Business

NY appeals court approves Bank of America's $8.5B mortgage settlement

March 6, 2015

(The Charlotte Observer)

A New York appeals court upheld Bank of America's $8.5 billion settlement with institutional investors over faulty mortgages. The mortgage securities were issued between 2004 and 2008 by Countrywide Financial, which BofA acquired in 2008.

Kroger execs say Harris Teeter helped boost results

March 6, 2015

(The Charlotte Observer)

Cincinnati-based Kroger said its acquisition of Harris Teeter Supermarkets helped the grocery-store chain reduce debt and boost earnings. Kroger reported earnings of $518 million in its fourth quarter that ended Jan. 31, a 23% increase from the same period a year ago.

Incentives bill gets House approval

March 5, 2015

(Winston-Salem Journal)

The full N.C. House passed a bill that would double the amount of funds in the state's Job Development Investment Grant program and would provide $20 million for a new infrastructure grant program that would help companies build industrial sites. The House will hold a final vote today; if passed, the bill will move on to the state Senate next week.

Funding for NC startups increased 35% in 2014

March 5, 2015

(WRAL TechWire)

Tech funding in North Carolina increased from $116.9 million in 2013 to $278 million in 2014, according to the Council for Entrepreneurial Development's Innovators Report. Total funding for startups jumped 35%, from $461 million to $622 million. 

Spring asks to be reinstated as CFCC president

March 5, 2015

(StarNews, Wilmington)

Former Cape Fear Community College President Ted Spring rescinded his resignation on Wednesday, demanding to be reinstated. In a letter addressed to the school's board of trustees, Spring's attorney says the board did not follow proper procedure when it told Spring in January that if he did not resign, it would return to open session and fire him.

Tesla to open second NC dealership in Matthews

March 5, 2015

(The Charlotte Observer)

Palo Alto, Calif.-based Tesla Motors plans to open its second North Carolina dealership. The electric-car manufacturer will open a dealership and service center in Matthews later this month. Tesla already has a location in Raleigh.

Guilford College faces $2M deficit

March 5, 2015

(News & Record, Greensboro)

Guilford College has a budget deficit of about $2 million, and President Jane Fernandes says she expects that will remain unchanged in 2015-16. The private college in Greensboro laid off 16 employees in 2012 to close a $1 million budget deficit. Fernandes says there are no plans to lay off workers this year, though most vacant positions have been left unfilled.

Durham's Patheon to buy SC drugmaker

March 5, 2015

(The News & Observer, Raleigh)

Patheon will acquire South Carolina-based IRIX Pharmaceuticals for an undisclosed amount. IRIX employs 180 people at sites in Florence and Greenville, S.C. Durham-based Patheon employs about 1,700 people in North Carolina and more than 8,000 worldwide.

Piedmont Natural Gas sets record in February

March 5, 2015

(The Charlotte Observer)

Charlotte-based Piedmont Natural Gas delivered a record volume of gas in the month of February and set a single-day record on Feb. 19. The company has more than one million customers in the Carolinas and Tennessee.

Former Charlotte Knights stadium demolished

March 5, 2015

(The Charlotte Observer)

Demolition crews began razing the former Charlotte Knights baseball stadium in York County, S.C. Charlotte-based retailer Cato bought the land and has said it plans to build a distribution center there. Attendance has soared since the Knights moved to a new stadium in uptown Charlotte last summer.