Business

Judge sends three to prison in 'Black Diamond' fraud case

September 5, 2014

(The Charlotte Observer)

A federal judge sentenced three hedge-fund managers to prison for their involvement in the "Black Diamond" Ponzi scheme (cover story, August 2012) that bilked 400 people, including many from Western N.C., out of $40 million. 

Belhaven revokes building permit for 24-hour Vidant clinic

September 5, 2014

(The Daily Reflector, Greenville)

The town of Belhaven revoked a building permit for Vidant Health's proposed 24-hour health-care center and helipad. The Greenville-based hospital system is involved in a legal battle with the town, which wants to assume ownership of and reopen the shuttered Vidant Pungo Hospital. 

Related: Pungo parties spar in Greenville

Price of Charlotte streetcar project grows to $150 million

September 5, 2014

(The Charlotte Observer)

The anticipated cost of Charlotte's controversial 2.5-mile streetcar extension has risen from $126 million to $150 million, largely due to inflation. The City Council will vote Monday on whether to apply for a grant from the U.S. Department of Transportation that would cover half of the cost of the project.

Jones named chancellor of ECSU

September 5, 2014

(The News & Observer, Raleigh)

The UNC Board of Governors named Stacey Franklin Jones chancellor of Elizabeth City State University. A mathematician and software engineer, Jones has served as a management consultant based in Washington, D.C., since 2011 and has held leadership positions at colleges in South Carolina and Maryland. 

Bayer CropScience to break ground on RTP greenhouse

September 5, 2014

(The News & Observer, Raleigh)

Bayer CropScience will break ground Monday on a $29.6 million, 29,500-square-foot greenhouse at Research Triangle Park. Construction is expected to be completed by late 2015. 

Inmar acquires Canadian coupon company

September 5, 2014

(Winston-Salem Journal)

Winston-Salem-based Inmar has bought Canada-based Millennium Process Coupon. Inmar provides inventory management and coupon clearing for retailers and manufacturers and employs more than 920 people. Terms of the deal weren't disclosed.

Reynolds subsidiary to launch nicotine gum

September 5, 2014

(Winston-Salem Journal)

A Reynolds American subsidiary is planning a national rollout of a nicotine replacement therapy gum. Zonnic will be sold in convenience stores and gas stations, where most people buy tobacco products. GlaxoSmithKline's Nicorette currently claims 43% of the market share of NRT products.

Wake Forest Baptist receives $18 million cancer-research grant

September 5, 2014

(Winston-Salem Journal)

Wake Forest Baptist Medical Center received an $18 million grant from the National Cancer Institute to develop cancer screening and prevention programs and conduct controlled clinical trials.

Wilmington's Live Oak Bank to remain private

September 4, 2014

(Greater Wilmington Business Journal)

Live Oak Bank will remain a private company, despite the Wilmington company's SEC filing for an initial public offering in April (Statewide, June). A company spokeswoman said the bank has closed on a private investment from Boston-based Wellington Management.

BB&T to acquire 41 more Citibank stores in Texas

September 4, 2014

(Winston-Salem Journal)

BB&T Corp. will purchase 41 Texas Citibank branches representing $2.3 billion in deposits for an undisclosed amount. The Winston-Salem-based bank bought 21 Texas branches from New York-based Citigroup in June. The deal, expected to close in the first quarter, will give BB&T 123 branches in Texas.