Business

Reynolds American secures $2B line of credit

December 23, 2014

(Winston-Salem Journal)

Reynolds American has entered a five-year, $2 billion credit agreement with eight financial institutions, according to a regulatory filing. The money could be used to help pay for the Winston-Salem-based cigarette maker's proposed $27.4 billion acquisition of Greensboro-based Lorillard. Shareholders for both companies are scheduled to vote on the merger Jan. 28.

Owner requests rezoning for $400M development near Charlotte's SouthPark

December 23, 2014

(The Charlotte Observer)

A Charlotte property owner has filed a request for a 27-acre tract near SouthPark mall to be rezoned for a $400 million mixed-use development that could include more than 1,100 residential units. Plans for the site, which is currently home to a 353-unit apartment community that would be torn down, include 250,000 square feet of office space, 300,000 square feet of retail space and a 300-room hotel.

Four tire companies looked at Brunswick

December 23, 2014

(StarNews, Wilmington)

Four tire companies have considered opening plants in Brunswick County in the last two to three years, according to Jim Bradshaw, executive director of the local economic development commission. Bradshaw said three companies cited the threat of hurricanes as reasons for locating elsewhere.

Raleigh's N&O considers sale of downtown headquarters

December 23, 2014

(The News & Observer, Raleigh)

The publisher of The News & Observer is reviewing proposals from potential buyers of its 3.5-acre site in downtown Raleigh, where it employs about 300 people. Orage Quarles says he hopes to keep the newspaper's offices downtown if the property is sold.

NC unemployment rate lowest since 2008

December 22, 2014

(WRAL.com)

The state unemployment rate fell to 5.8% – the same as the national rate – in November, according to data released Friday by the N.C. Department of Commerce. Trade, transportation, utilities and manufacturing industries posted the biggest gains.

EPA coal-ash rules weaker than NC regulations

December 22, 2014

(WRAL.com)

The U.S. Environmental Protection Agency ruled on Friday it will regulate coal ash much in the same way it regulates regular household garbage. Environmentalists had wanted the byproduct of coal-fired power plants to be treated as hazardous waste and subject to stricter standards.

Raleigh apartments sell for record $76.8M

December 22, 2014

(The News & Observer, Raleigh)

A 282-unit apartment complex in Raleigh's Cameron Village has sold for $76.8 million, or $272,000 per unit. Crescent Cameron Village, which includes 19,000 square feet of retail, is part of a $700 million portfolio sale announced by Charlotte-based Crescent Communities in October. The buyer is Boston-based Berkshire Property Advisors.

BofA's Moynihan defends board's decision

December 22, 2014

(The Charlotte Observer)

Bank of America CEO Brian Moynihan defended the Charlotte-based lender's decision to name him chairman, despite calls from some large investors who have asked the bank to hold a shareholder vote on the bylaw change that allows its CEO to serve in dual roles.

Bank of the Carolinas shares fall 69%

December 22, 2014

(Winston-Salem Journal)

Bank of the Carolinas' share price fell 69% Friday, from 45 cents to 14 cents, though there was no public announcement or regulatory filing from the Mocksville-based bank to explain the drop.

NC must retool incentives program, corporate taxes to compete for jobs

December 22, 2014

(The Charlotte Observer)

North Carolina struggles to compete with other states, including neighbor South Carolina, in attracting new jobs. Lower taxes and larger incentive packages – in the case of Chinese textile company Keer Group, 10 times larger – helped lure some companies considering both states to South Carolina, according to documents obtained by The Charlotte Observer.