Business

High Point Market continues through Thursday

October 20, 2014

(Winston-Salem Journal)

Furniture officials hope growth in consumer confidence and an improved housing market will lead to more orders. Pre-registration for the semiannual High Point Market was up about 3% over last fall, according to Tom Conley, president of the High Point Market Authority. The trade show generally attracts between 70,000 and 80,000 participants.

Piedmont Natural Gas asks for 7% rate cut

October 20, 2014

(The News & Observer, Raleigh)

Piedmont Natural Gas is seeking a 7% rate cut that would save each of its residential customers about $6.70 a month. The Charlotte-based gas company requested the rate cut after revenue last winter exceeded its allowed profit margin set by the N.C. Utilities Commission. Piedmont has 750,000 customers in North Carolina.

Revitalization underway in Wilmington's Brooklyn neighborhood

October 20, 2014

(StarNews, Wilmington)

After decades of failed revitalization efforts, developers and business owners hope their latest efforts will breathe new life into Wilmington's Brooklyn neighborhood. 

BB&T to cut 800 jobs

October 17, 2014

(Winston-Salem Journal)

BB&T will eliminate about 800 jobs – about 2% of its workforce – in the fourth quarter as part of a corporate restructuring, though the Winston-Salem-based bank declined to say how many of the cuts will be in North Carolina. Most of the affected jobs are in mortgage and community banking.
Related: BB&T reports third-quarter profit of $520 million

Chiquita board rejects Brazilian offer

October 17, 2014

(The Charlotte Observer)

The board of directors of Chiquita Brands International unanimously rejected the latest buyout offer by Brazil-based Cutrale and Safra Group and reaffirmed its recommendation for shareholders to vote in favor of a proposed merger with Irish produce company Fyffes.

Thomas Built Buses gets approval for local incentives

October 17, 2014

(Winston-Salem Journal)

Local governments approved incentives for Thomas Built Buses to expand its High Point operations. The locally based company will decide by Dec. 1 if it will move forward with the expansion, which would include an investment of $12 million and the addition of 236 jobs in 2015.

Triangle venture-capital funding returns to 'normalcy' in third quarter

October 17, 2014

(The News & Observer, Raleigh)

Ten Triangle startups raised $47.4 million in venture capital in the third quarter, more than in the first and second quarters but still far below the $106.8 million raised in the fourth quarter of last year. Two companies, Lq3 Pharmaceuticals and medical-device company Tryton Medical, raised at least $10 million.

Chimerix drug to be tested on Ebola patients

October 17, 2014

(The News & Observer, Raleigh)

Durham drug developer Chimerix received FDA approval to begin testing an experimental antiviral drug on people infected with the Ebola virus. 

Laura Schulte to retire from Wells Fargo

October 17, 2014

(The Charlotte Observer)

Laura Schulte, president of community banking for Wells Fargo's Eastern region, will retire by year-end. Schulte moved to Charlotte five years ago following the San Francisco-based bank's merger with Wachovia and his been with the company for more than 30 years. Michelle Lee, president of community banking operations for the Northeast, will succeed her.

Kannapolis officials consider purchasing Murdock properties

October 17, 2014

(The Independent Tribune, Concord)

Kannapolis City Council will review several downtown properties the city may offer to buy from billionaire David Murdock. Murdock's Castle & Cook company has owned much of downtown Kannapolis since he bought the former Cannon Mills in 1982.