Business

Chimerix drug to be tested on Ebola patients

October 17, 2014

(The News & Observer, Raleigh)

Durham drug developer Chimerix received FDA approval to begin testing an experimental antiviral drug on people infected with the Ebola virus. 

Laura Schulte to retire from Wells Fargo

October 17, 2014

(The Charlotte Observer)

Laura Schulte, president of community banking for Wells Fargo's Eastern region, will retire by year-end. Schulte moved to Charlotte five years ago following the San Francisco-based bank's merger with Wachovia and his been with the company for more than 30 years. Michelle Lee, president of community banking operations for the Northeast, will succeed her.

Kannapolis officials consider purchasing Murdock properties

October 17, 2014

(The Independent Tribune, Concord)

Kannapolis City Council will review several downtown properties the city may offer to buy from billionaire David Murdock. Murdock's Castle & Cook company has owned much of downtown Kannapolis since he bought the former Cannon Mills in 1982. 

Sears store closing at Cary Towne Center

October 17, 2014

(The News & Observer, Raleigh)

Sears Holdings will close its store at Cary Towne Center mall by mid-January. The store's 66 employees may apply for jobs at other Sears and Kmart stores.

NC State's Lomax joins RTI International

October 17, 2014

(WRAL TechWire)

Terri Lomax will become vice president for discovery, science and technology at RTI International in December. Lomax has been Vice Chancellor for Research, Innovation and Economic Development at N.C. State University since 2009. 

St. James residents seek removal of planning board member

October 17, 2014

(StarNews, Wilmington)

Residents of St. James Plantation are asking for the removal of alternate planning board member Bob Accordino. Residents cite a conflict of interest between Accordino's role as the owner of a business that installs porches and sunrooms in the community and as a board member who gets to vote on which architectural projects are approved. 

Cisco lays off 225 at RTP

October 16, 2014

(The News & Observer, Raleigh)

Cisco Systems confirmed it laid off 225 employees in Research Triangle Park as part of a corporate restructuring that will cut 6,000 jobs from its global workforce. The San Jose, Calif.-based networking equipment provider announced this summer it would create 550 new jobs at RTP by the end of 2017 – the company will have to fill vacancies created by the layoffs in order to receive state incentives of up to $12.9 million.

Legal fees bring BofA profits down

October 16, 2014

(The Charlotte Observer)

Bank of America's third quarter profits fell to $168 million, down from $2.5 billion a year ago, thanks to a $16 billion mortgage settlement with the U.S. Justice Department in August (Statewide, October). Executives said the Charlotte-based bank has reached its Project New BAC goal of reducing quarterly expenses by $2 billion nine months ahead of schedule.
Related: Analysts question Moynihan about combining chairman, CEO roles

Battery company plans up to 2,500 jobs in Concord

October 16, 2014

(Independent Tribune, Concord)

Alevo Battery Technology expects to bring up to 2,500 jobs to the former Philip Morris plant in Concord, company spokesman Julian Tanner told the Independent Tribune on Tuesday. Victory Industrial Park, Alevo's parent company, bought the 2,000-acre campus, which has been idle since 2007, in April. The company plans to make a jobs announcement and provide more details on Oct. 28.

Judge denies Phelps' request to halt liquidation of tobacco companies

October 16, 2014

(Winston-Salem Journal)

A U.S. Bankruptcy Court judge denied Calvin Phelps' request to stop the liquidation of three bankrupt tobacco companies he previously owned. Phelps was sentenced to 40 months in federal prison after pleading guilty to fraud charges earlier this year ("Rise and fall of Renegade," October).