Business

Developer scraps plans for downtown Charlotte condo tower

March 17, 2016

(The Charlotte Observer)

A planned condo tower in downtown Charlotte was canceled and the developer will consider other uses for the property. Boston-based RTG Holdings and Gunn Financial said not enough units pre-sold to get the project off the ground.

Hornets line up sponsors for next year's NBA All-Star game

March 17, 2016

(The Charlotte Observer)

The Charlotte Hornets have signed 15 sponsors for next year's NBA All-Star weekend. Most are local companies, including Bank of America, CPI Security, Lowe's and Babson Capital Management. The event will be held the weekend of Feb. 17 and is expected to generate about $100 million.

Meanwhile, Raleigh expects $5 million in visitor spending this week as it hosts opening rounds of the NCAA Basketball Tournament.

Wilson nutrition lab gets 2-year Gates Foundation grant

March 17, 2016

(WRAL TechWire)

Craft Technologies received $844,395 from the Bill & Melinda Gates Foundation to fund research for blood-sample tests. Founded in 1994, the Wilson-based company provides nutritional analysis of foods, supplements and animal feeds.

NewBridge to pay $10 million in ZeekRewards settlement

March 17, 2016

(Winston-Salem Journal)

A day before its acquisition by Raleigh's Yadkin Financial, NewBridge Bancorp reached a settlement agreement with the receiver in the ZeekRewards.com case related to the funds the Greensboro-based bank handled for Rex Venture Group, the entity behind the the Lexington-based pyramid scheme (cover story, June).

GSK's Witty to retire next year

March 17, 2016

(WRAL TechWire)

GlaxoSmithKline CEO Andrew Witty will step down in early 2017, the drugmaker announced this week. GSK employs several thousand people in the Triangle, including at a production plant in Zebulon.

Duke Energy promotes Repko to chief fossil/hydro post

March 17, 2016

(The Charlotte Observer)

Senior Vice President Regis Repko will lead Duke Energy's unit that oversees fossil-fueled and hydroelectric power plants in six states. Repko, a nuclear engineer, has worked for the utility since 1985. He replaces Charlie Gates, who is retiring.

McCrory criticizes Obama's reversal on offshore drilling

March 16, 2016

(WRAL.com)

In a statement Tuesday, Gov. Pat McCrory called Obama's reversal on offshore drilling along the southeastern coast "a special political favor to far-left activists that have no problem importing energy resources from countries hostile to the United States." Environmentalists and coastal communities reliant on tourism dollars cheered the move.
Also: Federal announcement on offshore leases generates applause, disapproval

Valeant shares tumble after weak 4Q results

March 16, 2016

(WRAL TechWire)

Shares of Valeant Pharmaceuticals were down 45% in midday trading after the Canadian drugmaker reported fourth-quarter results that missed expectations and slashed its 2016 outlook. Valeant last year acquired two Raleigh-based drug companies, Salix Pharmaceuticals and Sprout Pharamaceuticals, for a combined $12 billion.
Related: Drugmaker Valeant faces debt default risk; shares plunge 50%

Longtime CEO of Members Credit Union to retire

March 16, 2016

(Winston-Salem Journal)

Jack Braswell Jr., president and CEO of Winston-Salem-based Members Credit Union, will retire in September. Braswell first joined the credit union in 1979 and became CEO in 1991. During his tenure, assets have grown from $59 million to $265 million and membership has nearly doubled. Executive Vice President Bob Donley will succeed him.

Nucor lowers first-quarter guidance

March 16, 2016

(The Charlotte Observer)

The Charlotte-bases steelmaker said Tuesday it expects earnings between 20 cents and 25 cents per share, lower than 28 cents analysts projected. The company said demand for its auto products remains strong, while energy, heavy equipment and agricultural markets are weak.