Charlotte

Food Lion co-founder Ralph Ketner dies

May 31, 2016

(The Charlotte Observer)

Ralph Ketner, the Rowan County native who co-founded the supermarket chain that became Food Lion, died Sunday. He was 95. Ketner and two partners started Food Town in Salisbury in 1957. Ketner said the group landed its first 125 investors by calling people in the phone book, asking for $50 or $100 apiece — investments that eventually were worth $1 million. The business changed its name to Food Lion in 1982 and now has more than 1,100 stores in the Southeast.

Charlotte businessman and civic leader Cliff Cameron dies at 96

May 31, 2016

(The Charlotte Observer)

Former First Union CEO Cliff Cameron died Saturday in Charlotte. Cameron led the Charlotte-based bank from 1966 to 1984, served as the state budget director under Gov. Jim Martin from 1985 to 1990 and in 1983 founded "The Group," a gathering of business leaders that included Ed Crutchfield, Hugh McColl and former Duke Power CEO Bill Lee who met informally to discuss community affairs.

New forecast for Union County toll project shows $1.15B less revenue

May 31, 2016

(The Charlotte Observer)

A 20-mile highway under construction in Union County was expected to bring in $3.15 billion in tolls over 40 years, according to a 2010 study. A new projection shows the Monroe bypass will generate $2 billion by 2058. One of the reasons for the difference is that local planners now expect fewer people to live in Union County.

NC DMV bans Tesla sales at Charlotte area store

May 27, 2016

(WFAE)

The N.C. DMV says Tesla Motors can't sell cars at its Matthews showroom, which opened last year. Under state law, automakers can't sell cars directly to consumers unless they can show it's in the public's best interest. Nearby dealers objected to the California automaker's plan to sell cars at its store near Charlotte. Oddly, Tesla can still sell electric vehicles at its Raleigh store, 166 miles away.

Puckett retires as CFO of Snyder's-Lance

May 27, 2016

(The Charlotte Observer)

Rick Puckett, 62, has been CFO of Snyder's-Lance since the two snack companies merged in 2010; he had been CFO of Charlotte-based Lance since 2006. Puckett will stay on in the postition until a replacement is found.

Big mutual-fund company names UNC Charlotte grad as CEO

May 26, 2016

A UNC Charlotte MBA graduate is the incoming CEO at Waddell & Reed, a mutual-fund company that is struggling to retain its share of investors' assets.

Duke Energy inks another deal to turn pig poop into power

May 25, 2016

(The Charlotte Observer)

Duke Energy will buy swine waste from Duplin County pork farms to serve power plants in Wayne and New Hanover counties. It's the utility's second deal announced this year to turn pig poop into power; Duke said in March it will partner with Carbon Cycle Energy to use methane from pig and poultry waste to generate electricity at four N.C. power plants. 

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.