Business

Ebola outbreak highlights drugs made from tobacco plants

August 15, 2014

(The News & Observer, Raleigh)

Some drug companies are using "pharming" − producing medicines using genetically modified plants − to develop treatments for diseases including HIV, cancer and viruses including Ebola. Canada-based Medicago, which has a production plant at Research Triangle Park, is testing flu vaccines made with tobacco plants, and Kentucky BioProcessing, a Reynolds American subsidiary, has an Ebola treatment in development.

Deal with GE would make Electrolux world's No. 1 appliance maker

August 15, 2014

(The Charlotte Observer)

Electrolux said it is in talks to buy General Electric's appliance division. The deal would allow Electrolux, which had $16.7 billion in sales last year, to surpass Whirlpool as the world's No. 1 appliance maker. Electrolux employs about 900 people at its North American headquarters in Charlotte, and plans to double its workforce there.

Drone company gives NC deadline to decide on $6M investment

August 15, 2014

(Winston-Salem Journal)

Drone-maker Olaeris has given state officials until Sept. 25 to commit to a $6 million investment in the startup company, which wants to locate a U.S. headquarters at Smith Reynolds Airport. The company, which is developing unmanned drones for use by law enforcement officials, said it will create 150 high technology jobs over five years.

Riverfront redevelopment plan in the works for Southport

August 15, 2014

(StarNews, Wilmington)

Local government leaders will form a steering committee of residents to weigh in on a plan to redevelop Southport's riverfront district. Wilmington engineering firm Criser Troutman Tanner Consulting Engineers was hired to conduct a study on the redevelopment.

Lenovo quarterly profits exceed expectations

August 15, 2014

(The News & Observer, Raleigh)

Lenovo posted a 23% increase in profit in its fiscal first quarter ended in June, led by gains in the smartphone and PC markets. The Beijing-based computer maker employs about 2,200 at its North American headquarters in Morrisville.

Conspirator sentenced to prison for involvement in real-estate scheme

August 15, 2014

(Asheville Citizen-Times)

Andrew Quinn Hager was sentenced to eight months in prison for his involvement in the failed Seven Falls development in Henderson County. Hager pleaded guilty in March 2013 to conspiracy to commit bank fraud. 

BofA could write off portion of DOJ settlement

August 15, 2014

(The Charlotte Observer)

Billions of dollars of Bank of America's expected $16 billion settlement with the Department of Justice over faulty mortgage bonds could be tax-deductible.

Durham's BioCryst receives $4.1 million to develop Ebola treatment

August 14, 2014

(The News & Observer, Raleigh)

BioCryst Pharmaceuticals was awarded $4.1 million to develop a treatment for the Ebola virus. The funds are part of a 5-year, $22 million federal research contract the Durham company was granted for a drug it is developing to treat Marburg, a related virus.

Drone maker wants to bring 200 jobs to Winston-Salem

August 14, 2014

(Winston-Salem Journal)

A company that develops unmanned aircraft for use by emergency responders and law enforcement officials wants to locate its headquarters and research and development operations in the Triad. It would create about 200 high-technology jobs in its first phase. Olaeris has asked the state Commerce Department to invest $6 million in its products rather than provide traditional incentives.

Cisco to lay off 6,000 workers

August 14, 2014

(The News & Observer, Raleigh)

San Jose, Calif.-based Cisco Systems will lay off 6,000 workers, or 8% of its workforce in a restructuring. The telecommunications-equipment manufacturer announced in June it will add 550 jobs to its existing 4,600 at its Research Triangle Park site. The company will receive up to $12.9 million in state grant money for that expansion.