Business

Ruling removes MetLife's 'too big to fail' tag

March 31, 2016

(The News & Observer, Raleigh)

A federal judge Wednesday rescinded a decision that would have put America’s largest life insurer under tougher government scrutiny. Following the win, a company spokeswoman said MetLife still plans to spin off much of its Charlotte-based U.S. retail business. MetLife has said the move will have no impact on its Global Technology and Operations campus in Cary, where it employs more than 1,200 people. Wednesday's ruling undercuts the Obama administration’s plan to more heavily regulate four non-bank businesses it determined had the potential to destabilize the American financial system. 

 

FBI's iPhone hack could spark longer legal battle

March 31, 2016

(WRAL)

Now that the FBI has found its own way to files on the San Bernardino iPhone, many in the tech industry worry that authorities will now try to crack phones in other cases and pursue smaller companies — ones without the financial and legal resources that Apple has. Apple is left guessing about a vulnerability that could compromise millions of devices.

 

Bank of America expands paid leave

March 31, 2016

(The Charlotte Observer)

New parents who have been with the bank at least a year may now take 16 weeks of paid leave after the birth or adoption of a child. Bank of America has steadily increased its paid maternity, paternity and adoption leave time since 2009. The move comes as some other large U.S. companies such as Facebook and Netflix are sweetening their policies. Netflix offers a full year of paid leave for new moms and dads. 

 

 

Two more in the grocery wars

March 31, 2016

(The Fayetteville Observer)

Publix Super Markets Inc. has announced it will open a store in Fayetteville, just one of the latest announcements in the grocery chain's continuing expansion in North Carolina. Greenville also recently announced that a Publix would be coming there. The grocery wars heated up earlier this year when Wegmans announced it would build its first North Carolina location, in Cary. The Fayetteville Publix is a win for the city's Tallywood Shopping Center which lost Belk, its anchor store.   

N.C. Mutual reports $4.45 million loss

March 31, 2016

(The Durham Herald-Sun)

Despite a return to profitability in 2014, N.C. Mutual Life Insurance Company reported a net loss of $4.45 million in 2015. CEO Michael Lawrence told policyholders Wednesday that the loss was a result of the company's positioning to ready itself for the future. The company posted the loss after returning to profitability in 2014 from a loss of nearly $2.36 million in 2013.

Massive development proposed for southwest Charlotte

March 30, 2016

(The Charlotte Observer)

Crescent Communities and Lincoln Harris unveiled plans for a 1,300-acre development between Charlotte Douglas International Airport and the Catawba River that could include 4,000 residential units, 500,000 square feet of restaurant and retail space and 8 million square feet of office space. The proposed development is similar to the original plan for Charlotte's Ballantyne community, first introduced in 1991.

Novant Health reports $191M in excess income

March 30, 2016

(Winston-Salem Journal)

Novant Health earned $191.6 million in excess income — the same as profit for a nonprofit organization — in fiscal 2015, a 5% decrease compared with the previous year. The drop was due to a $60 million loss in the company's investment portfolio. Operating revenue rose 8.9% to $4.13 billion for the Winston-Salem-based health care system, which employs about 24,000 people.

Roy Cooper to address workers at MillerCoors brewery in Eden

March 30, 2016

State Attorney General Roy Cooper will speak to workers outside MillerCoors' brewery in Eden on Wednesday. The workers are protesting the planned closure of the brewery, which will eliminate more than 500 jobs in the town of about 15,000 residents. 

Charlotte skyscraper sells for $284 million

March 30, 2016

(The Charlotte Observer)

A company with ties to a Nevada businessman paid $284 million for One Wells Fargo, the 42-story "jukebox" building in downtown Charlotte that serves as the East Coast headquarters for the San Francisco-based bank and includes a Hilton hotel. It's the largest price ever paid for an office building in North Carolina, according to the CBRE brokers who represented the seller, a joint venture of Starwood Capital and Vision Properties.

Drugmaker Novartis accused of offering kickbacks

March 30, 2016

(WRAL TechWire)

The U.S. Justice Department claims Basel, Switzerland-based Novartis Pharmaceutical Corp. hosted doctors at "sham" educational events that included expensive dinners and trips and, in some cases, made payments to doctors even for events that never took place. The company paid Triangle area doctors nearly $250,000 in 2014, according to the lawsuit.