Business

Lenovo's Jay Parker resigns

August 28, 2015

(The News & Observer, Raleigh)

Jay Parker, who became senior vice president of Lenovo's enterprise business in March, has resigned. Parker joined Lenovo in 2007 and was previously president of North American operations. The No.1 PC-maker's North American headquarters are in Morrisville. The company announced this month it was laying off 3,200 workers worldwide, including 230 in the Triangle.

Bissell plans 10-story spec building in Charlotte's Ballantyne

August 28, 2015

(The Charlotte Observer)

The Bissell Corporation plans to build a 10-story, 287,500-square-foot office building in Charlotte's Ballantyne area, which is almost 95% occupied. Construction could start as early as next week and should be complete by November 2016. A 150-room hotel is also planned.

Mayne Pharma plans $65M expansion, 110 jobs in Greenville

August 28, 2015

(The News & Observer, Raleigh)

Mayne Pharma plans to invest $65 million in a manufacturing plant and add 110 jobs to its existing 350 in Greenville. Average annual salary will be $60,000. The Australian drugmaker acquired Greenville-based Metrics in 2012. Mayne's products include treatments for acne, fungal infections and bacterial infections. The new plant will also provide contract-manufacturing services.

Wilmington's Live Oak Bank adds new lending niche

August 28, 2015

(Greater Wilmington Business Journal)

Live Oak Bank, named the best bank to work for by American Banker magazine, will begin offering SBA loans to independent insurance agents. The Wilmington-based lender raised about $82 million in its public debut in July.

Belk would pay $80 million fee if it backs out of Sycamore deal

August 28, 2015

(The Charlotte Observer)

Belk, which agreed to be bought by New York's Sycamore Partners for $3 billion, would have to pay $80 million if the Charlotte-based department store chain backs out of the deal. Sycamore would owe Belk $165 million if it terminates the contract, securities filings show.

Danish drugmaker Novo Nordisk adding 691 jobs near Clayton

August 27, 2015

(The News & Observer, Raleigh)

Novo Nordisk will invest up to $1.7 million and add nearly 700 jobs at a new Johnston County plant. The drugmaker, which also considered its headquarters country of Denmark for the expansion, already employs 719 people in Clayton. The new plant will make ingredients for diabetes products. Jobs will pay an average annual salary of $68,420.

Blue Cross and Blue Shield blames ACA for $50.6M loss

August 27, 2015

(The News & Observer, Raleigh)

The state's largest health insurer says it spent $365 million more on medical claims in 2014 than was required under the Affordable Care Act. The company says the excess spending resulted in a $50.6 million net loss. Blue Cross has requested a 35% rate hike for its ACA customers; the request is under review by the N.C. Department of Insurance.

Ray Lewis' lawsuit versus BB&T heads to trial

August 27, 2015

(Winston-Salem Journal)

Opening arguments started in a trial involving BB&T Corp. and three former NFL players, including former Baltimore Ravens linebacker Ray Lewis, who contend a Florida bank later acquired by BB&T allowed a money-management company to withdraw more than $50 million from their accounts without proper authorization. The dispute involves transactions involving BankAtlantic, which BB&T acquired in 2012. The trial began Tuesday in the U.S. District Court for the Southern District of Florida. Clinton Portis and Derrick Gaffney are the other plaintiffs.

Durham digital printing company raises $25M

August 27, 2015

(The News & Observer, Raleigh)

Spoonflower plans to add at least 50 new employees after raising $25 million from investors, including Boston-based North Bridge Growth Equity and Durham's Bull City Venture Partners. The company, which had revenue of $15.3 million in 2014, allows customers to create and order custom-designed fabrics, wallpaper and gift wrap through its website.

Asheville raises fines for Airbnb rentals

August 27, 2015

(Asheville Citizen-Times)

Asheville City Council voted to increase fines for illegal vacation rentals from $100 to $500 a day. Short-term rentals such as those offered through the Airbnb website are illegal in most parts of the city. Council members are concerned that investors could buy up real estate and essentially turn residential areas into hotel districts.