Triangle

Earnings report roundup

February 5, 2016

Old Dominion finished 2015 on solid profit note, Winston-Salem Journal
Hanesbrands posts record 2015 despite softer fourth-quarter sales, Winston-Salem Journal
Credit Suisse announces 4,000 jobs cuts amid big Q4 loss, The Charlotte Observer

Triangle Capital promotes Poole to CEO

February 4, 2016

(The News & Observer, Raleigh)

Triangle Capital co-founder Garland Tucker III has stepped down as CEO; Ashton Poole, president and chief operating officer, will succeed him. Tucker will stay on as chairman of the Raleigh-based investment firm with nearly $1 billion of assets under management.

Wells Fargo cuts more mortgage jobs in Charlotte, Raleigh

February 4, 2016

(The Charlotte Observer)

The San Francisco-based lender is cutting 87 jobs in Raleigh and 68 jobs in Charlotte and Fort Mill, S.C., due to declining foreclosure rates and fewer people defaulting on their home loans. Wells, the largest U.S. mortgage lender, also announced Wednesday it will pay $1.2 billion to settle a mortgage dispute with the federal government.

Google Fiber will be free for pubic housing residents

February 4, 2016

(The Charlotte Observer)

Google Fiber will offer high-speed Internet service to residents of public housing at no charge in the cities where its network is available. The tech giant is rolling out its gigabit Internet service in Charlotte and the Triangle, but has not provided specific dates when the service will be available.

Southern Pines lands on list of America's 50 Best Small Towns

February 3, 2016

(Newsmax)

Southern Pines (population 12,334) in Moore County ranked 25th on a list of the 50 Best Small Towns in America, published by Newsmax, a conservative media organization. Topping the list are Lebanon, New Hampshire; Los Alamos, New Mexico; and St. Augustine, Fla.

Former NationsBank exec joins Raleigh's Paragon Bank

February 3, 2016

(The Charlotte Observer)

Rusty Page is a senior vice president and business-development officer at the Charlotte office of Raleigh's Paragon Bank, which provides private- and commercial-banking services for affluent customers and small and midsized businesses. Page is the former head of investor relations for Charlotte' NationsBank, now Bank of America.

Tax credit could save CSX millions

February 3, 2016

(The News & Observer, Raleigh)

If CSX follows through with plans to build at $272 million cargo hub in Johnston County, the company could benefit from a 50% state tax credit for railroads that spend at least $30 million on terminals. The N.C. Department of Transportation also is considering whether to provide $100 million to help pay for the terminal.

SAS continues streak of annual revenue growth

February 2, 2016

(The News & Observer, Raleigh)

Cary-based software company SAS Institute reported 2.3% revenue growth in 2015 to $3.16 billion. The company has posted annual revenue growth every year since it was founded in 1976. SAS added more than 1,800 new customers last year. Sales of risk software, which helps customers detect and minimize fraud, rose 17%.

UNC REX names new COO

February 2, 2016

(The News & Observer, Raleigh)

Susan Sandberg, 55, was named chief operating officer at Raleigh-based UNC Rex Healthcare, filling a position vacated 10 months ago by Steve Burriss, who was promoted to president. Sandberg comes from Community Health Network, an Indianapolis system with eight hospitals and 12,000 employees.

Blue Cross predicts ACA losses will top $400 million

February 1, 2016

(The News & Observer, Raleigh)

The state's largest health insurer is projecting a combined loss of more than $400 million on Affordable Care Act customers in 2014 and 2015. Blue Cross and Blue Shield said it is eliminating agents' sales commissions on ACA plans and will stop advertising the policies.
Also: Insurance companies struggle financially as ACA deadline looms

Former UNC president begins Duke fellowship

February 1, 2016

(The News & Observer, Raleigh)

Tom Ross was named the first Terry Sanford Distinguished Fellow at Duke University's Sanford School of Public Policy, where he will work on changing the way political district boundaries are drawn. Ross, who stepped down as president of the UNC system in January, plans to return to UNC Chapel Hill as a member of the faculty after a one-year sabbatical.

