VOL. 123 | NO. 143 | Wednesday, July 23, 2008
First Horizon National Corp., the Memphis-based parent company of First Tennessee Bank, has seen more than 50 percent of its share price evaporate since the beginning of this year. A thousand shares of First Horizon stock worth almost $38,000 last July would be worth only about $8,500 today based on Friday’s closing price of $8.47 a share.
Jim Covington isn’t overly worried about rising gas prices, struggling airlines and other woes affecting the transportation industry. Instead, the Memphis Regional Chamber’s newly hired vice president of logistics and aerotropolis development is emboldened by those challenges as he settles in his position.
Actress Vivica A. Fox will be in town this weekend to celebrate her 44th birthday and help a local nonprofit organization raise money for it scholarship fund. The fund will present $1,000 scholarships to teenagers from four Memphis-area high schools for college admission and expenses.
CHARLOTTE, N.C. (AP) – Wachovia Corp., the nation’s fourth-largest bank, is leaving the wholesale mortgage lending business, it announced Tuesday.
WASHINGTON (AP) – Democrats and Republicans queasy about a federal rescue of mortgage giants Fannie Mae and Freddie Mac are coalescing around the idea of letting the government slap limits on the multimillion-dollar pay packages of their executives.
CHARLOTTE, N.C. (AP) – Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street’s hopes that the nation’s big banks are weathering the credit crisis well. The nation’s fourth-largest bank by assets said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.
Vickie S. Baselski, professor at the University of Tennessee Health Science Center, has been presented the 2008 American Society for Microbiology TREK Diagnostic ABMM/ABMLI Professional Recognition Award.
ATLANTA (AP) - Regional bank SunTrust Banks Inc. said Tuesday its second-quarter earnings fell 21 percent due to a sharp increase in its loan-loss provision and a decline in net interest income.
WASHINGTON (AP) - Millions of participants in 401(k)-style retirement plans would receive more information about the costs of those programs, a move that could help boost savings, under a rule proposed by the Labor Department Tuesday.
With a vision of transforming downtown Seattle, the Clise family spent more than a century buying up key pieces of land. But the credit chaos has forced Al Clise to postpone his plans for a grand, 13-acre commercial and residential development.
WASHINGTON (AP) - Treasury Secretary Henry Paulson said Congress needs to quickly approve a support package for Fannie Mae and Freddie Mac to make sure the two mortgage giants maintain their critically important role in housing finance.