Charlotte

Jordan tops Forbes list of retired athletes

March 12, 2015

(The Charlotte Observer)

With earnings totaling $100 million in 2014, Charlotte Hornets owner Michael Jordan topped Forbes magazine's second annual list of highest-paid retired athletes. Carolina Panthers owner Jerry Richardson, who also has a stake in one the largest Bojangles' franchises, came in fifth, earning $23 million.

Duke Energy will pay $146M to settle shareholder lawsuit

March 11, 2015

(The Charlotte Observer)

Duke Energy will settle a shareholder lawsuit related to its 2012 merger with Raleigh-based Progress Energy for about $146 million, the Charlotte-based utility said Tuesday. The class-action lawsuit claimed stemmed from Duke's unexpected decision to fire Progress CEO Bill Johnson just hours after the merger was completed, instead giving the job to Duke CEO Jim Rogers. 

Charlotte's Carolinas HealthCare System profitable in 2014

March 11, 2015

(The Charlotte Observer)

Carolinas HealthCare System ended 2014 with a $173 million operating profit, an 80% increase over the previous year. The Charlotte-based hospital system had predicted it would post its first loss in more than 30 years. Hospital executives attributed the turnaround to a surge in patients.

7-Eleven waiving franchise fees for Charlotte stores

March 10, 2015

(The Charlotte Observer)

Dallas-based convenience-store chain 7-Eleven will waive upfront franchise fees for 13 stores in the Charlotte area in an effort to expand its local footprint and convert more company-owned stores to franchise stores. The average franchise fee for a store in the Carolinas is $139,828, according to a company spokeswoman.

NC's Grier, Hari make Time's list of influential Web stars

March 10, 2015

(The Charlotte Observer)

Charlotte food blogger Vani Hari (aka Food Babe) and 17-year-old Vine user Nash Grier, who attended Davidson Day School but now lives in California, both landed on Time magazine's list of the 30 most influential people on the Internet.

BofA's Finucane says bank is a simpler, better company since financial crisis

March 10, 2015

(The Charlotte Observer)

Bank of America's global chief strategy officer Anne Finucane said in a Bloomberg interview that the Charlotte-based bank "is a better bank" and is much more transparent than it was before the financial crisis. 

Growth picking up at NC Research Campus

March 9, 2015

(The Salisbury Post)

David Murdock's $15 million annual contribution, announced last year, will allow his namesake research institute in Kannapolis to expand the scope of its work. North Carolina A&T University and Duke University are expanding their laboratory space at the research campus, which was announced in 2005 and has grown slower than expected, in part due to the economic recession that began in December 2007.

Duke Energy's Carter joins Bank of America

March 9, 2015

(The Charlotte Observer)

Bank of America named Brett Carter chief operating officer for its Global Technology and Operations unit, which is headed by Charlotte-based Cathy Bessant. Carter was senior vice president of Duke Energy Carolinas and was chairman of the Charlotte Chamber in 2013.

South Carolina a finalist for Volvo plant

March 6, 2015

(The Charlotte Observer)

South Carolina is a finalist for a Volvo auto plant, four state legislators told The State newspaper in Columbia. The plant would likely be located in the Charleston area, which also expects Daimler to announce this week plans for an expansion of its van-assembly plant that will add 1,000 jobs. London-based The Financial Times reported earlier this year that North Carolina and Kentucky were also pursuing the Swedish automaker's plant.

Judge denies Widen I77's injunction to stop toll lanes

March 6, 2015

(The Charlotte Observer)

A judge denied a citizens group's motion for a preliminary injunction that would have stopped a toll-lane project on Interstate 77 from Charlotte to Mooresville. Widen I77 said they are still seeking a permanent injunction against the project, which will add two toll lanes in each direction from the Brookshire Freeway in Charlotte to Exit 28 in Cornelius and one toll lane in each direction from Cornelius to Mooresville.

NY appeals court approves Bank of America's $8.5B mortgage settlement

March 6, 2015

(The Charlotte Observer)

A New York appeals court upheld Bank of America's $8.5 billion settlement with institutional investors over faulty mortgages. The mortgage securities were issued between 2004 and 2008 by Countrywide Financial, which BofA acquired in 2008.

Kroger execs say Harris Teeter helped boost results

March 6, 2015

(The Charlotte Observer)

Cincinnati-based Kroger said its acquisition of Harris Teeter Supermarkets helped the grocery-store chain reduce debt and boost earnings. Kroger reported earnings of $518 million in its fourth quarter that ended Jan. 31, a 23% increase from the same period a year ago.

Tesla to open second NC dealership in Matthews

March 5, 2015

(The Charlotte Observer)

Palo Alto, Calif.-based Tesla Motors plans to open its second North Carolina dealership. The electric-car manufacturer will open a dealership and service center in Matthews later this month. Tesla already has a location in Raleigh.

Piedmont Natural Gas sets record in February

March 5, 2015

(The Charlotte Observer)

Charlotte-based Piedmont Natural Gas delivered a record volume of gas in the month of February and set a single-day record on Feb. 19. The company has more than one million customers in the Carolinas and Tennessee.

Former Charlotte Knights stadium demolished

March 5, 2015

(The Charlotte Observer)

Demolition crews began razing the former Charlotte Knights baseball stadium in York County, S.C. Charlotte-based retailer Cato bought the land and has said it plans to build a distribution center there. Attendance has soared since the Knights moved to a new stadium in uptown Charlotte last summer.

Charlotte's Frontier Capital raises $390M

March 4, 2015

(The Charlotte Observer)

Charlotte-based Frontier Capital has raised $390 million in its fourth fund, exceeding its initial goal of $300 million. The private-equity firm invests in fast-growing software and business-services companies with annual revenues between $5 million and $30 million. 

Furniture company leaves Charlotte for Fort Mill, SC

March 4, 2015

(The Charlotte Observer)

Broad River Furniture, which operates 16 Ashley Furniture stores and one outlet store, will move its headquarters and distribution center from Charlotte to Fort Mill, S.C., where it will employ 200 people. The retailer will invest $12.6 million in its new 174,000-square-foot campus, which is expected to be open by November.

Family Dollar CEO sells more shares

March 4, 2015

(The Charlotte Observer)

Family Dollar Stores CEO Howard Levine plans to sell one to two million shares of the company's stock over the next five days, according to a securities filing. Levine sold almost 1.8 million shares last month for about $135 million. Chesapeake, Va.-based Dollar Tree is awaiting FTC approval to complete its $8.5 billion acquisition of the Matthews-based retailer.

Belk Endowment gives $9.6M to community college programs

March 4, 2015

(The Charlotte Observer)

The John M. Belk Endowment will give $7.75 million to the Single Stop program, which provides resources for students to complete community college. The endowment also plans to give financial awards to eight other organizations that support community colleges. 

Quicken overtakes BofA on list of top mortgage lenders

March 3, 2015

(The Charlotte Observer)

Bank of America slipped a spot to fourth place on a ranking of lenders with top mortgage market share. San Francisco-based Wells Fargo is still the nation's largest mortgage lender, followed by JPMorgan Chase and Detroit-based Quicken Loans.