Business

Wilmington's Live Oak Banchares reports strong Q4 earnings

January 29, 2016

(Greater Wilmington Business Journal)

Live Oak Bancshares reported net earnings of $5.7 million in the fourth quarter, compared with $2.4 million for the same period in 2014. The nation's No. 2 SBA lender, Live Oak's net income for the full year was $20.6 million, or 65 cents per diluted share, a 59% increase over the previous year.

Construction to begin on 27-story tower in downtown Durham

January 29, 2016

(The News & Observer, Raleigh)

Construction on the 27-story City Center building will begin Feb. 15 and is expected to take 27 months. The skyscraper will include 21 floors of residences, 155,000 square feet of office space and ground-floor retail. Austin Lawrence Partners is the developer of the $70 million project.

China gets some North Carolina love – and admonishment

January 29, 2016

North Carolina received its most important guest of the year in Charlotte Wednesday. Cui Tiankai, China's ambassador to the United States, attended a reception to celebrate the Chinese New Year and encourage more ties between the Carolinas and China. Local and state officials welcomed his visit, including a congressman who offered some stern words.

Yadkin Financial Q4 earnings rise 15%

January 29, 2016

(The News & Observer, Raleigh)

Yadkin Financial posted fourth-quarter net operating earnings of $12.6 million, or 40 cents a share, missing analysts' estimates by a penny. (The figure excludes merger costs and other income and expense items.) The Raleigh-based bank expects to close on its $456 million acquisition of Greensboro's NewBridge Bank by the end of March.

Charlotte area newspaper owner named publisher of Las Vegas paper

January 29, 2016

(The Charlotte Observer)

Craig Moon, 65, will become publisher of the Las Vegas Review-Journal, which was bought by Sheldon Adelson, owner of the Las Vegas Sands casino, in December. Moon, former publisher of USA Today, owns four weekly newspapers in the Lake Norman area.

CSX not scrapping plans for cargo hub

January 28, 2016

(The News & Observer, Raleigh)

CSX said Wednesday it is still committed to building a $272 million container hub along Interstate 95, despite Gov. Pat McCrory changing his stance on the project that he originally promoted as a boon for economic development in eastern N.C.
Also: Wayne chasing CSX terminal after Johnston site rejected

Microfibres to close plant, lay off 125 in Winston-Salem

January 28, 2016

(Winston-Salem Journal)

Rhode Island-based Microfibres is ending domestic production and will close its Winston-Salem textile plant. All 125 workers will lose their jobs. The plant once employed 270 people.

BofA to allow ATM transactions with smartphones

January 28, 2016

(The Charlotte Observer)

Bank of America customers soon will be able to use their smartphones to make cash withdrawals and perform other ATM transactions. The Charlotte-based bank will begin piloting the program in February, with a broader rollout expected midyear.

Report: Clean-energy industry added 3,000 jobs in 2015

January 28, 2016

(The Fayetteville Observer)

The renewable-energy industry supported more than 26,000 jobs in the state in 2015 and brought in $6.96 billion, a 45% increase over the previous year, according to a report by the North Carolina Clean Sustainable Energy Association.

Mooresboro zinc plant shuts down, 200 workers laid off

January 28, 2016

(The Daily Courier, Rutherfordton)

Horsehead Holding temporarily ceased operations at its Rutherford County zinc production plant, idling most of its 250 employees. The Pittsburgh-based company opened the $490 million plant less than two years ago.