Business

NCDOT chooses route for I-26 connector in Western NC

May 20, 2016

(Asheville Citizen-Times)

Environmentalists applauded the N.C. Department of Transportation's choice of a route for the Interstate 26 Connector Project that will connect downtown Asheville with West Asheville via a bridge across the French Broad River. The plan also includes facilities for pedestrians and bicyclists. The route wasn't part of the DOT's original plans, but local groups proposed the idea and convinced the DOT to support the route.

NC Treasurer says corporate roles present no conflict

May 20, 2016

(The News & Observer, Raleigh)

State Treasurer Janet Cowell brushed off criticism about her decision to accept board positions at two publicly traded companies. "I'm used to scrutiny," Cowell said. Critics have questioned her ability to serve as a public official who is the sole fiduciary of the state's $87 billion pension fund while serving on the boards, citing potential conflict of interest. On Wednesday, the State Ethics Commission defended its ruling that she could join the boards.

Concord's Alevo names new CEO

May 20, 2016

Per Dybwad will replace founder Jostein Eikeland as CEO of Alevo SA, the company that is building its GridBanks energy-storage modules at the former Philip Morris cigarette plant in Concord. Dybwad comes from Dentware Scandinavia, a publicly traded 3-D printing company. Eikeland will remain executive chairman and will focus on Alevo's longterm goals.

Report: Raleigh is hottest housing market in NC

May 20, 2016

(The Charlotte Observer)

A study based on data from Zillow shows that Raleigh has the fastest-moving inventory of homes in the state, followed by Durham and Charlotte. Wilmington and Burlington rounded out the top five markets.

 

Wells Fargo cuts more mortgage jobs in Charlotte region

May 20, 2016

(The Charlotte Observer)

San Francisco-based Wells Fargo is eliminating 16 jobs in its mortgage division in Charlotte and Fort Mill, S.C., as delinquent loans continue to fall. The bank could also be preparing to cut information-technology jobs as part of a companywide effort to consolidate functions, according to a memo sent to employees this week. Wells Fargo employs more than 23,000 in the Charlotte area.

Charter completes $55B purchase of Time Warner Cable

May 19, 2016

(The Charlotte Observer)

Customers of Time Warner Cable won't see any immediate changes now that Charter Communications has completed its acquisition of the company, but the old name — which has consistently performed low in customer-satisfaction ratings — eventually will be retired. About 3,100 people work for Time Warner in Charlotte; some of those jobs could be relocated to St. Louis.

Film and TV productions claimed record tax credits in 2014

May 19, 2016

(StarNews, Wilmington)

A total of 54 production claimed $80.4 million in tax incentives in 2014, the highest amount ever recorded, according to the N.C. Department of Revenue. The state isn't required to pay the amount a production claims until conducting an audit. In 2012, 36 productions claimed $76 million, including Iron Man 3, which requested $20 million. The state revamped its film incentive program last year; the program now caps incentives at $9 million for TV series and $5 million for films.

Lowe's outperforms other retailers as housing market strengthens

May 19, 2016

(The Charlotte Observer)

Mooresville-based Lowe's reported better-than-expected first quarter financial results this week, with earnings of $884 million, up 31% from a year ago. Sales of $15.2 billion topped analysts' estimates of $14.9 billion. While other retailers reported disappointing results for the quarter, Lowe's, along with rival Atlanta-based The Home Depot, benefited from a mild winter and a strong housing market.

Raleigh company's latest perk: Teslas for all workers

May 19, 2016

(The News & Observer, Raleigh)

Forget about gym memberships and chair massages: In an effort to attract talented recruits, Raleigh-based Practichem will lease new Tesla Model 3's for new and existing employees. The company, which makes scientific instruments for the biotech industry, received a $5 million investment last month.

DEQ: Duke Energy must dig up all of its coal ash

May 19, 2016

(The Charlotte Observer)

Duke Energy must excavate all of its coal-ash ponds across the state by 2024, the state Department of Environmental Quality said on Wednesday, though that decision could be overturned in 18 months if the utility can provide new data showing lower risk of groundwater contamination at the sites. Duke is currently removing ash from five "high risk" sites; it says capping the ponds considered "low risk" is a cheaper option that will save customers money.