Charlotte

Charlotte Republican launches nonprofit focused on solutions to climate change

June 10, 2015

(The Charlotte Observer)

Jay Faison used $165 million from the sale of his audio-visual company SnapAV to start ClearPath, a nonprofit foundation with a mission of educating his fellow Republicans about the impact of climate change. Faison, 47, is the son of late Charlotte developer Henry Faison.

Kroger promotes former Harris Teeter president

June 9, 2015

(The Charlotte Observer)

Kroger named Fred Morganthall senior vice president of retail divisions. Rod Antolock, currently executive vice president of Harris Teeter, will become the president of the Matthews-based subsidiary. Cincinnati-based Kroger acquired Harris Teeter in January 2014.

Electrolux cuts jobs, reconsiders expansion

June 8, 2015

(The Charlotte Observer)

Electrolux has cut less than 1% of its North American workforce, including an unspecified number of Charlotte employees. A company spokeswoman said the cuts are related to improving the appliance-maker's financial performance. Electrolux also is evaluating a planned $85 million Charlotte expansion as the company awaits regulatory approval for its $3.3 billion acquisition of General Electric's appliance business.

BofA ruling could boost lending

June 8, 2015

(The Charlotte Observer)

A Supreme Court ruling that said Bank of America isn't required to void second mortgage liens for homeowners who owe more than their properties are worth could spur more home-equity lending among banks, a Bloomberg report says.

Charlotte area companies land on Fortune 500 list

June 5, 2015

(The Charlotte Observer)

Eight Charlotte-area companies appeared on the Fortune 500 list this year, up from seven in 2014. Sealed Air Corp., which is moving its headquarters from New Jersey to Charlotte, is the area's latest addition. Huntersville's American Tire Distributors Holdings jumped more than 100 spots but just missed the list at No. 514. Fourteen North Carolina-based companies made the list.

I-485 could be last 'free' highway in Charlotte

June 5, 2015

(The Charlotte Observer)

Interstate 485 is likely to be the last major highway project in the Charlotte region that does not involve toll lanes. The last segment of Charlotte's outer loop opens today.

Uber expands in Charlotte region

June 5, 2015

(The Charlotte Observer)

Ride-booking service Uber is expanding in the Charlotte region and will offer its service in Concord, Cornelius, Davidson and Huntersville beginning Friday.

Charlotte's Capital Advisors sold to Cleveland firm

June 4, 2015

(The Charlotte Observer)

Capital Advisors will be acquired by Bellwether Enterprise, a Cleveland-based mortgage subsidiary of Enterprise Community Investment. Charlotte-based Capital, which has offices in Greensboro, Raleigh and across the southeast, will change its name but retain all its employees. The deal is expected to close by June 30.

BofA analyst predicts falling home prices

June 3, 2015

(The Charlotte Observer)

Bank of America analyst Chris Flanagan predicts the U.S. housing market will experience a three-year slump beginning in 2017, according to a Bloomberg report.
Related: Supreme Court sides with BofA over second mortgages

Analysts cautious over Bojangles' stock

June 3, 2015

(The Charlotte Observer)

Almost a month after Bojangles' initial public offering, analysts were guarded when issuing ratings for the Charlotte-based company's stock. Seven Wall Street firms gave the stock a neutral rating. The average price target is $28.63, according to a Bloomberg report.

Amazon fulfillment center buzzes 24 hours a day

June 2, 2015

(The Charlotte Observer)

Seattle-based Amazon now has 360 workers at its Concord distribution center and is still hiring. Workers at the center sort e-commerce orders by zip code before they are sent to the U.S. Postal Service for delivery to customers. The system speeds delivery and reduces shipping costs.

BofA fined $30M for debt-collection practices

June 1, 2015

(The Charlotte Observer)

Bank of America will pay a $30 million fine to the U.S. Treasury to settle claims it violated consumer-protection laws for military personnel and used unsafe debt-collection practices. The Charlotte-based bank also was ordered to provide remediation to about 73,000 military customers.

I-485 completion could trigger development boom in north Charlotte

June 1, 2015

(The Charlotte Observer)

The last leg of Interstate 485 opens Friday, and at least one developer already has plans underway for a mixed-use project along the 5.7-mile stretch.

World's largest pension fund may divest shares of Duke Energy

May 29, 2015

(The Charlotte Observer)

A finance committee has recommended the Norway Government Pension Fund Global divest its shares in Duke Energy and other companies that receive more than 30% of revenue from coal.

Red Ventures buys Pitney Bowes unit for $310M

May 29, 2015

(The Charlotte Observer)

Indian Land, S.C.-based Red Ventures completed its $310 million acquisition of Imagitas, a marketing-services unit of Stamford, Conn.-based Pitney Bowes that has a contract with the U.S. Postal Service. It's the first major acquisition for Red Ventures, which employs about 2,300 people at its South Carolina headquarters and in Charlotte.

Consultant says Charlotte needs medical school

May 28, 2015

(The Charlotte Observer)

Charlotte needs a four-year medical school and expanded residency programs to meet workforce needs, according to a Pittsburgh-based health care consultant. Paul Umbach says the most "feasible and cost effective" way to develop a school would be through a partnership between UNC School of Medicine, which operates a Charlotte campus at Carolinas Medical Center, and UNC Charlotte.

Moynihan says BofA trading unit may face deeper cuts

May 28, 2015

(The Charlotte Observer)

Bank of America CEO Brian Moynihan says the Charlotte-based company will have to keep cutting expenses in its markets trading division unless revenue improves.

Bidding war continues for Stonewall site in uptown Charlotte

May 27, 2015

(The Charlotte Observer)

A third developer has submitted a bid for a 3.8-acre parcel on Stonewall Street in uptown Charlotte. Local apartment developer Northwood Ravin is offering $14.15 million for the land, where it plans to build up to 50,000 square feet of retail and offices and 400 residential units.
Related: Charlotte Knights planning mixed-use office building at ballpark

Leader of mortage-fraud conspiracy sentenced in Charlotte

May 27, 2015

(The Charlotte Observer)

James Tyson Jr., 34, was sentenced to 30 years in prison for his role in Operation Wax House, a mortgage-fraud investigation centered on Charlotte and Union counties. Ninety-one people have been charged in the probe, which covers activity from 2005 to 2012; 89 have been convicted or pleaded guilty.

Shareholders approve NewDominion's plan to raise capital

May 27, 2015

(The Charlotte Observer)

Shareholders of NewDominion Bank approved a plan that will allow the bank to issue up to 30 million preferred shares, up from a previous cap of 5 million. The Charlotte-based bank seeks to raise about $20 million through a mix of common and preferred shares in order to free itself from federal restrictions.