Business

N.C. Supreme Court to hear Hofmann Forest case

October 20, 2014

(The Daily News, Jacksonville)

A legal challenge over the sale of N.C. State University's research forest in Eastern N.C. has been moved from the N.C. Court of Appeals to the N.C. Supreme Court. A group of opponents that includes professors and conservationists filed a complaint over the pending sale of Hofmann Forest in 2013, citing concerns over loss of public lands and potential environmental impact.

Ashley Furniture unveils Davie County furniture factory

October 20, 2014

(Winston-Salem Journal)

The world's largest furniture maker unveiled its new 2.8-million-square-foot manufacturing and distribution center in Advance on Friday. Ashley Furniture Industries plans to employ 800 people at the plant by year-end.

80 Asheville businesses call for Duke Energy to retire Skyland plant

October 20, 2014

(Asheville Citizens-Times)

Eighty Asheville-area businesses sent a letter to Duke Energy CEO Lynn Good asking for the closure of the company's coal-fired power plant in Skyland. The letter calls the plant the "largest single source of carbon pollution in Western North Carolina" and accuses the utility of illegally polluting the French Broad River through coal-ash seepage.
Update: Coal-campaign letter bewilders some businesses

Hearing planned on homeowners insurance rate increase

October 20, 2014

(The Fayetteville Observer)

N.C. Insurance Commissioner Wayne Goodwin will hold a hearing Monday on a proposal from insurance companies that would raise homeowner-insurance prices by an average of 25.3%. More than 10,000 public comments were submitted on the proposed rate increase, which the Department of Insurance says appears to be excessive and discriminatory. 

High Point Market continues through Thursday

October 20, 2014

(Winston-Salem Journal)

Furniture officials hope growth in consumer confidence and an improved housing market will lead to more orders. Pre-registration for the semiannual High Point Market was up about 3% over last fall, according to Tom Conley, president of the High Point Market Authority. The trade show generally attracts between 70,000 and 80,000 participants.

Piedmont Natural Gas asks for 7% rate cut

October 20, 2014

(The News & Observer, Raleigh)

Piedmont Natural Gas is seeking a 7% rate cut that would save each of its residential customers about $6.70 a month. The Charlotte-based gas company requested the rate cut after revenue last winter exceeded its allowed profit margin set by the N.C. Utilities Commission. Piedmont has 750,000 customers in North Carolina.

Revitalization underway in Wilmington's Brooklyn neighborhood

October 20, 2014

(StarNews, Wilmington)

After decades of failed revitalization efforts, developers and business owners hope their latest efforts will breathe new life into Wilmington's Brooklyn neighborhood. 

BB&T to cut 800 jobs

October 17, 2014

(Winston-Salem Journal)

BB&T will eliminate about 800 jobs – about 2% of its workforce – in the fourth quarter as part of a corporate restructuring, though the Winston-Salem-based bank declined to say how many of the cuts will be in North Carolina. Most of the affected jobs are in mortgage and community banking.
Related: BB&T reports third-quarter profit of $520 million

Chiquita board rejects Brazilian offer

October 17, 2014

(The Charlotte Observer)

The board of directors of Chiquita Brands International unanimously rejected the latest buyout offer by Brazil-based Cutrale and Safra Group and reaffirmed its recommendation for shareholders to vote in favor of a proposed merger with Irish produce company Fyffes.

Thomas Built Buses gets approval for local incentives

October 17, 2014

(Winston-Salem Journal)

Local governments approved incentives for Thomas Built Buses to expand its High Point operations. The locally based company will decide by Dec. 1 if it will move forward with the expansion, which would include an investment of $12 million and the addition of 236 jobs in 2015.