Business

How tax reform is cutting your power bill by 96 cents a year

January 6, 2016

Blog: How tax reform in North Carolina is cutting your power bill, South Carolina's sluggish income growth and other news about some of our state's more interesting companies.

New Reynolds American subsidiary to focus on vapor products

January 6, 2016

(Winston-Salem Journal)

RAI Innovations was established to help the Winston-Salem-based tobacco company develop new vapor and nicotine products and bring them to market faster. Carolyn Hannigan will become president of the new subsidiary. Reynolds' Vuse is the top-selling electronic cigarette in the United States.
Blowing smoke: E-cigarettes and vaping are making a push into the mainstream

Hedge fund pressing Ally to improve stock performance

January 5, 2016

(The Charlotte Observer)

Ally Financial, the Detroit-based lender that employs about 800 in Charlotte, is haggling with a hedge fund that Ally says is pushing for a sale of the company. New York-based Lion Point Capital has suggested two people to run for seats on Ally's board during the May annual meeting, following the company's refusal to form a committee to study strategic alternatives. General Motors spun off its General Motors Acceptance Corp. subsidiary in 2006. It was later renamed Ally. While its headquarters is in Detroit, CEO Jeff Brown lives in Charlotte.

Study: NC ranks 5th for relocations within the US

January 6, 2016

(Winston-Salem Journal)

North Carolina ranked fifth based on the the number of inbound household shipments in 2015 according to an annual United Van Lines report, down from third in 2014. The Tar Heel state trailed only Oregon, South Carolina, Vermont and Idaho.

Daimler to lay off 936 workers in Rowan County

January 5, 2016

(The Charlotte Observer)

Daimler Trucks North America is cutting production by one-third at its Cleveland Truck Manufacturing Plant, where 3,100 workers make Freightliner and Western Star trucks. The cuts are due to a "sustained reduction in orders and a diminished build rate," according to a company spokesman.

Only 2 NC counties support offshore drilling

January 5, 2016

(StarNews, Wilmington)

Brunswick and Carteret are the only two counties in the state that have approved resolutions supporting offshore seismic testing. At least 29 governments, mostly in coastal areas, have passed resolutions against offshore exploration or testing for oil and natural gas, according to environmental group Oceana.

Design blog ranks NC's logo worst of 2015

January 5, 2016

(The News & Observer, Raleigh)

North Carolina's "Nothing Compares" logo, introduced last year as part of a new $1.5 million branding campaign, topped the list of worst logos of 2015, ranked by Under Consideration, an Austin, Texas-based design blog: "Not a single element of this logo is right, in concept or execution." Ouch.

Former Appia CEO launches another startup

January 5, 2016

(The News & Observer, Raleigh)

Jud Bowman, the 34-year-old entrepreneur whose Durham-based tech company was acquired last year by Digital Turbine in a $100 million deal, has launched Sift Media, a digital advertising company. Los Angeles-based Digital Turbine holds a 9.9% ownership stake in Sift, which is based in Durham and has already raised $3.25 million.

Charlotte's Park Sterling completes purchase of Virginia bank

January 5, 2016

(The Charlotte Observer)

The Charlotte-based community bank completed its $87.1 million acquisition of First Capital Bancorp, based in Glen Allen, Va. The deal boosts Park Sterling's number of branches in the Richmond area to 10. Park Sterling now has $3.1 billion in assets and 57 locations in the Carolinas, Virginia and Georgia.

RTP's Hamner Institutes shuts down

January 5, 2016

(The News & Observer, Raleigh)

The Hamner Institutes for Health Sciences has ceased operations and sold its chemical safety division to Durham-based SciMetrika. In 2013, the nonprofit sold its 56-acre RTP campus to California-based Alexandria Real Estate for $20 million and had since been leasing back space. Alexandria unveiled in November plans to expand the space into a new life-sciences campus with more than 1 million square feet.