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Memphis Business Journal
New University of Memphis AD ready to 'shake things up' at program
In an ideal world, new University of Memphis athletic director Ed Scott hopes his departure from the Atlantic Coastal Conference (ACC) is not a permanent one. <\p> The soon-to-be-former University of Virginia deputy director held his introductory press conference at Memphis’ Laurie-Walton Basketball Center on Friday, June 28. One of the points he made sure to address both in his opening remarks and Q&A with media afterwards was the desire for Memphis to enter a bigger conference. <\p>
Multibillion-dollar, 2,000-job project officially underway in N. Miss.
Amplify Cell Technologies has broken ground on its multibillion-dollar battery plant for commercial vehicles. It's the largest payroll commitment in Mississippi history, and the third-largest capital investment, officials said.<\p> The total investment is expected to be $2 billion to $3 billion, with 2,000 permanent jobs with $130 million in payroll to North Mississippi. <\p>
Supreme Court decision marks 'seismic shift' on federal rules
Federal agency rules that target businesses and the workplace have been dealt a blow by the latest Supreme Court decision.<\p> The case, Loper Bright Enterprises v. Secretary of Commerce, was specifically focused on fees in a rule by the National Marine Fisheries Service, but ultimately targeted the four-decade framework for federal agency rulemaking known as Chevron — named after a previous Supreme Court case. <\p>
Owners of popular restaurant Downtown to open location in East Memphis
The owners of Cocozza American Italian, Deni and Patrick Reilly, have signed a lease to open a second location at 919 S. Yates Road in East Memphis.<\p> Cocozza was launched in 2020 as a pop-up that ran out of the couple's restaurant Majestic Grille. A brick-and-mortar spot of Cocozza opened in Harbor Town in 2022. <\p>
Wolf River Hospitality opens ambitious dining concept in Collierville
The Wolf River Hospitality Group has tackled pizza with its concept Pyro's; chicken with Abner's; brisket with Wolf River Brisket; ice cream with Levee Coffee & Creamery; and fine-dining with Limelight. But never, until the opening of its latest concept Nashoba, has it taken on the hamburger.<\p> "Think about everything that we've done," said Kirk Cotham, principal of Wolf River, which is headquartered in Germantown. "It's the first time we've ever made a hamburger. So, we're learning, right?"<\p>
Two high-profile local real estate firms merge
Memphis-based Crye-Leike Real Estate Services has merged with Garland Co. Real Estate, effective Friday, June 28. <\p> The two firms have a long shared history. Gary Garland started Crye-Leike's commercial division in 1983 as its first commercial broker.<\p>
Metal Museum receives federal grant for project coming this fall
The Metal Museum has received a grant from the National Endowment for the Arts (NEA).<\p> An award totaling about $1.5 million went to 19 Tennessee arts organizations. The Metal Museum plans to use its share to curate its annual Master Metalsmith exhibition. <\p>
Is Suzano coming for IP? Brazilian co. gives its final answer.
Brazilian pulp company Suzano has ended negotiations over potentially acquiring International Paper, according to a Securities and Exchange Commission (SEC) filing on Thursday, June 27. <\p> The news comes as International Paper progressed in its proposed $9.9 billion acquisition of London-based DS Smith this week, after the waiting period under the Hart-Scott-Rodino (HSR) Act expired as part of the antitrust review process in the U.S. regarding the possible merger. <\p>
Many managers are posting fake jobs. One reason may surprise you.
Employers are turning to fake job listings as a means of boosting staff morale in the current unsettled hiring market, but those ghost postings could have consequences. <\p> That’s according to a recent Resume Builder survey, which found 40% of 649 hiring managers surveyed have posted a fake job listing in the past year. Three in 10 responded they have an active fake-job posting. <\p>
Restaurateur to open market next door for hard-to-find ingredients
Bala Tounkara, the owner of Bala's Bistro and Mande Dibi, is opening a West African market called M&B African Food Market. The market will be adjacent to his barbecue restaurant, Mande Dibi, at 6825 Winchester Road. <\p> The reason for opening the market, Tounkara said, is practical. <\p>
Three big takeaways from FedEx's latest report
FedEx Corp. reported a solid finish to fiscal year 2024 on Tuesday, June 25, and also hinted at possible major changes ahead. <\p> The company reported an adjusted operating income of $6.24 billion, a 16% increase year over year, and $87.7 billion in revenue for FY 2024. <\p>
Visa, Mastercard 'swipe' fee settlement dealt a big blow
A nearly $30 billion settlement involving U.S. retailers and credit card giants Visa Inc. and Mastercard Inc. has been dealt a blow after a judge said it was unlikely she would approve the deal.<\p> During a June 13 hearing on preliminary approval of the proposed settlement involving “swipe” fees, U.S. District Judge for the Eastern District of New York Margo Brodie said she was unlikely to sign off on the deal. Brodie issued a written order on the case on June 25, and while the order itself was sealed, the accompanying memorandum on the court docket stated that the "court finds that it is not likely to grant final approval to the Settlement and accordingly denies Plaintiffs' motion for preliminary settlement approval."<\p>
U of M hires new athletic director from 'Power Five' school
The University of Memphis has found its next athletic director (AD). <\p> Memphis has concluded its two-month search and is hiring Virginia deputy athletic director Ed Scott as successor to Laird Veatch. U of M deputy AD Jeff Crane had served as the school's interim AD since Veatch's departure.<\p>
‘Lock-in effect’ restricts homeowners despite inventory improvements
A U.S. housing market that continues to see home-price appreciation, paired with higher-for-longer mortgage rates, may prolong the lock-in effect that's stymied inventory the past couple of years.<\p> Many housing economists predicted 2024 would see more relief for homebuyers by way of greater inventory and households more willing to sell their homes after being tethered to record-low mortgage rates obtained during the Covid-19 pandemic.<\p>
Prominent Downtown office building goes up for sale
Adam Cutler brought the Crane Co. back to life in 2017. <\p> The historic, five-story building at 254 Court Ave. was the original home of the Daily Memphian and today boasts an occupancy rate of over 90%. Now it's going up for sale.<\p>
WARN notice filed for closure of once hotly anticipated restaurant
The Cheesecake Factory, at the Wolfchase Galleria, is closing its doors on July 14. <\p> The restaurant filed a WARN (worker adjustment and retraining notification) notice on June 25. The Cheesecake Factory is laying off 154 workers with its closing at 2760 N. Germantown Pkwy.<\p>
These jobs soared during the pandemic and are here to stay
Part-time job listings soared during the Covid-19 pandemic and have yet to recede — a potential sign that both workers and employers see benefits in the arrangements. <\p> Beginning in early 2022, the share of part-time jobs posted on job-search engine Indeed grew 10% before leveling off in 2023. <\p>
Leadership Tennessee names 2025 class, with slew of Memphis leaders
Leadership Tennessee has selected its next class.<\p> The statewide organization has named 48 people from 14 counties to its 2024-2025 signature program cohort, according to a news release. The new cohort includes many Memphis and West Tennessee leaders.<\p>
NAR settlement means 'summer of uncertainty' for real estate agents
Teresa King Kinney is no stranger to abrupt change in the real estate industry — and the National Association of Realtors' recent settlement is no exception.<\p> She’s been the CEO of the Miami Association of Realtors and its 60,000-plus agents since 1993. In that time, she's navigated several recessions, the Global Financial Crisis and the turbulent, unpredictable Covid-19 pandemic.<\p>
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