Business

Charter completes $55B purchase of Time Warner Cable

May 19, 2016

(The Charlotte Observer)

Customers of Time Warner Cable won't see any immediate changes now that Charter Communications has completed its acquisition of the company, but the old name — which has consistently performed low in customer-satisfaction ratings — eventually will be retired. About 3,100 people work for Time Warner in Charlotte; some of those jobs could be relocated to St. Louis.

Film and TV productions claimed record tax credits in 2014

May 19, 2016

(StarNews, Wilmington)

A total of 54 production claimed $80.4 million in tax incentives in 2014, the highest amount ever recorded, according to the N.C. Department of Revenue. The state isn't required to pay the amount a production claims until conducting an audit. In 2012, 36 productions claimed $76 million, including Iron Man 3, which requested $20 million. The state revamped its film incentive program last year; the program now caps incentives at $9 million for TV series and $5 million for films.

Lowe's outperforms other retailers as housing market strengthens

May 19, 2016

(The Charlotte Observer)

Mooresville-based Lowe's reported better-than-expected first quarter financial results this week, with earnings of $884 million, up 31% from a year ago. Sales of $15.2 billion topped analysts' estimates of $14.9 billion. While other retailers reported disappointing results for the quarter, Lowe's, along with rival Atlanta-based The Home Depot, benefited from a mild winter and a strong housing market.

Raleigh company's latest perk: Teslas for all workers

May 19, 2016

(The News & Observer, Raleigh)

Forget about gym memberships and chair massages: In an effort to attract talented recruits, Raleigh-based Practichem will lease new Tesla Model 3's for new and existing employees. The company, which makes scientific instruments for the biotech industry, received a $5 million investment last month.

DEQ: Duke Energy must dig up all of its coal ash

May 19, 2016

(The Charlotte Observer)

Duke Energy must excavate all of its coal-ash ponds across the state by 2024, the state Department of Environmental Quality said on Wednesday, though that decision could be overturned in 18 months if the utility can provide new data showing lower risk of groundwater contamination at the sites. Duke is currently removing ash from five "high risk" sites; it says capping the ponds considered "low risk" is a cheaper option that will save customers money.

Wake Forest Baptist revenue rose 8.9% in the third quarter

May 19, 2016

(Winston-Salem Journal)

The Winston-Salem-based medical center reported $1.7 billion in total revenue for the third quarter, compared with $1.6 billion a year ago.

Female worker sues BofA over unequal pay, 'bro's club' behavior

May 18, 2016

(The Charlotte Observer)

A female managing director at Bank of America says a male counterpart received a bonus three and a half times bigger than her 2015 bonus of $1.55 million. Megan Messina, a bank employee since 2007, also says a male supervisor excluded her from emails, meetings and other engagements with the group of men he was overseeing.

New Jersey drugmaker coming to NC despite HB2

May 18, 2016

(The News & Observer, Raleigh)

Braeburn Pharmaceuticals had threatened to cancel plans to build a $19.9 million manufacturing facility in Morrisville over House Bill 2. The New Jersey-based drugmaker said Tuesday it will move forward with the expansion, which will create 52 jobs. The company applauded Durham Country's support of the LBGT community. In other HB2 news, violinist Itzhak Perlman canceled tonight's concert with the North Carolina Symphony over the new law.

Pabst sues MillerCoors over Eden plant closure

May 18, 2016

(News & Record, Greensboro)

The owner of Pabst Brewing Co. is suing MillerCoors, citing breach of contract over the planned closure of the company's Eden brewery, which will cost the town in Rockingham County 500 jobs. Miller agreed in 2014 to continue brewing Pabst beers for several year after Pabst was sold to a Russian company; Pabst says the Eden plant is the primary location where Miller brews its products. In the lawsuit, Pabst said it offered to buy or lease the plant; in its response, MillerCoors said Pabst suggested an amount far less than what the facility is worth.

Raleigh considers tax hike for Dix property, affordable housing

May 18, 2016

(The News & Observer, Raleigh)

Raleigh City Manager Ruffin Hall proposed a 2-cent property tax increase that would raise $11.4 million to finance debt the city took on to buy the former Dorothea Dix hospital property, which it plans to convert to a park, and to add 115 affordable-housing units. The average homeowner would pay an additional $95.16 a year.