Business

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

David Boraks / WFAE

The North Carolina Department of Motor Vehicles has denied Tesla Motors' application to sell its electric cars at a new store near Charlotte. 

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

A federal appeals court on Monday overturned a $1.27 billion fine against Bank of America over loans by mortgage giant Countrywide Financial, which B of A acquired in 2008.

The appeals court said in a 30 page opinion that prosecutors failed to prove that Countrywide committed fraud when it made loans through its "Hustle" mortgage program.

Bank of America is reporting higher fourth quarter profits than the same period a year ago. The bank says its  profit was $3.01 billion, or 28 cents per share, for the three month period ending in December. That’s nearly 10 percent higher than the same period a year earlier. The results beat analysts’ expectations of 27 cents a share on average. Bank of America says the increased earnings were spurred by lower expenses and continued improvement in its consumer banking division. The bank’s revenue in the quarter was $19.53 billion compared with $18.73 billion the year before.

Howard Levine To Step Down As Family Dollar CEO

Jan 8, 2016
T. Ortega Gaines / Charlotte Observer File Photo

Charlotte Observer

Howard Levine is stepping down as chief executive officer of Matthews-based Family Dollar on Jan. 15, the company announced Friday.

Levine’s departure follows Virginia-based Dollar Tree’s acquisition of Family Dollar last summer. At the time, the company had said Levine would remain with the company for two years to assist with the integration, reporting to Dollar Tree CEO Bob Sasser.

Nick de la Canal / WFAE News


This year is shaping up to be a good one for America’s Christmas tree farmers. A report published this week by the American Christmas Tree Association estimates nearly 22.6 million Christmas trees will be bought, strapped to a car roof, brought home, and decorated this holiday season. That’s a million more trees than were sold in 2011, and it’s welcome relief for the Christmas tree industry, which is still recovering from the recession.

Corning Optical Communications plans to move its headquarters from Hickory to a new $38.7 million office building Charlotte in 2018. A spokeswoman said the company is looking at sites off I-485 northwest of Charlotte, and hopes to announce the location by April 1.

Duke Energy's Profit Down 27 Percent Through September

Nov 5, 2015
Duke Energy/Flickr

Duke Energy's latest earnings report shows profits declined 27 percent from the same period a year ago. The Charlotte-based company's net income was $932 million through the end of September, which missed analyst expectations.

Weak results internationally and legal settlements in the U.S. hurt Duke Energy's bottom line. The settlements in the quarter were related to a coal plant in Indiana and cleaning up coal ash in North Carolina.

US Airways

Friday at 12:05 p.m., a flight from Philadelphia will land at Charlotte Douglas Airport. This is not normally news, or history. But this flight will be both.

If you happen to be in the terminal around that scheduled landing time make sure to stop by gate D-13 and look for US Airways flight 1939. It will be on the ground for two hours and then it’s off to Phoenix. When it takes off it will mark the end of an airline.

Bank of America and Wells Fargo both reported strong third-quarter profits Wednesday. 


Shareholders Vote To Keep Moynihan As Chairman

Sep 22, 2015
Brian Moynihan
Bank of America

Bank of America shareholders have voted to allow Brian Moynihan to continue as both board chairman and chief executive officer. Shareholders voted to separate the two roles in 2009. Then last year, BofA’s board reversed that decision and named Moynihan chairman in addition to CEO. The move sparked controversy and protests by some shareholders.

Brian Moynihan
Bank of America

Bank of America shareholders will vote Tuesday on whether chief executive Brian Moynihan should continue to also serve as the company’s chairman.   The issue has been brewing for several years. 

Shareholders voted back in 2009 to separate the CEO and chairman roles.   But in a controversial move last year, the Bank of America board changed the company’s by-laws to allow one person to hold both titles.   

Salisbury Now Home To Fastest Internet In U.S.

Sep 4, 2015
Ben Bradford / WFAE News

Salisbury, North Carolina – population just shy of 34,000 – can now lay claim to the title of “city with the fastest Internet in the U.S.” It’s not operated by Google, Verizon, or Time Warner Cable. Instead, it’s a homegrown fiber optic network. WFAE’s Ben Bradford says, when city officials launched it, the only title they were seeking was “employed.”

Owners of a restaurant with locations in Concord and Statesville have to pay back wages to employees for violating the Fair Labor Standards Act.   

 U.S. Department of Labor investigators say the owners of Charanda Mexican Grill and Cantina in Concord and Statesville did not pay their servers any wages. They were paid in tips only.

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

Two of the largest public pension funds in America are calling for Bank of America to strip Brian Moynihan of his joint title of Chairman and CEO.

Last October the Bank of America board of directors changed the company bylaws and combined the positions of Chairman and CEO. It was a controversial move. In a response to criticism, the Board allowed for a shareholder vote on the move which scheduled for later this month. 

Belk, Inc.

After more than a century as a family-owned department store chain, Belk has agreed to sell to a New York-based private equity firm later this year for about $3 billion.

Started as a single store in Monroe in 1888, Belk now has 296 stores in 16 states.

One of the Charlotte area's largest companies, Lowe's, is growing its profits but not as much as analysts want.

The home improvement giant reported a profit of more than $1.1 billion for its most recent fiscal quarter. That's an 8 percent increase over the same period (May through July) a year ago.

Lowe's CEO called the results "solid," and highlighted particularly strong growth in appliances and outdoor power equipment.

Charlotte Airport Scraps Recycling Partner

Jul 24, 2015
Julie Rose

Three years ago, Charlotte-Douglas Airport officials celebrated the opening of a new trash sorting facility. The goal was to turn a profit on recyclables within five years. It’s not turning out that way.


Jennifer Lang / WFAE

The pending merger of Family Dollar Stores and Dollar Tree now appears to be headed toward completion in early July.  


Bank of America is one of six financial institutions hit with a total of nearly $1.8 billion in fines Wednesday by the Federal Reserve. The fines stem from foreign currency trade violations. 

Mike Linksvayer / Flickr https://creativecommons.org/publicdomain/zero/1.0/

About forty protesters rallied outside Duke Energy’s headquarters, chanting “Up with solar, down with coal,” as shareholders left the annual meeting. The clash between environmental advocates and Duke Energy about solar energy and fossil fuels also extended inside the meeting, even the demonstrations.


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