Editorial Results (free)
1. Fed Leaves Key Rate Unchanged At Yellen's Final Meeting
- Thursday, February 1, 2018
The Federal Reserve has left its benchmark interest rate unchanged but signaled that it expects to resume raising rates gradually to reflect a healthy job market and economy.
At Janet Yellen's final meeting as chair Wednesday, the Fed kept its key short-term rate in a still-low range of 1.25 percent to 1.5 percent. It said in a statement that it expects inflation to finally pick up this year and to stabilize around the Fed's target level of 2 percent. In its previous statement, the Fed had predicted that inflation would remain below its target rate.
2. US Economic Growth Revised Up to 3.1 Percent Rate in Q2
- Friday, September 29, 2017
WASHINGTON (AP) – The U.S. economy grew at an upgraded annual rate of 3.1 percent in the spring, the fastest pace in more than two years. But growth is expected to slow sharply this quarter in the wake of a string of devastating hurricanes.
3. US Job Growth Slowed in August But Economy Still Looks Solid
- Tuesday, September 5, 2017
WASHINGTON (AP) – The U.S. job market hit a lull in August, with employers adding a solid but less-than-robust 156,000 jobs and holding back on meaningful pay raises for most workers.
Friday's jobs report from the government pointed to an economy that is still steadily generating jobs, though more slowly than it did earlier in its recovery from the Great Recession. With the economy now in its ninth year of expansion and unemployment near a 16-year low, fewer people are looking for work and fewer jobs are being filled.
4. US Economic Growth in Q1 Upgraded to 1.4 Percent
- Friday, June 30, 2017
WASHINGTON (AP) – The U.S. economy got off to a lackluster start during the first three months of 2017, though it enjoyed more momentum than earlier estimates indicated.
The Commerce Department said Thursday that gross domestic product, the broadest measure of economic health, grew at an annual rate of 1.4 percent in the first quarter – better than a previous estimate of 1.2 percent and double the initial estimate of 0.7 percent. The upgrade reflects new-found strength in consumer spending and exports.
5. US Growth in First Quarter Upgraded to Still-Slow 1.2 Percent Rate
- Monday, May 29, 2017
WASHINGTON (AP) – The U.S. economy began 2017 with a whimper – though not quite as weak a whimper as the government had first estimated.
The gross domestic product – the broadest gauge of the economy – expanded in the January-March quarter at a 1.2 percent annual rate, the government said Friday. That was better than its initial estimate of a 0.7 percent rate but far below President Donald Trump's growth targets, which most economists consider unrealistic.
6. US Economy Grew at Steady 2.1 Percent Rate in Q4
- Friday, March 31, 2017
WASHINGTON (AP) – The U.S. economy grew at a slightly faster rate in the fourth quarter than earlier estimates, as consumers ramped up spending that's expected fuel growth throughout 2017.
7. US Economic Growth Slowed in Q4, But There's Hope Ahead
- Monday, January 30, 2017
WASHINGTON (AP) – The U.S. economy lost momentum in the final three months of 2016 as a downturn in exports temporarily depressed activity. But there were hopeful signs in housing and business investment that the economy will rebound in the coming months.
8. Memphis Consultant Says Airport Area ‘Gone’ for Hotel Development
- Saturday, May 7, 2016
One of the last remaining hotels near Memphis International Airport has sold in foreclosure for the second time in less than five years.
Chuck Pinkowski, a local hotel consultant with Pinkowski & Co., said that a multimillion-dollar renovation couldn’t save the Holiday Inn from a declining hotel market.
9. Fed Survey Finds Weaker Exports Hurting Manufacturers
- Thursday, March 3, 2016
WASHINGTON (AP) – The economy was expanding in most of the country in January and February, helped by gains in consumer spending and home sales. But there were also rising headwinds from falling oil prices and a strong dollar that held back some sectors, the Federal Reserve said Wednesday.
10. US Economy Ends 2015 on Better Note, Starts 2016 With a Bang
- Monday, February 29, 2016
WASHINGTON (AP) – The U.S. economy got a double dose of good news Friday. Economic growth in the final three months of 2015 didn't slow as much as previously estimated, and consumers roared back to life in January, spending at the fastest clip in eight months.
11. US Businesses Post More Open Jobs; Quits Rise to 9-Year High
- Wednesday, February 10, 2016
WASHINGTON (AP) – U.S. companies advertised more available jobs in December and more Americans quit, trends that could lift wages in the coming months.
