Apartment complex sold, renamed Hunters Point
An East Brainerd apartment complex built last year is getting a new owner, name and upgrade.
PointOne Holdings, a private real estate investment company based in Hollywood, Fla., said Wednesday it has purchased The Springs at Chattanooga, a 260-unit, garden-style apartment community located in East Brainerd at 7401 Allemande Way.
Built in 2015, The Springs will be rebranded as Hunters Point,. Units average 963 square feet and feature garden tubs, washer/dryer connections, patios or balconies, bay windows and walk-in closets.
PointOne plans to invest $650,000 in capital improvements to the property, the company said.
The sale of the The Springs is the latest among seven major apartment complexes sold in Hamilton County in the past two months. Collectively, the sales of the rental housing complexes have totaled more than $100 million.
First Tennessee adds AllPoint Network ATMs
First Tennessee Bank has paired with Allpoint Network, an interbank network with automatic teller machines in all 50 states, to increase the number of ATMs available to First Tennessee customers from 359 to more than 43,000 nationwide. The alliance will add ,more than 570 ATMs in Tennessee alone.
Allpoint is the world's largest surcharge-free ATM network, meaning First Tennessee customers will not be assessed a fee to use any of the ATMs across the country.
"By pairing with Allpoint, we are making the banking process more convenient, and we think our customers will respond positively," said Jeff Jackson, First Tennessee's Chattanooga market president said.
Customers can visit the First Tennessee website to find a map showcasing the new ATM locations. The locator tool will also be available in the First Tennessee mobile app.
Toyota recalls 6 million vehicles over air bags
Toyota is recalling about 5.8 million vehicles in Japan, Europe, China and other countries to replace potentially deadly Takata air bag inflators.
The company says it knows of one person injured in a crash involving one of the vehicles but it hasn't determined if the injury was caused by a ruptured inflator.
The vehicles have inflators that can rupture and spew shrapnel. U.S. vehicles with the same inflators are already under recall.
Toyota says the recall brings to 23.1 million the total number of vehicles it has recalled worldwide to fix inflators.
Ford recalls SUVs to fix fuel leaks
Ford is recalling nearly 412,000 older SUVs worldwide to fix fuel leaks that could cause fires.
The recall covers certain 2010 to 2012 Ford Escapes and 2010 to 2011 Mercury Mariners with 3-liter flex-fuel V6 engines.
Ford says a fuel supply part can develop a crack and leak gasoline that could catch fire. A company statement says it's not aware of any accidents, fires or injuries caused by the problem. Most of the recalled SUVs are in North America.
Sales of new homes increase 3.1 percent
More Americans bought new homes in September, a sign that demand remains strong despite a shortage of properties on the market.
Recent hiring gains couples with low interest rates have bolstered the market for new homes. But builders have largely struggled to keep pace with new construction, creating a shortage of listings for would-be buyers.
New-home sales advanced 3.1 percent last month to a seasonally adjusted annual rate of 593,000, the Commerce Department said Wednesday. The gains were concentrated in the Northeast, Midwest and South, as sales tumbled last month in the West.
So far this year, sales have increased 13 percent compared to the same period in 2015. Still, new-home sales still lag their historic pace of roughly 650,000 a year. If the sales pace for 2016 holds, sales will total roughly 566,000 at the end of this year.
Women earnings lag men for 170 years
The global gap in earnings between men and women will not be closed for another 170 years if current trends continue, according to a new report from the World Economic Forum.
The Switzerland-based forum's annual Global Gender Gap Report, released Tuesday, lists economics and health as the most challenging disparities between men and women worldwide. Of the economic divide, the report says that "at the current rate of change, and given the widening economic gender gap since last year, it will not be closed for another 170 years."