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VOL. 37 | NO. 31 | Friday, August 2, 2013

With tradition below, construction above 8th Avenue finds its footing

‘Hipsters, regular folks’ fuel change

My, what a difference a decade makes. A little more than 10 years ago, Metro police vice officers were shutting down massage parlors up and down 8th Avenue South.

Amid 8th Avenue change, a smokey, dark, underground oasis

Kevin Wright slices limes for the promised ice-cold tequila shots – “We serve all kinds of liquor and beer,” he says – as another day gets underway in the literal foundation from which is springing a “new” strip of mixed retail and residential development in Melrose.

John Prine finds a fan at the snooker table

Trombone player and singer Adam Jones never really appreciated John Prine until he watched him knock the cherries down on the 12-foot snooker table 16 steps below Eighth Avenue.

Franklin firm scores big with security contracts

While its name may be better known for firearms, Franklin-based Smith & Wesson Security Solutions has been making inroads into broader, more physical security systems for the U.S. government.

Local Weather
Nashville, TN
Wind: North at 3.5 mph
Humidity: 90%


Chamber East Networking Coffee. Join business and community leaders in East Nashville for the Chamber East monthly networking coffee and community update. Today, 7:30-9 a.m., Location TBA. Information: nashvillechamber.com, 743-3053.

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Be careful in quest for lower interest rates

Home sales in the Nashville area continue to be hot despite the recent rise in interest rates. This increase has been much-anticipated and, many feel, a portent of things to come as these artificially low rates have to end at some point.


It's up to Titans to regain respect, excitement of glory days

When a team hasn’t won a playoff game in nearly a decade and hasn’t been to the postseason in five years, it’s easy to slip off the radar.


Watkins welcomes 4 new trustees to board

Watkins College of Art, Design & Film has named William H. Braddy III, Deborah G. Crowder, Marci Mason, and Cano A. Ozgener to its board. Each will serve three-year terms.


Wall Street is having fun, even if you aren’t

Your bankbook feels fatter these days and you sleep better at night.


Southwest shows right model for surviving crises

With all the attention paid to big brands making big blunders in the face of crisis, it’s refreshing to celebrate a brand getting it right.


A 'barn raising' company culture

Let’s think like farmers for a minute. It has often struck me that if you want to develop practical solutions to problems, you should try to think like farmers.


Clock strikes ‘Midnight’ for Faulkner defenders

“The court has viewed Woody Allen’s movie, Midnight in Paris, read the book, Requiem for a Nun, and is thankful that the parties did not ask the court to compare The Sound and the Fury with Sharknado.”


Finding high art in the vegetable garden

This past week, and in the weeks to come, Don and I have been moving. We have purchased another house that’s much smaller, and the yard – well, the new place is a patio home, so it’s just about non-existent.


Country Hall of Famer 'Cowboy' Jack Clement dies

NASHVILLE (AP) - "Cowboy" Jack Clement, a producer, engineer, songwriter and beloved figure who helped birth rock 'n' roll and push country music into modern times, has died. He was 82.


State architect named to head general services

NASHVILLE (AP) - Gov. Bill Haslam has named Robert E. Oglesby to become the new commissioner of the state Department of General Services.


CCA warden says he didn't know about understaffing

BOISE, Idaho (AP) — A former warden for private prison giant Corrections Corporation of America says he didn't know that mandatory posts at the Idaho prison he led were chronically unstaffed.


Six of 12 small cars do well in front crash tests

DETROIT (AP) — Two redesigned Honda Civic models were the only small cars to get the top rating in stringent front-end crash tests performed by an insurance industry group.

Tesla shares jump on narrowed 2Q loss

DETROIT (AP) — Electric car maker Tesla reported a narrower loss for the second quarter on Wednesday, sparking an after-hours rally in its stock.


White House floats health care fix for Congress

WASHINGTON (AP) — It started out a political "gotcha" — an amendment to President Barack Obama's health care law requiring members of Congress and staffers to get the same coverage offered to uninsured Americans. Wednesday, the administration tossed it back in the lap of Congress.


