Business

BofA, others save on taxes by holding profits offshore

May 20, 2014

(The Charlotte Observer)

Charlotte-based Bank of America and Duke Energy are among Fortune 500 companies that avoid big tax bills by keeping a portion of profits overseas. Nonprofit advocacy group Citizens for Tax Justice reported that 301 companies are saving nearly $550 billion by holding profits in offshore accounts. 

MGM Studios to film new movie in Asheville

May 20, 2014

(Asheville Citizen-Times)

MGM Studios will film "Max," a movie starring Lauren Graham and Thomas Hayden Church, in Asheville beginning in June. Boaz Yadkin, director of "Remember the Titans," co-wrote and will direct the movie about a dog who is traumatized after helping soldiers in Afghanistan.

Former NY Times editor gives upbeat speech to Wake Forest graduates

May 20, 2014

(Winston-Salem Journal)

In her first public appearance since she was fired last week, former New York Times Executive Editor Jill Abramson delivered the commencement address at Wake Forest University on Monday. A bevy of reporters from national media outlets were on hand to hear Abramson's speech, which focused on resilience.   

Merck passes on Chimerix HIV drug

May 20, 2014

(The News & Observer, Raleigh)

Merck has decided not to develop and commercialize an antiviral HIV drug it acquired from Durham-based Chimerix in 2012. Chimerix, which will lose out on $151 million in potential revenue from the deal, has focused on the development of brincidofovir, another antiviral drug that helps patients with compromised immune systems.

Charlotte Bobcats officially become Hornets

May 20, 2014

(The Charlotte Observer)

The Charlotte Bobcats officially change their name to the Charlotte Hornets on Tuesday, following what began as a grassroots effort by fans to bring back the brand that introduced Charlotte to NBA basketball in 1988. 

Firearms plant to close in Pineville

May 20, 2014

(The Charlotte Observer)

Madison-based Remington Arms Co. will close its Pineville firearms plant and will lay off 65 workers by Aug. 15. The company is consolidating production of eight factories in a Huntsville, Ala. plant that will employ up to 2,000 workers.

Burns & Wilcox to open Wilmington office

May 20, 2014

(Greater Wilmington Business Journal)

Burns & Wilcox will open a 2,500-square-foot office near UNC Wilmington. The Michigan-based insurance and brokerage company already has offices in Charlotte and Morehead City.

Belk closing Greensboro store

May 20, 2014

(News & Record, Greensboro)

Belk will close its store at Greensboro's Four Seasons Mall in February 2015 to focus on a new store in High Point and a renovated Friendly Center location. All 58 employees may apply for jobs at other Belk locations.

NC unemployment rate falls to 6.2% in April

May 16, 2014

(The News & Observer, Raleigh)

North Carolina's jobless rate fell for the 24th consecutive month to 6.2% in April. That's down from 6.3% in March and 8.4% a year ago. The national unemployment rate in April was 6.3%.

AG Cooper sues Chicago debt-resolution firm

May 19, 2014

(The News & Observer, Raleigh)

North Carolina Attorney General Roy Cooper filed a lawsuit alleging a Chicago-based debt settlement company illegally scammed 412 state residents out of more than $1.1 million. The lawsuit, filed Friday, claims Legal Helpers Debt Resolution collected the money between 2010 and 2012 as advance fees for services it never provided.