Triangle

Former Square D property sold to Florida developer

February 24, 2014

(The News & Observer, Raleigh)

A Florida-based company has purchased the EastPoint office and manufacturing campus in Knightdale for $8 million. The 60-acre campus was previously occupied by Square D, which manufactured electrical components.

Morrisville's Furiex Pharmaceuticals looking for buyer

February 21, 2014

(The News & Observer, Raleigh)

Bloomberg News reported that Morrisville-based Furiex Phamaceuticals is working with Bank of America to secure a buyer. Earlier this month, the drug-development firm announced positive test results for a treatment for irritable bowel syndrome.

Cary apartments sold to NY firm for $24.3 million

February 21, 2014

(The News & Observer, Raleigh)

A New York-based investment firm has paid $24.3 million for the Cary Brook Apartments, a 360-unit complex near Interstate 40. 

Enrollment slide at Raleigh's St. Augustine's leads to financial strain

February 21, 2014

(The News & Observer, Raleigh)

Enrollment is down at St. Augustine's University near downtown Raleigh, creating a $3 million decrease in net tuition revenue. The historically black university has eliminated 15 positions, and President Dianne Boardley Suber says a one-week staff furlough is likely. 

Economic development partnership holds first meeting; details scarce on fundraising plans

February 21, 2014

(The Charlotte Observer)

The new nonprofit Economic Development Partnership of North Carolina met for the first time on Wednesday, and chairman John Lassiter said he expects the partnership to be fully operational July 1. The group will assume business recruitment efforts for the state, though few details have been provided as to its fundraising strategy.

President of NC Biotech Center to retire

February 20, 2014

(The News & Observer, Raleigh)

Norris Tolson will retire as president of the state-funded N.C. Biotechnology Center, a position he has held since July 2007. His last day will be June 30. 

Regulators: Proposed homeowners rate increase excessive

February 20, 2014

(The News & Observer, Raleigh)

The state Department of Insurance says the N.C. Rate Bureau's request to raise homeowners insurance rates by an average of 25.3% is excessive, and the agency scheduled a hearing for Aug. 6 for both sides to present their case before it sets a new rate. The department says the industry's filing doesn't provide the necessary data and explanations to support the rate increase.

Eaton cutting 22 jobs in Raleigh

February 19, 2014

(The News & Observer, Raleigh)

Power management company Eaton Corp. will lay off 22 workers in Raleigh, where it employs about 700. The cuts, in an electrical engineering division, are part of a companywide reduction of 115 jobs across the country and should be complete by year-end.

Durham textile firm to develop new products with Kodak

February 19, 2014

(The News & Observer, Raleigh)

Durham-based PurThread Technologies will expand its partnership with Eastman Kodak to expand into new industries. Kodak's antimicrobial technology is used in PurThread fabrics; the partnership will expand the use of such technology to hard-surface products.

Court rules Senate candidate Brannon misled investors

February 19, 2014

(The News & Observer, Raleigh)

A jury found Republican and tea party candidate for U.S. Senate Greg Brannon responsible for providing misleading or false information to two investors in a tech company he helped start. The Cary doctor said he plans to appeal the decision.

McCrory: NC to promote business, tourism at U.S. Opens

February 18, 2014

(The Pilot, Pinehurst)

In a speech at the annual meeting of the Carolinas PGA in Greensboro, Gov. Pat McCrory said the state will use back-to-back U.S. Opens this June to promote business and tourism. McCrory said he plans to concentrate on recruiting Asian companies during the Women’s Open because of the number of Asian golfers.

New construction leads to lower apartment rents in Durham

February 18, 2014

(The Herald Sun, Durham)

A market research study reveals that 30% of more than 10,000 Triangle area apartments under construction are in Durham County, and the boom in construction is leading to lower rents. Charlotte's Real Data reports the average rental rate in Durham in January was $887, down 2.3% from six months ago. 

Fewer jobs available for IT workers in NC

February 17, 2014

(The News & Observer, Raleigh)

According to a report from the N.C. Technology Association, the number of job postings in the information technology field fell to 3,000 in January, down 16.4% from a year ago and down 27.2% from two years ago. 

Gov. McCrory says teacher pay hike is first step of comprehensive plan

February 17, 2014

(The Charlotte Observer)

Gov. Pat McCrory says that his proposal to increase pay for first-time teachers is only the first step in a comprehensive plan and he expects to introduce future proposals to reward veteran educators. 

Quintiles reaches $1 billion revenue mark, will eliminate 400 jobs in 2014

February 14, 2014

(The News & Observer, Raleigh)

Durham-based Quintiles posted revenue of $1 billion for the fourth quarter, and projected revenue for 2014 will be between $4.09 billion and $4.15 billion. The medical research company also plans to cut 400 jobs worldwide as part of a restructuring; a company spokesman would not say if and how many of those jobs would be in North Carolina.

Education forum attracts 1,300 in Raleigh

February 13, 2014

(The News & Observer, Raleigh)

About 1,300 people attended the Emerging Issues Forum on education in Raleigh this week. Participants discussed ideas about how to keep the best teachers and maintain quality teaching in the classroom.  

Raleigh man fined $5.2 million for running Ponzi scheme

February 13, 2014

(The News & Observer, Raleigh)

A Raleigh businessman and his company, Harbor Light Asset Management, were fined for running a Ponzi scheme involving 377 people. Michael Anthony Jenkins was ordered to pay $5.2 million in restitution and civil penalties.

Voller postpones announcement of new Democratic party leader

February 13, 2014

(The News & Observer, Raleigh)

After resistance from party leaders, N.C. Democratic Party Chairman Randy Voller canceled a news conference scheduled for Wednesday morning where officials said he had planned to name Ben Chavis as executive director.  

Blue Cross rebukes other insurers for not selling subsidized plans

February 12, 2014

(The News & Observer, Raleigh)

In a message posted on its website, Blue Cross and Blue Shield calls out six insurance companies which did not elect to sell subsidized health-insurance policies on the federal marketplace. A company spokeswoman says the message is there for customers frustrated over the lack of choices on the exchange. 

DHHS denies UNC Healthcare application for Chatham Park project

February 12, 2014

(The News & Observer, Raleigh)

The N.C. Department of Health and Human Services denied an application from UNC Healthcare to build a 90-bed nursing center in Chatham Park, a proposed development near Pittsboro that could eventually house 60,000 people. State regulators instead awarded the project to Liberty Healthcare Properties of Chatham County.