Charlotte

Federal judge refuses to dismiss coal-ash suit

October 22, 2015

(The News & Observer, Raleigh)

Duke Energy had asked U.S. District Judge Loretta Biggs to dismiss or delay a lawsuit filed by environmental advocates over coal-ash contamination at its power plant near Salisbury. Biggs denied the request and criticized the state for not acting quickly enough in requiring Duke to clean up the coal ash.
Related: Duke Energy to settle Ohio lawsuit for $81 million

Wells Fargo to lay off 132 Charlotte area workers

October 22, 2015

(The Charlotte Observer)

San Francisco-based Wells Fargo said it is cutting 490 mortgage employees nationwide as foreclosure rates improve and fewer homeowners are refinancing. Five of the cuts are in Charlotte, while 127 are in Fort Mill, S.C.

Lowe's CEO gives $2.5M to UNC Charlotte business school

October 21, 2015

(The Charlotte Observer)

Robert Niblock, CEO of Mooresville-based Lowe's and a UNC Charlotte alum, will donate $2.5 million to the university's Belk College of Business, one of the school's largest gifts.

Charlotte hotels having best year ever

October 21, 2015

(The Charlotte Observer)

Despite fewer conventions, the average daily hotel rate in Mecklenburg County for 2015 is expected to be $104, while the occupancy rate is 72%, the highest level since 2007.

Red Ventures invests in California tech firm

October 21, 2015

(The Charlotte Observer)

Red Ventures, the Internet marketing firm founded in Charlotte and now based in Indian Land, S.C., invested $15 million in Ampush, a San Francisco-based mobile advertising company. Red Ventures CEO Ric Elias will join the Ampush board of directors.

Former Swisher execs charged in fraud case

October 20, 2015

(The Charlotte Observer)

Michael Kipp, former chief financial officer of Charlotte-based Swisher Hygiene, and Joanne Viard, former director of external reporting, face multiple charges in an accounting fraud case and could face five to 30 years in prison. The troubled janitorial and cleaning-supplies company is being acquired by Ecolab.

Crescent project will add hundreds of apartments, retail space in south Charlotte

October 20, 2015

(The Charlotte Observer)

Charlotte City Council approved Crescent Communities' plans for a residential and commercial development on 38 acres along Providence Road near the intersection of Interstate 485 in south Charlotte. Plans call for up to 543 apartments and homes, a 180-room hotel and up to 30,000 square feet of retail and office space.

Potential development in Davidson sparks opposition

October 19, 2015

(The Charlotte Observer)

Davidson officials are considering a $60 million multi-use development project in center of the Mecklenburg County college town. The plan, which is drawing opposition, calls for 200 apartments or condos, a hotel and office space. No developer has been selected.

Time Warner Cable CEO discusses merger's impact on Charlotte

October 16, 2015

(The Charlotte Observer)

Time Warner Cable is expected to cut some finance and accounting jobs in Charlotte as a result of its pending sale to Charter Communications, though CEO Rob Marcus says he expects Charter will want to bring additional jobs, perhaps with different functions, to the Queen City over time. The cable provider employs more than 3,100 in Charlotte.

Electrolux says its ready to resolve antitrust suit over GE merger

October 16, 2015

(The Charlotte Observer)

Electrolux AB, which has its North American headquarters in Charlotte, says it has compiled a list of assets that could be sold off to settle a Justice Department lawsuit that aims to block its $3.3 billion acquisition of General Electric's appliance unit. The case goes to trial Nov. 9.

CEO says more job cuts ahead at BofA

October 15, 2015

(The Charlotte Observer)

Bank of America reported $4.5 billion in profit in the third quarter, compared with a $232 million loss in the same period a year ago. CEO Brian Moynihan said that while deposits grew, low interest rates and a slow economic recovery led to decreased revenue. Moynihan said more job cuts are expected, though some will come through attrition.

Wells Fargo buying GE's commercial lending business

October 14, 2015

(The Charlotte Observer)

Wells Fargo, which has its largest employee base in Charlotte, will buy about $32 billion in assets from General Electric, which has been selling off its finance business in recent years. The San Francisco-based bank will gain about 3,000 workers.

Shift in corporate deposits boosts Regions' Charlotte market share

October 12, 2015

(The Charlotte Observer)

Regions Bank's 61% increase in deposits in the Charlotte area was due mostly to changes in how the Birmingham, Ala.-based lender records corporate deposits. While its market share is less than 1%, Regions moved up to No. 14 from No. 16 in Charlotte-area market share.

351-unit apartment complex proposed north of uptown Charlotte

October 12, 2015

(The Charlotte Observer)

An Ohio apartment developer filed a rezoning request for a 3.5-acre parcel on Parkwood Avenue, just north of uptown Charlotte and adjacent to the light-rail extension that is scheduled to open in 2017. NPR Group plans to open a 298-unit apartment building south of uptown later this year.

Charlotte home sales up despite low inventory

October 9, 2015

(The Charlotte Observer)

Charlotte area home sales increased 6.1% in September compared with the same month last year, though prices were up due to a low supply of properties. The average sale price was $240,169.

Developer files rezoning request for Dimensional HQ

October 8, 2015

(The Charlotte Observer)

Cousins Properties has filed to rezone a 2.3-acre site in Charlotte's South End to build a regional headquarters for Dimensional Fund Advisors. Durham's Duda Paine Architects designed the eight-story building.

Charlotte's Swisher Hygiene charged with fraud

October 8, 2015

(The Charlotte Observer)

Swisher Hygiene will plead guilty to a criminal fraud charge and pay a $2 million fine. A federal investigation determined the Charlotte-based janitorial and cleaning-supplies company misstated financial results and misled investors. Swisher is being acquired by St. Paul, Minn.-based Ecolab in a $40 million deal.

Swedish spool-maker to expand in Catawba County

October 7, 2015

(The Charlotte Observer)

Axjo America will add 14 jobs and invest $11 million in a 143,268-square-foot manufacturing plant in Conover. The company, a subsidiary of Sweden's Axjo AB, uses mostly recycled materials to make fiber-optic reels for the cable industry.

Charlotte firm could take over management of Pittenger properties

October 7, 2015

(The Charlotte Observer)

South Street Partners says it is in preliminary talks to take over properties managed by Pittenger Land Investments, U.S. Rep. Robert Pittenger's former land company that is being investigated by the FBI. Charlotte-based South Street bought the developer of South Carolina's Kiawah Island in 2013.

Charlotte beer-delivery service expands to Raleigh

October 7, 2015

(The News & Observer, Raleigh)

Charlotte startup Brewpublik is bringing its craft-beer delivery service to Raleigh. The company said in August it will receive $5 million over five years from venture-capital firm SierraMaya360. The funding is contingent on Brewpublik reaching certain milestones, including a Raleigh expansion.