Business

Energy sector drags down profits at BofA, Wells Fargo

April 15, 2016

(The Charlotte Observer)

The two banks reported lower earnings for the first quarter as a result of stockpiling reserves to cover potential losses on energy loans. Bank of America reported $2.7 billion in profit, down about 13% from the same period a year ago, while Wells Fargo's profit slid about 6% to $5.46 billion.

Asheville business owner: Don't boycott my store over law I despise

April 15, 2016

(The New York Times)

The owner of Malaprops Bookstore/Cafe in downtown Asheville writes an op-ed that describes how local businesses suffer when artists, customers and others boycott North Carolina over a law many don't support. Linda-Marie Barrett urges opponents of the law to consider new ways of protesting.

Logisitics company creating 60 jobs in Greensboro

April 15, 2016

(News & Record, Greensboro)

NFI, a privately held company based in Cherry Hill, N.J., will move into a 1.6-million-square-foot distribution warehouse previously occupied by Kmart. The company provides transportation and warehousing services. NFI employs 8,000 people and say it has $1.2 billion in revenue.

Triangle startups raise $63.7M in first quarter

April 15, 2016

(The News & Observer, Raleigh)

Despite what many predict will be a challenging year for fundraising, a dozen Triangle-area startups raised $63.7 million in the first quarter, more than the $50.9 raised in the fourth quarter of 2015 but less than the first three quarters of last year. Biotech company Envisia Therapeutics raised $16.5 million and Valencell, which makes technology for wearable devices, raised $11 million.

Raleigh's NephroGenex fires top execs, moves to sell assets

April 15, 2016

(The News & Observer, Raleigh)

The Raleigh drug developer fired CEO Pierre Legault and Chief Scientific Officer Jaikrishna Patel as it looks at ways to sell its assets. NephroGenex, which faces a stock delisting since shares have fallen below $1, said it is restructuring and may consider a reverse merger, an alternative that allows a private company to go public without an initial public offering. Its stock has plunged 95% over the last year.

Regulators reject 'living wills' at 5 top banks

April 14, 2016

(Winston-Salem Journal)

Five big banks, including Wells Fargo, JPMorgan Chase and Charlotte-based Bank of America, have until Oct. 1 to correct problems in their "living wills," plans that describe how they would dissolve in the event of severe financial distress or bankruptcy.

Asheville becoming less of a 'BYOJ' town

April 14, 2016

(Asheville Citizen-Times)

For years, the sentiment was that if you wanted to move to Asheville and didn't want to wait tables for a living, you might need to "bring your own job." While 7.2% of Asheville workers are self-employed, higher than the state and national rates, local economic developers say job openings are plentiful and there is growth in fields outside of hospitality, including in the technology and startup sectors.

Site in Charlotte's South End sold for almost $12.2M

April 14, 2016

(The Charlotte Observer)

The 2.3-acre site where Dimensional Fund Advisors plans to build an eight-story office building sold for nearly $12.2 million. The parcel is home to the popular Food Truck Fridays and Common Market, which is still looking for a new location. Cousins Properties will develop the site for the Austin, Texas-based financial services company.

Durham credit unions complete merger

April 14, 2016

(The News & Observer, Raleigh)

Self-Help Credit Union has merged with Greater Piedmont Credit Union, giving the combined business a total of 20 branches in North Carolina in Virginia that serve more than 65,000 people.

ASU dedicates site for new $70M health-sciences building

April 14, 2016

(The Watauga Democrat)

The new building will house Appalachian State's Beaver College of Health Sciences, which formed in 2010 and is now the second largest college at ASU with more than 3,000 students. LS3P is the architect and Rodgers Builders in the construction manager for the 203,000-square-foot building.