Business North Carolina articles from May 2009

Business North Carolina archives from May 2009

Mr. Martin's wild ride.(UPFRONT)(Personal account)
May 1, 2009... This recession business might not be so bad after all. At least, not for guys like me. That notion began when I got an e-mail a few weeks ago. "Would you," it began, "be interested in trading your 2006 Mini Cooper S?" I took one look and...

NCTrend.(Statistical table)
May 1, 2009... Latest Previous month month EMPLOYMENT Employed (000s) 4,109.0 4,207.6 Civilian labor force 4,552.1 ...

Business North Carolina Index.(STOCKWATCH)(Company rankings)
May 1, 2009... [GRAPHIC OMITTED] HIGHEST PRICE/EARNINGS RATIOS P/E 3/27/09 52-week Company ratio (3) Price range Highwoods Properties ...

Faith in FedEx: Triad leaders believe the company's sorting hub will make the region a transportation-and-logistics center.(TRIAD ROUND TABLE)(Interview)
May 1, 2009... Good things come to those who wait, and Triad leaders have been waiting since 1998 for FedEx Corp. to open its $350 million sorting hub at Piedmont Triad International Airport. The hub will open this fall, and though the recession has caused...

With a side of business.(FINEPRINT)
May 1, 2009... Business people, if they were honest with themselves, would have to admit to being the biggest self-help junkies around. You need look no further than book publishing for proof. The surest road to riches in the publishing world is to create a...

Water on the brain.(CAPITALGOODS)
May 1, 2009... A few decades ago, more than 1,000 workers toiled at Alcoa Inc.'s smelting plant at the south end of Badin Lake. The Pittsburgh-based aluminum maker was the largest taxpayer and largest employer in two counties. In ways small and big, Alcoa...

Home, (semi)sweet home.(Statewide)
May 1, 2009... AVERAGE HOME PRICE BY MARKET (000s) 1999 2000 2001 2002 2003 * Asheville $158.0 $173.8 $169.7 $186.7 $194.9 * Charlotte 171.8 179.4 183.1 187.4...

Foes: plan to burn fowl fecal fuel stinks.(Eastern)(Fibrowatt LLC )
May 1, 2009... Poop power seemed like a godsend--possibly the perfect way to prevent the kind of mess Hurricane Floyd made 10 years ago when it flooded lagoons filled with fetid pig waste. Lawmakers had that in mind two years ago when they set quotas for...

Cape Fear Bank succumbs to a rising tide of closings.(Eastern)
May 1, 2009... Not since 1993 had a bank failed in North Carolina. That was until Good Friday, when state regulators ordered Wilmington-based Cape Fear Bank Corp. to close. Its eight offices reopened the following Monday as branches of First Federal Savings...

Wilmington.(Eastern)
May 1, 2009... WILMINGTON--Cooperative Bankshares must raise $25 million by mid-July to allay regulators' concerns about its capital. It must also get approval before paying dividends

Littleton.(Eastern)
May 1, 2009... LITTLETON--FASTA plans to open a factory in June that will employ 105 making steel panels and trusses. The Sterling, Va., company, started in 2005, will pay an average of $28,707 a year. The Halifax County average is $25,844.

Tarboro.(Eastern)
May 1, 2009... TARBORO--HC Composites will expand and add 120 workers in three years, bringing the total to 180. The catamaran maker does business as World Cat. The new jobs will average $29,560 a year. The Edgecombe County average is $32,084.

Ocracoke.(Eastern)
May 1, 2009... OCRACOKE--Due to budget cuts, state ferry boats will make just six daily round trips, instead of the usual 10, between here and the mainland this summer. A ferry between Hatteras and Ocracoke islands will keep its regular summer schedule.

Kinston.(Eastern)
May 1, 2009... KINSTON--John Chaffee replaced Al Delia as CEO of the 13-county North Carolina's Eastern Region, which promotes economic development. Delia left to become Gov. Beverly Perdue's policy director. Chaffee was director of the eastern office of the...

