Business

Court approves rate increase for Aqua NC

August 25, 2015

(Winston-Salem Journal)

The North Carolina Supreme Court upheld a May 2014 ruling that allows Aqua North Carolina to raise its rates to pay for repairs and system upgrades without first holding public hearings. Aqua serves customers in 52 counties and is the state's largest private water utility.

NC's jobless rate rises to 5.9% in July

August 24, 2015

(The News & Observer, Raleigh)

Despite adding 20,600 jobs in July, North Carolina's unemployment rate rose to 5.9%, up from 5.8% the previous month. The U.S. rate held steady at 5.3%.

BB&T to slow rate of acquisitions

August 24, 2015

(Winston-Salem Journal)

BB&T says it plans to take a break from acquisitions after announcing plans to buy National Penn Bancshares for $1.8 billion.The deal will give the Winston-Salem-based bank nearly $220 billion in assets; banks with more than $250 billion face stricter regulatory requirements. CEO Kelly King says the bank has begun planning for the time when it reaches that threshold.

Apparel company adds 50 jobs in Fayetteville

August 24, 2015

(The Fayetteville Observer)

Delta Apparel has added about 50 jobs at its apparel plant in Fayetteville. The Greenville, S.C.-based company moved distribution operations of its Salt Life brand products from Phenix City, Ala. The company's Soffe sporting-goods division employs about 450 people in Fayetteville.

Investors in Pittenger's land company question tactics

August 24, 2015

(The Charlotte Observer)

Some investors in U.S. Rep. Robert Pittenger's real-estate company, which has been run by his wife Suzanne since he was elected to Congress in 2012, expressed concern over the slow pace of land sales and lack of transparency with the company's financial dealings. Pittenger said earlier this month the FBI is investigating the Charlotte company.

Vertex Rail anticipates October certification

August 24, 2015

(Greater Wilmington Business Journal)

Vertex Railcar has completed its first round of hiring and expects to receive certification from the Association of American Railroads in October. Vertex said last November it plans to create 1,300 jobs at a railcar-manufacturing plant in Wilmington.

Glaxo sells multiple sclerosis drug to Novartis for $1B

August 24, 2015

(WRAL TechWire)

Novartis will pay $1 billion plus royalties for the rights to GlaxoSmithKline's experimental treatment for multiple sclerosis. GSK, which employs several thousand people in the Triangle, purchased Novartis' vaccines business earlier this year, while Novartis acquired GSK's oncology unit.

$12M redevelopment project planned for downtown Wilson

August 24, 2015

(The Wilson Times)

Officials in Wilson hope the $12 million rehabilitation of a 64,000-square-foot former tobacco warehouse will be a catalyst for downtown development. Waukeshaw Development of Petersburg, Va., will convert the Hi Dollar warehouse into 88 loft apartments, plus offer retail and office space.

Targacept sale complete

August 24, 2015

(Winston-Salem Journal)

San Francisco-based Catalyst Biosciences has completed its purchase of Targacept. The drug developer will shut down its Winston-Salem operations, where three years ago it employed as many as 144 workers.

Raleigh's Sprout Pharmaceuticals is sold for $1 billion

August 21, 2015

(The News & Observer, Raleigh)

Valeant Pharmaceuticals will pay about $1 billion for Raleigh-based Sprout Pharmaceuticals, which this week received FDA approval for Addyi, a treatment for women with low sex drive. In April, Canada-based Valeant acquired Raleigh's Salix Pharmaceuticals for $11.1 billion. Sprout will remain headquartered in Raleigh.