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VOL. 127 | NO. 165 | Thursday, August 23, 2012

Luttrell Vetoes Sales Tax Referendum

Shelby County Mayor Mark Luttrell has vetoed the countywide sales tax referendum resolution passed by the Shelby County Commission last week.

Visionary Project

Proponents of Chisca Hotel renovation overcame numerous hurdles

The reversal of fate for the blighted Chisca Hotel at the intersection of South Main Street and Dr. Martin Luther King Jr. Avenue, plagued by passive out-of-town ownership and environmental hazards, was set in motion during a phone call about 18 months ago.

Whalum Challenges Election in Court

Countywide school board member Kenneth Whalum Jr. filed suit against the Shelby County Election Commission Wednesday, Aug. 22, in the first of what are expected to be two election challenges.

Sources: Pera's Grizzlies Bid Taking Shape

Prospective Memphis Grizzlies owner Robert Pera is rapidly putting together a local ownership group to complement his role as majority owner of the team.

New York REIT Buys Williams-Sonoma Distribution Center

American Realty Capital Trust III Inc., a New York-based real estate investment trust, has acquired the 1.1 million-square-foot Williams-Sonoma distribution center in Olive Branch for $52.4 million, or $47 per square foot, from a private investor.

Local Weather
Currently
Memphis, TN
77.0°F
A Few Clouds
Wind: East at 4.6 mph
Humidity: 85%

EVENTS

Memphis Breakfast Rotary Club will meet Thursday, Aug. 23, at 7 a.m. at The Racquet Club of Memphis, 5111 Sanderlin Ave. Glen Vanderford, regional Rotary Foundation director, will speak. Contact Mark Edwards at medwards@bankofbartlett.com.

more events »

Funding Cut Underscores Gov. Divide

Consider this the latest dust-up on the city-county government divide. Some Memphis City Council members who voted this week to end city funding for vehicle inspections at the end of June 2013 see the decision as one in a series of challenges to the long-held definition of what city government does and what county government does.

Three Generations of Judge’s Family Practice Law

Three generations of a family in one profession is not the most common of sights. Rarer still is when those three generations find themselves working in the same field at the same time.

Planning Continues for Broad, Binghampton

As after-school traffic made its way north and south on Tillman Street last week, a crossing guard whistled children across one of the narrow streets by Lester Community Center.

MEMPHIS LAW TALK

Robinson’s Memphis Roots At Center of Career

It could be said a passion for the Bluff City runs deep in fourth-generation Memphian Daniel T. Robinson Jr., who practices corporate law as an attorney with Evans Petree PC, a 105-year-old Memphis law firm.

LOCAL COLUMNISTS

Finding Relief From High Energy Bills

Ray’s Take We just got hit with a whopper of a utility bill and I’m sure we’re not alone. With hotter summers to come and rising energy costs, I don’t expect things to improve. Like many, we’re setting our thermostat a bit higher and using its programmable features. However, these are passive measures. We’ve recently taken a step that will eventually let us actively control what we pay for energy.

Candid Testimony

Sometimes, we must go back to our roots. The roots of “I Swear,” the column, are in the actual dialogue between lawyers and people who are under oath. Those who, in essence, tacitly add “I swear” to everything that they say.

Facts, Feelings Go Hand in Hand

Investment Lesson: Sentiment Growth just as good as Earnings Growth Two factors move stock prices, earnings and sentiment. Earnings tend to be backward looking while sentiment tends to be forward looking. In market parlance, multiples or valuation ratios (price/earnings, price/book, price/sales) measure sentiment. Stocks prices increase when earnings increase, sentiment increases or both increase.

MEMPHIS AREA

Prosecutor Probes Ties Between Regions Financial and Fiderion

A federal prosecutor has opened an inquiry into business ties between Regions Financial Corp. and Fiderion Group LLC.

NATIONAL BUSINESS

Middle Class Share of America's Income Shrinking

WASHINGTON (AP) – The middle class is receiving less of America's total income, declining to its smallest share in decades as median wages stagnate in the economic doldrums and wealth concentrates at the top.

Analysts: Recession Likely Without Budget Accord

WASHINGTON (AP) – A new recession is likely if a stalemate over tax and spending cuts continues between Democrats and Republicans, according to dire projections by the nonpartisan Congressional Budget Office on one of the this year's defining campaign issues.

NATIONAL GOVERNMENT

Fed's Discussion Suggests Possible New Action Soon

WASHINGTON (AP) – Federal Reserve officials spoke with increased urgency at their last meeting about the need to provide more help for a weak U.S. economy. Many felt further support would be needed "fairly soon" unless the economy improved significantly.

First Lady Announces New Hiring Push for Vets

NAVAL STATION MAYPORT, Fla. (AP) – First lady Michelle Obama chose a naval station in the electoral battleground of Florida to announce Wednesday that 2,000 businesses around the country have hired or trained more than 125,000 military veterans and spouses in the past year, exceeding a White House goal of 100,000 by the end of next year.

REAL ESTATE

Rise in US Home Sales Reflects Steady Improvement

WASHINGTON (AP) – Americans bought more homes in July than in June, the latest evidence that the housing market is slowly, but steadily, improving.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 312 16,192
MORTGAGES 0 293 18,685
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 655 33,126
BANKRUPTCIES 0 237 10,737
BUSINESS LICENSES 0 112 5,198
UTILITY CONNECTIONS 0 127 11,344
MARRIAGE LICENSES 0 94 3,867

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