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VOL. 125 | NO. 181 | Friday, September 17, 2010

FedEx Doubles Profits; Plans to Cut 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.

Park Progression

Shelby Farms adheres to master plan with host of upgrades

The Shelby Farms Park Conservancy is gearing up to debut two new major park enhancements by the end of the year, with more on tap for early 2011 and beyond.

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.

Wharton and Cash Talk Up Cooperation

Days after the Memphis City Council approved the Memphis City Schools (MCS) budget with some strings attached, Memphis Mayor A C Wharton Jr. and MCS Superintendent Dr. Kriner Cash have signed a “memorandum of common purpose.”

Airport Authority Updates Construction Contract

The Memphis-Shelby County Airport Authority approved a second amendment for the under-construction consolidated ground transportation center at Thursday’s board of commissioners meeting, bringing the contract total to $90.1 million.

Challengers Move Closer to Election Hearing

All sides in the legal dispute over the Aug. 5 election results will meet with Chancellor Arnold Goldin Friday to begin wading through a series of motions and ultimately a hearing on the dispute.

Cooper-Young Festival Means Big Biz for Neighborhood

The music will be funky, the art will be eclectic, and the streets will be crowded with people in a slow-moving parade of tattoos and sunglasses, but organizers of Memphis’ largest one-day street festival, the Cooper-Young Festival, said business longevity is at the heart of it all.

Government Size in Hands of Elected Officials

Memphis and Shelby County have the highest combined property tax rate in Tennessee at $7.21. That compares to a combined city-county tax rate of $4.82 in Knoxville, $4.70 in Chattanooga and $4.13 in Nashville.

Rice Returns to Memphis For Book Tour

Before she was the U.S. national security adviser and later secretary of state, Condoleezza Rice was a child growing up in Birmingham, Ala., who loved music, ice skating and history.

Passion for Nonprofits, People Leads Neal to Habitat

Jessica Neal grew up in a small town. And it had a big influence on her life.

Charting New Territory

Ethics, boundaries and performance in office. No longer Memphis oxymorons.

STATEWIDE

Tennessee Jobless Rate for August Down Slightly

NASHVILLE (AP) – Tennessee's unemployment rate for August was 9.6 percent, down 0.1 percent from July.

NATIONAL BUSINESS

AP-GfK Poll: Deep Divisions Over Tax Hikes

WASHINGTON (AP) – More than half the country backs raising taxes on the richest Americans, according to a new poll that also shows deep political divisions over the issue as Democrats struggle with President Barack Obama's call to boost levies on the wealthy.

US Homes Lost to Foreclosure Up 25 Pct on Year

LOS ANGELES (AP) – Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.

Census: 1 in 7 Americans Live in Poverty

WASHINGTON (AP) – The ranks of the working-age poor climbed to the highest level since the 1960s as the recession threw millions of people out of work last year, leaving one in seven Americans in poverty.

GM CEO: Repayment of Bailout Could Take Years

DETROIT (AP) — It will take a couple of years for taxpayers to get back the billions they spent bailing out General Motors, but the company has a goal of returning the money, GM's new CEO said Thursday.

New Unemployment Claims Fall to Lowest in 2 Months

WASHINGTON (AP) – The number of newly laid-off workers seeking unemployment benefits dropped slightly last week to its lowest level in two months, a sign that employers are cutting fewer jobs.

NATIONAL POLITICS

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.

Obama Lays Out Plan to Meet Export Goal

WASHINGTON (AP) – President Barack Obama says this year's 18 percent rise in exports over last year underscores the importance of selling goods and services abroad to create jobs and strengthen the American economy.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 344 19,573
MORTGAGES 110 422 22,914
FORECLOSURE NOTICES 2 8,305 8,305
BUILDING PERMITS 207 838 40,029
BANKRUPTCIES 60 356 13,104
BUSINESS LICENSES 21 194 6,137
UTILITY CONNECTIONS 30 147 12,996
MARRIAGE LICENSES 15 65 4,842

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