Business

Business news from Charlotte and the Carolinas.

LendingTree CEO Doug Lebda announced that the company will move its headquarters within Charlotte, after considering sites around the region.
David Boraks / WFAE

Updated 5:30 p.m.

Online loan marketplace LendingTree is keeping its headquarters in Charlotte, and planning to add 436 jobs over the next five years.

Gov. Roy Cooper (right) presents Honeywell CEO Darius Adamczyk with a plate holding the North Carolina state seal during Friday's announcement that Honeywell is moving its headquarters to Charlotte from New Jersey.
David Boraks / wfae

Honeywell International will get state incentives of up to $42.5 million over 12 years in exchange for moving its headquarters from New Jersey to Charlotte next year.

From left, Gov. Roy Cooper and Honeywell CEO Darius Adamczyk listen as Mayor Vi Lyles speaks during a ceremony in uptown Friday to announce Honeywell's headquarters is moving to Charlotte.
David Boraks / WFAE

Updated 3:40 p.m.
One of the largest industrial technology companies in the U.S. is moving its global headquarters to Charlotte. Honeywell International announced Friday it will open in temporary offices uptown by mid-2019 while it searches for permanent space in the region.  

The company has been promised $46 million in tax breaks by the city and county, and could get up to $12 million in state job development grants if it follows through on its pledge to bring 750 jobs in Charlotte by the end of 2024. 

Era Polymers

Australian plastics manufacturer Era Polymer Corporation plans to open its first U.S. industrial facility in Gaston County, creating 20 new jobs in the area and promising to invest $9.2 million in the town of Stanley.

Bank of America

Bank of America is tweaking its red-and-blue flag logo for the first time since 1998, and is planning a new star-studded marketing campaign for the holiday season. 

Hickory-based CommScope is about to more than double in size. The telecommunications equipment company says it's buying cable set-top box maker Arris for $7.4 billion in cash. The deal includes repaying Arris's debt and is being financed in part with $1 billion from investment firm The Carlyle Group. 

Bank of America's third-quarter profits rose 32 percent from a year ago, to a record $7.2 billion. That came out to 66 cents a share, which beat the 62 cents predicted by Wall Street analysts. Higher interest rates boosted loan income while the big cut in the corporate tax rate helped cut costs.    

Wells Fargo said Thursday it will cut 5 to 10 percent of its workforce over the next three years.
Zuri Berry / WFAE

Wells Fargo said Thursday that it plans to cut its workforce by 5 to 10 percent over the next three years.

Mike8411251995 / Wikimedia Commons

Harris Teeter will phase out single-use plastic bags by 2025, along with other grocery stores owned by its parent company, The Kroger Co. of Cincinnati.  

Rendering of Corning Inc.'s planned $60 million optical cable plant at Trivium Corporate Center in southeast Hickory.
Catawba County EDC

Corning Inc. has signed up to be the first tenant in a new business park being built in southeast Hickory. The company and local officials announced plans Tuesday for a $60 million plant to make cable for its Optical Communications division, creating up to 110 jobs.

The Conversation: What Is A Tariff? An Economist Explains

Jun 22, 2018
shipping containers
Pixabay CC00

The world is lurching ever closer to a full-blown trade war as the U.S., Europe, Canada, China and Mexico talk tariffs and retaliation. President Donald Trump made the initial salvo back in March, when he placed duties on steel and aluminum. These actions have prompted significant concern and discussion about the wisdom of this action.

North Carolina Attorney General Josh Stein, along with 42 other state attorneys general, announced a $100 million settlement with Citibank over fraudulent conduct concerning interest rates.

Grocery store chain Kroger plans to close all 14 of its stores in the Raleigh-Durham on August 14th and lay off around 1,500 workers.

AT&T and Time Warner are not competitors; their proposed merger would be a "vertical integration" of complementary companies.
STEPHANIE KEITH / Reuters

Updated at 6:02 p.m. ET

A federal judge on Tuesday gave his blessing to telecom giant AT&T's drive to take over the Time Warner media conglomerate. U.S. District Court Judge Richard Leon rejected arguments by Justice Department lawyers that the combined company would be too large and too powerful and that the $85 billion deal would harm competition and hurt consumers.

Wells Fargo sign at a bank branch
Flickr / Mike Mozart

Wells Fargo is being fined a combined $1 billion by two federal regulators for abuses tied to its mortgage and auto lending businesses.

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