Business

BofA beats expectations in second quarter

July 16, 2015

(The Charlotte Observer)

Bank of America reported profit of $5.3 billion in the second quarter, compared with $2.3 billion for the same period a year ago. The Charlotte-based bank has cut more than 16,000 employees and closed 234 branches over the last 12 months in an effort to cut costs.

Captrust co-founder donates $5M for ECU entrepreneurship school

July 16, 2015

(The News & Observer, Raleigh)

East Carolina University will establish a school of entrepreneurship, thanks to a $5 million commitment from the co-founder of Raleigh-based Captrust Financial Advisors. J. Fielding Miller and his wife, Kim Grice Miller, provided the donation. Miller is a 1984 graduate of ECU; he co-founded Captrust, which has 22 offices nationwide, in 1997.

Unifi begins expansion of Yadkinville recycling center

July 16, 2015

(Winston-Salem Journal)

Greensboro-based Unifi will more than double the size of its Repreve recycling center in Yadkinville. The company, which makes yarn from plastic bottles for the apparel and automotive industries, has begun construction of an 85,000-square-foot expansion and expects to add up to 20 jobs to its 960. Unifi customers include Ford, The North Face and Nike.

Alevo to begin shipping batteries this fall

July 16, 2015

(The News & Observer, Raleigh)

Alevo Energy will begin shipping its battery modules to China this fall, according to Jeffrey Gates, vice president of global sales for the Swiss energy-storage company, which makes its products at the former Philip Morris cigarette plant in Concord.
Related: Battery maker appears at legislature to boost case for renewable energy legislation

Yadkin County takes control of community hospital

July 16, 2015

(Winston-Salem Journal)

A U.S. District Court judge ordered the operator of Yadkin Valley Community Hospital to turn over the keys to the property on Wednesday after HMC/CAH Consolidated defied a previous court order to keep the hospital open. Kansas City-based HMC abruptly closed the 20-bed hospital on May 22.

Gates Foundation awards $20M to Duke Global Health Institute

July 16, 2015

(The Herald-Sun, Durham)

The Duke Global Health Institute received a $20 million grant from the Bill & Melinda Gates Foundation to continue its work addressing global health challenges. Half of that amount is a challenge grant, bringing the total impact of the grant to $30 million.

Crane going up for Charlotte office tower

July 16, 2015

(The Charlotte Observer)

Excavation is nearing completion and construction is about to begin on 300 South Tryon, downtown Charlotte's newest office tower. The 25-story building is expected to open in 2017; Babson Capital Management will be the anchor tenant.

Live Oak could raise up to $72.6M in IPO

July 15, 2015

(Greater Wilmington Business Journal)

Wilmington's Live Oak Bancshares could raise up to $72.6 million in its initial public offering, the company disclosed in an SEC filing Monday. Live Oak, a lender to small businesses, plans to offer 4 million shares priced between $16 and $18 per share.

US Open will return to Pinehurst in 2024

July 15, 2015

(The Pilot, Southern Pines)

The U.S. Open golf championship will return to Pinehurst for a fourth time in 2024. Though a formal announcement won't be made until July 22, the Pinehurst Village Council unanimously approved Tuesday an agreement with the USGA that will allow the tournament to use village property for parking and tournament staging.

Foxx, Charlotte officials hope streetcar will spark development

July 15, 2015

(The Charlotte Observer)

Charlotte's new streetcar line opened Tuesday, with U.S. Secretary of Transportation Anthony Foxx and local leaders touting its potential to spur new development along its 1.5-mile corridor.
Also: Charlotte's Gold Line streetcar shimmers on first run