Business

BofA CEO Moynihan ranks fifth for corporate jet use

April 21, 2016

(The Charlotte Observer)

Bank of America's top honcho ranked fifth among Fortune 100 executives based on aircraft perks in 2014, according to data from research firm Equilar. BofA spokesman Lawrence Grayson said the costs are due to Brian Moynihan's commuting — since becoming CEO in 2010, he has continued to live in Boston while working at the bank's Charlotte headquarters. "His real office is in a Gulfstream," a former BofA executive told BNC in 2015.

Recruiter says Cumberland would benefit from CSX rail hub

April 21, 2016

(The Fayetteville Observer)

The president of the Fayetteville Cumberland County Economic Development Corp. said a controversial $272 million CSX rail hub, originally planned for Johnston County, would be good for Cumberland County and the state ports. Russ Rogerson said if the Jacksonville, Fla.-based company doesn't opt to build the terminal in Johnston, "we would certainly be interested in talking with them."
Related: Rail project would boost economy, officials said

Raleigh drone startup raises $18M

April 21, 2016

(The News & Observer, Raleigh)

PrecisionHawk, based in Raleigh, raised $18 million for software improvements and to launch a new drone priced at $16,000. The company is led by Bob Young, cofounder of Raleigh-based software company Red Hat. To date, privately held PrecisionHawk has raised a total of $30 million.

BB&T reports 8% increase in first-quarter profit

April 21, 2016

(Winston-Salem Journal)

BB&T reported $527 million in net income in the first quarter, up 8% from the same period a year ago. Total revenue was $2.6 billion, up $240 million compared with the first quarter of 2015. Earlier this month, the Winston-Salem-based bank completed acquisitions of National Penn Bancshares and insurance broker Swett & Crawford.

FDA rejects Morrisville company's surgical robot

April 21, 2016

(The News & Observer, Raleigh)

Shares of TransEnterix fell 50% in after-hours trading following the company's announcement that the Food and Drug Administration rejected its application to sell its surgical robot. SurgiBot would have been only the second surgical robot approved for general surgery in the U.S.

Fort Mill housing freeze passes first hurdle

April 21, 2016

(The Herald)

An ordinance to suspend single-family and multi-family residential zoning applications within the unincorporated Fort Mill township received preliminary approval Monday from the York County Council.  The proposal would ban new housing construction starts until 2017 between the Catawba River in North Carolina and Indian Land, S.C., excluding land inside the municipal limits of Fort Mill and Tega Cay. Heavy traffic and its impact on economic development, air quality and infrastructure are listed as reasons for the moratorium. The Rock Hill-Fort Mill Area Transportation Study Committee is working on a study of traffic capacity in the Fort Mill area.

Honda Aero announces $21M expansion in Burlington

April 20, 2016

(News & Record, Greensboro)

Honda Aero will invest $21 million in a 50,000-square-foot expansion of its Burlington plant, creating 30 new jobs. Engines made and tested here are delivered to Honda Aircraft in Greensboro for installation in the HondaJet light aircraft. Honda Aircraft delivered the first HondaJet, which can seat up to seven people, in December.

UnitedHealthcare to stop selling ACA policies in NC

April 20, 2016

(The Charlotte Observer)

Citing $1 billion losses from its Affordable Care Act exchanges, insurer United Heathcare will stop selling ACA policies in North Carolina and many other states in 2017. The state's largest insurer, Blue Cross and Blue Shield, has also said it is considering pulling out of the ACA market in North Carolina. That would leave N.C. with only one ACA insurer, Coventry Health, which operates in just 39 counties.

Analysts weigh in on potential LabCorp-INC Research deal

April 20, 2016

(The News & Observer, Raleigh)

Burlington-based LabCorp has held preliminary talks with Raleigh's INC Research about a possible deal, Bloomberg reports. INC, a contract-research organization, employs about 1,000 poeple in the Triangle. Analysts say a deal makes sense, as one of INC's strongest areas — testing drugs that affect the central nervous system — is one of LabCorp's deficiencies in its Covance CRO business

Durham's Argos Therapeutics cutting 18 jobs; COO resigns

April 20, 2016

(WRAL TechWire)

Durham drug developer Argos Therapeutics is cutting 13% of its workforce, or 18 employees, reducing its head count to 117. Fred Miesowicz is stepping down as chief operating officer but will remain a consultant with the company, which makes cancer treatments. Argos went public in 2014 and later that year announced plans to build a new 100,000-square-foot manufacturing plant in Durham that would create 230 jobs. The company was awarded up to $9.5 million in state incentives for the expansion.