Verizon to build Tennessee headquarters – New facility slated to add 600-700 jobs

The new facility is slated to add between 600 and 700 new jobs over the next three to five years, said Jerry Fountain, president of Verizon Wireless’ Carolinas and Tennessee region. The new headquarters building, which will be built in the Cool Springs neighborhood of Franklin, will also draw some existing workers in the Nashville area, bringing the total projected work force there to about 1,300, he said.

Verizon Wireless, a joint venture between Verizon Communications Inc. and U.K.-based Vodafone Group PLC, currently employs about 2,200 people in Tennessee.

Fountain said the company has invested $545 million on its network in Tennessee over the last four years.

‘We’ve expanded our presence significantly, and the time came to really establish a Tennessee headquarters,’ he said.

Gov. Phil Bredesen said Verizon Wireless will add the kind of jobs that he is trying to promote in Tennessee.

‘I’m really trying to create more jobs in Tennessee that are these higher-skilled jobs dependent on technology,’ he said.

Verizon Wireless will qualify for several state tax breaks for building the new headquarters and adding jobs, but Revenue Commissioner Reagan Farr said he could not immediately say how large the incentive package will be.

‘Right now they’re still working on what those final investment figures and job totals are going to be, so it’s difficult to say,’ Farr said.

‘ ‘ ‘ ‘ ‘

Tennessee’s unemployment rate for July, released last week, shows the rate unchanged at 4.1 percent. The United States rate for July is 4.6 percent, an .01 increase from June.

In Tennessee, 78 counties saw unemployment decrease, while 17 counties registered an increase.

Knoxville has the lowest of any major metropolitan center at 3.1 percent. Memphis is the highest at 4.8 percent, which is down .02 percent.

In Warren County, the unemployment rate is 6.0 percent. That’s down from 6.2 percent in June, and considerably down from 10.0 percent in July 2006.

‘ ‘ ‘ ‘ ‘

WASHINGTON (AP) ‘ Banks have stepped up their borrowing from the Federal Reserve, a development encouraged by central bank policymakers to help stem a credit crunch that has roiled Wall Street.

The Federal Reserve said daily borrowing averaged $1.2 billion for the seven days ending Wednesday. That was the third-highest weekly average since at least the Sept. 11, 2001, terror attacks, the Fed said.

On just Wednesday alone, $2 billion was borrowed. That was the most in a single day since April 12, 2006, the Fed said.

There was heightened interest in the report because it offered the best picture thus far on the extent to which banks were using the ‘discount window’ after the Fed’s announcement last week that it was cutting rates to banks for these loans.

‘ ‘ ‘ ‘ ‘

WASHINGTON (AP) ‘ Two major airlines were fined $300 million apiece Thursday after admitting they conspired to fix prices on international flights and agreeing to help prosecutors investigate other airlines.

British Airways PLC, Britain’s largest airline, and Korean Air Co., South Korea’s national carrier, pleaded guilty to antitrust conspiracy charges. They acknowledged colluding with rivals over cargo rates and fuel surcharges, which were added to fares in response to rising oil prices. That meant higher costs for international shippers and passengers.

U.S. District Judge John D. Bates said the case ‘involved considerable commerce and reflected long-term and widespread conduct involving major airlines and players.’