Charlotte

Judge approves $8.5 billion Bank of America settlement over faulty home loans

February 3, 2014

(The Charlotte Observer)

A New York state judge approved an $8.5 billion settlement between Bank of America and private investors over losses incurred from home loans originated by Countrywide Financial Corp., which the Charlotte-based bank acquired in 2008. 

Electrolux predicts continued growth in North American markets

February 3, 2014

(The Charlotte Observer)

Electrolux reported North American sales of $1.2 billion, an increase of 7.2%, led by sales of major appliances. Jack Truong, CEO of the company's North American division, said it plans to introduce 500 new products this year and anticipates appliance sales will increase by 4%. The Swedish company announced last month it is doubling the workforce at its North American headquarters in Charlotte. 

Parking rates to rise at Charlotte airport

January 31, 2014

(The Charlotte Observer)

Charlotte Douglas International Airport will increase parking rates to cover the costs of contruction, higher expenses and more modern shuttle buses. Rates for curbside valet, business valet and daily garage rates will increase by 40% to 50% beginning Feb. 17. New hourly rates will take effect in November, and long-term parking rates will increase Feb. 2015.

Carolinas HealthCare releases executive compensation figures for 2013

January 31, 2014

(The Charlotte Observer)

Carolinas HealthCare System, the country's second largest public hospital system, has released 2013 compensation figures for its top executives. Each of the company's top 10 executives earned more than $1 million in total compensation last year.

Kannapolis manufacturer cuts 11 jobs

January 31, 2014

(The Salisbury Post)

Ei Solution Works, which manufactures skin-care products at a plant in Kannapolis, laid off 11 workers earlier this month to improve productivity. An official from the company, which now employs 204, says no additional layoffs are planned.

Kroger completes acquisition of Harris Teeter

January 30, 2014

(The Charlotte Observer)

Cincinnati-based Kroger Co. has completed its $2.5 billion acquisition of Harris Teeter, the No. 1 grocer in the Charlotte region. Kroger CFO Mike Schlotman said the company won't cut jobs at its stores and distribution centers, and job losses at Harris Teeter's Matthews headquarters will be minimal.

Watchdog says BOA, JP Morgan had most homeowner complaints under TARP

January 30, 2014

(The Charlotte Observer)

A federal watchdog says Charlotte-based Bank of America and J.P. Morgan Chase received a larger volume of complaints from homeowners participating in housing programs under the federal Troubled Asset Relief Program, or TARP. The report states homeowners complained about lack of communication, misplaced application documents among other issues. 

 

American to add flights from Charlotte, more seats on its planes

January 29, 2014

(The Charlotte Observer)

Executives from American Airlines say it is considering adding flight routes from Charlotte to several small and midsize cities in the Midwest. The company also will increase the number of seats to many of its planes, adding "slimline" economy-class seats so that it can sell more tickets on each flight.

Former Charlotte news anchor Vince Coakley to run for Congress

January 29, 2014

(The Charlotte Observer)

Former news anchor at Charlotte's WSOC-TV Vince Coakley will run for the 12th Congressional District seat vacated by Mel Watt. Coakley is the first Republican to enter the race in the heavily Democratic district; six Democrats are also running for the seat. 

Charlotte approves incentives for two corporate expansions

January 28, 2014

(The Charlotte Observer)

The Charlotte City Council approved incentives for Stanley Black & Decker and Electrolux to add jobs in Charlotte. Electrolux will receive $6.4 million in city and county incentives and plans to create 610 new jobs with an average salary of $100,000. Stanley Black & Decker, which currenty employs 272 in Charlotte, will create 250 new jobs when it moves some of its tool manufacturing operations here from Mexico.

Canadian company bringing 50 advanced manufacturing jobs to Charlotte

January 28, 2014

(The Charlotte Observer)

Eclipse Automation Inc., a Canadian manufacturing company that makes automated manufacturing equipment, will create 50 jobs over three years as part of an expansion into Charlotte. The jobs will pay an average annual salary of $75,000. 

Auto-parts maker hiring 70 workers at new Shelby plant

January 28, 2014

(The Shelby Star)

One year after announcing plans to open a plant in Shelby, auto-parts manufacturer KSM Castings has begun hiring. The Germany-based company plans to hire 70 workers this year at an average annual wage of $42,810; it plans to hire 190 by the end of 2018.

Charlotte to weigh incentives for Stanley Black & Decker plant

January 27, 2014

(The Charlotte Observer)

The Charlotte City Council will consider an incentive package for Stanley Black & Decker to bring 250 jobs to the area, although annual pay for the jobs is expected to average less than $30,000, under the city's threshold for offering subsidies. The company wants to relocate a tool-manufacturing plant from Mexico, and would invest $5.2 million over four years.

Charlotte won't seek 2016 Republican National Convention

January 27, 2014

(The Charlotte Observer)

Charlotte will not bid on hosting the 2016 Republican National Convention, though Mayor Patrick Cannon and Gov. McCrory said in a press release it may try to land the convention in 2020.

Undeveloped land near Charlotte airport could become new "edge city"

January 27, 2014

(The Charlotte Observer)

City officials are drawing up plans for several thousand acres just south of Charlotte Douglas International Airport, hoping that providing infrastructure improvements including new roads and water and sewer systems will attract large-scale development.

Wells Fargo to sell 42 insurance offices outside of NC

January 24, 2014

(The Charlotte Observer)

Wells Fargo will sell 42 insurance brokerage offices to New York-based USI Insurance Services. No Charlotte offices are included in the deal, which is expected to close in the second quarter.

Bank of America laying off technology workers

January 23, 2014

(The Charlotte Observer)

Bank of America is laying off an undisclosed number of workers in its Global Technology and Operations line. The bank employs 100,000 worldwide in the technology division, but it is unclear how many jobs will be cut and how many will be in North Carolina. 

Forbes appraises Charlotte Bobcats at $410 million

January 23, 2014

(The Charlotte Observer)

According to Forbes magazine, the Charlotte Bobcats are worth an estimated $410 million, 30% more than last year.  The magazine also estimates the NBA team made a profit of about $7 million in 2013, though the team hasn't disclosed that information.

Duke Energy wants to pay less for solar energy from NC homes

January 23, 2014

(The News & Observer, Raleigh)

Charlotte-based Duke Energy says it wants to reduce payments for solar energy to North Carolina households that generate it using residential solar panels. Duke CEO said the pay rates were established at a time when solar energy costs were higher than they are now. Solar advocates say reducing payments for solar energy would stall solar development.

 

Lufthansa will continue daily Charlotte-Munich flights

January 22, 2014

(The Charlotte Observer)

Lufthansa will continue daily flights from Charlotte to Munich, one of the airline's most profitable due to the concentration of companies with German ties in the Charlotte area. Airline analysts had speculated Lufthansa, a member of the Star Alliance, may discontinue the flights after the American Airlines-US Airways merger since US Airways is leaving the Star Alliance to join American's international alliance.