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VOL. 126 | NO. 115 | Tuesday, June 14, 2011

District Lines Up in Air as Races Near

The fields for the 13 Memphis City Council races on the October ballot are forming ever so tentatively with about six weeks to the filing deadline.

Perception vs. Reality

Industrial sector fared well during flood despite outside concerns

Last month’s Mississippi River gauge was the second highest level ever recorded in the city’s history – flooding about 18 percent of Shelby County’s land and some 2,500 pieces of property – but for the city’s industrial warehouses it was virtually a non-issue.

JA BizTown Shows Biz Ropes to Area Students

So what would really happen if kids ruled the world? It happens all the time at Junior Achievement of Memphis and the Mid-South Inc.’s JA BizTown where elementary and middle school students tackle the basics of running a business in a widget-free environment.

Unique Camp Helps With Grieving Process

Several dozen children united by the common bond of grief over the loss of a family member gathered Saturday for a memorial service in a serene, wooded setting by a glistening lake.

Perkins Chain Owner Files Chapter 11

Citing excessive leverage, poor sales results and an inability to spend money to upgrade restaurants, the Memphis-based owner of the Perkins restaurant chain has filed for Chapter 11 bankruptcy protection.

Local Weather
Currently
Memphis, TN
46.0°F
Fair
Wind: West at 4.6 mph
Humidity: 56%

EVENTS

The Levitt Shell will hold two free concerts as part of its summer kids concert series Tuesday, June 14, at 10:30 a.m. and 7 p.m. at the Levitt Shell in Overton Park, 1930 Poplar Ave. Trout Fishing in America will perform.

more events »

Econ Development Tops List For Arlington Candidates

The town of Arlington has a four-way race for mayor. The pack is running in a wide open race as incumbent Mayor Russell Wiseman has decided not to seek a third term after eight years in office.

Soulsville Charter School Files $10M Loan for New Bldg.

1115 College St., Memphis, TN 38106, Loan Amount: $10 million -
The Soulsville Charter School LLC has filed a $10 million construction leasehold loan through SunTrust Community Development Enterprises LLC. The loan will fund construction of a new school building – announced last year – on a 2.1-acre parcel and a 1.9-acre parking easement owned by The Soulsville Foundation Inc.

LOCAL COLUMNISTS

Emails Simulate Brain Damage

Most of you have probably fired off an emotionally charged email to supposedly nip a problem in the bud and quickly discovered that not only did your message fail to nip the problem in the bud, it made the problem worse! Or maybe you sent someone an email that you considered to be innocuous and it turned out that the recipient considered the message injurious. These things happen because emails have the potential to simulate brain damage. Huh? Read on if you are interested.

Flood Offers Biz Lessons

Flooding serves as reminder to have a plan. There is no question that when the Mississippi River and its many tributaries in Tennessee, Mississippi and beyond finally recede and damage assessments roll in, the impact will be extensive. But the fact is that this flooding “event” – which will have lasted several months from gradual crest to eventual recession to normal levels – did not have the same destructive effect as the 1927 flood or of last year’s devastating flash flood in Nashville. Clearly, the slow rise of the Mississippi this spring provided ample opportunity for the media to share both stories of inevitable destruction and the possibilities of major devastation. Fortunately, the system of levees constructed after the great Mississippi Flood of 1927 did their job to avert many worse case scenarios.

Desperately Seeking Heroes

Hero Searching Markets have fallen significantly since April. A value-induced rally last week failed during Fed Chairman Bernanke’s presentation at a banking conference in Atlanta. As expected, his comments acknowledged general economic softening. However, he also made no mention of further “rescue” policies, thereby implying that investors must learn to walk again on their own. With the effectiveness of QE2 unclear, the political pathway for QE3 is blocked.

Memphis Cos. Protect Inventions With Patents

People always create new ideas and invent new things. Whether it’s computer software or a plumbing component, a new musical score or a jet engine, people also want to protect their creations – their intellectual property – from others who might copy or steal their ideas and inventions for profit.

STATEWIDE

Disaster Food Stamps to be Issued

NASHVILLE, Tenn. (AP) — Food stamps will be issued beginning Monday to residents of 11 Tennessee counties as a result of severe spring weather.

REGIONAL

Planners to Review Proposed Jonesboro Expo Center

JONESBORO, Ark. (AP) — Plans for the Northeast Arkansas Exposition and Conference Center in Craighead County are to go before the local planning commission.

NATIONAL BUSINESS

Regions Financial Shares Fall on WSJ Report

BOSTON (AP) — Shares of Regions Financial Corp. fell on Monday after The Wall Street Journal reported that the bank's board was investigating whether executives delayed disclosures of problem loans during the financial crisis.

Banks Get More Time to Submit Foreclosure Plans

WASHINGTON (AP) — Federal regulators are giving the nation's largest mortgage lenders an extra month to show how they plan to address problems with their foreclosure practices.

AP Analysis: States Face Long Slog After Recession

At statehouses around the country, the Great Recession is far from over: It could take years for many states to climb out of the hole and return to pre-downturn spending levels.

AP Survey: Economists Warn Against More Fed Action

WASHINGTON (AP) — The best cure for the economy now is time.

Airlines Collected $3.4B in Bag Fees in 2010

NEW YORK (AP) — U.S. airlines collected $3.4 billion in bag fees last year. The 24 percent increase from 2009 shows how the airlines are increasingly reliant on charging for once-free services to make money.

Oil Settles at Lowest Level in Weeks

NEW YORK (AP) — Oil tumbled Monday to the lowest level in nearly a month after a drop in Greece's credit rating added to concerns about a slowdown in the European economy.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 109 490 20,766
MORTGAGES 131 556 24,361
FORECLOSURE NOTICES 6 61 8,610
BUILDING PERMITS 294 1,204 42,337
BANKRUPTCIES 63 348 13,902
BUSINESS LICENSES 18 97 6,401
UTILITY CONNECTIONS 41 216 13,511
MARRIAGE LICENSES 14 78 5,069

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