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VOL. 124 | NO. 180 | Monday, September 14, 2009

IRS Could Take $14M Bite Out of FedEx

Stems from driver classifications, doesn’t include interest

Memphis-based FedEx Corp. disclosed in a regulatory filing Friday morning that an audit team from the Internal Revenue Service is likely to assess $14 million in taxes and penalties against the package delivery giant. That’s not counting interest.

First Horizon Shuffles Ranks To Guide Growth

Several top executives of First Tennessee Bank have been moving into new offices over the past few weeks as the 145-year-old company has shuffled its upper ranks and named new heads of important business lines.

Le Bonheur Sets Up Triage Tent for Large Influx of Flu Patients

So many children with symptoms of the flu are going to the emergency department at Le Bonheur Children’s Medical Center that the hospital Friday set up an air-conditioned tent as a triage center.

Final Candidate List Peopled With Variety

Unless you know them personally, you’ve probably never heard of most of the candidates running in the Oct. 15 special election for Memphis mayor.

Owners Serious About Kick-Starting Troubled Subdivision

The Vinings at Germantown, a 63-lot development off Winchester Road, appears poised to close the book on a checkered past that includes several ownership groups and a litany of financial woes.

Local Weather
Currently
Memphis, TN
60.0°F
A Few Clouds
Wind: South at 12.7 mph
Humidity: 56%

EVENTS

The Institute for Supply Management will host the Eighth Annual NAPM – Memphis Inc. Golf Tournament today at 8 a.m. at Memphis National Golf Club, 10135 National Club Drive. Cost is $140 per player. All proceeds will benefit Ronald McDonald House Charities of Memphis. To register, contact Gary Lemmons at 381-2219 or gary.lemmons@lucite.com.

more events »

Business Helps Seniors With Everyday Tasks

Two Collierville women are putting their homemaking and caregiving skills to use with a new business that caters to the needs of senior citizens.

THE MEMPHIS NEWS

Service First: Nonprofit orgs struggle to balance client needs with funding shortages

Rahema Barber gazed into the void of the Power House. It looked as though all the art had been wiped away: blank walls, empty rooms and silent space.

Don’t Let Economy Tear Apart Nonprofit Sector

Some of the most essential elements of a healthy community don’t turn a profit. Some even will end the fiscal year in the red.

Conrad: ‘Continuous Improvement’ Needed Near E. Memphis Malco

The last weekend in August, Memphis police had to be called to restore order in the parking lot of the Malco Paradiso movie theater.

Different Twain Perspective Featured In Germantown Community Theatre’s ‘Is He Dead?’

Many great artists had one or more works that never saw the light of day until after the artist’s own death. Germantown Community Theatre (GCT) hopes to use one such unsung masterpiece to show a very different side of a legendary American author.

MEMPHIS AREA

FedEx Boosts Q1 Forecast, Signals Global Recovery

NEW YORK (AP) - Memphis, Tenn.-based FedEx Corp., the world's second largest package delivery company, on Friday offered a signal that the global economy is improving, as it raised its first-quarter earnings forecast on better-than-expected international shipments and cost cuts.

Newly-Elected Baptist President Seeks Unification

MEMPHIS, Tenn. (AP) - The newly elected president of one of the country's largest Baptist denominations says he's seeking unification following an election in which his opponent went to court to challenge the group's voting process.

STATEWIDE

Tenn. Taxes Fall Short in 1st Month of Budget Year

NASHVILLE, Tenn. (AP) - Tennessee's revenue collections in the new budget year are picking up where they left off – below expectations.

Record Companies Sue 'Ellen' Show Over Copyrights

NASHVILLE, Tenn. (AP) - Some of the world's largest recording companies are suing "The Ellen DeGeneres Show," claiming producers violated their copyrights by playing more than 1,000 songs without permission.

NATIONAL POLITICS

Federal Deficit Hits $1.38 Trillion Through August

WASHINGTON (AP) - The federal deficit surged higher into record territory in August, hitting $1.38 trillion with one month left in the budget year.

Health Negotiators Look at Malpractice Changes

WASHINGTON (AP) - Following President Barack Obama's offer of compromise on an issue that has long divided Washington, congressional health care negotiators are considering proposals to foster alternatives to medical malpractice lawsuits.

NATIONAL BUSINESS

Wholesale Inventories Drop in July

WASHINGTON (AP) – Businesses throughout the nation reduced inventories at the wholesale level for a record 11th consecutive month in July, although sales rose by the largest amount in more than a year, according to government data released Friday.

Morgan Stanley CEO to Inherit Bank in Transition

NEW YORK (AP) - Morgan Stanley's incoming CEO will be facing a drastically different landscape on Wall Street from when John Mack took over in 2005.

Meltdown 101: Housing Help Lags High Expectations

WASHINGTON (AP) - The government set expectations sky-high earlier this year when President Barack Obama launched an effort to help up 7 to 9 million homeowners avoid foreclosure.

Unemployment Trends

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 344 19,573
MORTGAGES 110 422 22,914
FORECLOSURE NOTICES 0 8,303 8,303
BUILDING PERMITS 207 838 40,029
BANKRUPTCIES 60 356 13,104
BUSINESS LICENSES 21 194 6,137
UTILITY CONNECTIONS 0 117 12,966
MARRIAGE LICENSES 15 65 4,842

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