The number of job openings jumped 4.9 percent to 5.6 million, the most since July, the Labor Department said Tuesday. And quits increased 6.9 percent to nearly 3.1 million, the highest in more than nine years.
12. US Employers Hire at Robust Pace, Defying Global Trends
- Monday, January 11, 2016
WASHINGTON (AP) — The U.S. economy is motoring ahead despite slowing global growth that caused upheavals in financial markets around the world this week.
Employers added a robust 292,000 jobs last month, and the unemployment rate stayed low at 5 percent, the Labor Department said Friday. Job gains in the October-December quarter averaged 284,000, the best three-month increase since last January.
13. US Economy Grew at 2 Pct. Rate Over Summer; A Pickup Is Seen
- Wednesday, December 23, 2015
WASHINGTON (AP) — The U.S. economy grew at a slightly slower pace over the summer than the government had previously estimated. Most economists foresee a slight acceleration in the current quarter and stronger growth in the first half of 2016.
14. US Factory Output Rises 0.3 Percent in December
- Monday, January 19, 2015
U.S. factory production rose in December as manufacturers churned out more furniture, computers and clothing, offsetting a decline in autos.
Factory production increased 0.3 percent last month, the Federal Reserve said Friday, its fourth straight gain. The increase comes after output jumped 1.3 percent in November and finally surpassed its pre-recession peak.
15. US Economy Accelerates, Helps Lift Dow Above 18,000
- Wednesday, December 24, 2014
WASHINGTON (AP) – A surge in U.S. economic growth lifted stocks Tuesday to record highs and showed that the United States is putting distance between itself and struggling economies around the world.
16. Rail House Roots
- Thursday, August 21, 2014
Editor’s note: This is the third in a three-part series. “Rail house” is a term that businesses – especially restaurants and bars – near train tracks, or with railroad motifs, use in their names.
17. US Factory Output Surges in July
- Monday, August 18, 2014
U.S. factory output rose for the sixth consecutive month in July, led by a jump in the production of motor vehicles, furniture, textiles and metals.
Manufacturing production rose 1 percent in July compared with the prior month, the Federal Reserve reported Friday. Factory output in June was revised slightly higher to a 0.3 percent increase. Over the past 12 months, manufacturing has risen 4.9 percent.
18. Rail House Mystery
- Thursday, August 7, 2014
Editor’s note: First in a three-part series. If you’re passing through Aberdeen, N.C., you should have no trouble finding Railhouse Brewery on East South Street. Moore County’s only microbrewery stands in the middle of downtown, just a few feet from the train track.
19. More Vigorous US Economy Appears to Be Emerging
- Thursday, July 31, 2014
WASHINGTON (AP) — The U.S. economy has rebounded with vigor from a grim start to 2014 and should show renewed strength into next year.
That was the general view of analysts Wednesday after the government estimated that the economy grew at a fast 4 percent annual rate in the April-June quarter. Consumers, businesses and governments joined to fuel the second-quarter expansion. The government also said growth was more robust last year than it had previously estimated.
20. Economy Shrank at Steep 2.9 Percent Rate in First Quarter
- Thursday, June 26, 2014
WASHINGTON (AP) – The U.S. economy shrank at a steep annual rate of 2.9 percent in the January-March quarter as a harsh winter contributed to the biggest contraction since the depths of the recession five years ago. But the setback is widely thought to be temporary, with growth rebounding solidly since spring.
21. Tigers Don't Feel Like 'Cinderella' vs. 1 Seed Virginia
- Saturday, March 22, 2014
RALEIGH, N.C. – The pressure valve that at times seems to control life for the Memphis Tigers had opened in the form of a 71-66 victory over George Washington in the NCAA Tournament’s round of 64.
22. Tigers Hang to Beat GW in NCAAs
- Saturday, March 22, 2014
RALEIGH, N.C. – Senior guard Michael Dixon Jr. once thought his college basketball career was done.
You know the story. From Big 12 Sixth Man of the Year at Missouri to being exiled after sexual assault allegations that never became more than that, never turned into actual charges.
23. Consumer Prices Drop on Cheaper Gas
- Saturday, November 23, 2013
Cheaper gasoline lowered overall U.S. consumer prices slightly in October. But outside the steep drop at the pump, inflation stayed mild.
The consumer price index fell 0.1 percent last month, down from a 0.2 percent increase in September, the Labor Department said Wednesday. The October decline was due mainly to a 2.9 percent drop in gasoline costs, the largest since April. Over the past 12 months, overall prices have risen 1 percent, well below the Federal Reserve’s inflation target of 2 percent.
