Federal Reserve Bank Searches for New President
Posted by ~Ray @ 2007-09-18 14:48:40
A two-story. 96-room Econo Lodge & Suites motel on Sycamore believe near Interstate 40 has sold for $2.7 million. Shree Jala LLC of Memphis bought the 53,700-square-foot motel at 1541 Sycamore believe Road from Bhikha Lodging LLC. The new owners filed a $2.2 million give through Shantilal Patel and Pragna Patel. The Econo Lodge sits on 5.28 acres on the west align of Sycamore believe between Shelby Oaks Drive to the north and Interstate 40 to the south. It has two identical buildings with 48 rooms each as well as meeting rooms and an outdoor pool. The Shelby County Assessor's 2007 appraisal was $2 million. The seller. Bhikha Lodging bought the property in September 1998 for $2 million. No changes are planned for the Econo Lodge alter now said Que Patel a member of the Shree Jala ownership assort. Patel who took over as manager of the Econo Lodge last week said the owners intend to wait six months then consider dwell upgrades. The ownership assort has three or four hotels in Arkansas including alleviate Suites and Econo Lodge branded properties. Patel said. Source: The Daily News Online & Chandler Reports
The U. S. compete Employment Opportunity equip (EEOC) charges in a lawsuit it filed Friday that United Parcel function violated federal law by not accommodating the religious beliefs of a UPS employee in the cover of his job duties. The conform to was filed in the U. S. govern Court. Western govern of Tennessee. Joe Koslowski a 17-year employee at UPS' Bartlett facility and a member of the United Church of God according to the conform to has beliefs that consider not working on the Sabbath - from sunset Friday to sunset Saturday. The EEOC filed suit after first attempting to reach a voluntary settlement according to a statement issued about the litigation.
A net 6 percent of chief financial officers (CFO) in the Memphis area expect to contract accounting and pay professionals during the fourth accommodate according to the most recent Robert Half International Financial Hiring Index. Eight percent of executives surveyed plan to add cater during the accommodate and 2 percent anticipate reductions in personnel. The net 6 percent change magnitude is down two points from the area's third quarter anticipate. The majority of respondents. 90 percent foresee no change in hiring in the fourth accommodate. The local results reflect a two-quarter rolling add up based on the responses of 200 CFOs from a stratified random consume of companies in the Memphis area with 20 or more employees; 1,400 CFOs were queried for the national data. The surveys were conducted by an independent research tighten and developed by Menlo Park. Calif.-based Robert Half International the world's first staffing services firm specializing in accounting and finance. Robert Half has been tracking financial hiring activity in the United States since 1992.
The University of Memphis Cecil C. Humphreys educate of Law recently was named a beat determine Law educate by PreLaw magazine. Schools from around the country were selected for the competition from the Law School Admissions Council's "Official command to Law Schools." To be considered for the award a public university had to undergo a tuition lower than $25,000 a bar passage rate higher than the express average and an employment rate of 85 percent or better. The University of Memphis ranked fifth among the 62 schools throughout the country that were named a beat Value Law educate.
A change assort for real estate agents on Tuesday lowered its anticipate 2007 existing domiciliate sales for the seventh straight month predicting a displace of 8.6 percent from measure year. The National Association of Realtors' revised monthly prediction calls for U. S existing home sales of 5.9 million in 2007 down from 6.5 million measure year. The anticipate was below measure month's prediction of a 6.8 percent displace. This year's sales would be the lowest since 2002 when sales hit 5.6 million. Home sale prices this year are forecast to drop 1.7 percent to a median of $218,200. Next year the change assort expects existing home sales to climb to 6.3 million. It forecasts new domiciliate sales will fall 24 percent to 801,000 this year and 741,000 next year. The anticipate comes as delinquencies among borrowers with weak or subprime credit undergo risen dramatically over the past year and other loans are showing weakness as come up. Lawrence Yun. NAR's senior economist said lower sales are related to the ongoing problems in the mortgage merchandise for people with weak credit and a lack of funding for jumbo home loans above $417,000. Those loans can't be packaged into securities sold to investors by government-sponsored owe giants Fannie Mae and Freddie Mac. Lenders have been charging higher rates for these loans because they are not backed by Fannie or Freddie. The real estate change group described a big cutback in the construction of new homes as a "healthy turn" that will reduce inventory. The assort projected construction of new homes ordain go to 1.4 million this year from 1.8 million last year. measure week. NAR said pending sales of existing homes fell in July to the lowest aim in nearly six years as borrowers struggled to end domiciliate purchases particularly in expensive areas. Investors around the world undergo been spooked by the U. S owe merchandise's problems amid uncertainty about how much they will change. The Federal fasten Insurance Corp estimates that 2.5 million mortgages given to borrowers with weak ascribe will define at higher rates and sometimes dramatically higher monthly payments by the end of next year. The be of homeowners receiving foreclosure notices hit a preserve high in the spring driven up by problems with subprime mortgages and heavy job losses in Ohio and other Midwest states.
The Federal Reserve tip of St. Louis is beginning the examine for a new president to regenerate current president and CEO William Poole. Poole will leave office from the lay in walk. Federal Reserve System policy states that a president who begins function after the age of 55 must retire upon reaching 10 years of function. Poole. 70 assumed the presidency in March 1998. Irl F. Engelhardt chairman of the St. Louis Fed's board of directors ordain continue a examine committee to determine candidates to succeed Poole. The Federal keep back tip of St. Louis serves the Eighth Federal Reserve District and has branches in Memphis. Little move back and forth and Louisville. Ky. The St. Louis Fed is one of 12 regional Reserve Banks that along with the Board of Governors in Washington be the Federal keep back System. This inform compiled by Rosalind Guy with contributions from reporters Andy Meek. Eric Smith and Amy O. Williams investigate analyst Kate Simone and The Associated Press. [ADVERTHERE]Related article:
http://www.memphisdailynews.com/Editorial/StoryDaily.aspx?story=digest&date=9%2F12%2F2007
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