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.

Charter to pay $55B for Time Warner Cable

May 26, 2015

(The Charlotte Observer)

Charter Communications will pay $195.71 a share – about $55 billion – for Time Warner Cable in a cash and stock deal. New York-based Time Warner, the nation's second-largest cable company, employs about 3,140 people in the Charlotte area.

Marcus Smith settles in as CEO of Speedway Motorsports

May 26, 2015

(The Independent Tribune, Concord)

Marcus Smith, who recently replaced Bruton Smith as CEO of Speedway Motorsports, says he has learned a lot from his father's work ethic and "scale of vision."

Duke Energy begins coal-ash removal at Charlotte power plant

May 22, 2015

(Winston-Salem Journal)

Duke Energy began removing coal-ash from its Riverbend power plant west of Charlotte on Thursday. The utility is working to get permits to move most of the first 1 million tons of ash to clay mines in Chatham and Lee counties; meanwhile, the first truckloads will be sent to a lined landfill in Homer, Ga.

Family Dollar deal to close in July

May 22, 2015

(The Charlotte Observer)

Dollar Tree will complete its pending acquisition of Matthews-based Family Dollar Stores in early July. The Chesapeake, Va.-based discount retailer said it plans to close about 330 Family Dollar stores in order to receive Federal Trade Commission approval for the $8.5 billion deal.

Charlotte No. 3 in population growth

May 21, 2015

(The Charlotte Observer)

New census estimates show Charlotte's population grew 2% between 2013 and 2014, reaching 809,958. It was the third-fastest growing big city between 2010 and last year, behind Austin, Texas and New Orleans, with a growth rate of 10.7%. Raleigh's population grew 8.9% during the same time period.
Related: Rolesvile has become NC's new boomtown

Bank of America fined $205 million

May 21, 2015

(The Charlotte Observer)

The Federal Reserve on Wednesday imposed massive fines against six banks, including Charlotte-based Bank of America. Bank of America must pay $205 million in fines related to foreign-trading practices from 2008 to 2013. A bank spokesman said the fines will be covered with existing reserves.

Mecklenburg commissioners ask McCrory to delay toll project

May 20, 2015

(The Charlotte Observer)

Mecklenburg County commissioners joined Cornelius, Davidson, Huntersville and Mooresville in urging Gov. Pat McCrory and the N.C. Department of Transportation to delay finalizing a contract with a private company to build toll lanes on Interstate 77. Residents and local leaders say they have received little information about the project from the state.

AvidXchange acquires Texas software company

May 20, 2015

(The Charlotte Observer)

Charlotte-based AvidXchange has acquired a Texas-based software company for an undisclosed amount. AvidXchange, which announced last year plans to add 600 jobs in Charlotte, provides accounts-payable software for midsized companies.

Sale of Charlotte Observer building imminent

May 19, 2015

(The Charlotte Observer)

Charlotte-based developer Lincoln Harris is expected to sign a deal this week to buy The Charlotte Observer's 9.4-acre downtown property. The site, near Bank of America stadium and Duke Energy Center, is owned by the pension fund of McClatchy, the newspaper's parent company.

Shareholders question NewDominion's plan to raise capital

May 18, 2015

(The Charlotte Observer)

Leaders of Charlotte-based NewDominion Bank plan to raise capital by issuing millions of preferrred shares to the bank's largest investors, and some say the proposal puts common shareholders at a disadvantage. One of three community banks based in Charlotte, NewDominion has not posted an annual profit since 2008.

South side of downtown Charlotte poised for growth

May 18, 2015

(The Charlotte Observer)

The Stonewall Street corridor in downtown Charlotte, which consists largely of vacant parcels and surface parking lots, is experiencing a construction boom, with hundreds of apartments, hotels and offices planned. 

Family Dollar considered going private in 2007

May 18, 2015

(The Charlotte Observer)

Matthews-based Family Dollar Stores, which is being acquired by Dollar Tree, looked at going private in 2007, the same year rival Dollar General was bought by KKR. The private-equity firm has been credited with improving operations and ultimately turning Dollar General around.

Prosecutors: Duke Energy ignored warnings prior to ash spill

May 15, 2015

(The Charlotte Observer)

Federal prosecutors said Duke Energy twice refused to spend $20,000 on internal video inspections of the 48-inch broken pipe that led to the massive coal-ash spill into the Dan River in February 2014. The Charlotte-based utility was sentenced Thursday and must pay $102 million in fines and for environment projects.

NC Research Campus forms educational partnership with Costa Rica

May 15, 2015

(The Independent Tribune)

Costa Rica and the N.C. Research Campus in Kannapolis will form a collaboration to advance research in food science. The agreement, which involves groups from N.C. State and N.C. A&T State University, will allow Costa Rican scientists to train and perform research at the NCRC.

Coca-Cola Bottling continues expansion

May 14, 2015

(The Charlotte Observer)

Charlotte-based Coca-Cola Bottling Consolidated, the largest U.S. independent Coca-Cola bottler, will expand its franchise territory to new markets in 10 states and the District of Columbia.