Charlotte

No surprises at BofA shareholder meeting

May 8, 2014

(The Charlotte Observer)

Bank of America's CEO Brian Moynihan said the Charlotte-based bank was working to put last month's accounting mistake behind it, but gave no indication about what the bank would do about its dividend.

Economist: Charlotte's recovery better than national average

May 7, 2014

(The Charlotte Observer)

An economist from PNC Financial Services Corp. predicts Charlotte's job growth rate will be around 2% this year, slightly better than the national growth rate of 1.7%. Stuart Hoffman, speaking Tuesday at a client presentation, said that Charlotte will add about 15,000 jobs in various industries including construction, health care, manufacturing and financial services.

Higher expenses offset record revenue for Tree.com

May 7, 2014

(The Charlotte Observer)

Tree.com, the Charlotte-based parent company of LendingTree, reported a first quarter loss of $6.4 million, $3.7 million more than it lost during the same period a year ago. Revenue for the quarter was $40 million, up 43% from the same quarter last year. The company said its expenses were higher due to increased marketing and legal fees related to its federal patent trial.

Charlotte home prices rise for 27th month in a row

May 7, 2014

(The Charlotte Observer)

A housing report showed home prices in the Charlotte area rose 8% in March compared with the same month a year ago, while nationally home prices rose 11.1% during the same time period. The National Association of Realtors say they expect median prices of existing homes to continue rising due to low inventory in much of the nation. 

Duke Energy lawyer says customers benefit from rate increases

May 6, 2014

(WRAL.com)

An attorney for Charlotte-based Duke Energy told the North Carolina Supreme Court that rate increases benefit customers by guaranteeing the viability of the company. The utility was presenting its argument for the court to uphold a 7.5% increase awarded to Duke Energy last year for former Progress Energy customers. The state Attorney General's office appealed that increase.

American Airlines adds three daily Midwest routes from Charlotte

May 6, 2014

(The Charlotte Observer)

American Airlines will add three daily nonstop-flight destinations from Charlotte Douglas International Airport. The airline will fly twice daily to Grand Rapids, Mich., beginning beginning September 3. On October 2, it will add three daily flights to Evansville, Ind., and one to Fort Wayne, Ind.

BofA leaders to face shareholders at Wednesday's annual meeting

May 5, 2014

(The Charlotte Observer)

Bank of America executives will face tough questions at Wednesday's annual shareholder meeting in Charlotte, the first public appearance for the bank's leaders since announcing it was suspending plans for a quarterly dividend increase due to accounting errors.

Duke shareholders re-elect company directors at annual meeting

May 2, 2014

(The Charlotte Observer)

Duke Energy shareholders re-elected all company directors and defeated a proposal that the Charlotte-based utility disclose its political contributions. About 100 people protested outside the meeting in downtown Charlotte Thursday, its first since the February 2 coal-ash spill into the Dan River.

Bruton Smith wants to spend $100 million on speedway upgrades

May 2, 2014

(The Charlotte Observer)

Speedway Motorsports chairman Bruton Smith (cover story, August 2013) told Gov. Pat McCrory he wants to spend $100 million on improvements at Charlotte Motor Speedway, which he founded in 1960, then suggested he might ask for state assistance on the project.

$190 million mixed-use development proposed for Charlotte's South End

May 2, 2014

(The Charlotte Observer)

Marsh Properties filed a rezoning request for a 60-acre area in South End that would allow an existing shopping center to be torn down and replaced with a $190 million mixed-use development anchored by a Harris Teeter grocery store.

Charlotte's Park Sterling completes purchase of Rock Hill bank

May 2, 2014

(The Charlotte Observer)

Park Sterling Corp. announced Thursday it completed its acquisition of Rock Hill, S.C.-based Provident Community Bancshares. The Charlotte-based bank agreed to pay $1.4 million in cash to Provident shareholders and $5.1 million to the U.S. Treasury to satisfy Provident's federal Troubled Asset Relief Program obligation. The merger boosts Park Sterling's assets to $2.3 billion.

State treasurer says Duke Energy needs external probe into ash spill

May 1, 2014

(The Charlotte Observer)

As Duke Energy shareholders gather for their annual meeting in Charlotte today, state Treasurer Janet Cowell's office says it will vote to remove one director who serves on Duke's regulatory policy committee and has urged the utility to seek an outside investigation of management decisions leading up to February's coal-ash spill.

 

Documents show Chiquita merger talks began in 2011

May 1, 2014

(The Charlotte Observer)

A securities filing revealed Chiquita Brands International began discussing a merger with Dublin-based Fyffes in late 2011, around the same time Chiquita was moving its headquarters from Cincinnati to Charlotte. The produce companies announced a $1 billion merger in March that will locate its combined headquarters in Dublin, though Chiquita received a $22 million incentive package requiring it to stay based in Charlotte for at least 10 years.

Charlotte may allow more cab companies to serve airport

April 30, 2014

(The Charlotte Observer)

Charlotte may allow additional taxi companies to bid on contracts to operate at Charlotte Douglas International Airport. The airport's contract with three cab companies expires in July. Following former Mayor Patrick Cannon's arrest last month, two cab companies who had lost airport contracts said they were improperly asked for donations by a man representing Cannon in exchange for having their contracts reinstated.

Two new Charlotte hotel projects proposed

April 30, 2014

(The Charlotte Observer)

Real estate developers John Crosland Jr. and Allen Tate Jr. will build a 300-room hotel near SouthPark mall, while Levine Properties is seeking rezoning from Charlotte City Council to build a 25-story uptown tower that could house a 175-room hotel and up to 155 apartments.

Bank of America suspends dividend increase

April 29, 2014

(The Charlotte Observer)

Bank of America is suspending plans for a dividend increase over miscalculations and will have to resubmit capital plans to the Federal Reserve. The bank says the revision will mean a smaller capital return to shareholders. It had planned to increase its dividend from a penny to 5 cents and buy back $4 billion in common stock.

Red Ventures adding 580 jobs in Mecklenburg County

April 29, 2014

(The Charlotte Observer)

Internet marketing company Red Ventures will expand in Charlotte, adding 580 jobs over five years and investing $2 million in its offices there. The Indian Land, S.C.-based company provides marketing and sales services through partnerships with companies including AT&T, ADT Security and DIRECTV.

BBVA Compass to open loan-production office in Charlotte

April 29, 2014

(The Charlotte Observer)

BBVA Compass will open a commercial-loan production office in Charlotte this summer. The Birmingham, Ala.-based lender, whose parent company is the 33rd largest U.S. bank holding company by assets, will occupy 12,000 square feet in uptown Charlotte. It is unclear how many employees will work there. 

More choose Mecklenburg County over suburbs

April 28, 2014

(The Charlotte Observer)

With the second-highest growth rate in North Carolina behind only coastal Brunswick County, Mecklenburg grew faster than neighboring counties for the third year in row. U.S. Census Bureau data shows Mecklenburg's population in 2013 was 990,977, up 2.4% over 2012.

Charlotte apartment rates fluctuate based on supply and demand

April 28, 2014

(The Charlotte Observer)

Investment companies who run many of Charlotte's large apartment complexes set rental rates using dynamic pricing, a pricing model similar to that used by hotels that tracks supply and demand, which means prices can vary dramatically from day to day.