Business

NC Attorney General plans to sue Ritz Carlton

June 12, 2015

(The Charlotte Observer)

The N.C. Attorney General's office plans to file a legal complaint against the Ritz-Carlton in downtown Charlotte. The hotel is accused of adding a 15% service charge to bar patrons' bills during the CIAA basketball tournament in February without first notifying the customers.

Wilmington startup Next Glass teams up with Total Wine & More

June 12, 2015

(Greater Wilmington Business Journal)

Next Glass, the Wilmington-based app that helps users make beer and wine selections, will partner with Total Wine & More to offer in-store recommendations for customers. The startup caught the attention of the Maryland-based retailer more than a year ago, when the company placed an order for 6,000 bottles of wine for testing and analysis.

Maker of 'female Viagra' raises $50M

June 12, 2015

(WRAL TechWire)

Raleigh-based Sprout Pharmaceuticals raised $50 million from investors in New York and Connecticut to help it prepare for the launch of its drug designed to boost the female libido. Last week, an FDA advisory committee recommended approval of the drug.

Bojangles' 1Q results beat expectations

June 12, 2015

(The Charlotte Observer)

Charlotte-based Bojangles' reported first-quarter adjusted net income of $6.2 million, compared with $5 million a year ago. Revenue increased 19.2% to $114.6 million. The restaurant chain famous for its fried chicken and biscuits raised more than $169 million in its initial public offering in May.

Reidsville's Chinqua Penn sells for $650,000

June 12, 2015

(News & Record, Greensboro)

Greensboro's Mitchell Barnett Properties paid $650,000 for Chinqua Penn Plantation, the historic Reidsville property built in the 1920s that was once owned by the UNC system and was purchased in 2006 by Calvin Phelps, who owned Mocksville-based Renegade Tobacco ("Rise and fall of Renegade," October). The original asking price for the 23-acre property was $1.9 million.

 

President of Kernersville Medical Center steps down

June 12, 2015

(Winston-Salem Journal)

Joanne Allen, president of the 50-bed Kernersville Medical Center, will retire at the end of the year. Chad Setliff will succeed her and also will become president of Clemmons Medical Center and Medical Park Hospital. Setliff also will be chief operating officer at all three hospitals, which are part of Winston-Salem-based Novant Health.

GE holds grand opening for renovated Mebane plant

June 12, 2015

(The News & Observer, Raleigh)

GE Industrial Solutions showed off a new $6 million showroom and renovated labs at its 400,000-square-foot facility in Mebane, where the company employs more than 500 workers. GE makes lighting panels, switchboards and automatic transfer switches at the plant.

 

Durham firm to manage $3B for state pension fund

June 11, 2015

(The News & Observer, Raleigh)

Durham's Piedmont Investment Advisors will manage $3 billion in investments for North Carolina's $90 billion pension fund. The money-management firm also will provide training on managing equity index funds to members of the state treasurer's staff.

Qorvo to replace Lorillard on S&P 500 index

June 11, 2015

(Winston-Salem Journal)

Qorvo, the new company formed as a result of a merger between Greensboro's RF Micro Devices and Oregon-based TriQuint Semiconductor, will be added to the S&P 500, replacing Lorillard. Greensboro-based Lorillard will be taken off the index at the close of trading Thursday; the tobacco company is expected to be acquired by Reynolds American on Friday.

Smithfield Foods executive concerned over changes to renewables policy

June 11, 2015

(The News & Observer, Raleigh)

The chief sustainability officer of Smithfield Foods, which employs about 10,000 people in North Carolina, met with state lawmakers to voice concern over a proposal that would scale back the state's renewable energy program. Dennis Treacy says the pork producer is developing a "manure to energy" program, and he hopes the state's policy will continue to support such projects.
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