Construction to begin on 27-story tower in downtown Durham

January 29, 2016

(The News & Observer, Raleigh)

Construction on the 27-story City Center building will begin Feb. 15 and is expected to take 27 months. The skyscraper will include 21 floors of residences, 155,000 square feet of office space and ground-floor retail. Austin Lawrence Partners is the developer of the $70 million project.

Yadkin Financial Q4 earnings rise 15%

January 29, 2016

(The News & Observer, Raleigh)

Yadkin Financial posted fourth-quarter net operating earnings of $12.6 million, or 40 cents a share, missing analysts' estimates by a penny. (The figure excludes merger costs and other income and expense items.) The Raleigh-based bank expects to close on its $456 million acquisition of Greensboro's NewBridge Bank by the end of March.

CSX not scrapping plans for cargo hub

January 28, 2016

(The News & Observer, Raleigh)

CSX said Wednesday it is still committed to building a $272 million container hub along Interstate 95, despite Gov. Pat McCrory changing his stance on the project that he originally promoted as a boon for economic development in eastern N.C.
Also: Wayne chasing CSX terminal after Johnston site rejected

Biogen reports strong Q4 results

January 28, 2016

(The News & Observer, Raleigh)

Biogen shares closed at $273.26 on Wednesday, up 5.2% after the drugmaker reported fourth quarter sales of $2.84 billion, up 7.5%. Sales for all of 2015 were $10.76 billion, a 10.9% increase over the previous year. The Cambridge, Mass.-based company employs more than 1,200 people in the Triangle.

Report: Durham ranks 4th in VC funding per capita

January 27, 2016

(ExitEvent.com)

When it comes to overall venture-capital funding, North Carolina still lags far behind other states with strong technology sectors. But a new report shows that Durham attracts $475 in venture capital per resident, behind only San Jose, Calif. ($2,146), San Francisco ($1,415) and Boston ($665). Greensboro, the only other North Carolina city on the list, ranked 15th with $97 per capita. The report, from The Atlantic CityLab, was based on Thomson Reuters data from 2012.

Xerox lays off 178 in Cary

January 27, 2016

(The News & Observer, Raleigh)

Xerox Commercial Services is closing a unit in its Cary call center, resulting in 178 job cuts. The layoffs are expected to occur in March. Xerox employs more than 1,600 people in Cary.

McCrory: Johnston County site not a viable option for rail hub

January 27, 2016

(The News & Observer, Raleigh)

Gov. Pat McCrory's office said Tuesday the proposed site for a CSX railroad hub in Johnston County may not be a viable option. A spokesman for McCrory said the state will continue to work with CSX to find an alternative site. CSX announced the $272 million project last week, though some landowners don't want to sell their properties to the Jacksonville, Fla., company, which could forcibly purchase the land through the power of eminent domain.

Meanwhile, officials in Wayne County say residents would support a CSX intermodal rail yard either within its borders or in nearby Johnston County.

Wilmington Chamber supports controversial CSX project

January 26, 2016

(Greater Wilmington Business Journal)

The Wilmington Chamber of Commerce issued a statement supporting the proposed CSX intermodal freight hub near Interstate 95 in Johnston County, citing potential benefits to the ports and Eastern N.C. businesses that use them. Johnston County commissioners have said they support the $272 million project, though they are urging CSX to seek an alternative site after some landowners objected to selling their properties to the rail company.

Coty to invest $19M in Sanford plant

January 25, 2016

(The Fayetteville Observer)

Beauty-products manufacturer Coty plans to add 25 jobs and invest $19 million at its plant in Lee County, where the company employs more than 750 people, plus several hundred contractors. New York-based Coty announced in July it is acquiring 43 of Procter & Gamble's beauty and cosmetics brands for $12.5 billion.