24. Consumer Prices Drop on Cheaper Gas
- Thursday, November 21, 2013
Cheaper gasoline lowered overall U.S. consumer prices slightly in October. But outside the steep drop at the pump, inflation stayed mild.
The consumer price index fell 0.1 percent last month, down from a 0.2 percent increase in September, the Labor Department said Wednesday. The October decline was due mainly to a 2.9 percent drop in gasoline costs, the largest since April. Over the past 12 months, overall prices have risen 1 percent, well below the Federal Reserve's inflation target of 2 percent.
25. Kroger-Anchored Center Sells for $14.6 Million
- Tuesday, July 2, 2013
4270 Summer Ave. Memphis, TN 38122
Sale Amount: $14.6 million
Sale Date: June 18, 2013
26. Jim 'N Nick's Owner Files Loan on Cordova Property
- Thursday, June 27, 2013
The owner of the Jim ‘N Nick’s Bar-B-Q restaurant at 2359 N. Germantown Parkway in Cordova has filed a $1.4 million loan on the property.
27. Harold Ford Sr. Buys Sycamore View Property
- Tuesday, April 16, 2013
1670 Sycamore View Road Memphis, TN 38134
Sale Amount: $1.8 million
Sale Date: April 8, 2013
28. Cordova Ridge Shops Sells for $1.8 Million
- Thursday, April 11, 2013
An affiliate of Norcross, Ga.-based Safeway Group Inc. has paid $1.8 million for Cordova Ridge Shops, a retail shopping center at 1204 Houston Levee Road in unincorporated Cordova.
29. Berclair Dollar General Sells for Almost $1 Million
- Tuesday, March 26, 2013
3443 Jackson Ave., Memphis, TN 38122
Sale Amount: $971,000
Sale Date: March 14, 2013
Buyer: VM Property Investments LLC
Seller: Ware Properties LLC
Loan Amount: $679,700
Loan Date: March 14, 2013
Maturity Date: N/A
Lender: US Bank NA
Details: The 9,160-square-foot Dollar General store at 3433 Jackson Ave. in Berclair has sold for $971,000.
30. Partnership Files Loan on Industrial Portfolio
- Friday, March 22, 2013
The new owner of an industrial portfolio in Oakhaven has filed a $6 million loan through PNC Bank NA on the properties.
31. Lender Processing Paying $121 Million to Resolve Claims
- Friday, February 1, 2013
One of the biggest U.S. mortgage processing companies has agreed to pay $121 million to resolve states' claims that it wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.
32. Panda to Build Restaurant On Winchester Outparcel
- Monday, September 3, 2012
7525 Winchester Road
Memphis, TN 38125
Permit Cost: $791,345
Project Cost: N/A
33. Cordova Ridge Shops Sells for $2 Million
- Tuesday, August 28, 2012
An affiliate of Dallas-based CWCapital Asset Management LLC has paid $2 million for Cordova Ridge Shops, a retail shopping center at 1204 Houston Levee Road in unincorporated Cordova.
34. Cordova Ridge Shops Facing Foreclosure
- Wednesday, August 1, 2012
Cordova Ridge Shops, a Class A retail center on North Houston Levee Road, is facing foreclosure after its Nashville-based owner defaulted on a $3.3 million loan, according to a first-run foreclosure notice in the Aug. 1 Daily News.
35. Weak Hiring Shows Economy Still Hurting
- Monday, July 9, 2012
WASHINGTON (AP) – A third straight month of weak hiring shows the U.S. economy is still struggling three years after the recession officially ended.
U.S. employers added just 80,000 jobs in June, and the unemployment rate was unchanged at 8.2 percent, the Labor Department said Friday.
36. First Horizon Likely to Post Negative Q2
- Monday, July 9, 2012
The Memphis-based parent company of First Tennessee Bank is likely to break a string of profitable quarters when the company makes its second-quarter earnings presentation in a few weeks.
37. Closing Bank Account Will Cost You, Group Finds
- Thursday, May 31, 2012
It could cost as much as $55 to close your bank account.
That's the finding of the advocacy group Consumers Union. The group surveyed the 10 largest banks in the country, including JPMorgan Chase, Bank of America, Citibank and Wells Fargo.
38. MAA Announces Closing of Unsecured Term Loan
- Tuesday, March 6, 2012
Memphis-based apartment-only real estate investment trust MAA announced Monday, March 5, the closing of a $150 million unsecured term loan agreement with a five-year term. Proceeds from the term loan will be used to repay outstanding balances on a secured line of credit.
