Business

BofA shareholders approve directors; CEO calls for HB2 repeal

April 28, 2016

(The Charlotte Observer)

At Bank of America's annual shareholder meeting, CEO Brian Moynihan repeated the bank's position that HB2 should be repealed. Shareholders approved all directors and compensation for top executives, while Moynihan fielded questions about continued weak stock performance and defended his decision to maintain his primary residence in Boston. Related: How much NC bank CEOs get paid

High Point U announces $160M in new construction

April 28, 2016

(News & Record, Greensboro)

The university will build a residence hall for 310 students, a $60 million science building and a $70 million arena and convention center. The arena will have 5,000 permanent seats but will be able to accommodate up to 6,500 people for concerts and ceremonies. The convention center will hold up to 2,500 people. The projects will be paid for through fundraising and operating revenues.

Cary considers plans for $51M mixed-use project

April 28, 2016

(The News & Observer, Raleigh)

Northwoods Associates would invest $46 million and the Town of Cary would pitch in $5 million to build a 55,000- to 75,000-square-foot office and retail building,188 apartments and a parking deck in downtown Cary. The historic Ivey-Ellington House would need to be moved to make way for the project. 

BB&T communications chief to retire

April 28, 2016

(Winston-Salem Journal)

Cynthia Williams, chief corporate communications officer since 2009, will retire June 30. Williams, 63, was part of the Winston-Salem-based bank's executive management team. She joined BB&T in 2003 through its acquisition of First Virginia Bank.

Drugmaker creating 275 jobs in Durham

April 27, 2016

(The News & Observer, Raleigh)

Aurobindo Pharma will invest $31.7 million and create 275 jobs in a Durham research and development facility. The India-based company makes semi-synthetic penicillins and other generic drugs. Aurobindo could receive up to $3.8 million in state incentives if it meets hiring goals.

NC teacher pay fell 13% in the last 15 years

April 27, 2016

(WRAL.com)

When adjusted for inflation, teacher pay in North Carolina has dropped more than 13% since 1999, according to the National Center for Education Statistics. The average teacher salary in the U.S. dropped 1.8% during that time. In 2013-14, North Carolina teachers were ranked 47th in the nation based on salary, earning nearly $12,000 less than the national average.

Loss of conference will cost Wilmington nearly $1 million

April 27, 2016

(Greater Wilmington Business Journal)

The American Institute of Architects' decision to move a regional conference from Wilmington to either Georgia or South Carolina over HB2 will cost the Port City about $1 million, according to estimates. The event was expected to bring in between 1,000 and 1,200 visitors.

Ally Financial misses earnings expectations

April 27, 2016

(The Charlotte Observer)

Ally Financial reported first quarter profit of $250 million, down from $576 million for the same period a year ago when the Detroit-based lender sold its Chinese auto-finance joint venture. Adjusted earnings of 52 cents a share fell short of analysts' projections of 54 cents per share. Ally CEO Jeffrey Brown is based in Charlotte, one of the company's largest employment hubs with about 800 workers.

Millennials surpass baby boomers as biggest generation

April 27, 2016

(The Washington Post)

There are now 75.4 million millennials in the United States, compared with 74.9 million baby boomers, according to a Pew Research Center analysis of census data. Read about how some millennials in North Carolina are finding success as entrepreneurs.

Asheville brewer adding 2nd location

April 27, 2016

(Asheville Citizen-Times)

Asheville's Wedge Brewing will open a second location in an 8,000-square-foot building in the city's River Arts District. Construction is scheduled to begin in a few months and should be complete by the end of 2016.