Business

Charlotte Mayor Patrick Cannon resigns after corruption charges

March 27, 2014

(The Charlotte Observer)

Charlotte Mayor Patrick Cannon resigned Wednesday evening after being arrested on charges of theft and bribery. The FBI, which began investigating Cannon in 2010 when he was a city council member and mayor pro tem, alleges he took tens of thousands of dollars in bribes. Cannon, 49, could face up to 50 years in prison and $1.5 million in fines if he is convicted.

Bank of America reaches $9.5 billion settlement with housing agency

March 27, 2014

(The Charlotte Observer)

Charlotte-based Bank of America will pay $9.5 billion to settle a case with the Federal Housing Finance Agency over claims the bank violated securities laws when it sold mortgage bonds to Fannie Mae and Freddie Mac between 2005 and 2007.

Census report shows state's population growth higher in urban areas

March 27, 2014

(The Winston-Salem Journal)

Mecklenburg and Wake counties accounted for almost half of North Carolina's population growth from 2012 to 2013, according to a new report from the U.S. Census Bureau. Overall, the state's population grew by 99,696, or 1.02%, to 9,848,060.

National report shows slower revenue growth at U.S. Indian casinos

March 27, 2014

(Asheville Citizen-Times)

A recent report shows that revenue growth at tribal casinos, including Harrah's Cherokee Casino and Hotel in Western N.C., has slowed. Revenue at Harrah's was up almost 3% in 2012, compared with 5.8% the previous year. Weak economic recovery after the recession and a rising number of U.S. Indian casinos contributed to the decline in growth. 

Swofford makes it official: Brooklyn to host ACC tournament in 2017, 2018

March 27, 2014

(The News & Observer, Raleigh)

ACC Commissioner John Swofford confirmed Wednesday that the men's basketball tournament will be held at the Barclays Center in Brooklyn in 2017 and 2018. The addition of Syracuse, Pittsburgh and Notre Dame to the conference swayed the ACC's decision to move the tournament to New York.The Greensboro Coliseum will host the tournament in 2015, while the Verizon Center in Washington, D.C. will host it in 2016. Read how John Swofford and the ACC kept the conference viable through expansion in our September 2012 cover story 

Sparks' 'The Longest Ride' to film in Wilmington

March 27, 2014

(StarNews, Wilmington)

The film version of New Bern author Nicholas Sparks' latest book The Longest Ride will film in the Wilmington area. It will be the fourth movie based on a Sparks novel to film in the region. 

Bank of America announces first dividend increase since financial crisis

March 27, 2014

(The Charlotte Observer)

Bank of America will increase its quarterly dividend for common shareholders to 5 cents a share, up from a penny a share, and will repurchase $4 billion in common stock. It is the first dividend increase for the Charlotte-based bank since 2009.

Charlotte developer plans 68-acre expansion of Berewick community

March 27, 2014

(The Charlotte Observer)

Pappas Properties is planning a 68-acre expansion of the 1,200-acre Berewick community in southwest Charlotte.  About 1,100 homes have been built in the master-planned community over the past decade. Miami-based Lennar Corp. will build up to 200 new homes with prices starting in the low $200,000 range. 

MetLife received 77,000 applications for Charlotte jobs

March 26, 2014

(The Charlotte Observer)

More than 77,000 people appllied for the 1,300 positions MetLife will create at its new retail operation in Charlotte. The New York-based insurance company has filled more than 900 jobs, with 700 of those going to local residents. The company also plans to create 1,300 jobs at a technology and operations center in Cary.

Triangle Rock Club owners win SBA award

March 26, 2014

(The News & Observer, Raleigh)

The Small Business Administration named the owners of the Triangle Rock Club its 2014 North Carolina Small Business Persons of the Year. The company operates climbing centers in north Raleigh and Morrisville. Andrew Kratz and Joel Graybeal are now eligible for the SBA's national award, which will be announced in May.