39. Big Banks Must Show Break-Up ‘Living Wills’ Under New Rule
- Wednesday, January 18, 2012
WASHINGTON (AP) – The largest banks must show how they would break up their assets if they were in danger of failing, under a rule approved Tuesday, Jan. 17.
The Federal Deposit Insurance Corp. voted to require banks with $50 billion or more in assets to submit so-called living wills. Seven banks with more than $250 billion in assets will have to show their plans by July. The other 30 affected by the rule have until 2013.
40. Education Realty Trust Closes Common Stock Offering
- Thursday, November 10, 2011
Education Realty Trust Inc. has closed its underwritten public offering of 14.4 million shares of common stock, including 1.9 million shares purchased by the underwriters pursuant to an overallotment option, the company announced Tuesday, Nov. 8.
41. Fed-Up Consumers Planning for 'Bank Transfer Day'
- Monday, November 7, 2011
NEW YORK (AP) – It's moving day for bank customers.
A grassroots movement that sprang to life last month is urging bank customers to close their accounts in favor of credit unions by Saturday.
42. Banks Scramble to Make Up for Lost Debit Card Fees
- Monday, November 7, 2011
NEW YORK (AP) – After an intense public backlash, Bank of America and other banks have backed off charging monthly debit card fees.
It's a victory for angry customers and consumer advocates. But the move will be costly for banks. They are scrambling for ideas on how to make up for lost revenue at a time when interest rates are at rock bottom and there's little demand for loans, the traditional source of making profits for banks.
43. A Summer Many Investors Would Rather Forget
- Monday, October 3, 2011
NEW YORK (AP) – It was a stomach-churning summer that most investors would like to forget.
The United States lost its top-of-the-line credit rating for the first time. The financial system of Europe seemed ready to collapse. Money managers sifted through data for signs that the economy was about to slide into a new recession.
44. Citi to Raise Monthly Fees on Checking Accounts
- Monday, September 19, 2011
Citi is raising the monthly fee on its basic checking account.
The new fee will be $10, up from the previous $8.
At the same time, the bank said Friday that it will waive fees and offer bigger rewards if customers sign up for more services. The changes reflect a broader industry push to deepen relationships with customers and capture more of their business.
45. Wells Fargo Puts an End to Debit Rewards
- Tuesday, August 23, 2011
NEW YORK (AP) – Wells Fargo customers had to see it coming. The San Francisco-based bank says it will end its debit rewards program for existing customers in October. The bank had already ended enrollment in the program to new customers earlier this year.
46. Wells Fargo to Test $3 Debit Card Fee
- Thursday, August 18, 2011
NEW YORK (AP) – Wells Fargo plans to test a $3 monthly fee for its debit cards starting this fall.
The San Francisco-based bank said the fee will be applied to checking accounts opened in five states starting in October. The fee would be in addition to monthly service fees ranging from $5 to $30 that Wells Fargo already charges.
47. Airport Hotel, Conference Center Sells for $4.4M in Foreclosure
- Tuesday, August 16, 2011
2240 Democrat Road
Memphis, TN 38132
Sale Amount: $4.4 million
Sale Date: July 22, 2011
48. Airport-Area Hotel Sells for $4.4M in Foreclosure
- Friday, August 12, 2011
New Jersey-based Alpha Hospitality Ventures LLC has bought Memphis Airport Hotel & Conference Center property at 2240 Democrat Road for $4.4 million at a substitute trustee’s – or foreclosure – sale. The deal closed July 22. The seller was Lloyd C. Kirkland, appointed in June as substitute trustee.
49. $3 Million in Permits Filed For Hacks Cross Buildings
- Tuesday, June 28, 2011
3152 Hacks Cross Road and
3168 Hacks Cross Road
Permit Amounts: $1.4 million (3152 Hacks
Cross); $1.6 million (3168 Hacks Cross)
50. Lakeshore Ventures Finances I-240/Getwell Property
- Tuesday, June 21, 2011
Warren, Mich.-based Lakeshore Ventures LLC has financed five tracts totaling 34.1 acres near Getwell Road and Interstate 240 through PNC Bank NA for $4.3 million.
51. From The TDN Blog: First Horizon ‘Needs to Do a Deal’
- Friday, June 17, 2011
If a tree falls in the forest but no one hears it, of course we know it made a sound. Can the same be said when a group of investors and analysts gathered for a bank industry conference talk among themselves about how a certain Memphis banking company needs to hurry up and spend some money acquiring a competitor, even when that bank isn’t presenting anything at the conference?