Wilmington.(Eastern)
May 1, 2009... WILMINGTON--Port City Java, which operates more than 40 cafes and coffee houses, promoted Steve Schnitzler, 40, from director of operations to CEO, a new position. Founder and former chief operating officer Don Reynolds, 49, left in December.

Lumberton.(Eastern)
May 1, 2009... LUMBERTON--Charlotte-based Piedmont Natural Gas postponed construction for three years of a $300 million warehouse for liquefied natural gas. Construction is now slated to start in 2012. The state's largest gas utility reported a 2% drop in net...

Is the reign of the brain over?(Triangle)
May 1, 2009... After days of speculation about impending layoffs at IBM Corp.'s campus in Research Triangle Park, the company put out some numbers: 334 of its roughly 10,000 workers there will be cut loose by the end of this month. It would be easy to blame...

SAS grows in recession.(Triangle)
May 1, 2009... While IBM is contracting, Cary-based SAS Institute Inc. is expanding, a beneficiary of businesses looking to cut costs with better data-mining software. It added 373 employees last year companywide--a 3.5% increase--and has broken ground on a...

Durham--AW North Carolina.(Triangle)
May 1, 2009... DURHAM--AW North Carolina offered separation packages to its 1,100 employees. It expected 500 to leave the company, a subsidiary of Japanese auto-parts maker AW Aisin. AW North Carolina makes transmissions for Toyota.

Raleigh--Capital Bank.(Triangle)
May 1, 2009... RALEIGH--Capital Bank took a $65.2 million charge to reflect the declining value of its stock and the poor economy. That was partially offset by a reduction in deferred taxes of $3.2 million. Its bottom line for 2008 changed from a $6.3 million...

Raleigh--The News & Observer.(Triangle)
May 1, 2009... RALEIGH--The News & Observer planned to cut 78 jobs by the end of April to reduce expenses. The newpaper, which was left with 631 employees, also cut salaries and is furloughing workers for a week between May 1 and Oct. 31.

Durham--Inspire Pharmaceuticals.(Triangle)
May 1, 2009... DURHAM--Inspire Pharmaceuticals stopped research on early-stage drug candidates and eliminated 20 of 250 jobs. It lost $51.6 million last year on revenue of $70.5 million.

Raleigh--Capital Broadcasting.(Triangle)
May 1, 2009... RALEIGH--Capital Broadcasting, which owns WRAL television station and other businesses, planned to cut 15% from its operating expenses. CEO Jim Goodman didn't say how, but he ruled out furloughs.

Aberdeen--Kolcraft Enterprises.(Triangle)
May 1, 2009... ABERDEEN--Kolcraft Enterprises will close its Chicago plant and consolidate manufacturing here by the end of the year. That will add 23 jobs, bringing the total to 168. The Chicago-based company makes children's furnishings such as crib...

Durham--North Carolina Mutual Life Insurance.(Triangle)
May 1, 2009... DURHAM--North Carolina Mutual Life Insurance agreed to stop writing policies in Ohio. In a consent order, regulators cited its loss of $5.4 million for 12 months ended June 30.

Stock.(Triangle)
May 1, 2009... RALEIGH--By August, Britain-based Wolseley wants to sell all or part of Stock Building Supply, one of the nation's largest sellers of construction materials. It's trying to cut losses tied to the U.S. housing market. For a daily roundup of...

Dell has an incentive to stay.(Triad)
May 1, 2009... Winston-Salem Mayor Allen Joines admits he's frustrated with one of Forsyth County's largest employers. He knows companies need to cut jobs in a downturn, but he says Dell Inc. should provide more details about the future of its local factory...

Back to class.(Triad)(University of North Carolina)(Brief article)
May 1, 2009... When she became UNC Greensboro chancellor in August, Linda Brady might have figured her teaching days were behind her. Not so fast. UNC system budget woes are forcing Brady and other UNCG administrators to return to the classroom. She'll teach...

