Business

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

Vaping360 / CC BY 2.0

There's a lot of young tobacco and vape users who are angry right now. That’s because the Food and Drug Administration began to immediately enforce a ban on the sale of tobacco to anyone under 21 on Dec. 20, the same day that President Trump signed legislation raising the minimum age of purchase. 

WFAE

Revenues and profits at Bank of America fell during the fourth quarter amid a sharp drop in interest rates at the end of the year. But CEO Brian Moynihan said the bank continues to grow, as it added loans, deposits and employees during 2019. 

Wells Fargo sign at a bank branch
Flickr / Mike Mozart

Wells Fargo's new CEO says the bank needs to cut costs and continue to address legal problems that have dogged the company for years.  Charlie Scharf, who started in October, spoke as the company reported a decline in profits during the fourth quarter.

Epicentre
Chris Ballance / Flickr

Charlotte’s Epicentre, with its bars and nightclubs, was once a center of nightlife in the city. But following a pair of deadly shootings last year, some business owners in the uptown complex say they’ve seen a drop in customers. 

One symptom of Charlotte's growth is an increased demand on hospitals. The state has approved 76 additional beds in Mecklenburg County to accommodate that growth, and Atrium and Novant are vying for them. It's up to the state to decide which hospitals get them. This week, regulators heard from doctors and county residents on the subject. In this week's BizWorthy, Tony Mecia of the Charlotte Ledger Business Newsletter joins us to break this down and talk about this week's other business news -- including soccer.

The Microsoft headquarters in Redmond, Washington.
Coolcaesar / Wikimedia Commons / Creative Commons Attribution-Share Alike 4.0 International

RALEIGH — Microsoft Corp. plans to further expand its North Carolina workforce with 500 new jobs in the Raleigh-Durham area announced on Tuesday, less than two months after the software and cloud-computing giant unveiled additional positions for Charlotte.

buildings on East Blvd. in Charlotte
Google Maps

A huge swath of homes in Dilworth is being sold to a medical affiliated company. The Charlotte Ledger business newsletter reports the homes, about two dozen, all are in an area adjacent to Atrium where the hospital already owns 25 homes. Atrium earlier this year announced plans to expand its presence in the neighborhood. 

bb&t and suntrust
Wikimedia Commons

The $66 billion merger between Winston-Salem’s BB&T and Atlanta’s SunTrust is set to be finalized this week.  The new bank, to be called Truist, will be headquartered in the Hearst Tower in uptown Charlotte. 

For more on what happens next with the merger and other business news "Morning Edition" host Marshall Terry is joined by Tony Mecia of the Charlotte Ledger business newsletter for our segment BizWorthy. 

Charlotte Observer
COURTESY OF NATE RYAN

Last week the Charlotte Observer’s parent company, McClatchy, announced it will stop printing Saturday editions at all of its papers next year. The California-based company, which also owns the Raleigh News & Observer and the Rock Hill Herald, is about $700 million in debt. 

The Loop at SouthPark Mall
City of Charlotte

Charlotte’s SouthPark Mall and the area around it will look very different in a few years.  There are plans to add a three-mile greenway encircling the mall and a park, along with more offices, apartments, and restaurants. Some of the development gets underway at the end of the month.  

The uptown Charlotte skyline is seen Nov. 2, 2019, from Bland Street in Charlotte's South End neighborhood.
DAVID BORAKS / WFAE

More big change is in the works for Charlotte’s South End. Two companies announced last week they’re building a 23-story office tower. Lowe’s is also building an office tower for 2,000 tech workers.

It’s a shift for the neighborhood that for the past several years has been marked by the rise of countless apartment complexes.

Cannon Ballers logo
Cannon Ballers

Bank of America employees got some good news this week. For a third year, the bank is handing out an extra bonus – and it isn’t chump change. That means there’ll be more cash floating around Charlotte this holiday season. 

Atrium Health's Carolinas Medical Center Main Complex, Charlotte.
GOOGLE STREET VIEW

Atrium Health has announced big expansion plans on about 70 acres at its main campus in Dilworth. The plans call for a medical school and office space. The hospital system also wants to build a hotel.

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.

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