Charlotte

South Korean tool manufacturer creating 53 jobs in Charlotte

June 6, 2014

(The Charlotte Observer)

A South Korean tool manufacturer will invest $13.8 million and create 53 advanced manufacturing and engineering jobs in a Charlotte plant. YG-1 USA will make cutting tools for aerospace, medical and power generation industries. The Charlotte operation also will serve as a research and development hub for the company.

Moody's affirms Charlotte Douglas bond rating

June 6, 2014

(The Charlotte Observer)

Moody's affirmed Charlotte Douglas International Airport's bond rating and said its outlook is stable, citing its low cost per passenger. The credit rating agency said risks include American Airlines' heavy concentration of flights and ongoing confusion over who will run the airport. 

BofA's Merrill Lynch fined $1M over inaccurate trade reports

June 5, 2014

(The Charlotte Observer)

A federal regulator fined Merrill Lynch $1 million Wednesday over allegations it reported inaccurate data about trades. The Financial Industry Regulatory Authority said Merrill, a division of Charlotte-based Bank of America, submitted 5,323 inaccurate "blue sheets" to regulators between March 2006 and January 2014. 

Charlotte's Mike McGuire to lead Grant Thornton

June 5, 2014

(The Charlotte Observer)

Charlotte's Mike McGuire will become chief executive of Chicago-based Grant Thornton in January. McGuire became natonal managing partner of operations for Grant Thornton last summer. He previously was a partner in Arthur Andersen's Charlotte practice.

Clancy & Theys chosen for DataChambers project

June 5, 2014

(The Independent Tribune, Concord)

Clancy & Theys Construction Co. was selected as general contractor for DataChambers' 50,000-square foot data center at North Carolina Research Campus in Kannapolis. Construction is expected to be completed by late 2014. DataChambers currently operates data centers in Raleigh and Winston-Salem. Clancy & Theys has offices in Charlotte, Raleigh, Wilmington, Virginia and Florida.

French design group to open Charlotte office

June 4, 2014

(The Charlotte Observer)

Team Créatif will open its U.S. headquarters in Charlotte and plans to hire 40 people over the next three years. Team Créatif is the largest privately owned design firm in France. Its clients include Mars Inc., Dannon and Pedigree.

Cannon pleads guilty

June 4, 2014

(The Charlotte Observer)

Former Charlotte Mayor Patrick Cannon apologized to the community and pleaded guilty of a federal charge of accepting bribes including cash and airline tickets in exchange for his influence over city officials. Meanwhile, federal investigators say the case is not closed, and they are still following leads to see if the corruption goes deeper in the Charlotte's government.

Cannon expected to plead guilty to corruption charge

June 3, 2014

(The Charlotte Observer)

Former Charlotte Mayor Patrick Cannon is expected to plead guilty this morning to a federal corruption charge. Cannon was arrested by the FBI on March 26 for taking bribes including cash and airline tickets in exchange for influencing local officials. Cannon faces a maximum of 20 years in prison and a $250,000 fine.

Pair of York County, SC projects could bring 5,000 jobs

June 2, 2014

(The Charlotte Observer)

York County, S.C. has two large-scale economic development projects in the works that could produce 5,000 jobs and bring in investment of more than $200 million. City Council Chairman Britt Blackwell says he hopes the county, located southwest of Charlotte, will have an announcement in four to six weeks. 

SunTrust names Hondros head of wealth-management division

June 2, 2014

(The Charlotte Observer)

SunTrust Banks promoted John Hondros to managing director of its Charlotte and Daytona Beach, Fla. specialty wealth-management offices. The Atlanta-based bank's Sports and Entertainment Specialty Group serves athletes and entertainers. Hondros was most recently a client adviser and senior vice-president for SunTrust in Charlotte.

Construction begins on SouthPark office buildings

May 30, 2014

(The Charlotte Observer)

Charlotte real-estate firm Lincoln Harris has begun construction on two 10-story office towers in Charlotte's SouthPark neighborhood. The first 240,000-square-foot tower will be completed in late 2015. An anchor tenant has not been named.

First Tennessee Bank buying 13 BofA branches

May 30, 2014

(Winston-Salem Journal)

Memphis-based First Tennessee Bank says it will acquire 13 branches from Charlotte-based Bank of America for an undisclosed amount. All of the branches are in east and middle Tennessee.

Former Wachovia CEO to lead NY investment group

May 29, 2014

(The Charlotte Observer)

Bob Steel will become chief executive officer of New York-based investment bank Perella Weinberg Partners beginning July 7. Steel became CEO of Wachovia in July 2008 and most recently has been deputy mayor for economic development of New York City.

Belk reports lower profits in first quarter

May 29, 2014

(The Charlotte Observer)

Sales remained flat and profits fell in the first quarter for Charlotte-based Belk Inc., the department-store chain announced on Wednesday. Belk's expenses were greater due to investments in store remodels and the company's website.

Charlotte Douglas to allow cab companies to rebid on contracts

May 28, 2014

(The Charlotte Observer)

Charlotte Douglas International Airport will accept proposals from taxi companies for contracts that will begin next year. Interim Aviation Director Brent Cagle extended contracts for the three cab companies currently operating there for one more year. The FBI is investigating the taxi contracts after allegations of a pay-to-play scheme surfaced when former Mayor Patrick Cannon was arrested on federal corruption charges. 

Kings Mountain leader writes 76-page manifesto against casino

May 28, 2014

(The Shelby Star)

Kings Mountain City Councilman Keith Miller wrote in a 76-page document that a proposed casino and resort could have a negative effect on churches in the area and the city's spiritual health. Miller is the only council member who has spoken out against the Catawba Indian Nation casino, which could bring up to 4,000 jobs to Cleveland County if built.

Bank of America submits new capital plan

May 28, 2014

(The Charlotte Observer)

Bank of America has submitted a new capital plan to the Federal Reserve a month after an internal review found the bank had overstated its capital by about $4 billion. BofA had planned a quarterly dividend increase before it recognized the mistake; that plan was suspended and the bank says its new capital plan will return less money to shareholders. 

Eaton to close Charlotte plant, cut 90 jobs

May 28, 2014

(The Charlotte Observer)

Eaton Corp. will close a manufacturing plant in Charlotte and will lay off 90 workers by year-end. The Irish company is moving the jobs to plants in Auburn, Ind., and Mexico. The Charlotte plant manufactures commercial vehicle clutches.

Report: BofA hired to sell LA Clippers

May 28, 2014

(The Charlotte Observer)

Bloomberg News reports that Bank of America has been hired by Donald Sterling's estranged wife Shelly to sell the Los Angleles Clippers. Donald Sterling was banned from the National Basketball Association for making rascist comments. A person with direct knowledge of the situation said last week that Shelly Sterling wants at least $1 billion for the team.

Gastonia developer seeks film incentives for mill renovation

May 27, 2014

(The Charlotte Observer)

State officials are auditing receipts from a Gastonia real estate developer's film project that is claiming $1.1 million in state film incentives. Nathan Kirby spent more than $4 million to renovate an old hosiery mill in downtown Gastonia, and claims the construction costs were related to the filming of a reality TV show that demonstrated Kirby's work rehabbing old buildings.