52. 5000 E. Raines Warehouse Sells in Foreclosure for $7.7M
- Monday, May 30, 2011
5000 E. Raines Road
Memphis, TN 38118
Sale Amount: $7.7 million
Sale Date: May 13, 2011
Buyer: GECMC 2003-C2 5000 Raines Road LLC
Seller: R. Hunter Humphreys, substitute trustee
Orig. Borrower: 5000 East Raines Partnership
Orig. Lender: Bank of America NA
Orig. Loan Amount: $19 million
Orig. Loan Date: May 1, 2003
Orig. Maturity: June 1, 2013
Details: A 1.1 million-square-foot warehouse at 5000 E. Raines Road has sold at a foreclosure sale for $7.7 million. GECMC 2003-C2 5000 Raines Road LLC bought the property at the May 13 sale.
53. East Raines Warehouse Sells for $7.7M in Foreclosure
- Friday, May 27, 2011
A 1.1 million-square-foot warehouse at 5000 E. Raines Road has sold at a foreclosure sale for $7.7 million. GECMC 2003-C2 5000 Raines Road LLC bought the property at the May 13 sale.
54. Gov't Orders Lenders to Reimburse Homeowners
- Thursday, April 14, 2011
WASHINGTON (AP) — The U.S. government on Wednesday ordered 16 of America's largest mortgage lenders and servicers to reimburse homeowners who were improperly foreclosed upon.
Government regulators also directed the financial firms to hire auditors to determine how many homeowners could have avoided foreclosure in 2009 and 2010.
55. Strategic Move
- Thursday, March 17, 2011
Johnny Moore, the president and CEO of SunTrust Banks’ Memphis division who’s nearing the end of his second year in the role, has been talking for a while about growing the bank’s branch network in the area.
56. Fed Boss: Regulators Looking Into Foreclosure Mess
- Tuesday, October 26, 2010
WASHINGTON (AP) – Federal banking regulators are examining whether mortgage companies cut corners on their own procedures when they moved to foreclose on people's homes, Federal Reserve Chairman Ben Bernanke said Monday.
57. Despite Foreclosure Halt, Mortgage Crisis Not Over
- Wednesday, October 13, 2010
MIAMI (AP) – For most Americans at risk of losing their homes, the brutal business of foreclosure goes on.
Bank of America halted foreclosures across the country to address paperwork problems, but three other banks did so only in 23 states. Other banks holding millions of mortgages have not suspended any foreclosures.
58. Greenbrier Gets Loan for Downtown Project
- Tuesday, October 12, 2010
436 S. Front St.
Memphis, TN 38103
Loan Amount: $2.1 million
Loan Date: Sept. 30, 2010
Maturity Date: n/a
Borrower: Greenbrier Partners LLC
Lender: Southern Bancorp Bank
59. White House Doubts Need to Halt All Foreclosures
- Tuesday, October 12, 2010
WASHINGTON (AP) – A top White House adviser questioned the need Sunday for a blanket stoppage of all home foreclosures, even as pressure grows on the Obama administration to do something about mounting evidence that banks have used inaccurate documents to evict homeowners.
60. Foreclosure Freeze Could Undermine Housing Market
- Tuesday, October 12, 2010
NEW YORK (AP) – Karl Case, the co-creator of a widely watched housing market index, was upbeat three weeks ago. Mulling the economy while at a meeting at a resort near the Berkshires, Case thought the makings of a recovery were finally falling into place.
61. Vineyard Apartments Financed for $12M
- Monday, October 11, 2010
Vineyard Apartments Inc. has financed the 200-unit Vineyard Apartments in Germantown through PNC Multifamily Mortgage LLC. The property sits on 27.2 acres at the southwest corner of Wolf River Boulevard and Riverdale Road at 7109 Vineyard Way.
62. BofA Halts Foreclosures in 50 States
- Monday, October 11, 2010
WASHINGTON (AP) – A mushrooming crisis over potential flaws in foreclosure documents is threatening to throw the real estate industry into chaos, as Bank of America on Friday became the first bank to stop taking back tens of thousands of foreclosed homes in all 50 states.
63. Spike in Layoffs Feeds Fear of Faltering Recovery
- Monday, August 23, 2010
WASHINGTON (AP) – Layoffs are back, and that’s bad news for the fragile economic recovery.
