Business

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

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.

Wells Fargo sign at a bank branch
Flickr / Mike Mozart

It could be several weeks before Wells Fargo and its investors know the final cost of settling federal regulatory investigations into allegations that it overcharged borrowers. Last week, the bank, with its east coast headquarters in Charlotte, acknowledged it could be as much as $1 billion. 

Student Lyndell Grant (right) works with A+/Helpdesk Support instructor Brandon Steel at the Goodwill Opportunity Campus on Wilkinson Boulevard in a free eight-week training course. A grant from Google is helping to pay for the classes.
Goodwill Industries of the Southern Piedmont

Charlotte's Goodwill Industries is expanding its free technology training program, called Goodwill University, thanks to a $300,000 grant from Google. The organization now will begin offering training in key certifications for information technology careers. 

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

Bank of America will no longer lend money to gun manufacturers that make military-inspired firearms for civilian use.

North Carolina's farmers are nervous. As an all-out trade war with China looms on the horizon, it's North Carolina's agriculture industry that could bear the brunt.

The sale of Charlotte-based snack maker Snyder's-Lance to Campbell Soup Company is scheduled to close Monday. Snyder's-Lance says shareholders overwhelmingly approved the $4.9 billion deal at a special meeting Friday. 

U.S. gun maker Remington Outdoor Company has filed for bankruptcy protection, after years of falling sales and lawsuits tied to the Sandy Hook Elementary School massacre.

Bojangles Chief Executive Steps Down

Mar 5, 2018
Bojangles

Bojangles chief executive Clifton Rutledge is stepping down after four years on the job for personal reasons.

Lowe's recorded profits in the fourth quarter despite a red-hot housing market.

Shares fell 8 percent before the opening bell as healthy same-store sales were overshadowed by the profit miss and lower overall revenue.

Duke Energy headquarters in Charlotte
David Boraks / WFAE

Duke Energy is reporting a profit of $703 million in the last three months of 2017. The company says cold weather boosted energy use, expenses were lower and it benefited from changes in the federal tax law.

Duncan McFadyen

A bankruptcy court filing shows that a high-tech battery maker in Concord has found a buyer for most of its assets. The filing by Alevo Manufacturing Inc. says an unidentified bidder has contracted to buy most of the equipment, raw materials and other assets for $5 million.

Flickr/Robert Scoble

Raleigh is the only city in the state still in the running for Amazon's HQ 2. Amazon has already said no to bids from Charlotte, the Triad and Hickory.

But newly released information on Hickory's bid to land the project gives us a glimpse of the tactics state officials have employed.

Financial services company MassMutual is moving about 300 corporate office jobs from south Charlotte to Massachusetts as part of a big restructuring announced this week.

The head of the Charlotte Regional Partnership says he won't release details of the city's pitch to land Amazon's massive second headquarters, even though Charlotte is now out of the running. Ronnie Bryant told WFAE Wednesday that's not the way recruiters do business.

In October, Charlotte Area Transit System added slogans to buses saying "Hey Amazon! #CLTisPrime"
David Boraks / WFAE

Amazon has given local business recruiters a bit of feedback on why Charlotte didn't make the list of 20 finalists for the company's planned $5 billion second headquarters. One key reason: a shortage of tech talent. 

Bank of America CEO Brian Moynihan spoke at a Charlotte World Affairs Council lunch Wednesday at the Hilton.
David Boraks / WFAE

The new tax law is having a short-term negative effect on profits at the nation's banks. Most, like Bank of America which reported earnings Wednesday, have announced big one-time charges that cut into profits. But overall, the new law is a good thing for banks. 

Bank of America said Wednesday that its fourth-quarter profits fell by nearly half from a year ago, as the bank had to record $2.9 billion in charges related to the new tax law. But setting aside those charges, the bank is showing signs that whatever damage was left over from the financial crisis is largely healed.

COLE BENNETTS / GETTY IMAGES

Confirming iPhone owners' suspicions that Apple purposefully slows the operation of older phones, Apple says that it does just that — and that slowing down processors makes it easier for old batteries to perform after they've begun to lose capacity.

Campbell Soup Co. said Monday will pay $50 a share in cash to acquire Charlotte-based snack maker Snyder's-Lance Inc.  That puts the deal's value at $4.87 billion.

Lakemont Business Park
Crescent Communities

Stanley Black & Decker says it will build a $31 million power tool manufacturing plant near Fort Mill, S.C., south of Charlotte.  The plant will make Dewalt cordless tools, and is expected to employee about 500 people.  

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