Monthly Archives: June 2011

Will Sears choose Tennessee for new HQ?

The race to win Sears Holding Corp. appears to be heating up.

NBC in Chicago and the Detroit Free-Press are reporting that Tennessee has intense competition for the retail giant’s corporate headquarters, saying Michigan is working to lure Sears’s headquarters with incentives worth about $50 million, including tax breaks, housing incentives and relocation grants.

Besides Tennessee, New Jersey, North Carolina and Texas reportedly also are in talks with Sears about a possible relocation.

No word on where in Tennessee the Sears folks would locate. Could Knoxville be on the short list?

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Scripps Networks plans $1B share repurchase


Scripps Networks Interactive Inc. announced today it would invest $1 billion in a stock buyback plan, with a big chunk of the money going to the family trust that controls the


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Knoxville-based lifestyle media company.

Scripps Networks said it would buy 6,430,027 shares of its Class A Common Shares from The Edward W. Scripps Trust for $300 million, or $46.66 per share.

Another $700 million will be spent on buying back Class A Common Shares on the open market or through private transactions, the company said.

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Tennessee slips in ranking of best states for business

Tennessee is the 18th best state for business in 2011, according to CNBC’s annual rankings. That’s down two spots from the 2010 list.

Virginia captured the top spot for the second straight year.

CNBC’s study considers 10 categories: Cost of Doing Business, Workforce, Quality of Life, Economy, Transportation & Infrastructure, Technology & Innovation, Education, Business Friendliness, Access to Capital and Cost of Living.

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AG puts the squeeze on Amazon

Amazon.com’s effort to escape collecting sales taxes in Tennessee suffered another blow on Tuesday. This time from state Attorney General Bob Cooper who issued a ruling that says a proposed law that would mandate that the online retailer collect state sales taxes when it opens facilities in the state is constitutionally sound.

Cooper’s opinion will bolster efforts to pass the bill sponsored by Sen. Randy McNally, R-Oak Ridge, and Rep. Charles Sargent, R-Franklin when the Legislature meets next year.

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The one that got away when Midway died

Morristown recently landed a potential big deal — Freedom Energy Diesel’s proposed $405 million coal gasification plant that would create an estimated 600 jobs.

Freedom Energy still has a number of hoops to jump through, but the plant would be a major boost for the regional economy if it happens.

It’s good that Morristown stands to benefit, but the project could have come to Knox County.

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Small business gets larger share of federal pie

Small business won a larger share of federal contracting in 2010, the second straight annual increase, the U.S. Small Business Administration reported recently.

In 2010, small businesses received $97.95 billion in federal contracts, 22.7 percent of the available total, according to the SBA. In 2009, small businesses received 21.9 percent of the federal total.

In the previous four years small business’ share of federal contracts dropped.

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UT student Gregg Rader wins national economics title

All those pundits who think they know how to fix the economy, might want to call University gregg_rader_210.jpgof Tennessee student Gregg Rader for some real insight.

Rader, an economics junior, recently was named Pearson’s Future Economic Insider at the National Economics Insider Symposium held in Washington, D.C. this month.

Rader was was one of 12 finalists who presented their ideas for how to improve the economy to a panel of international experts.

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Steve Forbes selective memory will fix economy

In the wake of the Fed’s dismal economic forecast, businessman and former presidential
forbes.co%232356.jpgcandidate Steve Forbes weighs in today with his recommendations for fixing the economy.

In an interview on The Daily Ticker, Forbes pitches a return to the gold standard, cutting corporate taxes and recalls the successful “pro-growth” policies of the Reagan era.

Forbes conveniently ignores the fact that Reagan raised taxes several times to keep the economy growing. Nonetheless, it’s always interesting to listen to Forbes view of the world.

Video: Want To Fix The Economy? Cut Taxes And Go Back To The Gold Standard, Says Steve Forbes

Photo: Steve Forbes/ Knoxville News Sentinel archives

Tennessee should cut a better Amazon deal

Amazon.com knows it should be collecting sales taxes on purchases in Tennessee and othere states where it has an office, store or any physical presence. A deal the online retailer has offered Texas proves it.

Amazon has promised to create 5,000 jobs and invest $300 million in new distribution centers in Texas if the state lets the company “off the hook for collecting sales taxes from its Texas customers over the next 4 ½ years,” according to The Dallas Morning News.

Presumably, the company would start collecting sales tax after 4 ½ years.

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Ruby Tuesday gets no love from The Street.com

 

Ruby Tuesday

Ruby Tuesday

Maryville-based Ruby Tuesday Inc. is among 14 restaurant stocks on The Street.com’s risky list published today.

“Ruby Tuesday’s Z-Score has held steady at 2.57 for several years now, indicating the casual restaurant chain remains on stable-yet-shaky ground, unable to move the needle higher,” Street says.

 

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