Business

South Korean tool manufacturer creating 53 jobs in Charlotte

June 6, 2014

(The Charlotte Observer)

A South Korean tool manufacturer will invest $13.8 million and create 53 advanced manufacturing and engineering jobs in a Charlotte plant. YG-1 USA will make cutting tools for aerospace, medical and power generation industries. The Charlotte operation also will serve as a research and development hub for the company.

UNC Wilmington chancellor to resign July 31

June 6, 2014

(Greater Wilmington Business Journal)

UNC Wilmington will conduct its second chancellor search in four years when Gary Miller leaves July 31 to lead the University of Wisconsin-Green Bay. Three other administrators have announced plans to leave the university this year.

Moody's affirms Charlotte Douglas bond rating

June 6, 2014

(The Charlotte Observer)

Moody's affirmed Charlotte Douglas International Airport's bond rating and said its outlook is stable, citing its low cost per passenger. The credit rating agency said risks include American Airlines' heavy concentration of flights and ongoing confusion over who will run the airport. 

NC IDEA awards grants to six Triangle startups

June 6, 2014

(WRAL TechWire.com)

Economic development group NC IDEA awarded grants totaling $270,000 to six Triangle startups. Recipients include a Durham company that helps people get out of cell phone contracts and a Raleigh company that helps connect people with home service providers.

Developer planning innovation cluster in downtown Durham

June 5, 2014

(The Herald-Sun, Durham)

Boston-based Longfellow Real Estate Partners is studying the possibility of building an urban research cluster for life sciences and technology companies. Durham Innovation District would be near a former tobacco warehouse where Duke University is relocating research labs and offices. The private development firm already has 10 acres of land in the proposed area under contract.

NC Senate committee to propose changes to film incentives

June 5, 2014

(StarNews, Wilmington)

The Senate Finance Committee is expected to propose a measure today that would change North Carolina's film incentive program to a grant program. The proposal would target more expensive productions while weeding out smaller projects that would benefit from the current incentive. Projects would need to spend a minimum of $10 million to qualify for the grant.

 

Corporate sales robust for U.S. Open in Pinehurst

June 5, 2014

(The Fayetteville Observer)

The USGA sold out all corporate hospitality packages for the upcoming U.S. Open in Pinehurst, though corporate sales are still less than in 2005, the last time Pinehurst hosted the event. Reg Jones, senior director of U.S. Open Championships, said the local economic impact of the golf tournament will probably exceed $150 million. (Go inside the business of corporate hospitality tents in our April issue)

BofA's Merrill Lynch fined $1M over inaccurate trade reports

June 5, 2014

(The Charlotte Observer)

A federal regulator fined Merrill Lynch $1 million Wednesday over allegations it reported inaccurate data about trades. The Financial Industry Regulatory Authority said Merrill, a division of Charlotte-based Bank of America, submitted 5,323 inaccurate "blue sheets" to regulators between March 2006 and January 2014. 

GlaxoSmithKline to pay NC $2.5 million in settlement

June 5, 2014

(WRAL TechWire.com)

North Carolina will receive $2.5 million as part of a $105 million setttlement in a case allegeing GlaxoSmithKline improperly marketed three drugs. United Kingdom-based GSK has its North American headquarters in Research Triangle Park.

Charlotte's Mike McGuire to lead Grant Thornton

June 5, 2014

(The Charlotte Observer)

Charlotte's Mike McGuire will become chief executive of Chicago-based Grant Thornton in January. McGuire became natonal managing partner of operations for Grant Thornton last summer. He previously was a partner in Arthur Andersen's Charlotte practice.