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VOL. 126 | NO. 172 | Friday, September 2, 2011

Kroger Buys Eight Schnucks To Reopen

Eight Memphis area Schnucks supermarkets will become Kroger stores in a purchase of the rival stores announced Friday, Sept. 2.

Back on Track

Millington racetrack’s reopening sends hopeful economic signal

After sitting silently in neutral for nearly two years, the roar of racecars once again fills the air at Memphis International Raceway – formerly known as Memphis Motorsports Park – and its reopening is expected to drive economic gains for surrounding businesses.

$25M Baggage Screening Slated for MEM

In the 10 years since the 9/11 terrorist attacks, security measures at Memphis International Airport have changed the face of the airport as well as the pace and routine of passengers.

Haslam Picks Cates for Consolidation Group

Tennessee Gov. Bill Haslam has picked Memphis philanthropist and business leader Staley Cates as his nominee for the 21-member schools consolidation planning commission.

JLS Enterprises Buys SE Market Warehouse

A 51,000-square-foot industrial building in the Southeast submarket has traded hands. JLS Enterprises LLC purchased 4021 Delp St. in Airport Industrial Park for $850,000. The warehouse currently houses Coca-Cola Enterprises Inc. and is 100 percent occupied.

Local Weather
Currently
Memphis, TN
42.0°F
Mostly Cloudy
Wind: Variable at 4.6 mph
Humidity: 55%

EVENTS

The Daily News’ offices will be closed Monday, Sept. 5, in observance of Labor Day. Offices reopen at 8:30 a.m. Tuesday, Sept. 6, and will remain open during normal business hours.

more events »

Luttrell Makes Picks for Consolidation Planning Group

Shelby County Mayor Mark Luttrell has picked his five choices for the schools consolidation planning commission: two higher-education officials, a corporate attorney, an Episcopal priest heading BRIDGES USA and an elementary school principal.

Carrick Resigns From Triumph Board

Lane Carrick has resigned as a director and chairman of Triumph Bank and Triumph’s parent company, the bank’s new chairman said in a letter to shareholders Thursday, Sept. 1.

State, Local Leaders Tout New ED Direction

Local economic development leaders told Tennessee Gov. Bill Haslam this week that they are ready to make the transition from one five-year economic development to another.

Schools Consolidation Opponents Differ on Next Step

Shelby County Schools board members meet Thursday, Sept. 8, to make selections to a schools consolidation planning commission and Tennessee Gov. Bill Haslam expected to announce his selection by the end of this week.

Gibson: Plants ‘Up and Running’ Following Raid

Gibson Guitar Corp.’s chairman and CEO says the storied guitar maker is getting its operation back in tune following a raid last week by federal agents of the company’s factories and offices in Memphis and Nashville.

Word to Expand Fundraising For Catholic Charities

Anna Kathryn Word couldn’t help but notice the countless amounts of people standing outside the Metropolitan Inter-Faith Association on her way to work each morning.

LOCAL COLUMNISTS

A Lot to Learn

TEACHER AND JUDGE. There were cliques. Kids with more money and better clothes vs. kids with more need and better street cred. Kids with chips on their shoulders and bullies who like to fight. Smarter kids and smart-ass kids. Kids who always raise their hands and kids who always raise hell. Cool kids and those in their shade. Phonies and their toadies.

Federal Grants in Changing Times (Part 2)

Part two of a four-part series Securing a federal grant requires relationship building, follow up, reporting and stewardship. In part two of this series, we share information from Alan Kirschner, president of Kirschner and Associates, on the relationship between nonprofits and federal agencies. Alan’s extensive experience includes securing and managing federal grants for organizations as diverse as the United Negro College Fund, Partnership for Public Service and the Abraham Lincoln Bicentennial Commission.

MEMPHIS AREA

Fred's Sales Rise on Back-to-School, Pharmacy

MEMPHIS (AP) – Discount retailer Fred's Inc. said Thursday its revenue at stores open at least a year rose 1.6 percent in August as more customers bought up school supplies and filled prescriptions.

NATIONAL BUSINESS

Economy Shows Signs of Moving Past August Shocks

WASHINGTON (AP) – U.S. consumers and businesses are not so worried that the economy is about to tumble into a recession after all.

Unemployment Benefit Applications Fell to 409K

WASHINGTON (AP) – Fewer people applied for unemployment benefits last week, a sign that the job market may be improving slightly.

August US Auto Sales Better Than Expected

DETROIT (AP) – Car buyers shrugged off bad economic news and a major East Coast hurricane last month, lifting U.S. sales for most automakers.

Discover Buying $2.5B in Student Loans From Citi

NEW YORK (AP) – Discover Financial Services on Thursday said it is buying another $2.5 billion in private student loans from Citigroup.

Mobile Shopping: More Buzz Than Buy so Far

NEW YORK (AP) – When it comes to mobile shopping, so far there's more buzz than buy.

Target's Key Revenue Figure Up 4.1 Pct. in Aug.

MINNEAPOLIS (AP)Target Corp.'s revenue at stores open at least a year climbed 4.1 percent in August, driven by back-to-school shopping. The results announced Thursday topped Wall Street's forecast.

Gasoline Close to Record High Before Labor Day

NEW YORK (AP) – Gasoline is nearly the highest it's ever been for this time of year, just ahead of the Labor Day weekend.

NATIONAL POLITICS

$1.3T Deficit Projected as Economy Cools

WASHINGTON (AP) – The White House on Thursday predicted that unemployment will remain at 9 percent next year, a gloomy scenario for President Barack Obama's re-election campaign.

Infrastructure Bank Could be Part of Jobs Package

WASHINGTON (AP) – A national infrastructure bank that would entice private investors into road and rail projects could be a major part of the jobs package that President Barack Obama hopes will finally bring relief to the unemployed.

REAL ESTATE

JPMorgan, BofA Take Heat for Foreclosure Program

WASHINGTON (AP) – Two of the nation's largest mortgage lenders are not doing enough to help Americans avoid foreclosure, the Obama administration said Thursday.

Goldman to Stop Controversial Mortgage Practices

NEW YORK (AP) – Goldman Sachs' mortgage subsidiary agreed Thursday to stop many of its controversial mortgage-related practices in a settlement with a New York state banking regulator.

Fixed Mortgage Rates Stay Flat, Just Above Lows

WASHINGTON (AP) – Fixed mortgages were mostly flat this week after hitting their lowest levels in decades. But few Americans are capitalizing on them.

Construction Spending Down 1.3 Percent in July

WASHINGTON (AP) – U.S. builders cut back on spending by the largest amount in six months in July with sharp reductions in outlays for government building projects.

HEALTH CARE

FDA and Drugmakers Agree to Extend User Fee Plan

WASHINGTON (AP) – The Food and Drug Administration has agreed to work toward faster, more predictable reviews of new prescription drugs in return for hundreds of millions of dollars in continuing fees from drugmakers, under a draft agreement unveiled by the agency on Thursday.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 86 393 21,159
MORTGAGES 94 424 24,785
FORECLOSURE NOTICES 0 93 8,703
BUILDING PERMITS 173 1,010 43,347
BANKRUPTCIES 52 292 14,194
BUSINESS LICENSES 15 90 6,491
UTILITY CONNECTIONS 28 167 13,678
MARRIAGE LICENSES 12 89 5,158

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