Charlotte

Appeals court reverses BofA fraud ruling

May 24, 2016

(The Charlotte Observer)

A federal appeals court on Monday overturned a jury's ruling that found Bank of America liable for fraud over mortgages originated by its Countrywide Financial unit — and also tossed out the $1.27 billion penalty imposed after the trial. The court also negated a ruling that a former Countrywide exec, Rebecca Mairone, was personally liable in the case.

Charlotte commercial real-estate sales near $1B

May 24, 2016

(The Charlotte Observer)

Sales of commercial real estate in Charlotte have reached $904 million so far this year, including office buildings, warehouses, apartments and other buildings of $2.5 million or more. Demand is strong despite the recent controversy over HB2. Total sales in 2015 were $2.4 billion.

Charlotte City Council won't vote on repealing ordinance

May 24, 2016

(The Charlotte Observer)

Charlotte City Council decided not to vote Monday on repealing its nondiscrimination ordinance that led to state lawmakers passing House Bill 2. Legislative leaders had asked the city to overturn the ordinance, which was essentially nullified by HB2, in exchange for a modified version of the bill. Washington, D.C.-based nonprofit Human Rights Campaign called the Charlotte Chamber an "anti-LGBT bully" for encouraging the City Council to repeal the measure; the Chamber said Monday it takes "great offense" at the claim.

Morgan Stanley launches new wealth-management group in Charlotte

May 23, 2016

(The Charlotte Observer)

Harbor Oak Group will join other wealth-management teams in Morgan Stanley's SouthPark area office, with a satellite office in Asheville. The new team will focus on portfolio management strategies with a concentration in small-business and retirement income planning.

Concord's Alevo names new CEO

May 20, 2016

Per Dybwad will replace founder Jostein Eikeland as CEO of Alevo SA, the company that is building its GridBanks energy-storage modules at the former Philip Morris cigarette plant in Concord. Dybwad comes from Dentware Scandinavia, a publicly traded 3-D printing company. Eikeland will remain executive chairman and will focus on Alevo's longterm goals.

Wells Fargo cuts more mortgage jobs in Charlotte region

May 20, 2016

(The Charlotte Observer)

San Francisco-based Wells Fargo is eliminating 16 jobs in its mortgage division in Charlotte and Fort Mill, S.C., as delinquent loans continue to fall. The bank could also be preparing to cut information-technology jobs as part of a companywide effort to consolidate functions, according to a memo sent to employees this week. Wells Fargo employs more than 23,000 in the Charlotte area.

Charter completes $55B purchase of Time Warner Cable

May 19, 2016

(The Charlotte Observer)

Customers of Time Warner Cable won't see any immediate changes now that Charter Communications has completed its acquisition of the company, but the old name — which has consistently performed low in customer-satisfaction ratings — eventually will be retired. About 3,100 people work for Time Warner in Charlotte; some of those jobs could be relocated to St. Louis.

Lowe's outperforms other retailers as housing market strengthens

May 19, 2016

(The Charlotte Observer)

Mooresville-based Lowe's reported better-than-expected first quarter financial results this week, with earnings of $884 million, up 31% from a year ago. Sales of $15.2 billion topped analysts' estimates of $14.9 billion. While other retailers reported disappointing results for the quarter, Lowe's, along with rival Atlanta-based The Home Depot, benefited from a mild winter and a strong housing market.

DEQ: Duke Energy must dig up all of its coal ash

May 19, 2016

(The Charlotte Observer)

Duke Energy must excavate all of its coal-ash ponds across the state by 2024, the state Department of Environmental Quality said on Wednesday, though that decision could be overturned in 18 months if the utility can provide new data showing lower risk of groundwater contamination at the sites. Duke is currently removing ash from five "high risk" sites; it says capping the ponds considered "low risk" is a cheaper option that will save customers money.

