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VOL. 123 | NO. 127 | Monday, June 30, 2008

Herenton Clarifies Resignation Letter

As he left City Hall on the evening of March 20, Memphis Mayor Willie Herenton told The Daily News that he planned to step down as mayor and was considering a variety of other job opportunities. One of those appeared to be the job of Memphis City Schools superintendent, which he held for 12 years before his election as mayor in 1991.

Commercial Mortgages Decline 31% in May

Issues plaguing residential lending such as stricter guidelines and shrinking credit tend to garner most of the headlines, but the commercial sector continues to deal with those same problems.

After-Tax Incomes, Spending Show May Gains

WASHINGTON (AP) – The millions of economic stimulus payments gave a massive jolt to household finances in May, sending after-tax incomes up by the largest amount in 33 years.

Fed: Wall Street Aided to Avert ‘Contagion’

WASHINGTON (AP) – The Federal Reserve was scrambling to prevent a “contagion” from infecting the nation’s financial system when it took unprecedented actions to provide financial backing to a Bear Stearns rescue package and provide emergency loans to big Wall Street firms.

Electrology Center of Cordova Celebrates 15 Years of Business

Peggy Adams, like many women surely have done, experimented with a home self-wax job. She was trying to remove unwanted fine hairs on her upper lip; however, when she pulled off the wax, it took off parts of her skin and she was left with horrible scabs.

Local Weather
Currently
Memphis, TN
65.0°F
Overcast and Windy
Wind: from the Northwest at 32.2 gusting to 46.0 mph
Humidity: 73%

EVENTS

The Engineers’ Club of Memphis Inc. will hold its weekly lunch meeting today at noon at the Holiday Inn-University of Memphis, 3700 Central Ave. Bryan Gainey, industrial products manager for Sonoco Products, will speak on “The Evolution of the Concrete Form.” The cost is $12 and no reservations are required.

more events »

FedEx Founder: Uninterested in McCain VP Slot

MEMPHIS (AP) - FedEx founder Frederick W. Smith says he has no interest in becoming the running mate of presumed GOP presidential candidate John McCain.

Court Rejects Tenn. Order on Imaging Hard Drives

NASHVILLE (AP) - An appeals court has rejected an order by a federal judge in a TennCare case to create electronic images of Tennessee officials' public and personal computers.

Fed Eyes Making it Easier to Invest in Banks

WASHINGTON (AP) - The Federal Reserve is looking into making it easier for private equity firms to invest in banks, a move that could usher new capital infusions to cash-hungry banks and help them cope with credit problems.

Money in Hand

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 344 19,573
MORTGAGES 110 422 22,914
FORECLOSURE NOTICES 2 8,305 8,305
BUILDING PERMITS 207 838 40,029
BANKRUPTCIES 60 356 13,104
BUSINESS LICENSES 21 194 6,137
UTILITY CONNECTIONS 30 147 12,996
MARRIAGE LICENSES 15 65 4,842

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