Charlotte

Carolinas HealthCare CEO warns of further cuts in healthcare industry

June 11, 2014

(The Charlotte Observer)

The CEO of Carolinas HealthCare System said Tuesday that the N.C. Senate's proposed cuts to Medicaid will jeopardize the financial health of hospitals. Michael Tarwater cited recent job cuts at hospitals across the state, including at High Point Regional and Wake Forest Baptist Medical Center.

Family Dollar adopts poison pill to delay potential takeover

June 10, 2014

(The Charlotte Observer)

In response to investor Carl Icahn's announcement that he has bought 9.4% of Family Dollar's stock, the Matthews-based company has added a "poison pill" provision that will kick in if any investor buys more than 10% of its stock. The poison pill would trigger the issuance of new stock, making shares less valuable. 

Wells Fargo now top SBA lender in NC

June 10, 2014

(The Charlotte Observer)

Wells Fargo has become the top SBA lender in North Carolina, approving 94 SBA loans between Oct. 1 and May 31, an increase of 21% over the same period for the previous fiscal year. Winston-Salem-based BB&T has approved 27 SBA loans during the same period.

Allegiant to double number of flights from Concord

June 10, 2014

(The Charlotte Observer)

Low-cost airline Allegiant Air will increase the number of flights from Concord to Orlando from two to four times a week beginning Nov. 2. The Las Vegas-based carrier became the regional airport's first commercial carrier in December.

Duke Energy signs agreement with states to pay for coal-ash cleanup

June 10, 2014

(The News & Observer, Raleigh)

Duke Energy signed an agreement with environmental officials from North Carolina and Virginia Monday to pay for cost associated with the cleanup of February's coal-ash spill in the Dan River. A federal criminal investigation, launched in the wake of the spill into relationships between Duke officials and state regulators, has not yet been resolved.

Icahn buys 9.4% stake in Family Dollar

June 9, 2014

(The Charlotte Observer)

Investor Carl Icahn has purchased a 9.4% stake in Matthews-based Family Dollar. In a securities filing, Icahn said he possibly will seek a seat on the board of directors or "explore strategic alternatives" for the company. The discount retailer laid off 135 workers at its headquarters in April and announced plans to close 370 stores.

BofA negotiating $12 billion settlement over mortgage probes

June 9, 2014

(The Charlotte Observer)

Bank of America is in the early stages of negotiating a settlement of at least $12 billion over federal and state investigations of its mortgage-banking practices that preceded the 2008 financial crisis.

Piedmont Natural Gas reports growth in revenue, profits

June 9, 2014

(The Charlotte Observer)

Piedmont Natural Gas reported second quarter profits of $63 million and revenue of $462 million, 16% higher than the same period a year ago. An increase in new residential construction led to 22% growth in new customers.

South Korean tool manufacturer creating 53 jobs in Charlotte

June 6, 2014

(The Charlotte Observer)

A South Korean tool manufacturer will invest $13.8 million and create 53 advanced manufacturing and engineering jobs in a Charlotte plant. YG-1 USA will make cutting tools for aerospace, medical and power generation industries. The Charlotte operation also will serve as a research and development hub for the company.

Moody's affirms Charlotte Douglas bond rating

June 6, 2014

(The Charlotte Observer)

Moody's affirmed Charlotte Douglas International Airport's bond rating and said its outlook is stable, citing its low cost per passenger. The credit rating agency said risks include American Airlines' heavy concentration of flights and ongoing confusion over who will run the airport. 

BofA's Merrill Lynch fined $1M over inaccurate trade reports

June 5, 2014

(The Charlotte Observer)

A federal regulator fined Merrill Lynch $1 million Wednesday over allegations it reported inaccurate data about trades. The Financial Industry Regulatory Authority said Merrill, a division of Charlotte-based Bank of America, submitted 5,323 inaccurate "blue sheets" to regulators between March 2006 and January 2014. 

Charlotte's Mike McGuire to lead Grant Thornton

June 5, 2014

(The Charlotte Observer)

Charlotte's Mike McGuire will become chief executive of Chicago-based Grant Thornton in January. McGuire became natonal managing partner of operations for Grant Thornton last summer. He previously was a partner in Arthur Andersen's Charlotte practice.

Clancy & Theys chosen for DataChambers project

June 5, 2014

(The Independent Tribune, Concord)

Clancy & Theys Construction Co. was selected as general contractor for DataChambers' 50,000-square foot data center at North Carolina Research Campus in Kannapolis. Construction is expected to be completed by late 2014. DataChambers currently operates data centers in Raleigh and Winston-Salem. Clancy & Theys has offices in Charlotte, Raleigh, Wilmington, Virginia and Florida.

French design group to open Charlotte office

June 4, 2014

(The Charlotte Observer)

Team Créatif will open its U.S. headquarters in Charlotte and plans to hire 40 people over the next three years. Team Créatif is the largest privately owned design firm in France. Its clients include Mars Inc., Dannon and Pedigree.

Cannon pleads guilty

June 4, 2014

(The Charlotte Observer)

Former Charlotte Mayor Patrick Cannon apologized to the community and pleaded guilty of a federal charge of accepting bribes including cash and airline tickets in exchange for his influence over city officials. Meanwhile, federal investigators say the case is not closed, and they are still following leads to see if the corruption goes deeper in the Charlotte's government.

Cannon expected to plead guilty to corruption charge

June 3, 2014

(The Charlotte Observer)

Former Charlotte Mayor Patrick Cannon is expected to plead guilty this morning to a federal corruption charge. Cannon was arrested by the FBI on March 26 for taking bribes including cash and airline tickets in exchange for influencing local officials. Cannon faces a maximum of 20 years in prison and a $250,000 fine.

Pair of York County, SC projects could bring 5,000 jobs

June 2, 2014

(The Charlotte Observer)

York County, S.C. has two large-scale economic development projects in the works that could produce 5,000 jobs and bring in investment of more than $200 million. City Council Chairman Britt Blackwell says he hopes the county, located southwest of Charlotte, will have an announcement in four to six weeks. 

SunTrust names Hondros head of wealth-management division

June 2, 2014

(The Charlotte Observer)

SunTrust Banks promoted John Hondros to managing director of its Charlotte and Daytona Beach, Fla. specialty wealth-management offices. The Atlanta-based bank's Sports and Entertainment Specialty Group serves athletes and entertainers. Hondros was most recently a client adviser and senior vice-president for SunTrust in Charlotte.

Construction begins on SouthPark office buildings

May 30, 2014

(The Charlotte Observer)

Charlotte real-estate firm Lincoln Harris has begun construction on two 10-story office towers in Charlotte's SouthPark neighborhood. The first 240,000-square-foot tower will be completed in late 2015. An anchor tenant has not been named.

First Tennessee Bank buying 13 BofA branches

May 30, 2014

(Winston-Salem Journal)

Memphis-based First Tennessee Bank says it will acquire 13 branches from Charlotte-based Bank of America for an undisclosed amount. All of the branches are in east and middle Tennessee.