New applications for unemployment benefits hit a nine-month high last week – a spike that suggests private employers may shed jobs this month for the first time this year.
64. Jobless Claims Rise to Highest Level in 9 Months
- Friday, August 20, 2010
WASHINGTON (AP) – Employers appear to be laying off workers again as the economic recovery weakens. The number of people applying for unemployment benefits reached the half-million mark last week for the first time since November.
65. New Home Sales Up, but Sales Remain Slow
- Tuesday, July 27, 2010
WASHINGTON (AP) – Sales of new homes jumped last month, but it was the second-weakest month on record. The lackluster economy has made potential buyers skittish about shopping for homes.
New home sales rose nearly 24 percent in June from a month earlier to a seasonally adjusted annual sales pace of 330,000, the Commerce Department said Monday. May’s number was revised downward to a rate of 267,000, the slowest pace on records dating back to 1963. Sales for April and March were also revised downward.
66. Trade Gap Widens as Imports and Exports Rise
- Wednesday, July 14, 2010
WASHINGTON (AP) — The trade deficit rose in May to an 18-month peak as rising imports offset another solid gain in U.S. exports. The surge in imports was a hopeful sign for the economic recovery because it suggested businesses are optimistic that U.S. consumers will spend more in coming months.
67. Obama Claims Victory In Financial Overhaul Deal
- Monday, June 28, 2010
WASHINGTON (AP) – House and Senate negotiators reached an agreement Friday on legislation that redefines federal oversight of Wall Street and, following the signing of the health care act in March, adds a milestone to mark the Obama presidency.
68. Government Lowers Growth Estimate For 1st Quarter
- Monday, June 28, 2010
WASHINGTON (AP) – The government lowered its estimate of how much the economy grew in the first quarter of the year, noting that consumers spent less than it previously thought.
Gross domestic product rose by an annual rate of 2.7 percent in the January-to-March period, the Commerce Department said Friday. That was less than the 3 percent estimate for the quarter that the government released last month. It was also much slower than the 5.6 percent pace in the previous quarter.
69. Treasury Announces Wells Fargo Warrant Auction
- Thursday, May 20, 2010
WASHINGTON (AP) - The government says it will auction 110.3 million warrants it received from Wells Fargo & Co. as part of its effort to recoup the costs of the $700 billion financial bailout.
70. Home Sales Rise as Unemployment Claims Fall
- Friday, April 23, 2010
WASHINGTON (AP) – Home sales rose sharply last month and claims for jobless benefits fell last week. The two reports Thursday sketched a picture of a modestly improving economy.
Sales of previously occupied homes increased more than expected in March after three straight months of declines, the National Association of Realtors said. The housing market benefited from government incentives that drew in buyers.
71. Employers Added Most Jobs In 3 Years in March
- Monday, April 5, 2010
WASHINGTON (AP) - The nation’s economy posted its largest job gain in three years in March, while the unemployment rate remained at 9.7 percent for the third straight month.
The increase in payrolls is the latest sign that the economic recovery is gaining momentum and healing in the job market is beginning. Still, the healing is likely to be slow, and most economists don’t expect new hiring to be fast enough this year to rapidly reduce the unemployment rate.
72. Fed Holds Rates at Record Lows to Foster Recovery
- Wednesday, March 17, 2010
WASHINGTON (AP) - The Federal Reserve on Tuesday repeated its pledge to hold interest rates at record lows to foster the economic recovery and ease high unemployment.
But the Fed's assessment of the economy was a bit more upbeat. It said the job market is stabilizing. That was an improvement from its January statement, when it said the deterioration in the labor market was abating.
73. Building Permit Brings Wally Joe Restaurant Closer to Reality
- Tuesday, November 3, 2009
690 S. Perkins Road
Memphis, TN 38117
Permit Amount: $800,000
Project Cost: $800,000
Permit Date: Applied October 2009
Completion: Summer 2010
Owner: Wally Joe Realty LLC
Contractor: Day Construction LLC
Architect: Doug Enoch
74. J & J Ventures Files Loan On Hickory Hill Shop
- Thursday, October 29, 2009
The new owner of the auto body shop at 5475 Fox Plaza Drive in Hickory Hill North has filed a $2.3 million loan on the property. J & J Venture Partners LLC, which bought the building in April, filed the loan Oct. 8 through PNC Bank NA.
