Business

Francis retires after 41 years at Elon

June 4, 2015

(The Times-News, Burlington)

Gerry Francis retired as executive vice president of Elon University after a 41-year career at the school.

Audit shows CFO of mental-health agency took kickbacks

June 3, 2015

(The News & Observer, Raleigh)

The chief financial officer of Eastpointe Human Services received nearly $550,000 in kickbacks from contractors hired to renovate properties owned by the mental-health agency, according to a state audit. Eastpointe receives government funding to pay for mental health services for Medicaid patients in a dozen eastern N.C. counties.

BofA analyst predicts falling home prices

June 3, 2015

(The Charlotte Observer)

Bank of America analyst Chris Flanagan predicts the U.S. housing market will experience a three-year slump beginning in 2017, according to a Bloomberg report.
Related: Supreme Court sides with BofA over second mortgages

DENR investigates violations at coal-ash sites

June 3, 2015

(The Sanford Herald)

The N.C. Department of Environment and Natural Resources cited two companies for permit violations at a proposed coal-ash storage site in Chatham County. The companies failed to obtain a required stormwater permit and violated other rules related to site preparations. Duke Energy plans to store up to 12 million tons of coal ash at the Moncure site. Following the discovery of the violations, the state agency expedited plans to visit a proposed coal-ash site in Lee County.

Analysts cautious over Bojangles' stock

June 3, 2015

(The Charlotte Observer)

Almost a month after Bojangles' initial public offering, analysts were guarded when issuing ratings for the Charlotte-based company's stock. Seven Wall Street firms gave the stock a neutral rating. The average price target is $28.63, according to a Bloomberg report.

Three sentenced to prison in Seven Falls case

June 3, 2015

(Asheville Citizen-Times)

Three people involved in the Seven Falls real-estate and bank fraud case were sentenced to prison on Tuesday. Eight people have received prison time in the case, which involved a failed residential development in Henderson County. Developer Keith Vinson is scheduled to be sentenced June 25.

CFO of Rex Healthcare takes job in Florida

June 3, 2015

(The News & Observer, Raleigh)

Bernadette Spong, who had recently been promoted to chief financial officer at Raleigh-based Rex Healthcare, is leaving to become CFO of Orlando Health. Former CEO David Strong left Rex in April to lead the 8-hospital system in Florida. Erick Hawkins, vice president of heart and vascular services, will replace Spong as CFO of Rex.

McCrory attends groundbreaking of Wilmington cold-storage facility

June 3, 2015

(Greater Wilmington Business Journal)

A ceremonial groundbreaking was held Tuesday for a 101,000-square-foot cold-storage facility at the Port of Wilmington. Construction is expected to begin in about three weeks. The building will create 100 jobs and is expected to help increase exports and imports at the port.

Ashley Furniture could be for sale

June 3, 2015

(Winston-Salem Journal)

Privately held Ashley Furniture has hired investment bank Goldman Sachs to help it explore options for a private-equity investment. The nation's largest furniture manufacturer and retailer employs more than 900 people at a production and distribution center in Advance.

About 492,000 NC residents covered by ACA

June 3, 2015

(The Charlotte Observer)

A new federal tally shows a 492,014 North Carolina residents have health care coverage under the Affordable Care Act. The figure is down from the number reported after the enrollment period ended in February. About 93% of North Carolinians covered by the ACA receive federal subsidies.