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VOL. 125 | NO. 122 | Thursday, June 24, 2010

Al Roker Showers New Ballet With Gifts

Broadcasting for NBC’s “Today” show live from Memphis, weather anchor Al Roker attempted a few flamenco steps Thursday morning but left the real dancing to the children of the New Ballet Ensemble and School.

Memphis Researchers Enter World of High Speed

A scientist researching new antibiotic therapies brought 10-gigabit-per-second technology to life with a “little movie of a molecule” Tuesday for the inauguration of the Memphis Coalition for Advanced Networking (MCAN).

US Home Sales Tumble as Tax Credit Expires

Sales of new homes plummeted in May, falling 31 percent locally and 33 percent nationally as potential homebuyers scurried from the market once the homebuyers tax credit expired.

Mortgage Rates Sink to Lowest Level on Record

WASHINGTON (AP) – Mortgage rates fell this week to the lowest level on record, giving consumers added incentive to lock in low payments for home purchases and refinanced loans.

Schwab to be Appointed UTHSC Chancellor

Dr. Steve Schwab can drop the word “interim” from his job title as soon as Thursday when the University of Tennessee Board of Trustees will appoint him chancellor of University of Tennessee Health Science Center.

Local Weather
Currently
Memphis, TN
61.0°F
Mostly Cloudy
Wind: East at 4.6 mph
Humidity: 78%

EVENTS

The Alliance for Nonprofit Excellence will host a webinar titled “Technology Planning for Nonprofits” Thursday from 9 a.m. to 10:15 a.m. The webinar will discuss networks, websites, software, technical support, how to use blogs, Facebook, YouTube and other technology related tools. Cost is $30 for members and $50 for nonmembers. For more information or to register, visit www.npexcellence.org or call 684-6605, Ext. 21.

more events »

Council Makes Minor Budget Changes

Memphis City Council members Tuesday made a few changes to the new city budget for the fiscal year starting July 1. But coming up with $57 million in funding for the Memphis school system wasn’t one of them.

Globalization Has Huge Ethical Impact, ABA President Says

The president of the American Bar Association says there are “tremendous” ethical implications for the globalization of law practices.

Bredesen Endorses Democrat McWherter for Governor

NASHVILLE, Tenn. (AP) – Gov. Phil Bredesen on Wednesday endorsed fellow Democrat Mike McWherter’s gubernatorial bid, citing his experience as a small-businessman as making him best qualified to guide Tennessee out of the recession.

Wells Fargo Case Illuminates Brewer’s Passion for Public Interest

Attorneys often hope for the one big case that sets their practices in motion, but for Webb Brewer the big one has refined the mission of a long, distinguished career.

Peabody’s Florida Expansion to Create Hundreds of Jobs

The imminent opening of a $450 million expansion of The Peabody Orlando, one of several Peabody Hotels within the portfolio of Memphis-based Peabody Hotel Group, will bring with it the creation of hundreds of jobs.

Fear and Greed Make Rational Irrational

Ray’s Take: It takes special mental wiring to navigate a volatile capital markets and actually build wealth. That’s because the natural instincts of fear and greed drive most mortals to make “rational” decisions that actually erode an investment portfolio’s value.

MEMPHIS AREA

Investor Emerges for Elvis, 'American Idol' Parent CKx

NEW YORK (AP) — A potential new investor has emerged for CKx Inc., the owner of the "American Idol" reality TV show and 85 percent of Elvis Presley Enterprises.

Medtronic Reiterates Fiscal 2011 Earnings Guidance

MINNEAPOLIS (AP) — Medical device maker Medtronic Inc. on Wednesday reiterated its fiscal 2011 earnings guidance and issued a forecast for its first quarter, which ends July 30.

STATEWIDE

Nashville Government Sends out 305 Flood Buyout Letters

NASHVILLE, Tenn. (AP) — The city has mailed more then 300 buyout letters to flood victims and plans to turn the most vulnerable areas into green space.

REGIONAL

Ark. Committee Delaying Final Report on Highways

LITTLE ROCK, Ark. (AP) — A committee studying ways to increase funds for Arkansas' highways is delaying its final recommendations until the month before lawmakers return to the Capitol for the legislative session.

$275K Paid to Ark. Crime Victims

LITTLE ROCK, Ark. (AP) — Arkansas Attorney General Dustin McDaniel says more than $275,000 was paid out in May by the state Crime Victims Reparations Board.

NATIONAL BUSINESS

Hiring Plans of US CEOs at 3-Year High

NEW YORK (AP) – The number of CEOs planning to ramp up hiring is at the highest level since mid-2007, according to a survey that suggests big U.S. companies are growing more confident about the recovery.

The Business Roundtable, an association of CEOs of big U.S. companies, said Wednesday its survey shows 39 percent of chief executives expect to boost their payrolls in the second half of 2010. Only 17 percent say jobs will drop, while 43 percent expect no change in their current work force.

Fed Strikes More Cautious Tone on US Recovery

WASHINGTON (AP) — The Federal Reserve struck a more cautious tone about the strength of the U.S. economic recovery, indicating Europe's debt crisis poses a risk to it.

Feds Accused of Ignoring Judge's Drill Ban Ruling

NEW ORLEANS (AP) — Several companies say the Obama administration is ignoring a judge's decision to strike down a six-month ban on deepwater drilling.

NATIONAL POLITICS

House Drops Demand for Bank-Paid Liquidation Fund

WASHINGTON (AP) — House negotiators on legislation providing an overhaul of the financial system have agreed to drop their demand for a $150 billion fund to cover costs of liquidating large, failing institutions.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 31 327 17,870
MORTGAGES 49 409 20,835
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 129 800 36,616
BANKRUPTCIES 51 243 11,925
BUSINESS LICENSES 21 117 5,677
UTILITY CONNECTIONS 0 175 12,208
MARRIAGE LICENSES 29 121 4,478

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