Business

Judges sentences Triangle brokers, developers in $44M fraud scheme

October 30, 2014

(The News & Observer, Raleigh)

A federal judge sentenced seven Triangle real-estate professionals and one from New Jersey for their involvement in a $44 million mortgage fraud scheme that ran from 2003 to 2009. The group, which includes developers, brokers and a lawyer, purchased and developed properties for quick resale and recruited "straw buyers" to obtain mortgage loans they could not afford to repay.

Charlotte's Crescent sells apartment complexes in $700M deal

October 30, 2014

(The Charlotte Observer)

Charlotte-based Crescent Communities will sell nine apartment complexes comprising 2,667 residential units for close to $700 million. Charlotte's Crescent SouthPark will be sold to UBS Global Asset Management and Crescent Dilworth will be sold to an unnamed institutional buyer. Other complexes included in the sale are in Durham, Raleigh, Atlanta, Tampa, Fla., and Orlando, Fla.

Wilmington startup honored at WSJ event

October 30, 2014

(Greater Wilmington Business Journal)

Wilmington-based Next Glass was chosen as one of five startups to present at a Wall Street Journal technology conference in California this week. The company is launching an app to help users create personalized wine and beer preference profiles.

Brunswick County hopes new industry will fill void left by DAK closure

October 30, 2014

(StarNews, Wilmington)

As the former DAK Americas manufacturing plant is dismantled, Brunswick County officials say they need to keep working to attract new industry to the area. The Charlotte-based company closed the plant last fall, idling 600 workers. 

Charlotte area unemployment rate falls to 6.2%

October 30, 2014

(The Charlotte Observer)

The Charlotte-Gastonia-Rock Hill area's unemployment rate fell in September to its lowest level since May 2008, according to the latest government statistics.

Foxx tours Kinston's Global TransPark

October 30, 2014

(Kinston Free Press)

U.S. Transportation Secretary Anthony Foxx toured the N.C. Global TransPark in Kinston on Tuesday, visiting with local students and park tenant Spirit Aerosystems.

Battery-maker bringing 500 jobs to Concord

October 29, 2014

(The Charlotte Observer)

Alevo Group plans to hire about 500 workers by the end of 2015 at the former Philip Morris cigarette plant in Concord. Earlier this year, the Swiss company paid $68.5 million to purchase the 2,000-acre campus where it will make lithium-ion batteries for power companies. The company expects to hire up to 2,500 people over three years. 

North Carolina No. 16 on ranking of state business climates

October 29, 2014

(Winston-Salem Journal)

North Carolina jumped 28 spots from No. 44 to No. 16 in the annual ranking of state business climates compiled by the Tax Foundation, a Washington, D.C.-based nonpartisan think tank. The report cites the state legislature's 2013 tax reform, which cut corporate and personal income tax rates. Wyoming ranked first on the list, while New Jersey came in last.

Raleigh's INC Research looks to raise $135M in public offering

October 29, 2014

(The News & Observer, Raleigh)

Raleigh-based INC Research is looking to raise $135 million in an initial public offering, according to a securities filing. The contract-research organization plans to sell 8.1 million shares at $17 to $20 a per share and will use the proceeds to pay down some of its $588 million in debt. INC employs about 5,500 people worldwide, including more than 850 in Raleigh.

Charlotte mulls incentives for Synchrony Financial

October 29, 2014

(The Charlotte Observer)

Charlotte City Council is considering incentives for Synchrony Financial to expand its presence in the Queen City. The financial-services company, a spinoff of GE, could add 125 management jobs with an average annual salary of $125,000 and 275 call-center jobs with an average salary of $27,000.