75. Where Will Banks Make Up Lost Overdraft Fees?
- Thursday, September 24, 2009
NEW YORK (AP) — Banks are backing off harsh overdraft fees and policies. That's the good news. The bad news is they'll probably look to make up that lost profit elsewhere.
It's a worrisome prospect for the vast majority of customers who never overdraw their funds and have grown accustomed to perks like free checking accounts.
76. Mortgage Aid Program Helping Fraction of Borrowers
- Wednesday, August 5, 2009
WASHINGTON (AP) – The government’s $50 billion program to ease the foreclosure crisis is helping only a tiny fraction of struggling homeowners.
As of July, only 9 percent of eligible borrowers had seen their mortgage payments reduced. And a progress report on the plan Tuesday showed 10 lenders had not changed a single loan.
77. Banks Earned $7.6B in Q1
- Thursday, May 28, 2009
WASHINGTON (AP) – The nation’s banks turned a profit in the first quarter, but the number of problem banks jumped to more than 300, the government reported Wednesday.
The Federal Deposit Insurance Corp. said higher trading revenues at big banks helped the industry earn a $7.6 billion profit in the January-March period, compared to a record loss of $36.9 billion in the fourth quarter. The profit was 61 percent below the $19.3 billion earned in the year-ago period and followed the first quarterly loss in 18 years.
78. SunTrust to Sell $1.25B in Stock, Cut its Dividend
- Monday, May 18, 2009
NEW YORK (AP) - SunTrust Banks Inc. said Friday it will sell $1.25 billion of common stock and slash its dividend by 90 percent as it works to raise money in light of the government's increased capital requirements.
79. Bank Stock Offerings Weigh on Financial Shares
- Tuesday, May 12, 2009
NEW YORK (AP) – KeyCorp, which is among 10 major U.S. banks ordered by the government to raise more capital as a buffer against future losses, joined several other banks Monday in announcing public stock offerings.
80. Stress Test Results Lift Cloud of Uncertainty
- Monday, May 11, 2009
WASHINGTON (AP) – Government exams of the biggest U.S. banks have helped lift a cloud of uncertainty that has hung over the economy.
The so-called stress tests – a key Obama administration effort to boost confidence in the financial system – showed nine of the 19 biggest banks have enough capital to withstand a deeper recession. Ten must raise a total of $75 billion in new capital to withstand possible future losses.
81. Bank Stress Tests Show Some Banks Need More Funds
- Friday, May 8, 2009
WASHINGTON (AP) - Some of the largest U.S. banks will be scrambling to demonstrate that they can raise capital after results of government stress tests leaked out, showing many need more funds. The Treasury Department will officially release results later Thursday.
82. S&P Puts 23 Financial Firms on Negative Watch
- Wednesday, May 6, 2009
NEW YORK (AP) - Credit ratings agency Standard & Poor's is reviewing whether to cut the ratings of 23 regional and national banks.
The firms were placed on "CreditWatch Negative" on Monday, which means there is a 50 percent chance the ratings will be cut in the next three months. S&P said it expects the results of the reviews by the end of May.
83. Consumer Spending, New Jobless Claims Dip
- Friday, May 1, 2009
WASHINGTON (AP) - Consumer spending fell more than expected in March after two straight monthly gains, a stark reminder of a fragile economy that has pushed a record number of Americans to draw jobless benefits.
84. Stress Test Concerns Sink BoA, Citi Shares
- Wednesday, April 29, 2009
WASHINGTON (AP) – Citigroup Inc. and Bank of America Corp. will need to raise more capital if they can’t convince regulators that “stress test” results were mistaken, said two people familiar with the matter.
85. Fed to Weigh Options To Revive Economy
- Tuesday, April 28, 2009
WASHINGTON (AP) – As the recession grinds on, Federal Reserve policymakers will open a two-day meeting today to make a fresh assessment of economic conditions, review the effectiveness of programs in place and weigh whether they need to expand or change them.
86. CEOs See More Layoffs; Decline in Spending, Sales
- Wednesday, April 8, 2009
NEW YORK (AP) – In a sign of the deep pessimism gripping corporate America, an index tracking the outlook of chief executives of some of the country's biggest companies dropped to its lowest level since the survey began in 2002.
87. Leading Indicators Drop Less Than Expected in Feb.
- Friday, March 20, 2009
A private sector group’s index of leading economic indicators dropped less than expected in February, but its broad decline of the past 19 months persisted and is unlikely to end nationwide until next year.
88. Commercial Real Estate Hangs on for Dear Life
- Friday, March 20, 2009
The pulse of commercial real estate is barely detectable, but the fact that it’s still registering a beat is remarkable considering the trauma it’s suffered over the past year.
