Business

Outreach event helps Fayetteville-area small businesses network with military

March 24, 2014

(The Fayetteville Observer)

At a small business outreach event last week, the president of the Fayetteville Regional Chamber told about 650 representatives from area small businesses that Fort Bragg spends about $32 million a day. The event was organized to help businesses learn about securing military-related contracts near Fort Bragg.

DesignLine's Glosson was behind failed venture with Carolinas HealthCare System

March 24, 2014

(The Charlotte Observer)

The man behind Charlotte-based DesignLine, the hybrid-bus maker that filed for bankruptcy protection last year causing investors to lose more than $30 million, previously led another failed venture in which he partnered with Carolinas HealthCare System.

Bobcats ask Charlotte for $41.9 million for arena upgrades

March 21, 2014

(The Charlotte Observer)

The Charlotte Bobcats and the Charlotte Regional Visitors Authority, which co-manage city-owned Time Warner Cable Arena, have asked Charlotte for $41.9 million for improvements to the 8-year-old stadium. The request includes relocating the ticket office and restaurant and suite renovations.

Durham approves incentives for 26-story downtown tower

March 21, 2014

(The News & Observer, Raleigh)

The Durham City Council approved a $3.97 million incentive for a 26-story downtown tower that would include office, retail and residential space. As part of the proposal, Colorado developer Austin Lawrence Partners also plans to remodel the former Jack Tar Motel as a boutique hotel.

Big banks pass annual 'stress test'

March 21, 2014

(The Charlotte Observer)

Bank of America, BB&T and Wells Fargo all have enough capital set aside in the event of another economic crisis. The annual measurement, required under the Dodd-Frank Act, ensures that financial institutions could withstand losses from a major downturn in the economy.

Tupelo Honey Cafe to open eighth restaurant in Atlanta

March 21, 2014

(Asheville Citizen-Times)

Asheville's Tupelo Honey Cafe will open a new location in Atlanta by fall 2015. It will be the company's eighth restaurant; others are in Asheville, Charlotte, Greenville S.C., and Tennessee. The first Tupelo Honey opened in downtown Asheville in 2000.

Charlotte agreement with Hesse, Studio Charlotte is off

March 21, 2014

(The Charlotte Observer)

Charlotte City Council voted unanimously not to extend its exclusivity agreement with Studio Charlotte Development to develop a proposed movie studio, retail and office complex at the site of the former Eastland Mall. Studio Charlotte's Bert Hesse said he needed more time to see whether the state General Assembly would renew the film tax credit when it reconvenes in May.

Cary's Saffron Technology moving headquarters to California

March 21, 2014

(The News & Observer, Raleigh)

Saffron Technology, a Cary-based data-analytics software firm, will move its headquarters to Silicon Valley, though the company plans to keep its Cary office and expects to double employment there by year-end. Saffron recently raised $7 million in new funding from Intel Capital.

Hickory's Fortran acquires Lexington communications company

March 21, 2014

(The Lexington Dispatch)

Lexington-based Wynncomm has been acquired by Hickory-based communications company Fortran Corp. in a share-exchange agreement. Wynncomm offers services including website development and telephone systems. No jobs should be affected by the acquisition.

Report says Bank of America to cut more jobs

March 20, 2014

(The Charlotte Observer)

Bloomberg reported that Bank of America is cutting jobs in its global trading and investment banking units, though the Charlotte-based bank would not confirm the report. While some of the bank's employees in those divisions are based in Charlotte, most are in New York.