Business

Business news from Charlotte and the Carolinas. For more business news, listen to Marketplace every weekday at 6:30 p.m. ET.

LISA WORF / WFAE

The CEO of American Airlines, Doug Parker, is facing mounting pressure. Charlotte’s dominant carrier has a heap of problems, including a falling stock price, labor union tensions, and unhappy customers and employees. There’s been some chatter that Parker may be not be keeping his job.

New CEO At Wells Fargo

Sep 27, 2019
Wells Fargo
WFAE

Wells Fargo has named a new CEO and president. The bank today said Charles Scharf will take over both positions next month. He’s currently employed as head of the Bank of New York Mellon, and is the former CEO of Visa Incorporated. 

Dortmund (yellow) faced Liverpool in the International Champions Cup at Bank of America Stadium Sunday.
DAVID BORAKS / WFAE

It appears Carolina Panthers owner David Tepper is asking the city for a big sum to upgrade Bank of America stadium - up to about $200 million. However, this money isn’t for football, it would be for soccer. 

GOOGLE MAPS

This week Charlotte had another big jobs announcement. Online mortgage company Better.com announced it is expanding in Charlotte, going from about 20 people to 1,000 in five years. It follows substantial job announcements for the city by Lowe’s, Avid Xchange and Truist.

NICK DE LA CANAL / WFAE

Charlotte is now less than a year away from hosting the Republican National Convention – and the planning has begun. Not just by city officials and convention organizers, but people hoping to rent out their homes for big money during that time.

LORI BEE/FLICKR / CC BY 2.0

There’s a trend around Charlotte of finding new uses for old buildings. Think textile mills converted to loft apartments. It appears some of that is now moving to Ballantyne.

Charlotte skyline, UNC Charlotte Center City First Ward Park
DAVID BORAKS / WFAE

New accusations have surfaced against a financial adviser well-known for his appearances on Charlotte TV stations. Jim Heafner closed his firm earlier this year amid allegations he gave shoddy advice and invested clients’ money with a Florida company under scrutiny from regulators.

Nick de la Canal / WFAE

There’s a new product on the shelves at some Harris Teeter stores in Charlotte:  cannabis.  Some locations last week began offering a small selection of CBD lotions and oils made from hemp. For more on this and other business news "Morning Edition" host Marshall Terry is joined by Tony Mecia of the Charlotte Ledger Business newsletter for our segment Biz Worthy.

Homes costing $400,000 are seen under construction earlier this year in Huntersville.
DAVID BORAKS / WFAE

Home prices in Mecklenburg County last month saw their biggest jump in at least a year. The median sales price in July was $350,000, according to the Charlotte Regional Realtor Association. That’s up more than 10% from the same month last year.

WFAE

Charlotte leaders are pushing to create and preserve more affordable housing to make up for a shortage of what city officials say is at least 24,000 units. And as developers approach City Council for rezonings, lately they’ve been including more of this type of housing. 

LORI BEE/FLICKR / CC BY 2.0

Something new is in the works for Ballantyne: affordable housing. Developer Northwood Office says it plans to make that part of a massive project it’s planning near the Ballantyne Hotel.

LORI BEE/FLICKR / CC BY 2.0

Around 175 affordable housing units are being planned for Charlotte’s Ballantyne neighborhood.

Charlotte skyline, UNC Charlotte Center City First Ward Park
DAVID BORAKS / WFAE

Another month brings another big tech announcement for Charlotte. Financial software company AvidXchange says it’s planning to build a second headquarters at the Music Factory just outside uptown and increase its workforce by 1,200.

Bank of America reported a profit of $7.3 billion for the quarter that ended June 30. That was even with the first quarter but up 8% from a year ago, mainly on higher profits in its consumer bank.

Lowe's will take 15 of the 23 stories in the new Design Center Tower, which will break ground in August on Worthington Avenue in Charlotte's South End.
LOWE'S CORP.

Lowe’s has chosen Charlotte for its tech hub. Of course, that announcement was made last month, but the logistics of building that 23-story tower in South End and bringing on 1,600 IT workers will be a story for the next few years. This week we have a better idea of the incentives package the company will receive.

Former Chrysler CEO Lee Iacocca Has Died At Age 94

Jul 2, 2019
Lee Iacocca
AntonStetner / Flickr/https://creativecommons.org/licenses/by/2.0/

DETROIT — Lee Iacocca, the auto executive and master pitchman who put the Mustang in Ford's lineup in the 1960s and became a corporate folk hero when he resurrected Chrysler 20 years later, has died in Bel Air, California. He was 94.

Lowe's will take 15 of the 23 stories in the new Design Center Tower, which will break ground in August on Worthington Avenue in Charlotte's South End.
LOWE'S CORP.

Lowe's has picked a site in Charlotte's South End for a new $153 million global technology center that eventually is expected to have up to 2,000 employees. 

Nick de la Canal / WFAE

CBD oil sales are booming right now, but there's a threat looming for the small mom and pop CBD oil stores in Charlotte. Big retail chains are now looking to get in on the business. That's according to reporting by Tony Mecia of the Charlotte Ledger business newsletter. He joins WFAE's Morning Edition host Marshall Terry for our new segment BizWorthy.

LendingTree will to a new project under development on South Tryon Street in Charlotte's South End.
The Spectrum Companies

The online loan marketplace LendingTree plans to move its headquarters next year from Ballantyne in south Charlotte to the South End. About 500 employees will relocate to a new building being developed by The Spectrum Companies, at South Tryon Street and Carson Boulevard.

Brian Moynihan
Bank of America

Bank of America is raising its starting pay to $20 an hour over a two-year period, starting with a hike next month.

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