Measure of US jobless claims falls to 6-year low

WASHINGTON (AP) — A measure of Americans who applied for unemployment benefits over the past month has fallen to its lowest level in almost six years, signaling fewer layoffs.

Retailers see slow start to back-to-school season

NEW YORK (AP) — Retailers are reporting a slow start to the critical back-to-school shopping season in July. Shoppers focused on discounted summer merchandise but held off on picking up new fall clothing in an uncertain economy.

An early gain fades on Wall Street

NEW YORK (AP) — An early rally on Wall Street fizzled, leaving the stock market slightly higher in midday trading Thursday.

Oil price rises toward $105 as supplies drop

BANGKOK (AP) — A drop in oil supplies and positive Chinese trade figures helped boost the price of oil on Thursday.

US average rate on 30-year loan at 4.40 pct.

WASHINGTON (AP) — Average U.S. rates on fixed mortgages barely changed this week, giving prospective homebuyers time to lock in relatively low rates.

Fannie Mae posts $10.1B net income for 2Q

WASHINGTON (AP) — Mortgage giant Fannie Mae earned $10.1 billion in the second quarter, aided by the recovery in the housing market. The government-controlled company has turned a profit in each of the past six quarters.

McDonald's sales edge up on better US results

NEW YORK (AP) — McDonald's says a key sales figure edged up modestly in July, as the Dollar Menu and Big Macs in the U.S. helped offset declines in other parts of the world.


Obama to sign student loan bill Friday

WASHINGTON (AP) — The White House says President Barack Obama will sign a bill Friday to lower the costs of borrowing for millions of students.


Appelate court clerk's office to install new tracking system

NASHVILLE (AP) — The Tennessee appellate court clerk's office is installing a new system to track appeals and provide online access.

John Rambo appointed to 1st Judicial District

NASHVILLE (AP) — Gov. Bill Haslam has appointed John C. Rambo as chancellor of the 1st Judicial District that serves Washington, Unicoi, Carter and Johnson counties.


US consumer borrowing rose $13.8 billion in June

WASHINGTON (AP) — Americans borrowed more in June to buy cars and attend schools. But they were frugal again with their credit cards, indicating many remain wary of taking on high-interest debt.

Weak earnings drag stocks lower on Wall Street

NEW YORK (AP) — Stocks are closing lower on Wall Street after several companies reported weak earnings.

Oil falls on Fed worries, supply figures

NEW YORK (AP) — The price of oil fell Wednesday as the prospect of the Federal Reserve pulling back on stimulus measures hung over the market.

Freddie Mac earns $5 billion in second quarter

WASHINGTON (AP) — Freddie Mac earned $5 billion from April through March, the seventh straight profitable quarter for the mortgage giant.

Closing Fannie, Freddie could boost mortgage rates

WASHINGTON (AP) — Homebuyers could feel the pinch if Congress follows through on plans to shut down Fannie Mae and Freddie Mac, the government-controlled mortgage guarantee giants that were rescued by a $187 billion taxpayer bailout during the financial crisis.

Samsung seeks smart watch trademarks in US, SKorea

SEOUL, South Korea (AP) — Samsung Electronics Co. has applied for U.S. and South Korean trademarks for a watch that connects to the Internet in the latest sign that consumer technology companies see wearable devices as the future of their business.

Time Warner 2Q net income jumps 87 pct

NEW YORK (AP) — Time Warner, owner of HBO, CNN, and Warner Bros., said Wednesday that its second-quarter net income jumped 87 percent, boosted by better results at its film and TV businesses.


Schumer sees path to passage of immigration bill

WASHINGTON (AP) — One of the key Senate players in the push to overhaul America's immigration system is voicing fresh confidence that an accommodation can be reached with the House.

Post-Romney, some in GOP reject advice to moderate

WASHINGTON (AP) — After Mitt Romney's 2012 loss, many senior Republicans concluded the party must moderate its image on issues such as immigration and reproductive rights.


