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VOL. 126 | NO. 159 | Tuesday, August 16, 2011

Morgan Keegan Deal Expected Soon

The end of a bidding process that began in June for the Memphis-based investment banking franchise of Regions Financial Corp. may be near.

‘Business Friendly’

Bartlett chamber’s Vision 20/20 campaign promotes area industries

Growth is the buzzword in Bartlett and Northeast Shelby County, where the Bartlett Area Chamber of Commerce is in the midst of the second phase of a comprehensive economic development strategy zeroing in on four growth industries.

DeVivo Lands New Position With NY Firm

Joseph “Joe” DeVivo, former president of Smith & Nephew’s Memphis-based Orthopaedic Reconstruction and Trauma division, has been appointed executive leader of AngioDynamics, an Albany, N.Y.-based provider of medical devices for vascular access, surgery, peripheral vascular disease and oncology.

Germantown May Hire Schools Consultant

Germantown Mayor Sharon Goldsworthy is recommending the city hire a consulting firm to research the creation of a municipal school district.

Pera Named New Treasurer of American Bar Assn.

Memphis attorney Lucian T. Pera is the new treasurer of the American Bar Association.

Local Weather
Currently
Memphis, TN
42.0°F
Fair
Wind: South at 8.1 mph
Humidity: 60%

EVENTS

The Memphis Rotary Club will meet Tuesday, Aug. 16, at noon at the University Club of Memphis, 1346 Central Ave. Kevin Kane, president and CEO of the Memphis Convention and Visitors Bureau, will speak. Cost is $18 per person. Advanced reservations are required. For reservations, email Taylor Hughes at taylor@memphisrotary.org.

more events »

Council Gets Details Of Pyramid Construction

When Memphis City Council members hear Tuesday, Aug. 16, that the Bass Pro Shops conversion of The Pyramid is again ready to move, they also will be asked to approve a pair of resolutions to finance a city buyout of county government’s interest in the Memphis Cook Convention Center as well as the development of the nearby Pinch District.

New-Home Permits Improve 12 Percent

Local homebuilder permits saw a healthy bump last month, and industry experts said the rest of year looks promising as well.

School Board Elections Next Step in Process

All eight of the entities involved in the schools consolidation case in Memphis federal court agree that the Shelby County Commission should draw the district lines for a new countywide school board.

Yosemite Sam’s Set to Close, Sell to Loeb

Yosemite Sam’s, the longest-running existing business in Overton Square, will close Aug. 27, according to the owner, Faye Pannell.

Airport Hotel, Conference Center Sells for $4.4M in Foreclosure

2240 Democrat Road, Memphis, TN 38132, Sale Amount: $4.4 million -
New Jersey-based Alpha Hospitality Ventures LLC has bought Memphis Airport Hotel & Conference Center property at 2240 Democrat Road for $4.4 million at a substitute trustee’s – or foreclosure – sale. The deal closed July 22. The seller was Lloyd C. Kirkland, appointed in June as substitute trustee.

LOCAL COLUMNISTS

Selling Happiness

According to many who study behavior, happiness is the most sought-after thing in the world. That’s a pretty strong statement; however, I agree with those who believe this. I do not believe the folks saying this are talking about happiness in a sense that you are always laughing, or partying or dancing in the streets. That may or may not be the case. I think they are talking about happiness in the sense that you feel peaceful, serene, content, joyful or satisfied.

So, What Year Is This?

Back to the Future As investors, we view volatility as a distraction. Successful defensive strategies engage prior to drawdowns, and successful offensive strategies engage into them. Before we can settle on the right strategy, however, we must determine which game we are playing.

GOVERNMENT AGENDA

Memphis City Council Agenda

The Memphis City Council will meet Tuesday, Aug. 16, at 3:30 p.m. in the Council chambers in City Hall, 125 N. Main St. Click on the meeting icon for a full agenda.

MEMPHIS AREA

During 'Elvis Week,' Fans Remember Pivotal Year

MEMPHIS (AP) – Elvis Presley fans love an anniversary.

STATEWIDE

TN Finance Chief Says Budget Surplus to be Reserve

NASHVILLE (AP) – Finance Commissioner Mark Emkes says Tennessee should hold on to a $28 million general fund surplus as a reserve against a potential downturn in state tax collections.

Newspaper Reports Haslam Loan Reassignment

NASHVILLE (AP) – A local newspaper is reporting Gov. Bill Haslam's stake in a $5.5 million loan guarantee was sold to a prominent Knoxville developer three days after the original transaction was uncovered.

Scripps Networks to Buy Virgin's Stake in UKTV

KNOXVILLE (AP)Scripps Networks Interactive Inc., the owner of Food Network, HGTV and Travel Channel, said Monday that it will buy Virgin Media's stake in U.K. television company UKTV for 239 million pounds ($391 million).

TVA Says Lower Fuel Cost for September Bills

KNOXVILLE (AP) – Tennessee Valley Authority residential customers will pay a lower fuel cost on September bills, with the decrease ranging from 50 cents to $1.50.

NATIONAL BUSINESS

Google's Patent Play: $12.5B for Motorola Mobility

SAN FRANCISCO (AP)Google Inc.'s $12.5 billion deal to buy cellphone maker Motorola Mobility Holdings Inc. is aimed at giving the Internet search leader more legal firepower as it battles Apple Inc. and Microsoft Corp. to gain the upper hand in the increasingly important mobile computing market.

Wal-Mart's Q2 Results to Offer Consumer Clues

NEW YORK (AP) Wal-Mart Stores Inc., the world's largest retailer, is expected to announce Tuesday that its second-quarter profit rose with higher international sales and a focus on cutting expenses, but its earnings report also is likely to show weakness remains in its U.S. Walmart stores.

Bank of America to Sell Canadian Card Business

CHARLOTTE, N.C. (AP) – Bank of America Corp. plans to sell its $8.6 billion credit card business in Canada to TD Bank Group and will exit its credit card businesses in the United Kingdom and Ireland.

Foreign Investors Cut Holdings

WASHINGTON (AP) – Foreign investors cut their holdings of U.S. Treasury debt in June for the first time in more than two years. The decline came at a time of anxiety about whether the U.S. would raise its borrowing limit.

REAL ESTATE

US Home Builders Remain Pessimistic in August

WASHINGTON (AP) – U.S. homebuilders are just as pessimistic about the depressed housing market as they were two years ago.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 82 82 19,655
MORTGAGES 75 75 22,989
FORECLOSURE NOTICES 7 7 8,311
BUILDING PERMITS 138 138 40,167
BANKRUPTCIES 72 72 13,176
BUSINESS LICENSES 9 9 6,146
UTILITY CONNECTIONS 52 52 13,048
MARRIAGE LICENSES 30 30 4,872

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