tower has faced.

Comptroller Suggests Reforms for Bond Financing

NASHVILLE, Tenn. (AP) - The Tennessee comptroller on Friday recommended preventing smaller cities and counties from entering into complex bond deals because they are too risky.

New TALF Program Launches in June

WASHINGTON (AP) - The Federal Reserve announced Friday that it will launch a much-awaited program in June to bolster commercial real-estate lending.

Manufacturing Declines at Slower Rate in April

WASHINGTON (AP) - U.S. manufacturing activity contracted at a slower-than-expected pace in April, raising hopes that a steep plunge that began last fall may be moderating. The performance was driven by a rise in new orders reflecting higher business and consumer spending.

Factory Orders Drop 0.9 Percent in March

WASHINGTON (AP) - Orders to U.S. factories fell a larger-than-expected 0.9 percent in March, while factory shipments dropped for a record eighth consecutive month. The report was further evidence of the severity of the recession.

Most States Have Fewer Drugs than Feds Suggest

BALTIMORE (AP) - With a swine flu outbreak spreading across the nation, more than half the states have yet to stockpile the number of flu-treatment doses recommended by the federal government, an Associated Press survey found.

Chrysler to Close 5 More Plants; Court Case Begins

NEW YORK (AP) - Attorneys for Chrysler LLC said the company will file a motion by Saturday morning to sell substantially all of its assets to Italian automaker Fiat Group SpA, but that won't include eight plants, including five that the automaker revealed it will shutter by the end of next year.

Credit Card Legislation Faces Senate Test

WASHINGTON (AP) - Propelled through the House by antibusiness sentiment in tough economic times, legislation putting new reins on the credit card industry now goes to the Senate, where the bill's prospects appear promising.

AP Brief: Recession Takes Toll on CEO Pay in 2008

For years, public outrage and political pressure have been mounting over how much corporate America pays its leaders. It reached a crescendo in 2008 as some highly paid CEOs flew to Washington in private jets looking for taxpayer bailouts to survive the worst economic crisis since the Great Depression.

Commercial Foreclosures

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PROPERTY SALES 119 482 10,051
MORTGAGES 119 497 11,811
BUILDING PERMITS 268 1,056 21,366
BANKRUPTCIES 50 263 6,700

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