Business

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

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.

Jesus Pina assembles a tiramisu cake at Las Delicias Bakery on Central Avenue in Charlotte. Business there is down since President Trump's January immigration orders.
David Boraks / WFAE

Business leaders in the region's immigrant communities say President Trump's tougher line on immigration is having a chilling effect on businesses and the broader economy. Fear and uncertainty are keeping some shoppers home and threatening to dampen investment in immigrant businesses - one of the fastest growing parts of the economy.

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

Bank of America CEO Brian Moynihan sees a lot of optimism over the U.S. economy following the election of President Donald Trump. But at a Charlotte World Affairs Council lunch Wednesday, he said North Carolina continues to lose out because of House Bill 2, the 2016 law that limits protections for LGBT people.

Corning will expand its optical fiber plant in Midland, in Cabarrus County.
Corning Inc.

Corning Inc. says strong demand for optical fiber and cable is bringing another expansion in North Carolina. The company said Monday it will spend $176 million in Catawba and Cabarrus counties and create 410 jobs over the next two years.   

Manufacturers are waiting to see if President Donald Trump follows through on threats to slap new import fees on U.S. companies with factories in Mexico. That includes Charlotte-based Nucor, the largest U.S. steelmaker, which says it’s moving ahead with a plant in central Mexico.  

In Charlotte, It's Especially Tough To Climb The Economic Ladder

Dec 23, 2016
Reema Khrais / Marketplace

 

Eastway Drive  winds through Charlotte, N.C. for miles. At one end, the road is dotted with modest apartments, laundromats, and small retail complexes. 

The eastern part of the city is mixed-income, but with pockets of deep poverty, explained Brenda Tindal, a historian with the Levine Museum of the New South. The Grier Heights neighborhood, for example, has a median income of less than $17,000. 

Mergent Inc., a small financial information company based in Fort Mill, is being sold to the London Stock Exchange.

Terms of the deal announced Monday weren't disclosed. It means a payoff for the private company's lead investor, Carousel Capital of Charlotte.

Wells Fargo CEO John Stumpf To Retire

Oct 12, 2016
Mark Hames / Charlotte Observer

(Charlotte Observer)

Embattled Wells Fargo Chairman and CEO John Stumpf is stepping down from the bank he has led for nearly a decade, following intense scrutiny over a fake accounts scandal that erupted last month.

diners at Essex Charlotte
David Boraks / WFAE

Businesses around Charlotte saw sales drop during last week's protests over the shooting death of Keith Scott. But now that a curfew has been lifted and the weekend is approaching, they're hoping for a rebound.

Violence during the first night of protests uptown last Wednesday left some hotels, stores and restaurants, including those around the EpiCentre, with broken windows and other physical damage.

But the week of protests also scared away customers, causing financial damage that most are still recovering from.  

Corning Inc. says growing demand for optical fiber in communications networks is behind plans for a $30 million expansion of its optical cable plant in Hickory. The company also announced a similar sized expansion of another plant in Winston-Salem.

Passengers leave an Allegiant Air jet at Concord Regional Airport.
Mark Rumsey / WFAE

Allegiant Air will add non-stop service from Concord Regional Airport to New Orleans this fall. It will be the discount carrier's first destination outside Florida from the airport east of Charlotte.  

exim.gov

The main purpose of the Export-Import Bank of the United States (EXIM) is simple – provide loans to foreign entities, so they can buy American-made goods.  These loans, in essence, are a way to make American exports more affordable and more competitive.  Since 1945, the bank has operated as an independent agency, created and funded by Congress.

NC Ports Authority

Charlotte will get its first direct intermodal rail connection to the port of Wilmington this fall, when CSX begins the Queen City Express. The service announced this week puts Wilmington in competition with Charleston and other ports that serve Charlotte.

Charlotte is one of 10 U.S. cities that could get nonstop flights to Havana, Cuba, under tentative plans announced Thursday by the U.S. Department of Transportation.

Corning Inc.

Updated 11:20pm
Corning Optical Communications has picked a site off I-485 in northwest Charlotte for its new $38 million headquarters, a spokesman said Tuesday.

Bank of America

Bank of America expects to cut several thousand jobs nationwide in its consumer banking division over the next few years as customers shift their banking away from branches to mobile phones and computers.

Daimler Trucks North America

Commercial truck maker Freightliner has announced it will cut some 800 jobs at two facilities in Gaston County. 

David Boraks / WFAE

DUNCAN McFADYEN: North Carolina's Division of Motor Vehicles ruled last week that Tesla can't sell its electric cars at a store in Charlotte. That has a lot of people scratching their heads - why not? WFAE's David Boraks is with me now to talk about it.

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