Triangle

NC to receive $1.5 million in Endo Pharmaceuticals case

March 3, 2014

(The News & Observer, Raleigh)

Pennsylvania-based Endo Pharmaceuticals will pay $1.5 million to North Carolina as part of a multi-state settlement after allegations the company unlawfully marketed the drug Lidoderm to treat lower back pain and chronic pain. The Food and Drug Administration had not approved the drug for those uses.

High-paid consultant to DHHS left scarce details of work

March 3, 2014

(The News & Observer, Raleigh)

A consultant hired by the state Department of Health and Human Services left few records behind detailing the work he did in his 11 months with the agency. Joe Hauck was paid $310,000, more than the department's highest-paid employee, and was credited with saving the agency millions of dollars.

IBM begins layoffs at RTP

February 28, 2014

(The News & Observer, Raleigh)

IBM began job cuts in Research Triangle Park and at nine other locations across the U.S. on Thursday, part of a workforce rebalancing the Armonk, N.Y.-based company previously announced. The company will not say how many employees are affected. 

Salix Pharmaceuticals projects $1.6 billion revenue in 2014

February 28, 2014

(The News & Observer, Raleigh)

Raleigh-based Salix Pharmaceuticals is projecting $1.6 billion in revenue in 2014, the company said in a statement on Thursday. Salix makes drugs for the treatment of gastrointestinal ailments. Revenue for the fourth quarter was up 30% over the same period in 2012.

AT&T to hire 130 in North Carolina

February 28, 2014

(The News & Observer, Raleigh)

AT&T will hire 130 people across North Carolina in retail, call center and technician positions. The company invested $1.6 billion in the state over the past few years, and hired more than 1,100 workers in 2013.

Chapel Hill-Durham light-rail plan gets federal approval

February 27, 2014

(The News & Observer, Raleigh)

The Federal Transit Administration approved a light-rail line that will run through Orange and Durham counties. The 17-mile line will connect UNC Hospitals, Durham's South Square, Duke University Medical Center and N.C. Central University.

Cary shopping center sold for $91 million

February 27, 2014

(The News & Observer, Raleigh)

Kimco Realty Corp. bought Cary's Crossroads Plaza shopping center, home to more than 60 shops and restaurants including Dick's Sporting Goods and Best Buy, for $91 million. 

Tillis files for Senate run; speaks out against raising minimum wage

February 27, 2014

(The News & Observer, Raleigh)

N.C. House Speaker Thom Tillis says he opposes President Obama's proposal to raise the federal minimum wage to $10.10 an hour, and that a government-imposed minimum wage creates an artificial threshold. The Republican filed papers to run for U.S. Senate on Wednesday. Read Business's Man, BNC's cover story on Thom Tillis from April 2012

Clean Tech Summit today in Chapel Hill

February 26, 2014

(The News & Observer, Raleigh)

The 2014 Clean Tech Summit will be held today in Chapel Hill. The event, sponsored by Chapel Hill-based Strata Solar, the Research Triangle Cleantech Cluster and UNC's Institute for the Environment, will examine the future of energy and water conservation and education's role in preparing workers for tech jobs.

McCrory, DENR tell Duke Energy to move coal-ash ponds

February 26, 2014

(The Charlotte Observer)

Gov. Pat McCrory and John Skvarla, secretary of the state Department of Environment and Natural Resources, wrote a letter to Duke Energy CEO Lynn Good demanding costs and other details on what it would take to move coal-ash ponds away from drinking-water sources. Duke has until March 15 to respond.

Ed Mitchell and son to open barbecue restaurant in Durham

February 25, 2014

(The News & Observer, Raleigh)

Famous barbecue pitmaster Ed Mitchell and his son Ryan, an investment banker, will open Que, a barbecue restaurant, at the American Tobacco Campus near the Durham Bulls Athletic Park. The owners hope to open Que around April 1, in time for the Bulls' season opener on April 3.

Consultant says Chatham Park plan needs more detail

February 25, 2014

(The News & Observer, Raleigh)

An outside consultant hired to review Preston Development Co.'s plan for the massive Chatham Park development in Pittsboro says the plan fails to provide enough details and lacks a coherent vision. If built, Chatham Park could bring an estimated 60,000 people to live there.

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.