From March 2008 through February 2009, commercial sales in Shelby County declined 35 percent compared to the prior 12-month period, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.
89. First Horizon CEOs Take Home $6.8M in 2008 Pay
- Wednesday, March 11, 2009
CHARLOTTE, N.C. (AP) - Regional bank First Horizon National Corp. paid out more than $6.8 million in compensation to the two chief executives that oversaw the company in 2008.
90. John Daly’s Home Foreclosed, Sold on Courthouse Steps
- Tuesday, March 3, 2009
9844 Legends Drive
Germantown, TN 38139
Sale Amount: $1.2 Million
Sale Date: Feb. 5, 2009
Buyer: Regions Bank
Seller: J. Phillip Jones, Substitute Trustee
91. Fairway Apartments Utah Takes Out $800K Loan
- Friday, February 27, 2009
Fairway Apartments Utah LLC has taken out a $787,000 loan for property in the Fairway Apartments Subdivision. The loan document included an assignment of rents and security agreements, including a fixture filing. PNC ARCS LLC was the lender for this Fannie Mae-backed loan.
92. Fourth Down: A Brutal End to '08 for S&P Companies
- Monday, February 16, 2009
NEW YORK (AP) - The companies that make up the Standard & Poor's 500 are on track to post a collective quarterly loss for the first time – a sign corporate America was battered even harder than expected by the economy.
93. More Sour Economic Reports for Employment, Retail
- Monday, February 9, 2009
WASHINGTON (AP) - More people sought unemployment benefits than expected last week and laid-off workers found it harder to land new jobs as the economy struggled to show signs of life.
Sour economic indicators Thursday also plagued the retail industry: Weak factory orders were reported for December and sales declines last month for many major stores raised concerns about the industry's health.
94. Layoffs Spike, Housing Rumbles; Outlook Worsens
- Friday, January 23, 2009
WASHINGTON (AP) - The number of newly laid-off Americans filing jobless claims and the pace of home construction both posted worse-than-expected results in government data released Thursday, lending urgency to the economic recovery plan President Barack Obama and Congress are scrambling to advance.
95. Treasury Provides $15B from Bailout Pot to 7 Banks
- Wednesday, January 7, 2009
WASHINGTON (AP) - The government said Monday it had supplied another $15 billion to seven U.S. banks in the latest round of payments from the $700 billion rescue fund.
The Treasury Department said the biggest payment in the new round totaled $7.58 billion to Pittsburgh-based PNC Financial Services Group Inc.
96. On The 12th Day Of Christmas
- Monday, December 22, 2008
The PNC Christmas Price Index is a calculation of the cost of the items in the song “The Twelve Days of Christmas” if bought at current prices. The index often has increased or decreased at a rate consistent with the Consumer Price Index, a measure of inflation produced by the U.S. Department of Labor’s Bureau of Labor Statistics....
97. Sector Snap: Regional Bank Stocks Mixed
- Wednesday, November 26, 2008
NEW YORK (AP) - Shares of regional banks were mixed Tuesday, after the government introduced a number of new initiatives designed to help unfreeze the credit markets.
The Federal Reserve said it will buy $500 billion in mortgage-backed securities, or pools of mortgages that are bundled together and sold to investors. The government will also lend up to $200 billion to the holders of securities backed by various types of consumer loans, including credit card loans.
98. Sector Snap: Regional Banks
- Tuesday, November 25, 2008
CHARLOTTE, N.C. (AP) - Shares of regional banks rose Monday as investors focused on the government's plan to bail out Citigroup Inc.
99. Sector Snap: Regional Bank Stocks Fall
- Wednesday, November 12, 2008
NEW YORK (AP) - Shares of regional banks slid Tuesday amid more signs of weakness in the financial sector and a string of bleak corporate earnings reports.
Losses piled up in the broader market as third-quarter reports from companies such as coffee retailer Starbucks Corp. and home builder Toll Brothers Inc. sent a strong signal to investors that few industries are immune to a sharp pullback in consumer spending.
100. Manufacturing Sector Contracts in October
- Tuesday, November 4, 2008
Business at manufacturers from plastic companies to lumberyards plummeted to the lowest level in 26 years in October, in what many economists called a sure sign of recession.
The Institute for Supply Management reported Monday its manufacturing index fell to 38.9, the lowest reading since September 1982, when the country was in a deep recession. Any reading below 50 signals contraction.