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VOL. 126 | NO. 164 | Tuesday, August 23, 2011

Medtronic Fiscal Q1 Profit Slips 1 Percent

Medtronic Inc. on Tuesday, Aug. 23, reported its earnings fell in 1 percent in the first quarter of its 2012 fiscal year, which ended July 29.

‘Modified and Decreased’

Developers drop prices to spark sluggish condo market

The Memphis condominium market is hoping to gain some positive momentum through the rest of this year thanks to historically low interest rates and decreasing condo supply across the city.

Wright’s Compliance Officer Resigns

Another top executive has resigned from Wright Medical Group Inc. Vice president and chief compliance officer Lisa L. Michels resigned from the company Tuesday, Aug. 16, according to a U.S. Securities and Exchange Commission filing signed Friday, Aug. 19, by Wright Medical Interim CEO David Stevens.

Kruger Expansion Long Time Coming

The announcement last week that Canadian manufacturer Kruger Inc. will spend $316 million upgrading its plant in North Memphis, bringing 100 additional jobs to the area and preserving 294 jobs, can be traced back to the same starting point as several other multimillion-dollar corporate deals Memphis has recently landed.

Wharton Seeks Compromise on Madison Bike Lanes

Memphis Mayor A C Wharton Jr. is considering a compromise in the Madison Avenue bicycle lane controversy that would leave some parts of the avenue between Cleveland and Cooper streets without dedicated bicycle lanes.

Second Day of Schools Mediation Ends Early

The second day of mediation in the schools consolidation case ended early and still with no comment from any of the parties on whether the attempts to settle the last part of the lawsuit are making progress or have made progress.

County Commission Approves City Convention Center Buyout

Shelby County Commissioners have approved selling county government’s share of the Memphis Cook Convention Center to the city of Memphis for $75 million.

Agape Launches GED Pilot Program

The Bluff City has been an active player in the Talent Dividend, an initiative to increase the number of college graduates in the Memphis Metropolitan area by 1 percent over the next five years, which could generate a $1 billion annual increase in personal income.

Analysts Expect Weaker Medtronic Spine Earnings

Medtronic Inc. will report the financial results for the first quarter of its 2012 fiscal year on Tuesday, Aug. 23.

Memphis Goodwill Finances U.S. 64, Austin Peay Stores

6899 U.S. 64, Memphis, TN 38134, Loan Amount: $3.2 million -
Memphis Goodwill Inc. has filed a $3.2 million loan through First Tennessee Bank NA for its thrift store at 6899 U.S. 64. The 51,354-square-foot, big-box retail location was built in 1988 and previously housed a lumber store. It sits on 7.1 acres at the southeast corner of U.S. 64 (Stage Road) and U.S. 70 (Summer Avenue).

LOCAL COLUMNISTS

Pecha Kucha, Baby!

When I first heard the term Pecha Kucha, I thought it was probably a line from the 1970s TV crime drama “Kojak.” For those who were not around in the ‘70s, the star of “Kojak” was a guy named Aristotelis Savalas – also know as Telly. Telly liked to solve crimes, suck on lollipops and use the word “baby.” So, when I first heard the term Pecha Kucha, I envisioned Telly walking up to an attractive woman and saying, “Pecha Kucha, Baby!”

The ‘Why’ of Global GDP Dynamics

The New Malaise While debt and policy uncertainties stoke volatility, the declines in the markets stem from declines in global economic growth rates. Growth estimates worldwide have fallen precipitously over the past couple weeks. As baseline estimates fall, the right question to ask is, “Why?”

MEMPHIS AREA

CBU Students to Do Volunteer Work

MEMPHIS (AP) – Students at Christian Brothers University in Memphis will volunteer 20 hours throughout the school year to help those less fortunate.

STATEWIDE

Haslam has No Plans to Tweak Lawsuit Damages Law

ERWIN, Tenn. (AP) – Gov. Bill Haslam doesn't intend to update the state's new law limiting payouts in successful lawsuits against doctors and other businesses, despite calls from some members of his own party for changes to be made in the upcoming legislative session.

REGIONAL

Study: South has 'Middle-Skills' Worker Shortage

ASHEVILLE, N.C. (AP) – The South has a shortage of workers to fill middle-skills jobs such as medical technicians and computer support workers, even as many four-year graduates struggle to repay student loans, according to a study released Sunday.

NATIONAL BUSINESS

Wells Fargo Puts an End to Debit Rewards

NEW YORK (AP) – Wells Fargo customers had to see it coming. The San Francisco-based bank says it will end its debit rewards program for existing customers in October. The bank had already ended enrollment in the program to new customers earlier this year.

Survey: Small Raises for Salaried Workers in 2012

NEW YORK (AP) – A new survey says salaried U.S. workers can expect another year of modest raises in 2012.

NATIONAL POLITICS

Obama Meets Economic Aide, Talks to CEOs

VINEYARD HAVEN, Mass. (AP) – A vacationing President Barack Obama has been meeting with a key economic aide and phoning businessmen as he prepares for next month's unveiling of a new jobs and debt plan.

Berkshire Units Spent More Than $2M on Q2 Lobbying

OMAHA, Neb. (AP) – Some of Berkshire Hathaway's biggest subsidiaries continue to spend substantial amounts of money to influence the federal government, even though their parent company run by Warren Buffett doesn't report any lobbying.

REAL ESTATE

More Americans at Risk of Foreclosure in Q2

WASHINGTON (AP) – The number of Americans at risk of foreclosure is rising, reflecting the U.S. economy's continued struggles.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 128 183 20,949
MORTGAGES 130 174 24,535
FORECLOSURE NOTICES 0 23 8,633
BUILDING PERMITS 163 359 42,696
BANKRUPTCIES 61 116 14,018
BUSINESS LICENSES 0 22 6,423
UTILITY CONNECTIONS 0 56 13,567
MARRIAGE LICENSES 0 23 5,092

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