Cool, wet spring is blessing, curse to TVA revenue

KNOXVILLE (AP) — The Tennessee Valley Authority didn't sell as much electricity in its third fiscal quarter as last year's equivalent period, but it produced more cheap power.


NTSB: Capt took command of Nashville-to-NY flight shortly before accident

NEW YORK (AP) - The captain of a Southwest Airlines plane that landed on a collapsing nose gear at LaGuardia Airport took control from the first officer just 400 feet from the ground, the National Transportation Safety Board said Tuesday.

Judge to open documents in CCA/Idaho prison lawsuit

BOISE, Idaho (AP) — A federal judge has ordered that several documents be unsealed in a lawsuit between Idaho inmates and Corrections Corporation of America just days before a hearing is set over whether the private prison company should be held in contempt of court.


GM to invest $167M more at Spring Hill factory

NASHVILLE (AP) - General Motors plans to spend another $167 million at its Tennessee factory so it can build two new midsize vehicles.

Quality helps Americans keep old cars longer

TRAVERSE CITY, Mich. (AP) — Americans are keeping their cars and trucks longer than ever, and even with new car sales increasing, the average age will continue to rise, an industry research firm says.

GM knocks 12.5 percent off Volt price

DETROIT (AP) — General Motors is knocking 13 percent off the sticker price of the Chevrolet Volt electric car as it tries to keep pace with rivals in the market for plug-in vehicles.


Weak earnings tug stocks lower on Wall Street

NEW YORK (AP) — Disappointing earnings news and a slump in bank stocks tugged the stock market lower early Wednesday, putting major indexes on track for their first three-day drop since June.

Oil falls with stocks; gasoline down vs. year ago

NEW YORK (AP) — The price of oil fell along with the stock market Tuesday. Meanwhile, the price of gasoline costs less than a year ago for the first time in more than two months.

US job openings rise in June, hiring falls

WASHINGTON (AP) — U.S. employers in June advertised the most jobs in five years but hired fewer workers, a mixed sign for the recovering job market.

US trade deficit narrows to $34.2 billion in June

WASHINGTON (AP) — The U.S. trade deficit narrowed sharply in June to its lowest level in more than 3 ½ years. Exports rose to all-time high and imports declined, signs that economic growth could be stronger than previously thought.

US home prices vault nearly 12 percent in June

U.S. home prices surged 11.9 percent in June from a year earlier, reflecting stronger demand amid a tight supply of homes for sale.

UBS paying $50M to settle SEC charges on bond sale

WASHINGTON (AP) — Switzerland's biggest bank, UBS, has agreed to pay about $50 million to settle federal civil charges of misleading investors in its sale of risky mortgage bonds ahead of the 2008 financial crisis.

Late-payment rate on mortgages fell in 2Q

LOS ANGELES (AP) — Homeowners are doing a better job of making timely mortgage payments, a trend that brought down the national late-payment rate on home loans in the second quarter to the lowest level in five years.

Challenges face Bezos as he buys Washington Post

LOS ANGELES (AP) — Jeff Bezos turned selling books online into a multibillion-dollar business that has changed retailing forever. Many are now anxious to see if Bezos can do the same for the media industry, after the Amazon.com founder announced he is buying The Washington Post and other newspapers for $250 million.


Obama heads to Phoenix to pitch mortgage reform

WASHINGTON (AP) — President Barack Obama is proposing to overhaul the nation's mortgage finance system, including shutting down government-backed Fannie Mae and Freddie Mac — a plan with bipartisan support on Capitol Hill.

Immigration bill critics focus on health law delay

WASHINGTON (AP) — For many House conservatives, President Barack Obama's decision to delay a central provision of his health care law has emerged as a major arguing point — not against that law but in opposition to immigration legislation.


Corrections Corp. of America closes on $36M buyout

NASHVILLE (AP) - Corrections Corp. of America, one of the largest prison operators in the country, has completed its approximately $36 million acquisition of the privately held Correctional Alternatives Inc.