Female worker sues BofA over unequal pay, 'bro's club' behavior

May 18, 2016

(The Charlotte Observer)

A female managing director at Bank of America says a male counterpart received a bonus three and a half times bigger than her 2015 bonus of $1.55 million. Megan Messina, a bank employee since 2007, also says a male supervisor excluded her from emails, meetings and other engagements with the group of men he was overseeing.

Charlotte's Goodmortgage.com bought by Va. company

May 16, 2016

(The Charlotte Observer)

First Guaranty Mortgage Corp. of Virginia will acquire Charlotte's Goodmortgage.com, an Internet-based lender founded in 1999. No layoffs are planned at the Charlotte office, which will operate as a separate division of First Guaranty.

Harris Teeter expands fuel business with 4th NC station

May 16, 2016

(The Charlotte Observer)

Matthews-based Harris Teeter this week will open its fourth gas station in North Carolina, at Waterside Crossing in Denver, about 20 miles northwest of downtown Charlotte.

Delta Apparel cutting 160 jobs, closing Maiden plant

May 13, 2016

(MarketWatch.com)

Delta Apparel, the Greenville, S.C.-based company whose brands include Soffe and Salt Life, is shuttering its textile manufacturing plant in Maiden where it employs 160 people. The company is moving production to a facility in Honduras.

Health care consultant adding 120 jobs in Huntersville

May 13, 2016

(The Charlotte Observer)

Ensemble Health Partners is expanding in Huntersville, moving to a larger office and adding 120 jobs this summer. The company started two years ago with four employees. Ensemble provides revenue cycle consulting and support services.

Charlotte's Frontier Capital invests $31M in California software company

May 13, 2016

Charlotte-based private-equity firm Frontier Capital is investing $31 million in Zephyr, a Newark, Calif.-based software company. Zephyr's products are used in the finance, health care, media and automotive industries. Frontier closed on its fourth fund last year, raising $390 million. The firm invests in high-growth technology companies with $5 million to $30 million in revenue.

Duke Energy slips in customer satisfaction ratings

May 12, 2016

(The Charlotte Observer)

Duke Energy is losing favor with customers, with its satisfaction rating down to 70% compared with 72% last year. The Charlotte-based company ranked near the bottom among 26 publicly-owned U.S. utilities based on data compiled by the American Customer Satisfaction Index.

Irish drugmaker closing Charlotte plant; 390 layoffs expected

May 11, 2016

(The Charlotte Observer)

Qualitest Pharmaceuticals will close an 88,000-square-foot manufacturing plant in Charlotte as part of a corporate restructuring. In 2010, the company was acquired by Ireland-based Endo Pharmaceuticals, which saw its stock decline nearly 40% Friday after slashing 2016 sales estimates. The plant makes generic medications for drugs such as Xanax, Valium and Percocet.

TIGER21 networking group launches Charlotte chapter

May 11, 2016

(The Charlotte Observer)

A New York-based networking group for wealthy investors will open its first chapter in North Carolina. Charlotte will become the 23rd market for TIGER21, which charges members $30,000 a year to attend meetings and events focused on learning new investment strategies. Chris Cecil, president of money-management firm Biltmore Family Office, will be chairman of the Charlotte chapter. TIGER21's 400 members manage more than $40 billion in personal assets.

Charlotte seeking developer for 17 acre-Brooklyn Village

May 11, 2016

(The Charlotte Observer)

Three developers will pitch plans next week to revitalize and area in downtown Charlotte that is now home to aging government buildings, surface parking lots and an underused park. The site was once an African-American neighborhood that was demolished in the 60s. Crescent Communities, Conformity Corp. and CitiSculpt will present proposals, which include a mix of residential, retail and office space for the site in downtown's Second Ward.

National Mustang Museum coming to Concord

May 10, 2016

(The Independent Tribune, Concord)

Mustang enthusiasts Steve Hall and Ron Bramlett plan to spend more than $1 million to build a new museum showcasing Ford Mustangs. Bramlett, who lives in Morada, Calif., was executive director of the Mustang 50th Birthday Celebration in 2014, a five-day event that brought more than 50,000 Mustang fans to Cabarrus County, generating about $8.3 million in spending.