Metro Hotels Finances Downtown Best Western

Metro Hotels Inc. has financed the Best Western Hotel at 164 Union Ave. through Farmers Insurance Group Federal Credit Union for $3.1 million. The property, located at the northwest corner of Union Avenue and South Third Street, includes a five-story concrete hotel built in 1910. Metro Hotels purchased the property in 1994 from Southern Hotel Corp. for $1.5 million.

CN Plans Improvements to Memphis Rail Yard

Canadian National Railway Co. has announced plans to spend nearly $1.3 billion on infrastructure enhancements and other network improvements in 2006, and the list includes a reconfiguration of the railway's Johnston Yard in Memphis. The figure marks a capital program spending increase of 9 percent over 2005 for the Montreal-based railroad company.

MLGW, Union Reach Compromise Agreement

MLGW leaders and the International Brotherhood of Electrical Workers Local 1288 reached a compromise agreement in their current labor negotiations, MLGW announced Friday. The compromise agreement is a new four-year contract that will give bargaining unit employees a 3 percent raise in 2006 and 2007 and a 2 percent raise in 2008 and 2009. The IBEW Local 1288 represents nearly 1,900 of the utility's 2,800 employees.

FedEx Announces New Rate Increase

FedEx Corp. announced Friday that it will raise its rates for ground and home delivery shipments by an average of 3.9 percent starting Jan. 2. The increase comes in addition to rate hikes announced earlier this fall. FedEx also will raise its express and ground shipment handling surcharge and ground shipment collect on delivery, or COD, charge by $1 per package, the company said.