States consider regulation of drones in US skies

CINCINNATI (AP) — Thousands of civilian drones are expected in U.S. skies within a few years and concerns they could be used to spy on Americans are fueling legislative efforts in several states to regulate the unmanned aircraft.

House GOP caucus chairman Casada draws opponent

NASHVILLE (AP) - House Republican Caucus Chairman Glen Casada has drawn his first primary opponent in a decade.


Growth at US service firms jumps on new orders

WASHINGTON (AP) — U.S. service firms expanded in July at the fastest pace since February, fueled by a brisker month of sales and a jump in new orders. The increase suggests economic growth could be picking up after a weak first half of the year.

Stocks slip on a quiet day on Wall Street

NEW YORK (AP) — A quiet day of trading left stock indexes mixed Monday.

Oil posts small loss; US pump prices fall

NEW YORK (AP) — Oil fell slightly Monday as the market waited for the latest forecasts for global demand.

Amazon founder Bezos to buy Washington Post

WASHINGTON (AP) — Amazon.com founder Jeff Bezos is buying The Washington Post and other newspapers for $250 million.

Britt proposes CBS be sold 'a la carte'

LOS ANGELES (AP) — Time Warner Cable CEO Glenn Britt has offered to end a four-day blackout of CBS stations, saying the cable operator would allow CBS to sell its stations' signal "a la carte" to consumers instead of being packaged with other channels.

Will fast-food protests spur higher minimum wage?

Terrance Wise has two jobs in Kansas City — one at a burger joint, a second at a pizza restaurant — but he says his paychecks aren't enough to buy shoes for his three daughters and insure his 15-year-old car. So he decided to draw attention to his plight: He walked off work in protest.

'The Simpsons' to get a Lego series

COPENHAGEN, Denmark (AP) — Want to build a new home for Homer or try out a new hairstyle for Marge?

Newsweek to be purchased by IBT Media

NEW YORK (AP) — Newsweek is being sold for the second time in just a few years.


House GOP plans anti-Washington push in August

WASHINGTON (AP) — House Republicans will take a carefully orchestrated, staunchly anti-Washington campaign to voters this month, blaming President Barack Obama and his fellow Democrats for Americans' unhappiness with government.


Restraining order filed against rocker Jack White

NASHVILLE (AP) - The estranged wife of rocker Jack White has filed a restraining order against him after she said in their divorce filings he was threatening her and she fears for her safety and her children's.


Tennessee Chamber to host business tax seminar

NASHVILLE (AP) - The Tennessee Chamber of Commerce and Industry is hosting a seminar Tuesday for businesses on important changes to Tennessee tax law.


General Services head leaving for private sector

NASHVILLE (AP) - The commissioner of the Tennessee Department of General Services is leaving to take a job in the private sector, Gov. Bill Haslam said Friday.

Supermarket wine supporters tout new study

NASHVILLE (AP) - Proponents of allowing wine to be sold in Tennessee supermarkets and convenience stores are touting a new study that they say suggests that the change would not be linked to increased crime or traffic fatalities.

Vote delayed on Haslam adviser's lobbying case

NASHVILLE (AP) — A vote to scuttle penalties against prominent Republican operative Tom Ingram fell short Thursday in the state Ethics Commission.


Hospital operator HCA's 2Q profit rises 8.2 pct

NASHVILLE (AP) — HCA Holdings Inc.'s second-quarter earnings climbed more than 8 percent, as the largest U.S. hospital chain saw admissions climb at its established locations and reaped more revenue out of each admission.


Toyota profit up on cheap yen, forecasts raised

TOKYO (AP) — Toyota Motor Corp. said its profit for the first quarter of the fiscal year nearly doubled from a year ago, and set an ambitious, worldwide production goal that would break industry records if reached.

Auto sales rise as small cars enjoy summer surge

DETROIT (AP) — Pickup trucks may have led the charge, but strong sales of small cars in July showed demand for new vehicles is broad — and not slowing down.


Stocks erase an early loss and end slightly higher

NEW YORK (AP) — The stock market is closing slightly higher after erasing an early loss.

