Charlotte

Judge rules SEC case against BofA can move forward

June 20, 2014

(The Charlotte Observer)

A federal judge ruled the Securities and Exchange Commission can proceed with a lawsuit filed in August against Bank of America over the sale of mortgage-backed bonds that were riskier than investors were told.

Charlotte leaders learn how Minneapolis landed the Super Bowl

June 20, 2014

(The Charlotte Observer)

The Charlotte Chamber, on its annual visit to explore how other U.S. cities are run, spent time with Minneapolis city leaders to learn how they won bidding for the 2018 Super Bowl. Minneapolis-St. Paul has a $1 billion stadium under construction that helped it win the bid over more experienced cities.

20-story hotel tower coming to Charlotte's EpiCentre

June 19, 2014

(The Charlotte Observer)

Developers expect to begin construction early next year on a 20-story, 302-room hotel tower at the EpiCentre entertainment complex in downtown Charlotte. The tower, which will house two Marriott hotels, will be developed by a partnership of Florida-based McKibbon Hotel Management and Charlotte-based Vision Ventures and Mount Vernon Asset Management.

Quarterly dividend still a penny for BofA shareholders

June 19, 2014

(The Charlotte Observer)

Bank of America announced Wednesday its shareholders will get a 1-cent per share dividend for the second quarter, the same as it has been since before the financial crisis. The bank had said it would increase the quarterly dividend to 5 cents a share, but later revised its plan after discovering it had miscalculated capital ratios.

Charlotte's Northlake Mall to be sold

June 19, 2014

(The Charlotte Observer)

Northlake Mall will be sold to Starwood Property Group as part of a $1.4 billion transaction that includes seven malls in Florida, Michigan, Texas and Virginia. Northlake has nearly 1.1 million square feet and currently is owned by Bloomfield, Mich.-based Taubman Centers Inc.

 

AG Cooper says Duke should pay for coal-ash removal

June 19, 2014

(The News & Observer, Raleigh)

N.C. Attorney General Roy Cooper told the state Senate that Duke Energy should pay for coal-ash cleanup at 33 sites across North Carolina rather than passing along costs to its customers. Charlotte-based Duke Energy has said it could cost up to $10 billion to move the coal ash to lined landfills.

Documents show Duke Energy warned about drainage pipe in 1986

June 18, 2014

(News & Record, Greensboro)

Engineering reports from 1986 and 1992 show potential problems with a corrugated-metal drainage pipe at Duke Energy's Dan River Steam Station. The reports from the N.C. Utilities Commission were subpoenaed as part of a federal investigation into February's coal-ash spill at the plant. 

Charlotte Chamber CEO reacts to SC projects

June 18, 2014

(The Charlotte Observer)

Charlotte Chamber CEO Bob Morgan says Charlotte remains attractive for business despite Monday's announcements of thousands of jobs moving from the Queen City to nearby York and Chester counties in South Carolina. Three announced projects eventually could bring the Palmetto State up to 7,100 jobs.

Charlotte airport bill moves through NC House

June 18, 2014

(The Charlotte Observer)

The N.C. House approved a bill that directs the city of Charlotte allow an independent commission run Charlotte Douglas International Airport. The bill has been criticized opponents as a "sneak attack" to steal the airport from the city.

SC announces 3,900 jobs; NC failed to win projects

June 17, 2014

(The Charlotte Observer)

At least 3,900 new jobs are coming to York and Chester counties in S.C. Singapore-based Giti Tire will create 1,700 jobs and invest $560 million in a tire manufacturing plant in Chester County, about 40 miles south of Charlotte. Lash Group and LPL Financial will move a combined 2,200 jobs from Charlotte to Fort Mill in York County.

BofA's Merrill Lynch fined $8M for overcharging investors

June 17, 2014

(The Charlotte Observer)

Bank of America's Merrill Lynch unit must pay an $8 million fine and $24.4 million in restitution over claims it overcharged customers by failing to waive mutual fund fees. About 41,000 small-business retirement plans and 6,800 charities and retirement plan accounts for ministers and school employees were affected.

NC Senate introduces bill for coal-ash cleanup

June 17, 2014

(The News & Observer, Raleigh)

State Senate leaders introduced a bill Monday that would require closing all 33 unlined coal-ash ponds in the state within 15 years. Duke Energy called the plan "aggressive" and said it would present significant challenges for the Charlotte-based company, including finding a place to store the ash.

Three jobs announcements planned in SC south of Mecklenburg

June 16, 2014

(The Charlotte Observer)

Local officials from York and Chester Counties in South Carolina, just south of Mecklenburg, are planning three announcements today that could bring thousands of jobs to the area. Two companies will make announcements in York and one in Chester, where the downsizing of Springs Industries has led to huge job losses in recent years.

Financial-services company could triple employment in Charlotte

June 16, 2014

(The Charlotte Observer)

Robert W. Baird & Co. may triple its Charlotte employment over the next five years. The financial-services firm employs 50 there, and CEO Paul Purcell expects Charlotte to be one of the top five growth areas in the country for the next 20 years.

Food Lion parent cutting jobs overseas

June 16, 2014

(The Salisbury Post)

Delhaize Group may cut up to 2,500 jobs in Belgium, where the parent company of Salisbury-based Food Lion operates 147 stores, to reduce costs. Food Lion and Delhaize America would not be affected by the cuts. 

Former CertusBank execs want a jury trial

June 16, 2014

(The Charlotte Observer)

Three co-founders of Greenville, S.C.-based CertusBank who filed a lawsuit over their firings in April want a jury trial, where they can defend their reputations in a public forum. CertusBank was started in Charlotte by former Bank of America and Wachovia executives.

Charlotte's Pamlico Capital to buy South Dakota broadband networks

June 13, 2014

(The Charlotte Observer)

Charlotte-based private equity firm Pamlico Capital will pay $262 million to buy broadband networks in South Dakota from Englewood, Colo.-based Wow Internet, Cable and Phone. 

Charlotte buses to add routes for airport travelers

June 13, 2014

(The Charlotte Observer)

Charlotte's transit system will add two new bus routes next week to shuttle people from terminals at Charlotte Douglas International Airport to remote park-and-ride lots. The shuttles will help the airport deal with congestion this summer while new hourly parking decks are under construction.

Rod Higgins out as head of basketball ops at Charlotte Hornets

June 13, 2014

(The Charlotte Observer)

The Charlotte Hornets announced that Rod Higgins has stepped down as president of basketball operations just two weeks before the NBA draft.

BofA, Justice Department deadlocked over mortgage settlement

June 12, 2014

(The Charlotte Observer)

Negotiations to resolve investigations into Bank of America's role in the mortgage crisis have stalled. The Charlotte-based bank had offered to pay a settlement of more than $12 billion, which was less than the $17 billion the Justice Department had sought. The United States is said to be preparing a civil complaint against the bank.