Business

Hotel developer buys downtown Winston-Salem property

May 22, 2014

(Winston-Salem Journal)

Greensboro-based CN Hotels Inc. paid $975,000 for a half-acre site in downtown Winston-Salem, though a company representative declined to comment on plans for the property.

Legislature moves to cap business privilege license taxes

May 21, 2014

(The Charlotte Observer)

The N.C. House tentatively passed a bill that would cap privilege license taxes cities charge businesses at $100. If passed, cities across North Carolina could be forced either to cut services or raise taxes to account for lost revenue.

Smartphone sales lift Lenovo's annual profit

May 21, 2014

(The News & Observer, Raleigh)

Lenovo's annual profit increased 29% to $817 million as revenue from its smartphone division nearly doubled and tablet sales quadrupled. The company, based in Beijing and Morrisville, paid $2.9 billion for Google's Motorola Mobility smartphone business in January. 

E-cig factory, 300 jobs may be coming to Forsyth

May 21, 2014

(Winston-Salem Journal)

N.C. Rep. Julia Howard said an announcement will be made this week regarding the opening of a plant that makes components for electronic cigarettes. The Davie County Republican mentioned the project while the state General Assembly was discussing whether or not to add an excise tax to e-cigs. The factory, believed to be in Forsyth County, would employ about 300.

Clean-energy sector emerging in Cleveland County

May 21, 2014

(The Shelby Star)

The renewable-energy industry has added 150 jobs in Cleveland County since 2012, and $58.3 million has been invested in solar projects there since 2007. Shelby solar manufacturer Schletter plans to add 50 jobs to its existing 110 by year-end, and hopes to add more in the next four to five years.

Regional president of Wells Fargo to retire

May 21, 2014

(The News & Observer, Raleigh)

Stan Kelly, regional president for the Carolinas at San Francisco-based Wells Fargo & Co., will retire this summer. His successor has not been named.

Stanley workers in Graham County eligible for federal aid

May 21, 2014

(Asheville Citizen-Times)

About 400 workers who are losing their jobs when Stanley Furniture closes its Robbinsville plant are eligible to apply for federal aid through a program that provides income support and job search assistance for people put out of work due to international trade. Stanley is moving its furniture manufacturing operations to China. (Regional Report, May 2014)

Ellwood Group to sell Rural Hall plant

May 21, 2014

(Winston-Salem Journal)

Ellwood Advanced Components, which previously announced plans to close its Rural Hall plant and lay off 144 workers by 2016, is selling the factory to an unidentified buyer. A notice filed with the N.C. Commerce Department said its remaining 55 workers may keep their jobs when the new company assumes ownership. The Ellwood City, Pa.-based company makes components for gas and steam turbines.

CommunityOne Bank closer to exiting federal bailout program

May 21, 2014

(The Charlotte Observer)

The Treasury Department plans to sell about 1.1 million shares it owns in Charlotte-based CommunityOne Bancorp and it expects to receive about $10.1 million from the sale. CommunityOne is the last Charlotte-based bank that is still part of the Troubled Asset Relief Program. 

New 25-story office tower planned for downtown Charlotte

May 20, 2014

(The Charlotte Observer)

MassMutual Financial Group's Cornerstone Real Estate Advisers will build a 25-story office tower in downtown Charlotte. Construction will begin this fall on the 634,000-square-foot building and is expected to be completed by spring 2017. Babson Capital Management will be the anchor tenant; Spectrum Properties will develop and manage the property.