Business

Blue Cross and Blue Shield blames ACA for $50.6M loss

August 27, 2015

(The News & Observer, Raleigh)

The state's largest health insurer says it spent $365 million more on medical claims in 2014 than was required under the Affordable Care Act. The company says the excess spending resulted in a $50.6 million net loss. Blue Cross has requested a 35% rate hike for its ACA customers; the request is under review by the N.C. Department of Insurance.

Ray Lewis' lawsuit versus BB&T heads to trial

August 27, 2015

(Winston-Salem Journal)

Opening arguments started in a trial involving BB&T Corp. and three former NFL players, including former Baltimore Ravens linebacker Ray Lewis, who contend a Florida bank later acquired by BB&T allowed a money-management company to withdraw more than $50 million from their accounts without proper authorization. The dispute involves transactions involving BankAtlantic, which BB&T acquired in 2012. The trial began Tuesday in the U.S. District Court for the Southern District of Florida. Clinton Portis and Derrick Gaffney are the other plaintiffs.

Durham digital printing company raises $25M

August 27, 2015

(The News & Observer, Raleigh)

Spoonflower plans to add at least 50 new employees after raising $25 million from investors, including Boston-based North Bridge Growth Equity and Durham's Bull City Venture Partners. The company, which had revenue of $15.3 million in 2014, allows customers to create and order custom-designed fabrics, wallpaper and gift wrap through its website.

Asheville raises fines for Airbnb rentals

August 27, 2015

(Asheville Citizen-Times)

Asheville City Council voted to increase fines for illegal vacation rentals from $100 to $500 a day. Short-term rentals such as those offered through the Airbnb website are illegal in most parts of the city. Council members are concerned that investors could buy up real estate and essentially turn residential areas into hotel districts.

Triad manufacturers look to high schools to recruit workers

August 27, 2015

(The Times News, Burlington)

Seven Triad area employers, including GKN Driveline, are launching an apprenticeship program for high school students in an effort to close the skills gap facing the advanced manufacturing industry.

Vacuum manufacturer adding 200 jobs in Charlotte

August 26, 2015

(The Charlotte Observer)

TTI Floor Care North America, the maker of Hoover, Dirt Devil and Oreck vacuum cleaners, will invest $5 million in a marketing and technology center in Charlotte, creating 200 jobs over the next two years. Average annual salary will be more than $103,000. The Cleveland, Ohio-based company is a subsidiary of Hong Kong-based Techtronic Industries, whose products include power tools, hedge trimmers and pressure washers.

Duke professor says stock slump not a 'crash'

August 26, 2015

(WRAL.com)

Cam Harvey calls the recent stock-market craziness a "spike in volatility" but says it doesn't qualify as a crash. Harvey, a finance professor at Duke University's Fuqua School of Business, says the tech sector is among industries particularly sensitive to China's economic slowdown.

High Point truck-body manufacturer plans to expand

August 26, 2015

(High Point Enterprise)

Mickey Truck Bodies has bought the former Pearson furniture plant in High Point and plans to expand. Founded in 1904, the company makes truck bodies and trailers for beverage distributors and emergency vehicles and employs 328, including 275 in North Carolina. The Pearson plant was closed in 2014.

Raleigh's Red Hat ranked No. 26 on list of innovators

August 26, 2015

(WRAL TechWire)

Raleigh-based Red Hat was named to Forbes magazine's "World's Most Innovative Companies" list for the third time. The Raleigh-based software company ranked No. 26; California-based automaker Tesla Motors was No. 1.

Charlotte snags corporate HQ from Louisiana

August 26, 2015

Albermarle Corporation, a Louisiana-based chemical manufacturer with a market value of $4.9 billion, is moving its headquarters to Charlotte from Baton Rouge, La. The deal will add 120 new jobs by 2016 for Charlotte, which is becoming a magnet for corporate headquarters. Pay will average more than $160,000 annually.