Business

Fed OKs BofA stock buybacks

March 12, 2015

(The Charlotte Observer)

The Federal Reserve gave Bank of America permission to repurchase $4 billion in common stock, but the Charlotte-based bank must fix problems with its capital planning process. The bank has six months to address the issues, which were uncovered in its annual "stress test," but regulators will allow it to begin repurchasing shares in the second quarter.

Apple expanding Maiden data center

March 12, 2015

(Hickory Daily Record)

Apple recently filed a permit for a new data center at its Maiden campus, where the Cupertino, Calif.-based company already operates a 500,000-square-foot data center and two tactical ones. Plans show the new data center would measure more than 114,300 square feet. The permit also identifies an area for future expansion. Apple has invested more than $500 million in the Catawba County campus, according to its website.

Jordan tops Forbes list of retired athletes

March 12, 2015

(The Charlotte Observer)

With earnings totaling $100 million in 2014, Charlotte Hornets owner Michael Jordan topped Forbes magazine's second annual list of highest-paid retired athletes. Carolina Panthers owner Jerry Richardson, who also has a stake in one the largest Bojangles' franchises, came in fifth, earning $23 million.

Novant might expand in northern Virginia

March 12, 2015

The University of Virginia Health System and Winston-Salem-based Novant Health are talking about forming a regional health system in northern Virginia. The proposed agreement would involve UVA Culpeper Hospital and Novant's Virginia facilities.

PEDS Legwear celebrates Hildebran plant opening

March 12, 2015

(The News Herald, Morganton)

Gov. Pat McCrory touted the state's "Carolina Comeback" in manufacturing at the ribbon cutting for PEDS Legwear's new $16 million sock-manufacturing plant in Hildebran. Formerly Richelieu Legwear, the Canada-based company last year invested $7 million in a failing sock company and plans to create more than 205 jobs by 2018. 

Pantry shareholders approve acquisition deal

March 12, 2015

(The News & Observer, Raleigh)

Shareholders of Cary-based The Pantry approved Alimentation Couche-Tard's proposed $1.7 billion acquisition of the company. The Pantry operates 1,509 stores in 13 states, mostly under the Kangaroo Express brand. Couche-Tard has 6,303 stores in North America. Most of its U.S. stores operate as Circle K.

Duke Energy will pay $146M to settle shareholder lawsuit

March 11, 2015

(The Charlotte Observer)

Duke Energy will settle a shareholder lawsuit related to its 2012 merger with Raleigh-based Progress Energy for about $146 million, the Charlotte-based utility said Tuesday. The class-action lawsuit claimed stemmed from Duke's unexpected decision to fire Progress CEO Bill Johnson just hours after the merger was completed, instead giving the job to Duke CEO Jim Rogers. 

Peanut company adding 78 jobs in Edenton

March 11, 2015

(Winston-Salem Journal)

A peanut company plans to invest $30 million in its Edenton plant and will add 78 jobs. Jimbo's Jumbos, an affiliate of Hampton Farms, currently employs 208 people in Chowan County. 

Greensboro's Jim Melvin creates foundation to manage megasite

March 11, 2015

(The News & Record, Greensboro)

A foundation has been established to coordinate land purchases for a proposed 1,800-acre Randolph County megasite, which Triad leaders hope will attract an auto manufacturer. Jim Melvin, former Greensboro mayor and president of the Joseph M. Bryan Foundation, incorporated the Greensboro-Randolph Megasite Foundation on Feb. 11.

Charlotte's Carolinas HealthCare System profitable in 2014

March 11, 2015

(The Charlotte Observer)

Carolinas HealthCare System ended 2014 with a $173 million operating profit, an 80% increase over the previous year. The Charlotte-based hospital system had predicted it would post its first loss in more than 30 years. Hospital executives attributed the turnaround to a surge in patients.