Business

Excitement builds over Reynolds Building makeover

November 7, 2014

(Winston-Salem Journal)

The Downtown Winston-Salem Partnership held its annual meeting at the 22-story former R.J. Reynolds headquarters building, which is being converted to a mixed-use development that will include a boutique hotel, restaurant and apartments ("Tower of Power," August). The project is scheduled for completion in fall 2015.

Duke Energy: Coal-ash cleanup could cost $3.4 billion

November 6, 2014

(News & Record, Greensboro)

Duke Energy says it could cost $3.4 billion to comply with the the state's new coal-ash law, which requires all 32 ash ponds at 14 active and retired power plants be closed by 2029. The Charlotte-based utility had previously said it could cost up to $10 billion to close the ponds.

Mining commission to discuss proposed changes to fracking rules

November 6, 2014

(The News & Observer, Raleigh)

The N.C. Mining and Energy Commission will meet Thursday and Friday to consider revising some of its rules for hydraulic fracturing. After receiving more than 200,000 public comments on safety standards for the practice, the agency will consider some changes, including increasing the minimum distance required between drilling and drinking-water sources.

Food Lion parent selling discount grocery chain

November 6, 2014

(The Charlotte Observer)

Food Lion parent company Delhaize will sell its 66 Bottom Dollar discount food stores to German discount grocer ALDI. Just last week, Bottom Dollar's president Meg Ham was tapped to replace Beth Newlands Campbell as president of Salisbury-based Food Lion. All 66 Bottom Dollar stores are in the Philadelphia and Pittsburgh areas.

New Hanover Regional among hospitals facing Medicare penalties

November 6, 2014

(StarNews, Wilmington)

New Hanover Regional Medical Center will be fined $942,000 in Medicare penalties for not meeting guidelines for patient readmissions. Penalties for fiscal year 2015 are based on readmission rates for heart failure, heart attack, pneumonia, chronic lung problems and elective hip and knee replacements. Only 13 of 87 North Carolina hospitals will avoid fines for 2015, compared with 19 in 2013 and 2014.

Helicopter-engine manufacturer closing Union County plant

November 6, 2014

(The Charlotte Observer)

Turbomeca will close its helicopter-engine manufacturing plant in Monroe, phasing out 112 jobs over the next year. The French company opened the Union County plant in 2008 and was awarded about $2 million in local incentives and $3 million in state grants. The company said the closure is due to dwindling demand for its products.

Quintiles founder, private-equity firms to sell 13.3M shares

November 6, 2014

(The News & Observer, Raleigh)

Quintiles chairman and founder Dennis Gillings, along with three private-equity firms, plan to sell off a combined 13.3 million shares of the Durham-based company, bringing their combined stake to less than 50%. The contract-research organization will no longer be considered a controlled company, and it will no longer be exempt from certain New York Stock Exchange requirements that exist to protect shareholders.

Philip Morris decision could impact Reynolds' approach to sourcing

November 6, 2014

(Winston-Salem Journal)

R.J. Reynolds Tobacco Co. could feel increased pressure to streamline its supply chain following Philip Morris International's decision to buy U.S. tobacco leaves from only two suppliers, Morrisville-based Alliance One International and Richmond, Va.-based Universal Corp. Labor advocates have pressured Reynolds for years to improve working conditions at tobacco farms.

Wake Forest Baptist gets another credit downgrade

November 6, 2014

(Winston-Salem Journal)

Standard & Poor's Ratings Services lowered the bond rating for Wake Forest Baptist Medical Center from A+ to A. The report says the downgrade was due to the medical center's "weak operating performance." The bond rating credit service lowered its rating to A+ from AA in its last review on Nov. 1, 2013.
Related: "Baptist gets a fiscal," August

Sale of Midwest power plants lifts 3Q profits for Duke Energy

November 6, 2014

(The Charlotte Observer)

Duke Energy's third quarter profits increased 27%, driven by a higher-than-expected sale price of 11 Midwest power plants, though its earnings fell short of analysts' expectations.