Charlotte

Harris Teeter reports 4.5 percent increase in sales, lower profits

November 1, 2013

(The Charlotte Observer)

Matthews-based Harris Teeter Supermarkets Inc. reported fourth quarter sales increased 4.5 percent over last year to $1.2 billion. Meanwhile, profits for the same period were down 7.5 percent to $21.1 million due to added costs from its upcoming acquisition by The Kroger Co.

CommunityOne Bank moves headquarters to Charlotte

November 1, 2013

(The Charlotte Observer)

CommunityOne Bancorp has moved it headquarters from Asheboro to Charlotte. CEO Brian Simpson calls the change "an administrative move" and says the bank remains based in Asheboro along with many of its employees.

Piedmont Natural Gas expects higher residential bills this winter

October 31, 2013

(The Charlotte Observer)

Higher wholesale costs will lead to higher monthly gas bills for Piedmont Natural Gas Company's customers this winter. The Charlotte-based utility said it expects monthly residential bills will be $5 to $7 higher than last year.

NC Senate leaders move to block Catawba casino

October 31, 2013

(The News & Observer, Raleigh)

Earlier this month, a group of N.C. Senate leaders sent a letter to Washington's Bureau of Indian Affairs arguing that the Catawba Indian Nation's application to put Cleveland County lands in a federal trust in unlawful. The South Carolina-based tribe wants to open a casino resort on the16-acre site in Kings Mountain.

Charlotte area home prices rise 18 months in a row

October 30, 2013

(The Charlotte Observer)

Home prices in the Charlotte area have risen year-over-year for 18 months in a row, based on Standard & Poor's Case-Shiller index report. In August, prices of existing homes in Charlotte were up 7.3 percent from a year ago.

Judge approves sale of Charlotte's DesignLine assets

October 30, 2013

(The Charlotte Observer)

A federal bankruptcy judge cleared the way for a California investor to purchase most of the assets of Charlotte bus-maker DesignLine for $1.6 million. DesignLine filed for bankruptcy in July claiming assets of $14 million and debts of $37.5 million at that time.

Charlotte airport to upgrade wireless Internet, install new lighting

October 30, 2013

(The Charlotte Observer)

The Charlotte City Council approved $400,000 for upgrades to Charlotte Douglas International Airport, including upgrading the airport's wireless Internet speed from 100 MB to 1,000 MB by the end of the year. Energy-efficient lighting will also be installed on the new airport entrance road, scheduled for completion in fall 2014.

Cheerwine hires Charlotte ad agency to take its brand nationwide

October 29, 2013

(The Salisbury Post)

Salisbury-based Cheerwine has hired Charlotte advertising agency BooneOakley in anticipation of taking the soft drink company national by 2017, its 100th anniversary. Carolina Beverage Corporation, Cheerwine's parent company, hired a New York agency in 2011 to develop the soft drink's foundation campaign and plans to maintain aspects of that campaign.

Swiss manufacturer moving North American headquarters to Charlotte

October 29, 2013

(The Charlotte Observer)

Swiss manufacturer Huber + Suhner Inc. will bring 50 jobs to Charlotte as it moves its North American headquarters there from Essex Junction, Vt. The company, which produces electrical components such as antennas, cables and connectors, will invest $3 million in a yet-to-be-determined location and hopes to be open by summer 2014.

Jerry Orr ready to get back to work for Charlotte airport

October 28, 2013

(The Charlotte Observer)

Jerry Orr, former aviation director of Charlotte Douglas International Airport, says he is at work full time planning the new independent Charlotte Airport Commission and reveals he is still in contact with a range of people at US Airways. The City of Charlotte has sued to block the commission; a hearing is scheduled for Friday in the case.

Park Sterling posts record 3rd quarter earnings

October 28, 2013

(The Charlotte Observer)

Charlotte-based Park Sterling Bank posted record net income of $4.2 million in the third quarter, attributed largely to the community bank's operating strength in metro areas including Charlotte, Raleigh and Wilmington. The bank will issue a dividend of 2 cents per share, the second time it has done so. 

Electrolux cuts jobs overseas; Charlotte headquarters not affected

October 28, 2013

(The Charlotte Observer)

Appliance-maker Electrolux is cutting 2,000 jobs overseas as demand for its products in Europe is down. Sales for its North American division, which is based in Charlotte and employs about 900 there, were up 8 percent. The company's Charlotte operations won't be affected by the job cuts.

Bank of America plans to cut 3,000 more mortgage jobs

October 25, 2013

(The Charlotte Observer)

Bank of America said it will cut 3,000 more jobs in its mortgage division in the fourth quarter. The Wall Street Journal reported on Thursday that the Charlotte-based bank had notified 1,200 employees they will be laid off; it is not clear if any jobs in Charlotte will be affected.

Jury rules Bank of America defrauded Fannie Mae, Freddie Mac

October 24, 2013

(The Charlotte Observer)

A federal jury in New York has found Bank of America's Countrywide unit liable of defrauding Fannie Mae and Freddie Mac by selling the government-sponsored entities thousands of faulty loans. The United States has asked for a penalty of more than $848 million, but the district court judge who presided over the case will determine the penalty amount.

US Airways CEO praises Orr; airline reports record revenue for 3rd quarter

October 24, 2013

(The Charlotte Observer)

Doug Parker, CEO of US Airways, said on Wednesday he would like to see former Aviation Director Jerry Orr back in control of Charlotte Douglas International Airport. The airline also reported its third quarter profits fell 12 percent in the third quarter to $216 million, but revenue rose 9.1 percent to a record $3.9 billion.

Utilities commission upholds 7.2 percent rate increase for Duke customers

October 24, 2013

(The News & Observer, Raleigh)

The N.C.Utilities Commission upheld a decision it made in January 2012 supporting a 7.2 percent rate increase by Duke Energy Corp. In April, the N.C. Supreme Court directed the commission to review the rate increase, but the commission found no reasonable evidence to dispute it. Duke had originally filed for a 15 percent rate increase for customers, but later agreed to the reduced rate.

Owens Corning will create 110 jobs in Gaston County

October 23, 2013

(The Charlotte Observer)

Owens Corning will open an advanced manufacturing plant in Gaston County, investing $120 million and creating 110 new jobs by the end of 2016. The operation in Gastonia Business Park will allow the company to expand its glass non-wovens business, creating a product which is used in various transportation, industrial and construction applications.

Novant Health seeks $20.4 million expansion of Matthews location

October 23, 2013

(The Winston-Salem Journal)

Novant Health Inc. is requesting permission from the state for a $20.4 million expansion of its Matthews Medical Center, a project that would transfer 20 acute-care beds there from its Presbyterian Medical Center and expand its women's center and intensive care unit. The health care system filed a separate request for a $2 million expansion of its Huntersville Medical Center.

Charlotte-based children's apparel company gets offer on ABC's "Shark Tank"

October 23, 2013

(The Charlotte Observer)

Amber Schaub, founder and CEO of Charlotte-based RuffleButts, a children's apparel company she started in 2007, made an appearance on ABC's "Shark Tank" last week and received a $600,000 offer from an investor on the television show's panel. The company is ranked No. 166 on the Inc. 500 list of fastest-growing companies.

SunTrust Banks named in class-action lawsuits

October 23, 2013

(The Charlotte Observer)

Atlanta-based SunTrust Banks announced it has been named in three class-action lawsuits involving force-placed insurance, the practice of a lender imposing insurance on a property if the owner has let the policy lapse. SunTrust is the sixth-largest bank in the Charlotte metropolitan area.