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VOL. 128 | NO. 134 | Thursday, July 11, 2013

Daily Digest

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Collierville Retail Center Facing Foreclosure

The owner of the 7,465-square-foot shopping center at 9125 E. Shelby Drive in Collierville is in default, according to a first-run foreclosure notice in the Thursday, July 11, edition of The Daily News.

Premier Retail Solutions of Forest Hill Irene LLC defaulted on a $1.8 million loan through BancorpSouth Bank dated Dec. 28, 2005.

The bank assigned E. Franklin Childress of Baker, Donelson, Bearman, Caldwell & Berkowitz PC as substitute trustee. Childress will hold a substitute trustee’s sale of the property Aug. 1 at noon on the steps of the Shelby County Courthouse.

Per newspaper policy, calls to the parties involved, such as the property owner, deed holder or trustee, are prohibited until the notice is published.

Built in 2005, the Class B retail center sits on 1.1 acres at the southeast corner of East Shelby Drive and Forest Hill-Irene Road. The Shelby County Assessor of Property’s 2013 appraisal is $812,600.

The full text of the notice begins on Page 24 of Thursday’s Daily News and is available at www.memphisdailynews.com.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Early Voting in Suburbs Ends Thursday

Early voting in Shelby County’s six suburban town and cities on the formation of municipal school districts ends Thursday, July 11, at 7 p.m. at the three suburban early voting sites in Germantown, Bartlett and Collierville.

The Downtown early voting site at 157 Poplar Ave. closes at 4 p.m.

The three suburban sites open until 7 p.m. are Bethel Church, 5586 Stage Road, in Bartlett; Collierville Church of Christ, 575 Shelton Road, in Collierville; and New Bethel Baptist Church, 7786 Poplar Pike, in Germantown.

Election day for the set of special elections is Tuesday, July 16, from 7 a.m. to 7 p.m. at 40 election day precincts in the six cities and towns.

During early voting, voters from any of the six cities and towns can vote at any of the early voting sites regardless of where they live.

On election day, voters must vote at the precinct polling place on their voter registration card.

Through Monday, 6,190 citizens had voted early with the Collierville early voting site turning in the highest numbers followed by Germantown.

– Bill Dries

Tennessee Ranked No. 14 in Goods Exports Last Year

Tennessee ranked No. 14 in the nation in goods exports last year, with an estimated value of $30.7 billion, according to a state-by-state analysis by the industry group Business Roundtable.

The analysis found medical equipment is the state’s top goods export, followed by motor vehicle parts, computer equipment, basic chemicals and synthetic rubber and resins.

The state’s medical equipment exports have increased by 28 percent since 2002. In 2012, exports of these products reached about $3.2 billion.

Overall, international trade supports an estimated 788,000 jobs in Tennessee.

– Jennifer Johnson Backer

Restaurant Technologies Opens Memphis Location

Restaurant Technologies Inc., a Minneapolis-based frying-oil delivery, management, removal and equipment service firm, is opening a Memphis location.

The new oil depot at 3930 Willow Lake Blvd. will support 65 current customers across Western Tennessee, Eastern Arkansas, Northern Mississippi and Southern Missouri. It will also supply and service more than 80 new installations coming online in the region during the next four months, according to the company.

RTI installs equipment, and monitors and delivers fresh oil. It also removes used oil. The Memphis depot will initially employ 10 people. McDonald’s, Burger King, KFC, Carrabba’s, Applebee’s and Chili’s, among others, use RTI’s services.

– Amos Maki

US Wholesale Stockpiles Shrink in May, Sales Rise

U.S. wholesalers cut back on restocking in May even as sales rose, indicating economic growth could pick up later this year as they rebuild their stockpiles.

The Commerce Department said Wednesday that wholesale stockpiles shrank 0.5 percent in May, the most in 20 months. That followed a 0.1 percent decline in April, which was revised lower.

Sales at the wholesale level jumped 1.6 percent in May and 0.7 percent in April.

A reduction in stockpiles may prompt economists to cut their growth forecasts for the April-June quarter. But the steady gain in sales suggests companies may have to order more goods in the coming months to keep up with demand. That could boost factory production and drive more economic growth in the second half of the year.

Auto sales jumped 3 percent in May, yet stockpiles were unchanged. And sales of durable goods, items meant to last at least three years, rose 0.3 percent, while inventories of those goods fell by the same amount.

Sales of nondurable goods rose 2.8 percent, the most in more than two years. The gain was driven by large increases in sales of clothing, groceries and pharmaceuticals. Stockpiles of those goods declined 0.8 percent.

Stockpiles of farm goods fell sharply for the second straight month, dropping 6 percent.

That likely reflected the impact of a severe drought last year, which has resulted in lower stockpiles this spring.

Overall wholesale stockpiles totaled $500.9 billion in May, 3.3 percent higher than a year ago.

– The Associated Press

Senate Fails to Keep Student Loan Rates Low

Senate Democrats on Wednesday failed to restore lower interest rates on student loans, again coming up short and perhaps signaling that undergraduates might really face rates twice as high as the ones they enjoyed last year.

The proposal from Democratic leaders would have left interest rates on subsidized Stafford loans at 3.4 percent for another year while lawmakers took up a comprehensive overhaul. The one-year stopgap measure failed to overcome a procedural hurdle as Republicans – and a few Democrats – urged colleagues to consider a plan now that would link interest rates to the financial markets and reduce Congress’ role in setting students’ borrowing rates.

The competing proposals failed and lawmakers said students would face higher costs to repay their loans after graduation.

The failure to win a one-year approval – combined with little interest in such a deal in the Republican-led House – meant students would be borrowing money for fall courses at a rate leaders in both parties called unacceptable.

The rate increase does not affect many students right away; loan documents are generally signed just before students return to campus, and few students returned to school over the July Fourth holiday. Existing loans were not affected.

However, absent congressional action in the coming weeks, the increase could spell an extra $2,600 for an average student returning to campus this fall, according to Congress’ Joint Economic Committee.

During last year’s presidential campaign, lawmakers from both parties voted to keep interest rates on subsidized Stafford loans at 3.4 percent. Yet this year, without a presidential election looming, the issue seemed to fizzle and the July 1 deadline passed without action.

– The Associated Press

Oil Rises 2 Percent on Drop in US Supplies

The price of oil rose nearly 2 percent Wednesday as the U.S. government reported another steep decline in the nation’s supplies of oil and gasoline.

By late morning, benchmark crude for August delivery was up $1.94, or 1.9 percent, to $105.47 a barrel on the New York Mercantile Exchange.

Oil has risen about $12 a barrel, or 13 percent, in the past two weeks to the highest level since early May of last year. The initial catalyst was turmoil in Egypt. The country controls the Suez Canal, a critical channel for oil and gas shipments from the Middle East. But now oil is rising on signs of increased demand in the U.S., the largest consumer of oil and gasoline.

Rising oil prices have reversed a steady decline in the price U.S. drivers pay at the pump. The average price for a gallon of gas rose 2 cents to $3.50. That’s the biggest one-day increase since May 18. The price is still 14 cents cheaper than a month ago.

– The Associated Press

PROPERTY SALES 51 334 9,936
MORTGAGES 41 330 10,946
BUILDING PERMITS 348 1,216 22,173
BANKRUPTCIES 43 348 6,311