Oil falls after data show tepid US jobs growth

NEW YORK (AP) — The price of oil fell Friday after two days of big gains, as investors took profits following a report that showed job growth slowed in the U.S. last month.

US employers add 162K jobs, rate falls to 7.4 pct.

WASHINGTON (AP) — U.S. employers added 162,000 jobs in July, a modest increase and the fewest since March. At the same time, the unemployment rate fell to a 4½-year low of 7.4 percent, a hopeful sign.

US consumer spending up 0.5 percent in June

WASHINGTON (AP) — Consumers increased their spending in June at the fastest pace in four months even though their income growth slowed.

Orders placed with US factories up 1.5 percent

WASHINGTON (AP) — Orders placed with U.S. factories rose to a record high in June, boosted by strong demand for airplanes, machinery and autos.

Employers aren't cutting, or adding, many staffers

WASHINGTON (AP) — Companies have all but stopped laying off workers. They just aren't hiring many.

Unions get creative to halt decline in membership

WASHINGTON (AP) — With union membership on the decline, labor leaders are getting more creative — and some say more desperate — to boost sagging numbers and rebuild their waning clout.

Michael Dell adds dividend payment to buyout offer

ROUND ROCK, Texas (AP) — A special committee of Dell's board has agreed to an increased offer from founder Michael Dell that would add a special dividend for shareholders.

Icahn files lawsuit over latest Dell buyout offer

Activist investor Carl Icahn is suing Dell to prevent the PC maker from changing crucial details of a buyout offer from founder Michael Dell that Icahn stridently opposes.

Viacom 3Q net income rises 20 pct

NEW YORK (AP) — Viacom Inc. said Friday that its fiscal third-quarter net income rose 20 percent, boosted by higher affiliate fees at its cable TV channels and an increase in advertising revenue.

US factory means buyers can customize Google phone

NEW YORK (AP) — With its first smartphone designed completely in-house, Google is demonstrating one of the benefits of moving production from Asia to the U.S.: It's letting buyers customize phones to give them their own style.

Ex-trader 'Fabulous Fab' found liable in SEC case

NEW YORK (AP) — A former Goldman Sachs trader who earned the nickname "Fabulous Fab" was found liable Thursday in a fraud case brought by federal regulators in response to the 2007 mortgage crisis that helped push the country into recession.

US factories rebound with best growth in 2 years

WASHINGTON (AP) — U.S. factories revved up production, hired more workers and received a surge of new orders in July, helping them expand at the fastest pace in two years. The gains suggest manufacturing is rebounding and could provide a spark to economic growth.

USPS eyes alcohol deliveries

WASHINGTON (AP) — Postmaster General Patrick Donahoe has a wish list for raising cash for his financially ailing agency. High on it is delivery of beer, wine and spirits.


Congress: Divided, discourteous, taking a break

WASHINGTON (AP) — The accomplishments are few, the chaos plentiful in the 113th Congress, a discourteous model of divided government now beginning a five-week break.

Military paints dire picture from budget cuts

WASHINGTON (AP) — Senior Pentagon leaders offered a sober assessment Thursday of the impact of automatic spending cuts on the military, arguing that they are embarrassing and unsafe for the United States while imploring a stymied Congress to stop them.

Senate GOP kills transportation funding bill

WASHINGTON (AP) — Senate Republicans Thursday killed a $54 billion funding bill for transportation, housing and community development grants because it exceeded the punishing spending limits required under automatic budget cuts that are the product of Washington's failure to deal with its fiscal problems.

Obama picks restructuring expert to take over IRS

WASHINGTON (AP) — President Barack Obama has chosen a retired corporate and government official with experience managing numerous organizations in crisis to take over an Internal Revenue Service under fire for screening of political groups.

Protesters to Congress: Get moving on immigration

WASHINGTON (AP) — Forty-one pro-immigrant activists were arrested outside the Capitol Thursday after blocking traffic while pushing for passage of comprehensive immigration legislation.

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