Business

Wells Fargo cuts ownership stake in Krispy Kreme

May 12, 2015

(Winston-Salem Journal)

Wells Fargo has cut its stake in Winston-Salem-based Krispy Kreme Doughnuts and is now the company's No. 4 institutional investor, down from No. 2. The San Francisco-based bank said in a regulatory filing Monday it cut its shares from 5.19 million to 2.62 million, or 4.04%.

Lowe's buying 13 former Target stores in Canada

May 12, 2015

(The Charlotte Observer)

Home-improvement retailer Lowe's will acquire 13 former Target stores and a distribution center in Canada for about $124 million. Target announced in January it was exiting the country after a failed expansion. Mooresville-based Lowe's has 38 stores and about 6,000 employees in Canada.

Four Southeast states discuss high-speed rail project

May 11, 2015

(The Times-News, Hendersonville)

U.S. Transportation Secretary Anthony Foxx says Georgia and South Carolina are considering joining a compact between North Carolina and Virginia to study and advocate for a multistate, high-speed rail project in the Southeast.

UNC, GlaxoSmithKline team up to find cure for AIDS

May 11, 2015

(The News & Observer, Raleigh)

UNC Chapel Hill and GlaxoSmithKline will form a joint venture focused on developing a cure for AIDS. Located on the UNC campus, Qura Therapeutics initially will employ about 20 scientists. GSK, which has its North American headquarters at RTP, will invest $20 million over five years in the company.

Report: Volvo to build plant in South Carolina

May 11, 2015

(The Charlotte Observer)

Volvo will build its first U.S. manufacturing plant about 40 miles northwest of Charleston, S.C., according to a report in the Atlanta Journal-Constitution. The Swedish automaker also had considered a site near Savannah, Ga. A formal announcement is expected Monday.

Randolph wants to buy more land for megasite

May 11, 2015

(News & Record, Greensboro)

Randolph County commissioners will hold a public hearing June 1 to discuss plans to purchase a second parcel of land for a megasite it hopes will attract an automaker. The county has acquired 255 acres of a proposed 1,800-acre site.

Bojangles' shares up 25% after stock-market debut

May 11, 2015

(The Charlotte Observer)

Shares of Charlotte-based Bojangles' closed Friday at $23.75, up 25% from its IPO price of $19 a share. CEO Clifton Rutledge said Friday the company plans to expand gradually and won't move too quickly into new markets.

2,600-home community proposed for Pender County

May 11, 2015

(Greater Wilmington Business Journal)

A development group called Lane's Ferry Landing wants to build a mixed-use community on 988 acres in Pender County with up to 2,600 residential units, a marina, retail shops and offices. County officials are expected to consider the master development plan later this month and in June.

Commercial Credit postpones IPO

May 11, 2015

(The Charlotte Observer)

Charlotte-based lender Commercial Credit Group has postponed its plans to go public, according to IPO adviser Renaissance Capital. Las Vegas-based International Market Centers, which owns the majority of showroom buildings at the High Point Market, also postponed its planned IPO, Renaissance said last week.

Raleigh wants to make it easier to build skyscrapers

May 11, 2015

(The News & Observer, Raleigh)

Raleigh City Council will consider new height limits that would allow developers to build downtown towers as high as 40 stories without obtaining special permission. Currently, projects more than 80 feet high, or about six floors, must obtain approval from the city's planning commission.