Business

Business news from Charlotte and the Carolinas.

The owners of Blackbeard's Lodge say they'll have to work to recover from lost business during the power outage.
Blackbeard's Lodge

Full electric power has been restored and tourists are returning to Hatteras and Ocracoke islands at North Carolina's Outer Banks. A bridge construction crew cut underground transmission lines a week ago, and visitors were evacuated - at the height of the summer tourism season. WFAE's David Boraks talked to Helena Stevens, who runs the 38-room Blackbeard's Lodge on Ocracoke.

Bank of America sign
Jennifer Lang / WFAE

"Against modest economic growth of 2 percent, we had one of the strongest quarters in our history." That is how Bank of America CEO and Chairman Brian Moynihan characterized the Charlotte based bank's second quarter results this morning. B of A saw profits rise 10 percent from last year with net earnings of $5.3 billion for the quarter.

bank of america sign
MoneyBlogNewz / Flickr / https://www.flickr.com/creativecommons/by-2.0/

Billionaire Warren Buffett's company is about to become Bank of America’s largest investor, when it exercises rights to buy 700 million shares in the bank. The purchase will mean a big payoff, at least on paper, for Berkshire Hathaway's cash infusion to the bank six years ago. 

Tom Bullock / WFAE

NoDa and Olde Mecklenburg breweries, along with members of a craft brewers group filed the case in Wake County Superior Court Monday.

The brewers argue two state laws which force them to enter distribution contracts if they produce more than 25,000 barrels of beer a year violate the North Carolina constitution.

David Boraks / WFAE

The bond ratings service Fitch has upgraded ratings for Charlotte Douglas International Airport, citing a healthy outlook for air traffic and the airport's relatively low costs.

A Charlotte-based bank started by former Bank of America executives is being sold. Capital Bank will become part First Horizon of Memphis, Tennessee, in a $2.2 billion-dollar deal announced Thursday morning.

Bank of America sign
Jennifer Lang / WFAE

Bank of America shareholders on Wednesday rejected a series of stockholder proposals, including one that would have required the jobs of chairman and CEO to be separate. During the company's annual meeting uptown, shareholders also easily elected the company's 14 nominees to the board.

How Long Can Price's Chicken Coop Hold Out In South End?

Apr 21, 2017
Price's Chicken Coop
Molly Mathis / Charlotte Observer

Drive down Camden Road in South End, and you’ll pass by shiny new office buildings, hip new restaurants and towering, luxury apartments. And in the middle of it all, you’ll also see a squat brick storefront that looks almost exactly like it did in the early 1960s.

Bank of America sign
Jennifer Lang / WFAE

Higher interest rates are helping boost financial results at Bank of America. The bank says profits rose 40 percent in the first three months of the year, compared with a year ago. B of A also saw growth in all its major businesses.

Wells Fargo sign at a bank branch
Flickr / Mike Mozart

An independent report’s findings have spurred Wells Fargo to claw back an additional $75 million in compensation from two executives over the banks’ use of fake customer accounts. But the investigation also shows the scandal goes much deeper and has gone on for far longer than previously known.

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