Winston-Salem.(Triad)
May 1, 2009... WINSTON-SALEM--Krispy Kreme Doughnuts got only a warning from the U.S. Securities and Exchange Commission, but three former executives agreed to pay more than $780,000 to settle an SEC lawsuit alleging they fraudulently inflated earnings in...

Greensboro.(Triad)
May 1, 2009... GREENSBORO--The Center for Creative Leadership eliminated about 140 positions, roughly a quarter of its work force, in response to tightening corporate-training budgets. Roughly half the layoffs came here, where it now employs about 300.

Lexington.(Triad)
May 1, 2009... LEXINGTON--Smurfit-Stone Container will close its local plant in the second quarter, idling 99. The Chicago-based maker of packaging also will close a plant that employs 37 in Raleigh.

Stokesdale.(Triad)
May 1, 2009... STOKESDALE--Lowe's will close a warehouse here by the end of the year, putting 82 out of work. The Mooresville-based hardware retailer no longer needs it because of changes in its distribution system.

Greensboro.(Triad)
May 1, 2009... GREENSBORO--Chip maker RF Micro Devices eliminated 100 jobs, about 2% of its total, as part of a restructuring that will save as much as $15 million a year. It laid off 45 in the Triad, leaving 1,420.

Greensboro--NewBridge Bancorp.(Triad)
May 1, 2009... GREENSBORO--NewBridge Bancorp revised its 2008 and fourth-quarter earnings, taking a $50.4 million charge to reflect its fallen stock price. Its loss for last year swelled from $6.6 million to $57.1 million.

Mebane.(Triad)
May 1, 2009... MEBANE--Auto-parts maker GKN Driveline laid off 64 employees in Mebane, Roxboro and Auburn Hills, Mich. About 850 now work at the two North Carolina plants; 515 here.

Asheboro.(Triad)(FNB Corp. (Asheboro, North Carolina))(Financial report)(Brief article)
May 1, 2009... ASHEBORO--FNB United, holding company for CommunityONE Bank, revised 2008 and fourth-quarter earnings, writing off $56 million in light of the recession and its depressed stock price. That boosted last year's net loss from $3.2 million to $59.8...

Bobcats had to take the show on the road.(Charlotte)
May 1, 2009... As April Fools Day dawned, the Charlotte Bobcats' playoff aspirations were, for the first time in the franchise's short history, no joke. The team was just a game behind the Chicago Bulls for the final playoff spot in the National Basketball...

Car bazaar to creditors: We've got a deal for you.(Charlotte)
May 1, 2009... Sonic Automotive Inc.'s boom might turn to bust unless it can get debt relief. The Charlotte-based auto-dealer chain lost $686 million last year after earning $96 million the year before. In March, it said heavy debt, especially near-term...

GMAC.(Charlotte)
May 1, 2009... CHARLOTTE--GMAC will expand here, adding 200 jobs over the next two years. That will bring the total to about 465. The Detroit-based financial-services provider was attracted by the pool of talent in the industry. The new jobs will pay an...

The Charlotte observer.(Charlotte)
May 1, 2009... CHARLOTTE--Faced with declining advertising revenue, The Charlotte Observer said it would lay off 82 full- and part-time workers, 14.6% of its work force. The elimination of 60 full-time positions leaves it with 615.

Carolina paperboard.(Charlotte)
May 1, 2009... CHARLOTTE--Carolina Paperboard mill closed, putting 111 out of work. It had been idle since December. Parent Caraustar Industries, based in Austell, Ga., blamed slack demand.

Kannapolis.(Charlotte)
May 1, 2009... KANNAPOLIS--Albemarle native Michael Luther, 52, became the first president of David H. Murdock Research Institute, the foundation that owns the main laboratory at the North Carolina Research Campus. He had been vice president of basic research...

Carolinas Healthcare System.(Charlotte)
May 1, 2009... CHARLOTTE--Carolinas HealthCare System lost $551 million last year on revenue of $4.5 billion, largely because its investments lost value. Operating income fell 54% to $72.8 million, partly because of higher interest costs. Even so, it plans to...

