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VOL. 128 | NO. 155 | Friday, August 9, 2013

Funding Cut Has MATA at Crossroads

The city’s bus system isn’t out of the woods yet.

Liftoff

Tunica hosts second annual Balloon Bash this weekend

Hot-air balloonists will take to the Tunica skies this weekend as the second annual Tunica Balloon Bash is planned at five sponsoring Tunica casinos.

Boyle Sells More Lots at Spring Creek Ranch

After an initial offering went so well earlier this year, a group of area homebuilders has acquired 17 more lots at The Village at Spring Creek Ranch from Boyle Investment Co.

FDA Denies Wright Medical Application

ARLINGTON, Tenn. (AP)Wright Medical Group Inc. said Thursday that the Food and Drug Administration did not approve its application to use its Augment Bone Graft product as an alternative product for use in foot and ankle fusions.

Triumph Bank Acquires Merchants & Planters' Mortgage Division

Memphis-based Triumph Bank has reached a deal to acquire the mortgage division of Merchants & Planters Bank.

Local Weather
Today
Memphis, TN
60°F
Fair
Wind: 6 mph
Humidity: 49%

EVENTS

The Daily News and In-Synk will host a Leadership Lunch & Learn about Liz Wiseman’s book “Multipliers: How the Best Leaders Make Everyone Smarter” Friday, Aug. 9, from 11:45 a.m. to 1 p.m. in the Triumph Bank board room, 5699 Poplar Ave. Cost is $20. Visit seminars.memphisdailynews.com.

more events »

EDGE Approves Incentives for Wright Medical

Arlington-based Wright Medical Group Inc. is one step closer to relocating its headquarters to Memphis.

Pennington Chosen to Lead Boys & Girls Clubs

Just in time for the start of the new school year, The Boys & Girls Clubs of Greater Memphis has announced a change in executive leadership, as chief financial officer Larry Pennington has been chosen as acting CEO on an interim basis. He replaces Vincent Borello, who resigned as president and CEO to pursue other opportunities.

Mays’ Ruling to Impact Future Schools Talks

The political stakes were high for some on the Shelby County Commission.

Petties Associate Draws 15-Year Prison Term

Chris Hamlet didn’t have to spend five years in a Mexican prison.

Attorney General Reopens Nineteenth Century Club Review

The state attorney general has reopened a review of the sale of the Nineteenth Century Club property on Union Avenue just as efforts by current and former club members to challenge the sale face a critical Monday fundraising deadline.

SPORTS

Optimism Reigns as Tigers Prep for Season

There is no reliable way to determine if a losing football program is on the precipice of becoming a winning football program. If there was, we’d all be getting rich betting the games.

Countdown Begins for Grizzlies Tip-Off

Are you ready for some basketball?

Cardinals Recall Martinez to Start Thursday

ST. LOUIS (AP) – The St. Louis Cardinals recalled right-hander Carlos Martinez from Triple-A Memphis to make his first career start Thursday night against the Dodgers.

MEMPHIS STANDOUT

Anderson Embarks on New Chapter in Education Career

With the first semester of the newly consolidated Shelby County Schools in full swing this week, all eyes are on this mammoth system and what it might mean, if anything, for education’s progress, efficiency and reform in the Mid-South.

LOCAL COLUMNISTS

I Say Again, Grow Up

IT’S NOT JUST ABOUT THE CHILDREN. THEY’RE IN CHARGE. I should thank the city council for this opportunity to repeat a column instead of come up with something new. With these folks, it’s the same old stuff. I wrote the gist of this two years ago when we were three years in arrears paying our school children the $57.4 million we owe them.

Execs: Feed Yourself First

So many new business ventures die on the vine. Statistics vary, and we’ll keep the details of the debate to a minimum here. Let’s say that 1 in 20 make it. Let’s define the “Making It” as either having a profitable company after five years of existence or selling to a larger firm for a wealth-creating sum.

MEMPHIS AREA

Fred's Says Sales are Up for July, Second Quarter

MEMPHIS (AP) – Discount retailer Fred's Inc. said a key revenue measurement rose 2.5 percent in July to $142.2 million.

STATE GOVERNMENT

State Architect Named to Head General Services

NASHVILLE (AP) – Gov. Bill Haslam has named Robert E. Oglesby to become the new commissioner of the state Department of General Services.

NATIONAL BUSINESS

Retailers See Slow Start to Back-to-School Season

NEW YORK (AP) – Shoppers are holding off on back-to-school shopping, and those who delay long enough might be rewarded with some steep discounts from desperate retailers.

JPMorgan Faces Criminal Probe Over Mortgage Bonds

NEW YORK (AP) – The U.S. Justice Department is investigating JPMorgan Chase over mortgage-backed investments the bank sold in the run-up to the financial crisis.

Scripps Posts $160 Million Second-Quarter Profit

Knoxville-based Scripps Networks Interactive said Thursday its second-quarter profit increased 12 percent because of strong advertising and distribution revenues and a growing international business.

NATIONAL GOVERNMENT

Obama to Sign Student Loan Bill Friday

WASHINGTON (AP) – The White House says President Barack Obama will sign a bill Friday to lower the costs of borrowing for millions of students.

REAL ESTATE

Fannie Mae Posts $10.1 Billion Second-Quarter Net Income

WASHINGTON (AP) – Mortgage giant Fannie Mae earned $10.1 billion in the second quarter, aided by the recovery in the housing market. The government-controlled company has turned a profit in each of the past six quarters.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 84 84 5,157
MORTGAGES 103 103 6,812
FORECLOSURE NOTICES 15 37 1,593
BUILDING PERMITS 0 0 11,979
BANKRUPTCIES 60 105 5,405
BUSINESS LICENSES 28 28 2,089
UTILITY CONNECTIONS 97 97 7,155
MARRIAGE LICENSES 24 24 1,482

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