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VOL. 123 | NO. 126 | Friday, June 27, 2008

Lakeland Developers Hopeful Despite Decreasing Home Sales

The Preserve at Lakeland for many months was tucked away in the woods without a single home built for passersby to see. So despite its proximity to Interstate 40, the area suffered from visibility problems.

Questions Remain Unanswered in Ford-Lee Case

With a federal corruption case pending against him, Joseph Lee walked into the office of Kendall Investigations in Knoxville and met with former FBI special agent Kendall Shull. It was Oct. 16, 2007, and Lee – the former president and CEO of Memphis Light, Gas and Water Division – was there in an effort to clear his name. He had traveled to Knoxville to take a polygraph test at Shull’s office. Lee’s attorney, Robert Spence, said this week he had planned to somehow publicize the results of the polygraph – which Lee passed – to defend his client against federal bribery charges.

Herenton: Prosecutors Dropped Ford/Lee Case to Go After Me

At a sit-down with representatives of Memphis media outlets Thursday morning, Memphis Mayor Willie Herenton sounded off everything from political corruption to unfair press coverage to minority contracting.

Tom Lee Remembered for Heroic Act, Impact on City’s Future

For a few minutes last week, one of the more complex political discussions in Memphis was put on hold by a simple story from 1925.

Existing Home Sales Up Slightly in May

WASHINGTON (AP) – Sales of existing homes edged up slightly in May, although median home prices continued to fall.

Local Weather
Memphis, TN
Mostly Cloudy
Wind: Southwest at 6.9 mph
Humidity: 82%


The Orpheum Theatre will hold an open house today from 11:30 a.m. to 6 p.m., 203 S. Main St. The open house will feature free food and drinks, backstage tours and organ concerts. Attendees will receive complimentary tickets for “Gladiator,” showing that night. For more information, call Matt Doll at 529-4283.

more events »

US Economy Logs Better but Still Subpar Growth

WASHINGTON (AP) – The economy turned in a better – but still subpar – performance in the first three months of this year, mostly spurred by stronger sales of U.S. products overseas.

Fed Signals Aggressive Rate Cutting is Done

WASHINGTON (AP) – The Federal Reserve’s aggressive period of cutting interest rates to keep the country from falling into a recession is over. That point is in general agreement. The trouble starts when you try to figure out what period the Fed has now entered.

Judge Denies Ford's Motions, Trial to Start Monday

NASHVILLE (AP) - A federal court judge denied motions by former state Sen. John Ford claiming prosecutorial misconduct and requesting dismissal of the federal corruption case against him.

Moody's Backs AutoZone Ratings

NEW YORK (AP) - Moody's Investors Service on Thursday backed its investment-grade "Baa2" senior unsecured and "Prime-2" short-term ratings for Memphis-based AutoZone Inc., following the auto parts retailer's announcement that it boosted its share buyback program.

Delta Pilot Chief Spells Out Deal With NWA Pilots

ATLANTA (AP) - Delta and Northwest pilots have agreed to submit to binding arbitration to help them craft an integrated seniority list if the two sides cannot reach a deal on their own within a certain timeframe.

Wall Street Firms Reduce, Banks Step Up Fed Loans

WASHINGTON (AP) - Wall Street companies scaled back their borrowing from the Federal Reserve's emergency lending program over the past week, while commercial banks stepped it up.

Medtronic Names CEO to Position of Chairman

MINNEAPOLIS (AP) - Medical device maker Medtronic Inc. said Thursday that William A. Hawkins, the company's chief executive, was named to the additional position of chairman.

S&P Cuts AutoZone Corporate Credit Rating

CHICAGO (AP) - Standard & Poor's Ratings Services on Thursday cut its investment grade corporate credit rating for AutoZone Inc. to "BBB" from "BBB+," following the auto parts retailer's announcement that it boosted its share buyback program.

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PROPERTY SALES 80 401 13,843
MORTGAGES 99 439 16,005
BUILDING PERMITS 233 998 28,755
BANKRUPTCIES 49 276 8,926

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