Business

Lenovo posts first annual loss in 6 years

May 26, 2016

(WRAL TechWire)

PC-maker Lenovo cited a decline in smartphone sales and internal "operational issues" as reasons for the annual loss of $128 million, higher than the $126.6 million that analysts had predicted. Revenue fell 3% when compared with the previous year to $44.9 billion. In the last month, at least three analysts have cut their rating on Lenovo shares, according to Bloomberg. Smartphone shipments have continued to decline for the Beijing-based company, which has its North American headquarters in Morrisville, since acquiring Motorola Mobility in 2014.

Morrisville drug developer raises $49 million

May 26, 2016

(The News & Observer, Raleigh)

Arrivo Bioventures has raised $49 million to acquire or develop new drugs. The funding was led by Jazz Pharmaceuticals and also included Raleigh-based Rex Health Ventures. Arrivo's co-founder and CEO Steve Butts previously started Aerial Biopharma, which was later acquired by Jazz Pharmaceuticals.

Downtown Wilmington building sells for $3.15M

May 26, 2016

(Greater Wilmington Business Journal)

A group of Chapel Hill-based investors paid $3.15 million for a 21,600-square-foot building occupied by McKim & Creed, an engineering firm. McKim & Creed paid $387,680 for the building on North Front Street in 1985, property tax records show. The building, which dates back to the early 1900s, was once home to retailer J.C. Penney.

Monsanto rejects Bayer's $62B offer, still open to talks

May 25, 2016

(WRAL TechWire)

Monsanto said Tuesday that Bayer's all-cash bid valuing the seed company's stock at $122 a share wasn't high enough, but the company remains open to talks. Bayer's CropScience unit is based in RTP; the company said if a deal is struck, its headquarters would move to St. Louis, where Monsanto is based.

Duke Energy inks another deal to turn pig poop into power

May 25, 2016

(The Charlotte Observer)

Duke Energy will buy swine waste from Duplin County pork farms to serve power plants in Wayne and New Hanover counties. It's the utility's second deal announced this year to turn pig poop into power; Duke said in March it will partner with Carbon Cycle Energy to use methane from pig and poultry waste to generate electricity at four N.C. power plants. 

Durham entrepreneur earns spot on Inc.'s 30 Under 30 list

May 25, 2016

(Inc.com)

Tatiana Birgisson, the 26-year-old founder of Mati Energy, made Inc. magazine's 2016 list of coolest young entrepreneurs. Birgisson founded the energy-drink company in her dorm room at Duke University in 2012. Now sold in Whole Foods stores and soon available at Kroger and Costco, Mati expects to bring in $1 million in revenue this year.

Environmental groups challenge $10M bond in Duke Energy case

May 25, 2016

(Asheville Citizen-Times)

Two environmental groups are challenging a ruling that would require them to post a $10 million bond if they appeal the state Utilities Commission's approval of Duke Energy's plans to replace its power plant near Asheville. The utility wants to convert the coal-fired plant to natural gas.

NC startups off to slow start in 2016

May 25, 2016

(WRAL TechWire)

Thirty-two startup companies raised $169 million from 45 investors in the first quarter, according to a report by Durham-based Council for Entrepreneurial Development. It's the weakest start to the year since 2013, when N.C. companies raised $82 million. Life-sciences companies raised the most, with more than $113 million, and there were 11 exits.

Yadkin Bank closing Wilmington branch

May 25, 2016

(Greater Wilmington Business Journal)

Following its $456 million acquisition of Greensboro's NewBridge Bank, Yakdin Bank will close a former NewBridge branch in Wilmington. The branch on Military Cutoff Road will be consolidated with another location.

California software company opens Raleigh office

May 25, 2016

(WRAL TechWire)

WalkMe has opened a Raleigh office and plans to ramp up hiring over the next several years. The Silicon Valley-based software firm makes apps used by more than 700 companies, including AT&T, Cisco and Citrix Systems.