Triangle

NC plans to pay off unemployment debt by end of 2015

April 3, 2014

(The News & Observer, Raleigh)

North Carolina expects to pay off debt it incurred after borrowing money from the federal government post-recession to pay unemployment benefits by the end of 2015. At its highest point, the state's debt to the federal government was $2.8 billion; it currently owes $1.65 billion but that figure should drop to under $1 billion by mid-year.

Republic Wireless adds options to Moto X phones

April 1, 2014

(WRALTechwire.com)

Republic Wireless is adding customized options including wood cases, accent colors and wallpapers for its Moto X phones. Raleigh-based Republic offers phone and data plans for as little as $5 a month. Its Moto X and new colorful Moto G phones are produced by Google Motorola Mobility, which is being acquired by Lenovo. (Click here to read more about Republic Wireless in BNC's September 2013 issue)

Trident Marketing lays off 200 in Cary and Southern Pines

March 31, 2014

(The Pinehurst Pilot)

Trident Marketing laid off 200 workers at its call centers in Cary and Southern Pines last week after DIRECTV canceled its contract with the company.

Square 1 Bank completes initial public offering

March 28, 2014

(The News & Observer, Raleigh)

Durham-based Square 1 Financial, parent company of Square 1 Bank, debuted on the Nasdaq exchange Thursday. Shares closed at $20.60, 14% higher than its initial public offering price of $18 a share. Square 1 provides banking services to venture-capital and private-equity firms at a dozen offices nationwide.

First-grader's health improves after receiving Chimerix drug treatment

March 28, 2014

(The News & Observer, Raleigh)

The 7-year-old Virginia boy taking an experimental medication developed by Durham-based Chimerix is improving dramatically and has been moved out of intensive care at St. Jude's Children's Research Hospital in Tennessee. A social media campaign led to the drug company's decision to open a small trial for the antiviral medication, allowing the boy to receive treatment.

Triangle Rock Club owners win SBA award

March 26, 2014

(The News & Observer, Raleigh)

The Small Business Administration named the owners of the Triangle Rock Club its 2014 North Carolina Small Business Persons of the Year. The company operates climbing centers in north Raleigh and Morrisville. Andrew Kratz and Joel Graybeal are now eligible for the SBA's national award, which will be announced in May.

Cary's SciQuest looks to raise $90 million in stock offering

March 26, 2014

(The News & Observer, Raleigh)

Cary-based SciQuest could raise about $90 million in a public offering of 3 million stock shares. The technology company plans to use the proceeds for working capital and general corporate use.

SECU buying local with purchase of 8,000 Lenovo PCs

March 25, 2014

(The News & Observer, Raleigh)

Raleigh-based State Employees Credit Union is buying 8,000 PCs from China-based Lenovo, which will assemble the computers at its Guilford County plant. The PCs will replace existing computers at SECU's 253 branches and five operations centers.

Cary software giant SAS unveils new big-data software products

March 25, 2014

(The News & Observer, Raleigh)

Cary-based SAS announced several new products and product upgrades that will help its software customers examine and analyze data.

Lenovo acquiring mobility patents for $100 million

March 24, 2014

(The News & Observer, Raleigh)

Lenovo will pay Unwired Planet $100 million for intellectual property including 3G and LTE mobile phone technology. Lenovo, which has its North American headquarters in Morrisville, agreed to buy Google's Motorola Mobility unit in January, which will make it the No. 3 smartphone company.

Durham approves incentives for 26-story downtown tower

March 21, 2014

(The News & Observer, Raleigh)

The Durham City Council approved a $3.97 million incentive for a 26-story downtown tower that would include office, retail and residential space. As part of the proposal, Colorado developer Austin Lawrence Partners also plans to remodel the former Jack Tar Motel as a boutique hotel.

Cary's Saffron Technology moving headquarters to California

March 21, 2014

(The News & Observer, Raleigh)

Saffron Technology, a Cary-based data-analytics software firm, will move its headquarters to Silicon Valley, though the company plans to keep its Cary office and expects to double employment there by year-end. Saffron recently raised $7 million in new funding from Intel Capital.

DENR: Duke illegally pumped wastewater from Cape Fear ash ponds

March 21, 2014

(The News & Observer, Raleigh)

The state Department of Environment and Natural Resources said Charlotte-based Duke Energy violated conditions of its wastewater permit when it pumped 61 million gallons of wastewater from ash ponds at its Chatham County plant into a tributary of the Cape Fear River.

Saunders stepping down as CEO of Mechanics and Farmers Bank

March 20, 2014

(The Herald-Sun, Durham)

Kim Saunders has stepped down from her post as president and CEO of Durham-based Mechanics and Farmers Bank. Saunders will stay on as president and chief executive of the bank's holding company, M&F Bancorp. The bank has been profitable every year since it first opened in 1908.

Durham's Scynexis hoping for $68 million IPO

March 20, 2014

(The News & Observer, Raleigh)

Drug-development firm Scynexis, which does not yet have any drugs on the market, hopes to sell 4.2 million shares in an initial public offering it hopes will raise up to $68.1 million. The Durham company is developing an intravenous drug for treating fungal infections.

State lawmakers want to stop 'revolving door' for employees

March 20, 2014

(The News & Observer, Raleigh)

Lawyers for the state General Assembly are drafting legislation that would prohibit state workers involved in negotiating or managing contracts with outside vendors from resigning and immediately going to work for those companies.

Morrisville drug developer looks to raise $52 million in stock offering

March 19, 2014

(The News & Observer, Raleigh)

Morrisville's Oxygen Biotherapeutics announced it expects to earn $52 million in a public stock offering that is expected to close by Friday. The drug developer will use the proceeds for clinical trials for a treatment for traumatic brain injuries and a drug for heart-surgery patients.  

Durham's Square 1 Bank planning $119 million stock offering

March 18, 2014

(The News & Observer, Raleigh)

In a filing with the Securities and Exchange Commission on Friday, Durham-based Square 1 Bank said it expects to sell 3.1 million shares of its stock in an initial public offering.  Additionally, a group of its shareholders will sell 2.8 million shares.  

DENR investigating Duke Energy's Chatham County plant

March 18, 2014

(The News & Observer, Raleigh)

Duke Energy is facing scrutiny at its Cape Fear Plant in Chatham County as state regulators question why the utility has been pumping coal-ash wastewater into the Cape Fear River. Duke says it notified the state last August about plans to lower the water levels at its ash ponds there in order to perform routine maintenance.

National Golf Club to become 'club within a club' at Pinehurst Resort

March 18, 2014

(The Pilot, Pinehurst)

Pinehurst Resort & Country Club has reached a tentative agreement to purchase National Golf Club before the U.S. Opens are held at Pinehurst in June. If approved by members and boards of both organizations, plans would include a $1 million clubhouse renovation and an $250,000 increase to the annual golf-course maintenance budget. Financial terms were not disclosed.