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VOL. 125 | NO. 180 | Thursday, September 16, 2010

FedEx Doubles Q1 Profits; Plans to Cut 1,700 Jobs

FedEx Corp.'s strong first quarter results are likely to give fresh ammunition to the crowd that has a glass-half-full view of the global economy.

Enjoying the Ride

Vespa riders share enthusiasm for scooters

From Audrey Hepburn and Gregory Peck zipping past the Colosseum in “Roman Holiday” to vintage photographs of suit-wearing mods cruising the streets of 1960s London, the word ‘Vespa” evokes a stream of iconic pop culture images.

Church Says ‘No’ to CVS

Berclair Baptist Church on Wednesday night voted against selling its building to CVS Corp., but the retail pharmacy’s efforts to take over another corner church at a busy intersection in Memphis is further proof of an ongoing commercial development trend.

Senate Passes Small Business Credit Measure

WASHINGTON (AP) – The Senate has passed a bill to create a $30 billion government fund to help open lending for credit-starved small businesses, cut their taxes and boost federal loan programs for them.

Boyle Donates Land to Wolf River Conservancy

A forested tract of land along the Wolf River once slated for development has been spared the chainsaws and will instead be set aside as a nature preserve.

Local Weather
Currently
Memphis, TN
60.0°F
Fair
Wind: South at 5.8 mph
Humidity: 72%

EVENTS

Baker, Donelson, Bearman, Caldwell & Berkowitz, PC will present “How the New National Labor Relations Board Will Impact Your Business” Thursday from 8 a.m. to 9 a.m. at its office, 165 Madison Ave., 20th floor. The event is free and breakfast will be provided. To register, contact Nicolette Thomas at 577-2328 or nthomas@bakerdonelson.com.

more events »

Rocky Mountain Chocolate Factory Joins Departing Peabody Place Businesses

After nine years, the Peabody Place retail center tenant that sold treats such as caramel apples and all manner of chocolate sweets has closed its doors.

Realtors: Housing Has Nowhere to Go But Up

Although the local real estate industry took yet another year-over-year dip in August – as new and existing home sales declined 13 percent from the same month a year ago – Realtors see the light at the end of the tunnel.

Metal Museum Joins Growing Trend of Offering Music

When Carissa Hussong became the executive director of the Metal Museum, she didn’t realize she was going into the music business.

Butler Snow’s Wilmesherr to Discuss Financial Reform

Edward Wilmesherr, a partner in the law firm of Butler, Snow, O’Mara, Stevens & Cannada PLLC, admits he doesn’t do a lot of texting.

School Funding Question Still Alive

The city of Memphis and Memphis City Schools are on the path to a politically difficult plan in which the city will pay the school system $57 million it owes from a past budget year.

IDB Approves Kirby Parkway PILOT

The Memphis-Shelby County Industrial Development Board has approved an eight-year, $3 million tax break for the Nashville developers of a long-term acute-care hospital and outpatient center on Kirby Parkway north of Bill Morris Parkway.

Kennedy Gives Back to U of M School of Law

When it comes to his inspiration for entering the legal profession, David S. Kennedy, chief judge of the U.S. Bankruptcy Court for the Western District of Tennessee, gives a nod to his father and to Atticus Finch, Harper Lee’s stalwart symbol of fairness for a generation in her novel “To Kill A Mockingbird.”

Make Technology Your Servant, Not Your Mistress

Ray’s Take: I have heard it said that technology should be your servant and not your master. However, when you look at personal technology’s impact on the monthly family budget, it’s more of a mistress than master.

REGIONAL

Host to Become CEO of Trustmark

JACKSON, Miss. (AP)Trustmark Corp. and its subsidiary, Trustmark National Bank, said Tuesday that Gerard Host will serve as president and CEO of both companies starting Jan. 1.

NATIONAL BUSINESS

MasterCard Sees 20 Percent Profit Growth for 2010

NEW YORK (AP)MasterCard Inc. expects its net income to rise at least 20 percent this year, helped by a small boost from foreign exchange and a modest decline in expenses.

Industrial Production Rises 0.2 Percent in August

WASHINGTON (AP) – Production at U.S. factories grew in August for the 12th time in 14 months, but at a slower rate than earlier this year as consumers spent cautiously.

UPS Starts Faster Ocean Freight Service From Asia

NEW YORK (AP) – UPS has launched a new faster ocean freight service from Japan to the U.S. in an effort to capture more of the booming international freight market it already serves by air.

Wal-Mart Expects Holiday Shoppers to be Practical

NEW YORK (AP) – The new president and CEO of Wal-Mart's U.S. business is predicting that practical thinking about needs and prices will drive shoppers and gift trends this holiday season.

NATIONAL POLITICS

States Cutting Benefits for Public-Sector Retirees

TRENTON, N.J. (AP) – William Liberty began as a trash collector in Lindenwold 37 years ago and worked his way up to public works supervisor. Until recently, he figured he would hold on to the job until he turned 65.

Gov't Says Banks Should Share Fannie, Freddie Costs

WASHINGTON (AP) – The nation's largest banks have an obligation to pay some of the cost for bailing out mortgage buyers Fannie Mae and Freddie Mac because they sold them bad mortgages, a government regulator said Wednesday.

House Dems Deeply Divided Over Obama Tax Plan

WASHINGTON (AP) – Congressional Democrats are confronting deep divisions within their nervous ranks over whether to support President Barack Obama's plan to raise taxes on the wealthiest Americans – or just punt the entire matter until after voters go to the polls Nov. 2.

Congress to Examine Trickle Down of Rail Rates

NEW YORK (AP) – Congress is taking a closer look at the growing profits of the nation's railroads and the price hikes for their customers that may trickle down to consumers.

White House Sends Spending Wish List to Congress

WASHINGTON (AP) – The Obama administration is pushing a pre-election shopping list on its Democratic allies in Congress as they prepare must-pass legislation to prevent a government shutdown next month.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 296 17,839
MORTGAGES 83 360 20,786
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 161 671 36,487
BANKRUPTCIES 46 192 11,874
BUSINESS LICENSES 16 96 5,656
UTILITY CONNECTIONS 28 175 12,208
MARRIAGE LICENSES 32 92 4,449

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