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Memphis International retains spot as world's No. 2 air cargo airport
Memphis trailed Hong Kong for bragging rights as world's busiest cargo airport for the second straight year in 2011, though not by much. Memphis International Airport handled 3.9 million metric tons of cargo, basically flat over a year earlier, while No. 1 Hong Kong fell 4.6 percent to 3.94 million metric tons. Memphis is home to the FedEx Express world hub. Shanghai Pudong was No. 3 at 3.1 million metric tons, down 4.3 percent, according to preliminary figures from Airports Council International. Memphis Commercial Appeal
Submitted 2 years 62 days ago

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FedEx to invest $141.8M to consolidate, expand its Memphis flight-simulator operations
FedEx plans to invest $141.8 million to consolidate and expand its flight-training simulator operations in Memphis. The company seeks a 13-year tax break on new manufacturing machinery and equipment and a six-year tax break on real property improvements to retain the existing 333 jobs at 3855 Airways. The application goes before the EDGE (Economic Development Growth Engine) board, which meets Wednesday. “FedEx is by far our largest employer and an enormous driver of the Mid-South economy,” EDGE president Reid Dulberger said. “This investment in such a core function — pilot training — speaks to their commitment to Memphis and Shelby County and the centrality of their hub location here.” Memphis Commercial Appeal
Submitted 2 years 62 days ago

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Saks to open Nashville area distribution center
Saks Inc. will get up to $750,000 in state and local incentives to occupy the former Borders distribution center in La Vergne later this year. The state has agreed to give the upscale retailer job-training and infrastructure grants equal to $3,000 for each of the 250 employees expected to work there at peak capacity, a Saks spokeswoman said. Rutherford County also is abating Saks’ personal property taxes for seven years, spokeswoman Julia Bentley said. The 564,000-square-foot facility at One Waldenbooks Drive is expected to open by August, with hiring expected to begin in April, she said. The Tennessean
Submitted 2 years 62 days ago

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Republicans Learn a Lesson on Tax Cuts
Apparently the Republican leadership in Congress has decided they don't feel like playing chicken over the payroll tax extension again: “Because the president and Senate Democratic leaders have not allowed their conferees to support a responsible bipartisan agreement, today House Republicans will introduce a backup plan that would simply extend the payroll tax holiday for the remainder of the year while the conference negotiations continue regarding offsets, unemployment insurance, and the ‘doc fix,’” said GOP leaders in an official statement Monday afternoon. Mother Jones
Submitted 2 years 62 days ago

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Ten Things President Obama Needs to Hear From China’s New Leader
Chinese leaders announced that Vice President Xi Jinping, the Communist Party’s designated successor to Chinese president Hu Jintao, will try to correct “the trust deficit” when he visits Washington this week. Xi told a gathering of Chinese and U.S. officials commemorating the 40th anniversary of Richard Nixon’s opening to China that he hoped his visit “can play a positive role in advancing the Sino-U.S. cooperative partnership.” The Weekly Standard
Submitted 2 years 62 days ago

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Charlotte-based BofA sees big growth potential in health savings accounts
Bank of America Corp. is seeing record growth in its health savings account business as health care costs continue to rise and employers shift more responsibility onto their workers, the bank said today. Health savings accounts grew by more than a third in 2011, with 50,000 new accounts from existing corporate clients and new relationships with employers and individuals, the bank said. The products are the fastest-growing of the health benefits the Charlotte bank offers, part of a broader business that provides retirement and benefit plans. Charlotte Observer
Submitted 2 years 62 days ago

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With big projects unfolding across Tampa Bay, 10 people to watch in 2012
Signs of a recovering Tampa Bay economy are multiplying. Major rebrandings — whether it's a key technology group, a once-vibrant retail complex, St. Petersburg's prized Pier or the state's largest newspaper — are in full swing. New blood's just arrived to fill important business positions. After many years, downtown Tampa's thinking vertical expansion again. Oh, yeah, there's that political convention coming to town this summer. Who's making all this happen? Meet 10 people to watch in 2012. Tampa Bay Times
Submitted 2 years 62 days ago

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President Barack Obama's budget would hit key Oklahoma economic sector
WASHINGTON — President Barack Obama's new budget targets some of the biggest drivers in Oklahoma's economy — energy, agriculture and defense — with spending reductions and tax increases. The budget, released Monday, would kill a farm subsidy program that provides an estimated $81 million a year in direct payments to Oklahoma producers, mostly wheat farmers, and cut funding for crop insurance. He also would eliminate some of the tax breaks commonly used by independent oil and gas producers to offset exploration and other expenses. The Oklahoman
Submitted 2 years 62 days ago

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Senate sets stage for do-or-die vote on South Florida prison privatization
TALLAHASSEE – After more than four hours of deliberation Monday, Florida lawmakers are set to vote on a massive prison privatization plan for South Florida in what will likely be an emotionally fraught debate and a severe test of Senate President Mike Haridopolos' leadership. The plan, a top priority of Haridopolos and Senate budget chief JD Alexander, would privatize more than two dozen prisons and work camps in South Florida. But though it has the clout of the legislative leaders behind it, the matter has split the Senate and could easily fail. The Orlando Sentinel
Submitted 2 years 62 days ago

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Spend, Tax, Repeat
President Barack Obama loves to talk about how he was open to painful changes in entitlement programs in last year’s private budget talks with Republicans. Oddly enough, his bragged-about courage behind closed doors disappears every time he has to put his vision to paper in the light of day. His latest budget is built on gimmicks and cheery assumptions that support a massive superstructure of new taxes and new debt. It is a blueprint for national decline, a budget worthy of the Élysée Palace in its fiscal indiscipline, its squeeze on defense, and its assumption of ever-increasing centralized bureaucratic power. National Review
Submitted 2 years 62 days ago

 

 

 

Features & Opinion

 Top Ten Places in the South for Relocating California Companies

Reshoring manufacturing capacity from primarily Asia to the South and Mexico is now a common thing to do and it's all about money. When China joined the World Trade Organization in 2001, the average manufacturing wage in China's Pearl River Delta (PRD) was about 58 cents an hour.

 Randle Report - Business News in the South

 FEATURE  
By Dr. Glen Fenter
Desperation sometimes masks itself in acceptance. Such was the case for Takelia Carter of Marion, Ark. For Carter, the mother of six school-age children in a low paying job, desperation was normative existence. This was her life in Crittenden County, Ark., deep in the Delta where unfortunately one in four families lives well below the poverty level.
 

 Business News in the South - Randle Report

FEATURE     
By Mike Randle
There are numerous factors driving the new industrial revolution in the South. And it is a revolution, as this manufacturing surge that began in 2007 continues to break records year after year in the total number of large, capital intensive projects. One factor, of course, is that reshoring of facilities back to the U.S. continues to grow each year.
 
 Nashville Mayour Karl Dean

We try to change up the categories in our annual Ten Top 10s section, but we always include the "Ten People Who Made a Difference" category. This year though, we are honoring 12 and you will learn why by reading about this group of folks who have made a difference in the South. Here is our annual list that includes executives, economic developers and politicians who have made a difference in the South's economy.


 


 

 

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