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VOL. 126 | NO. 121 | Wednesday, June 22, 2011

Morgan Keegan Settles Fraud Claim, Sale Possible

Regulators have announced a roughly $200 million settlement with Morgan Keegan & Co. Inc. in a fraud case several agencies brought against the firm last year.

Brighter Day

Sharp’s new solar array signals growing demand for alternatives

With the flip of a switch Tuesday, June 21, at the corner of South Mendenhall and East Raines roads, the Sharp Manufacturing Co. Memphis plant upped its solar power generating capacity.

Council Approves City Budget With One Time 18 Cent Tax Hike

The 18 cents is an addition to the property tax rate three years after the same city council cut the city tax rate by the same amount. It came with a cut in MCS funding prompting a court fight MCS later won over the funding cut for 2008.

FedEx Revenues and Net Income Up

For the company's fiscal year that ended May 31, FedEx had revenues of $39.3 billion, a 13 percent increase from the previous year and net income of $1.45 billion or 23 percent more than last year

Commission Approves Balanced Budget

No county property tax hike. No 2 percent pay raise for county employees. The full $400,000 in funding for the county office of early childhood and youth, and no cuts in funding to the Greater Memphis Chamber or Shelby Farms Park.

Local Weather
Currently
Memphis, TN
42.0°F
Fair
Wind: Northwest at 10.4 mph
Humidity: 53%

EVENTS

The Small Business Chamber Breakfast Club will meet Wednesday, June 22, from 7:30 a.m. to 9 a.m. at Office Suites Plus, 6000 Poplar Ave., suite 250. For more information, call Melody Douglas at 261-5400.

more events »

Crye-Leike To Close Midtown Branch

Crye-Leike Realtors Inc. will close its Midtown office by mid-July in efforts to cope with depressed market conditions and improve operating efficiencies, the firm announced Monday, June 20.

Volunteer Opportunities Can Parlay Into Jobs

Angela Richards and Tunya Alexander have two things in common. They both work at Big Brothers Big Sisters of Greater Memphis Inc., and they both got those jobs by volunteering with the organization first.

Consortium Promotes Minority Health Equity

The Consortium for Health Education, Economic Empowerment and Research is wrapping up a three-day regional conference held at Memphis’ Cook Convention Center, 255 N. Main St., focused on promoting health equity among minority communities.

Poteat Recognized With Active Living Award

David Poteat, executive vice president of Meritan, has been awarded the Josephine W. Burson Active Living Award by Meritan’s board of directors, recognizing his contributions to the community.

LOCAL COLUMNISTS

Get LinkedIn To Opportunity

For most industries, sales is still a relationship business. It’s about who you know and how you make them feel. Social media tool, LinkedIn, has created efficiencies around both. It enables you to make a first connection with a much larger group of prospects than you normally would through traditional offline networking. Mind you, it doesn’t replace quality face-to-face interaction, but it facilitates it.

You to the Rescue

Are you doing more with less? It’s obvious from the looks on everyone’s faces that the stress of increased workloads is taking its toll. To add insult to injury, raises aren’t exactly free for the asking. If you’re doing more with fewer rewards, can you avoid burnout?

Morgan Keegan Fraud Settlement Expected Today

Morgan Keegan & Co. Inc. has reportedly agreed to a collective settlement with regulators who filed civil charges against the firm last year over the same matter the Memphis investment firm has been fighting litigation and investor arbitration claims for the last four years or so.

MEMPHIS AREA

Marlo Thomas Among Jefferson Award Recipients

WASHINGTON (AP) – U.S. Supreme Court Justice Ruth Bader Ginsburg, actress Marlo Thomas and sports team owner Jerry M. Reinsdorf are among the people being honored with a national prize for public service.

STATEWIDE

Opry Mills Anchor Stores to Open for Holidays

NASHVILLE (AP) – Nashville's flooded Opry Mills mall will reopen several anchor stores in time for the 2011 holiday season.

Crime Study Finds Tenn. Violence, Property Crimes Down

NASHVILLE (AP) – A 10-year study by the Tennessee Bureau of Investigation has found that some violent crimes and property crimes have decreased, but drug and disorderly conduct cases have increased.

Cameras Catch Spray Painter at TN Capitol

NASHVILLE (AP) – Surveillance cameras caught a person on video spray painting graffiti on parts of the Tennessee State Capitol over the weekend.

New GMs at Murfreesboro, Clarksville Newspapers

MURFREESBORO, Tenn. (AP) – Michelle Russell has been named general manager of Murfreesboro's The Daily News Journal and Richard Stevens is the new editor/general manager of Clarksville's The Leaf-Chronicle.

NATIONAL BUSINESS

Gannett Laying Off 700 More Workers Amid Ad Slump

McLEAN, Va (AP) – The nation's largest newspaper publisher is laying off another 700 employees to cope with an unrelenting advertising slump.

Barnes & Noble Q4 Loss Larger Than Expected

NEW YORK (AP) – Barnes & Noble reported a larger fourth-quarter loss than analysts expected Tuesday as the bookseller continues to invest in its e-book reader Nook and as liquidation sales by rival Borders hurt its revenue.

NATIONAL POLITICS

IG Says 133 IRS Workers Didn't Comply With Tax Law

WASHINGTON (AP) – Some 133 workers at the Internal Revenue Service apparently didn't comply with U.S. tax laws during a two-year period but the agency failed to detect them, a government investigator said Tuesday.

Farmers, Ethanol Makers Likely OK With No Subsidy

CHAMPAIGN, Ill. (AP) – The likely end of a $5 billion-a-year federal subsidy that helped build the ethanol industry will likely mean two things, experts who have followed its development say.

Tenn. Freshmen GOP Congressmen Introduce First Bill

CHATTANOOGA, Tenn. (AP) – East Tennessee's two freshmen congressmen, Republicans Scott DesJarlais of Jasper and Chuck Fleischmann of Chattanooga, have joined together to introduce their first bill.

Rules Would Speed Up Union Elections

WASHINGTON (AP) – Labor regulators are proposing sweeping new rules that would dramatically speed up the time frame for union elections, a move that could make it easier for struggling unions to organize new members, and cut the time businesses have to mount anti-union campaigns.

REAL ESTATE

JPMorgan to Pay $153.6M to Settle Fraud Charges

WASHINGTON (AP)JPMorgan Chase & Co. has agreed to pay $153.6 million to settle civil fraud charges that it misled buyers of complex mortgage investments just as the housing market was collapsing.

Home Sales Fall to 2011 Low; Few 1st-Time Buyers

WASHINGTON (AP) – Fewer people bought previously occupied homes in May, lowering sales to their weakest point of the year.

HEALTH CARE

APNewsBreak: A Twist in Obama's Health Care Law

WASHINGTON (AP) – President Barack Obama's health care law would let several million middle-class people get nearly free insurance meant for the poor, a twist government number crunchers say they discovered only after the complex bill was signed.

Walgreen Says it Will Split With Express Scripts

NEW YORK (AP)Walgreen Co. said that it is willing to walk away from more than $5 billion in annual revenue because pharmacy benefits manager Express Scripts doesn't pay it enough to fill prescriptions.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 115 270 19,843
MORTGAGES 141 311 23,225
FORECLOSURE NOTICES 35 83 8,387
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 74 196 13,300
BUSINESS LICENSES 25 48 6,185
UTILITY CONNECTIONS 40 125 13,120
MARRIAGE LICENSES 15 73 4,915

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