Business

LabCorp posts strong 2Q results

July 29, 2015

(The Times News, Burlington)

LabCorp reported net income of $168.4 million for the second quarter, a 19% increase over $141.3 million the previous year. Revenue increased 46.3%, due in part to the Burlington-based company's $6 billion acquisition of New Jersey-based contract-research organization Covance.
Also: LabCorp names new executive vice president for Covance

Former CFCC president could face criminal investigation

July 29, 2015

(StarNews, Wilmington)

Former Cape Fear Community College president Ted Spring awarded raises and promotions without approval of the board of trustees and used at least $35,993 for personal expenses, according to a report by the N.C. Office of the State Auditor. Spring resigned abruptly in January, later demanded to be reinstated and filed a lawsuit against the school.

Citrix CEO to retire; company may spin off GoTo products

July 29, 2015

(The News & Observer, Raleigh)

Citrix Systems announced that CEO Mark Templeton will retire once a successor is named. Templeton has been CEO of the software company since 2001. Citrix, which employs about 600 in Raleigh, said it is considering a sale or spinoff of its GoTo products, including GoToMeeting, amid pressure from an activist investor.

NTE Energy breaks ground on Kings Mountain power plant

July 29, 2015

(The Shelby Star)

Florida-based NTE Energy broke ground Tuesday on a new natural-gas power plant in Kings Mountain. The plant is expected to be operational by the first quarter of 2018. The city expects to save between $7 million and $8 million a year by 2019 by purchasing energy from NTE.

Charlotte employers prepare for possible changes to overtime pay

July 29, 2015

(The Charlotte Observer)

Some Charlotte businesses are already making changes to adapt to a White House proposal that would increase the number of workers eligible for overtime pay. The Labor Department proposal would make employees earning an annual salary of $50,440 or less eligible for overtime pay.

Reynolds American announces stock split

July 29, 2015

(Winston-Salem Journal)

The board of directors of Reynolds American approved a two-for-one stock split and a 7.5% increase to its quarterly dividend. The Winston-Salem-based company also raised is 2015 earnings forecast by 7 to 10 cents.

Federal judge dismisses whistleblower lawsuit against Wells Fargo

July 29, 2015

(The Charlotte Observer)

A U.S. District Court judge dismissed a lawsuit against Wells Fargo filed by two whistleblowers, including a former employee who lives in Union County. The lawsuit alleged the bank defrauded federal agencies that loaned it money during the financial crisis.

Triangle ranked No. 2 real-estate market for life-sciences industry

July 28, 2015

(The News & Observer, Raleigh)

The Triangle ranked second only to Boston as a top U.S. real-estate market for life-sciences companies, according to a report from real-estate services firm JLL. The report was based on factors including concentration of life-sciences workers, venture-capital funding and government funding.The region ranked fourth last year.

$4M returned to NC film incentive program

July 28, 2015

(StarNews, Wilmington)

The N.C. Film Grant program has $4 million available for qualifying film projects and will accept applications through Aug. 7.  A planned remake of the 1987 film Dirty Dancing has been delayed, prompting producers to release the funds. State legislators have not determined whether additional funds will be restored to the film incentive program for 2015-16.

BofA joins major US companies in $140B environmental initiative

July 28, 2015

(The Charlotte Observer)

Charlotte-based Bank of America joined 12 other major U.S. corporations in committing to decrease their carbon footprints. Apple, Coca-Cola, Goldman Sachs Group and Wal-Mart Stores also pledged to reduce emissions, reduce water consumption and increase production of renewable energy.