Business

High Point furniture company committed to keeping local jobs

September 18, 2014

(High Point Enterprise)

Edward Ferrell + Lewis Mittman, which employs 85 at its high-end furniture manufacturing plant in High Point, remains committed to keeping manufacturing jobs here rather than following the industry trend of moving production overseas.

Cone Health cuts Medicare readmissions

September 18, 2014

(News & Record, Greensboro)

Readmissions of Medicare patients have fallen at Cone Health, saving the Greensboro-based hospital system $21 million over 18 months. The Affordable Care Act began in 2012 requiring hospitals to cut Medicare readmissions or pay a penalty.

Report: NC entrepreneurs raised $266 million in first half of 2014

September 17, 2014

(The News & Observer)

North Carolina startups raised $266 million during the first half of 2014 − up 31% from a year ago − according to a report from Triangle-based Council for Entrepreneurial Development. The entrepreneur support group included venture capital, angel investors and government and nonprofit grants in its calculations. 

Cumberland County postpones decision on proposed chicken plant

September 17, 2014

(The Fayetteville Observer)

After failing to reach an agreement over incentives for Sanderson Farms' proposed $113 million chicken-processing plant, Cumberland County commissioners decided to put the project on hold. The plant would create 1,000 jobs in Fayetteville, though many residents and property owners are against it due to concerns over property values and environmental impact.

Bank of America, BB&T pass midyear stress tests

September 17, 2014

(The Charlotte Observer)

Charlotte-based Bank of America, San Francisco-based Wells Fargo & Co. and Winston-Salem-based BB&T all reported they have passed midyear stress tests, which show they would be able to maintain minimum capital ratios in the event of an economic downturn.

Tobacco farmers face end of buyout program

September 17, 2014

(The News & Observer, Raleigh)

The last checks from the tobacco buyout program will be distributed to about 425,000 farmers and landowners in October. Though many tobacco growers have gotten out of the business, those who remain are thriving due in part to a strong export market.

Botox-maker said to consider Salix acquisition

September 16, 2014

(The News & Observer, Raleigh)

Shares of Salix Pharmaceuticals rose more than 4% Tuesday after CNBC reported that Irvine, Calif.-based Allergan might be considering an acquisition of the Morrisville-based drug developer. Salix announced in July it is merging with Cosmo Technologies, a subsidiary of an Italian pharmaceutical, and moving its headquarters to Ireland.

Greenville, SC-based CertusBank to sell mortgage, wealth divisions

September 17, 2014

(The Charlotte Observer)

Greenville, S.C.-based CertusBank plans to sell its mortgage and securities divisions. The bank, started in Charlotte in 2010, is shedding those lines of business as part of a restructuring led by new CEO John Poelker. The bank's three founders and top executives were fired earlier this year after shareholders expressed concerns over mismanagement.

Shareholders approve First Citizens merger

September 17, 2014

(The News & Observer, Raleigh)

Shareholders of Raleigh-based First Citizens Bank and Columbia, S.C.-based First Citizens Bank and Trust approved a merger of the two banks on Tuesday. First Citizens of Raleigh will acquire South Carolina's First Citizens for about $639.9 million. The deal is expected to close by year-end.

Red Hat opens Silicon Valley office to Triangle startups

September 17, 2014

(WRAL TechWire)

Raleigh-based software company Red Hat will provide work space for Triangle startups associated with the American Underground at its Mountain View, Calif., offices.