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VOL. 126 | NO. 185 | Thursday, September 22, 2011

FedEx Earnings Up, Outlook Lowered

Memphis-based FedEx Corp. increased its earnings per share for the first quarter of the fiscal year compared to the same quarter of 2010.

Gaining Respect

Wheels in motion to reinvent Aretha Franklin birthplace

Although known the world over as the adopted hometown of the king of rock ‘n’ roll, Memphis also gave birth to the queen of soul.

Medtronic Wins $101M Jury Decision

Medtronic Inc. announced Tuesday, Sept. 20, that a federal jury has ordered rival spinal implant maker NuVasive Inc. to pay $101.2 million in damages for infringing on three of Medtronic’s patents.

First Schools Consolidation Session Sets Calendar For Merger Groups

The first meeting Wednesday, Sept. 21, of the schools consolidation transition planning commission and the new countywide school board took less than an hour.

Businesses Use Office Design to Promote Message

Joey Hagan, principal of Architecture Inc., doesn’t work in an office so much as a playground.

Local Weather
Currently
Memphis, TN
39.0°F
Fair
Wind: Northwest at 5.8 mph
Humidity: 76%

EVENTS

The Memphis chapter of the Society for Information Management will present its 24th edition of the Strategy Series for Executives, titled “Unleashing the Power of IT for Innovation and Growth,” Thursday, Sept. 22, from 7:30 a.m. to 4:30 p.m. at the Westin Memphis Beale Street Hotel, 170 Lt. George W. Lee Ave. The event is free for qualified corporate executives. To register, visit www.hmgstrategy.com.

more events »

Feds Still Mum on Reason for Gibson Raids

Federal officials have shed a little light on last month’s raid of Gibson Guitar Corp. facilities in Memphis and Nashville – but not too much.

Council Continues Fiscal Policy Talks

Nearly three months after a city budget and tax rate for the new fiscal year were set by the Memphis City Council, the council and Memphis Mayor A C Wharton Jr. continue to debate and make decisions about long-term city fiscal policy.

FedEx Says Consumer Confidence Drop Behind Demand Drop In Asia

Memphis-based FedEx Corp. increased its earnings per share for the first quarter of the fiscal year compared to the same quarter of 2010.

Bernstein Provides CRE Services as Half of Firm

When Michelle Bernstein tells people that her law practice is headquartered in her East Memphis home, the usual response is an envious one that she gets to work in her pajamas.

LOCAL COLUMNISTS

If You Win The Big One

Ray’s Take: Winning the lottery has more problems than joys for most recipients. Why? Well, for one reason, because they didn’t plan for their windfall before it fell into their lap.

Tenure on Non-Existent Committee Expires

Last month, the American Bar Association had its annual meeting in Toronto. Some 7,000 lawyers, judges and other legal professionals attended the meeting. I was not among them.

MEMPHIS AREA

Mallory Alexander Among Tenn. Cos. Honored for Trade Excellence

NASHVILLE (AP) – Companies in Memphis, Fayetteville and Jackson have won the Governor's Award for Trade Excellence.

Feds Won't Target Unwitting Owners of Illegal Wood

NASHVILLE (AP) – Federal officials say that people who unknowingly possess musical instruments made with illegal wood products do not face prosecution.

NATIONAL BUSINESS

Racial Discrimination Alleged in Bass Pro Hiring

HOUSTON (AP) – The federal government has sued national outdoor retail chain Bass Pro Outdoor World alleging racial discrimination in its hiring practices dating back to 2005.

IRS Gives Employers Break on Misclassified Workers

WASHINGTON (AP) – The Internal Revenue Service is offering a break to employers who come clean about wrongly classifying workers as independent contractors to avoid paying federal payroll taxes, the agency announced Wednesday.

Debt Collectors: Business Great but Hard as Ever

ATLANTIC CITY, N.J. (AP) – These are the best of times, and the worst of times, for America's debt collectors.

Fidelity Gets Less Workplace Savings Plan Work

BOSTON (AP) – Fidelity Investments on Wednesday said that its business providing workplace savings programs such as 401(k) retirement plans received commitments to administer $17 billion in assets through the first half of this year, down nearly 23 percent from the same period a year ago.

Barnes & Noble to Sell Nook at RadioShack

NEW YORK (AP)Barnes & Noble Inc. said Wednesday that it will add RadioShack Corp. to the list of retailers that sell its electronic reader, the Nook.

Forecasts Point to Modest Holiday Growth

NEW YORK (AP) – Retailers just got an early Christmas gift: Americans are expected to spend more than they did last year during the holidays.

Google Head Disputes That Company Thwarts Rivals

WASHINGTON (AP) Google Inc. Executive Chairman Eric Schmidt told a Senate panel Wednesday that the company faces tough competition and isn't using its dominance in Internet search to stifle competitors.

Bill Gates Tops Forbes List of Richest Americans

LOS ANGELES (AP) – America's economic woes don't appear to be hurting philanthropist Bill Gates, who tops Forbes' list of the 400 richest Americans for the 18th year in a row.

NATIONAL POLITICS

Fed to Shift $400B in Holdings to Boost Economy

WASHINGTON (AP) – The Federal Reserve will use more than $400 billion to try to drive down long-term interest rates, make home and business loans cheaper and invigorate the U.S. economy.

House Disaster Vote Sets up Showdown With Senate

WASHINGTON (AP) – Despite opposition from Democrats and some tea party Republicans, the GOP-controlled House on Wednesday took up $3.7 billion in disaster relief as part of a bill to avert a government shutdown at the end of the month.

REAL ESTATE

US Home Sales Jump 7.7 Pct as Foreclosures Rise

WASHINGTON (AP) – The number of Americans who bought previously occupied homes rose in August. But the sales were driven by an increase in foreclosures, a sign that home prices could fall further next year and slow a housing recovery.

In the US, Two Housing Markets and Two Directions

In America, it's starting to feel as if there are two housing markets. One for the rich and one for everyone else.

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