Charlotte

Former NationsBank exec joins Raleigh's Paragon Bank

February 3, 2016

(The Charlotte Observer)

Rusty Page is a senior vice president and business-development officer at the Charlotte office of Raleigh's Paragon Bank, which provides private- and commercial-banking services for affluent customers and small and midsized businesses. Page is the former head of investor relations for Charlotte' NationsBank, now Bank of America.

California company adding 200 jobs in Concord

February 2, 2016

(The Independent Tribune, Concord)

ETS Express, a family-owned business that produces personalized drinkware products, plans to create 200 jobs over the next 18 months at a manufacturing and distribution center in Concord. The company will occupy a 152,000-square-feet building that was part of a $22 million speculative industrial project — Amazon also has a distribution center there — near Concord Regional Airport.

BofA prepares to file 20 blockchain patents

February 1, 2016

(American Banker)

Trying to stay ahead of the curve, Bank of America is preparing to file 20 blockchain-related patents, according to a CNBC report. As of December, the Charlotte-based bank had already filed 15 blockchain patents. A blockchain is a public ledger of all Bitcoin transactions.
More on Bank of America: Analyst: BofA at greater risk of a shareholder push to restructure

Electrolux scraps plans for Charlotte expansion

January 29, 2016

(The Charlotte Observer)

Appliance-maker Electrolux said Thursday it is canceling plans for an expansion at its North American headquarters that would have nearly doubled its Charlotte workforce. The Sweden-based company cited its failed deal to acquire General Electric's appliance unit as the reason. Electrolux also tapped Alan Shaw to lead its North American operations; interim CEO Keith McLoughlin is retiring Feb. 1.

China gets some North Carolina love – and admonishment

January 29, 2016

North Carolina received its most important guest of the year in Charlotte Wednesday. Cui Tiankai, China's ambassador to the United States, attended a reception to celebrate the Chinese New Year and encourage more ties between the Carolinas and China. Local and state officials welcomed his visit, including a congressman who offered some stern words.

Charlotte area newspaper owner named publisher of Las Vegas paper

January 29, 2016

(The Charlotte Observer)

Craig Moon, 65, will become publisher of the Las Vegas Review-Journal, which was bought by Sheldon Adelson, owner of the Las Vegas Sands casino, in December. Moon, former publisher of USA Today, owns four weekly newspapers in the Lake Norman area.

BofA to allow ATM transactions with smartphones

January 28, 2016

(The Charlotte Observer)

Bank of America customers soon will be able to use their smartphones to make cash withdrawals and perform other ATM transactions. The Charlotte-based bank will begin piloting the program in February, with a broader rollout expected midyear.

Panthers owner sends entire staff to Super Bowl

January 27, 2016

(The Charlotte Observer)

Jerry Richardson will pay for all Carolina Panthers staff members – including interns – to travel to California for Super Bowl 50. The team's owner also paid for staff to go to the Panthers' only other Super Bowl appearance in 2004.
Related: Durham-based company to supply technology for Super Bowl 50

Charlotte office tower gets $20M renovation

January 26, 2016

(The Charlotte Observer)

The 40-story Bank of America Plaza will undergo $20 million in upgrades, including a new lobby and exterior facade. The renovations also will add 20,000 square feet of ground-floor retail. The 891,000-square-foot building opened in 1974 as the headquarters for NCNB. Construction will take about a year.

Ethan Allen expands in Maiden

January 26, 2016

(Furniture Today)

Ethan Allen has converted a 173,000-square-foot former distribution center in Maiden to a furniture upholstery plant and research and development center. The Connecticut-based company has two existing upholstery factories in Catawba County.

CLT could break passenger record

January 26, 2016

(The Charlotte Observer)

Charlotte Douglas International Airport is on track to set a new annual record for the number of passengers in 2015. Through November, more than 41.2 million people used the nation's sixth-busiest airport, a 1.5% increase over the previous year. Final year-end results will be released in February. The record, set in 2014, is 44.3 million.

American cancels all Friday flights at CLT

January 22, 2016

(The Charlotte Observer)

In anticipation of the winter storm than could bring up to 4 inches of snow to the Queen City, American Airlines canceled all flights to and from Charlotte Douglas International Airport on Friday. American operates more than 90% of daily service at the airport. Flights are expected to resume Saturday morning.

Moynihan: BofA's workforce will continue to shrink

January 22, 2016

(The Charlotte Observer)

In an interview on Bloomberg TV Thursday, Bank of America CEO Brian Moynihan reiterated that more job cuts are ahead in 2016, though he declined to say how many. The Charlotte-based lender shed more than 10,000 jobs last year. Here are some key takeaways from BofA's annual financial report.

Planning board OKs toll lanes for I-77

January 21, 2016

(The Charlotte Observer)

The Charlotte Regional Transportation Planning Organization voted 50-12 in support of toll lanes, allowing a controversial project on a 26-mile stretch of Interstate 77 spanning northern Mecklenburg and Iredell counties to move forward.

Raleigh's Capital Bank could move HQ to Charlotte

January 21, 2016

(The Charlotte Observer)

Capital Bank is considering relocating its headquarters to the Queen City after regulators approve its proposed $350 million acquisition of Charlotte's CommunityOne Bancorp. Capital Bank will have nearly $10 billion in assets when the deal closes, expected to be in the first quarter.

New construction will bring thousands to downtown Charlotte

January 21, 2016

(The Charlotte Observer)

Construction in downtown Charlotte is booming, according to a report released Wednesday by booster group Charlotte Center City Partners. About 3.5 million square feet of office space, more than 2,200 hotel rooms and more than 8,700 apartments are planned or under construction. CEO Michael Smith said he's not worried about overbuilding.

Duke Energy sets solar record

January 21, 2016

(The Charlotte Observer)

The Charlotte-based utility installed more than 300 megawatts of solar power in North Carolina in 2015, enough to power 60,000 homes. Duke spent $500 million to acquire four large solar farms, mostly in eastern N.C., and buying solar energy from other developers.

BofA stock slides after earnings report

January 20, 2016

Bank of America released its annual financial results Tuesday, showing that the largest N.C.-based public company is past its recession-era woes and ready for a big bounce once interest rates increase. Investors were so impress with the $16 billion in annual profit that shares declined 1.5%, with the company's stock now trading at the lowest level since 2013.

PLS Logistics Services opens Charlotte office

January 20, 2016

(The Charlotte Observer)

The Pennsylvania-based company plans to employ about 200 people in Charlotte over the next several years. PLS provides supply-chain management and brokerage services for the shipping industry.

Lowe's exits venture with Australia's Woolworth's

January 19, 2016

(Bloomberg Business)

Lowe's is bailing out of an unprofitable joint venture with Australia-based Woolworth's Ltd. after six years of struggling to compete in the market. The Mooresville-based company owns 33% of the venture, which operates more than 60 home-improvement stores in Australia under the Masters and Home Timber & Hardware brands.