Business

Biotech center issues almost $900,000 in loans, grants

October 24, 2014

(The News & Observer, Raleigh)

The North Carolina Biotechnology Center issued $885,586 in grants and loans in the first quarter. Chapel Hill-based Novocor Medical Systems and KinoDyn each received $250,000 loans, as did Winston-Salem-based KeraNetics. The state restored $1 million in funding to the nonprofit center for the 2014-15 fiscal year 

TIMCO changes name to Haeco

October 24, 2014

(News & Record, Greensboro)

Greensboro's TIMCO Aviation is now called Haeco. Hong Kong Aircraft Engineering Co. paid $338.8 million for TIMCO in 2013 and now operates its worldwide companies under the Haeco Group name. The company maintains and repairs jet airplanes and employs about 1,800 in the Triad.

Brazilian companies increase offer ahead of Chiquita merger vote

October 24, 2014

(The Charlotte Observer)

Two Brazilian companies increased their buyout offer from $14 a share to $14.50 a share Thursday in a last-minute effort to convince shareholders of Chiquita Brands International to choose its offer over that of Irish produce company Fyffes. Chiquita shareholders will vote at 9 a.m. Friday on the proposed merger.

Sears closing Gastonia store

October 24, 2014

(The Gaston Gazette)

Sears Holding Co. will close its store and auto center at Gastonia's Eastridge Mall in December. The store's 65 employees can apply for positions at other Sears and Kmart stores, a company spokesman said.

Third-quarter profits up 66% for Charlotte's Nucor

October 24, 2014

(The Charlotte Observer)

Nucor reported a 66% increase in third-quarter profits compared with the same period a year ago. The Charlotte-based steel company said sales were led by demand for manufactured goods, including automotive.

Report reveals 18 years of academic fraud at UNC Chapel Hill

October 23, 2014

(The News & Observer, Raleigh)

An investigation into academic fraud at UNC Chapel Hill revealed an 18-year scheme based on a system of no-show classes for student athletes. Following the report's release, Chancellor Carol Folt said four university employees will be terminated and another five will face disciplinary action.

Reynolds American to ban smoking in the workplace

October 23, 2014

(WRAL.com)

Beginning next year, Reynolds American will no longer allow employees to smoke cigarettes, cigars or pipes in offices and other common areas. The Winston-Salem-based cigarette maker will add indoor smoking areas for those who want to light up. The company will allow the use of electronic cigarettes and other smokeless tobacco products.

Wake Forest to end traditional MBA program

October 23, 2014

(The Charlotte Observer)

Wake Forest School of Business is discontinuing its traditional MBA program to focus exclusively on its program for working professionals, which has experienced double-digit growth in the last five years. The program offers evening and weekend classes at campuses in Charlotte and Winston-Salem.

Blue Cross says ACA rates to rise by 13%

October 23, 2014

(The News & Observer, Raleigh)

Blue Cross and Blue Shield of North Carolina said health insurance rates for plans under the Affordable Care Act will increase by an average of 13.5% next year. The state's largest health insurer covers 258,000 people under the federal health-care law.

Raleigh's TrustAtlantic Bank to be acquired for $80 million

October 23, 2014

(The News & Observer, Raleigh)

First Tennessee Bank will acquire Raleigh-based TrustAtlantic Bank for $80 million. Memphis-based First Tennessee has more than 180 branches, most in Tennessee, and opened its first Raleigh branch last year. TrustAtlantic has five branches in the Triangle and Greenville and had assets of $453 million as of Sept. 30.