Concord.(Charlotte)
May 1, 2009... CONCORD--The state approved a $264 million expansion and renovation of Carolinas Medical Center-North-East, part of Carolinas HealthCare System. About 425,000 square feet will be added for a total of 1.8 million.

Charlotte/Douglas International Airport.(Charlotte)
May 1, 2009... CHARLOTTE--Charlotte/Douglas International Airport and 10 other of the 30 largest U.S. airports fail to meet federal requirements that runways be surrounded by sufficient buffer zones. It's working on a solution for one runway; another may...

Mount Holly.(Charlotte)
May 1, 2009... MOUNT HOLLY--The state denied Gaston Memorial Hospital's request to build a $21.9 million free-standing emergency department. The hospital appealed. For a daily roundup of business news in the Charlotte region, go to...

Burley tobacco beefs up mountain farming.(Western)
May 1, 2009... Hard times are bringing back fond memories for farmers in western North Carolina. Burley, the state's other tobacco, is rebounding there, playing on its ability to generate substantial cash from small plots tended by family farmers and...

Some Cherokee bet booze will increase casino's odds.(Western)
May 1, 2009... A referendum in June could generate $36 million a year for the Eastern Band of the Cherokee Indians, but opponents argue that the alcohol sales it would bring could have sobering consequences. More than 13,000 Cherokees will decide whether to...

Maggie Valley.(Western)
May 1, 2009... MAGGIE VALLEY--Ghost Town Partners, owner of Ghost Town in the Sky amusement park, filed for Chapter 11 bankruptcy protection. It still will open for its 2009 season this month and employ as many as 225.

Sylva.(Western)
May 1, 2009... SYLVA--T&S Hardwoods' sawmill will quit cutting green lumber early this month, idling about half of its 75 employees. The rest will be let go in the fall after the mill winds down operations. The Milledgeville, Ga.-based company blamed low...

Boone.(Western)
May 1, 2009... BOONE--Raleigh-based Curtis Media Group bought six radio stations that broadcast here and nearby towns from Aisling Broad-casting for $2.3 million. Curtis owns 25 stations from the mountains to the coast.

Hendersonville.(Western)
May 1, 2009... HENDERSONVILLE--Margaret R. Pardee Memorial Hospital made $6.5 million last year, its best since plunging nearly $4.5 million into the red four years ago. Much of the earnings came from selling a 130-bed nursing center for $4.9 million.

Banner Elk.(Western)
May 1, 2009... BANNER ELK--David Bushman resigned, effective the end of this month, as president of Lees-McRae College. He will return to Mount St. Mary's University in Emmitsburg, Md., as founding dean of its school of natural sciences and math.

Fletcher.(Western)
May 1, 2009... FLETCHER--Two airlines added flights at Asheville Regional Airport. Delta Air Lines began daily nonstop service to New York City. AirTran Airways flies to Orlando, Fla., three times a week. For a daily roundup of business news in the...

Law journal 2009.
May 1, 2009... Budget cuts have become a fact of life because of the sputtering economy, but one place businesses can't afford to cut corners is legal advice. Fortunately, BUSINESS NORTH CAROLINA'S annual Law Journal can help. In the pages that follow, some...

How Tinkerbell's tryst and other tales from Facebook can affect you.(LAW JOURNAL 2009.)
May 1, 2009... What started as a graduate project to offer electronic-communication networking to college students has grown into a mode of communication used worldwide by people of all ages. Social-networking sites are becoming a preferred mode of...

Investors must always keep their eyes open for fraudulent schemes.(LAW JOURNAL 2009)
May 1, 2009... The revelation of Bernard Madoff's colossal $60 billion Ponzi scheme in December shocked a country that already was reeling from the effects of unchecked greed and speculation on its economy. While the Madoff scandal was still unfolding, the...

Following 'best practices' will reduce exposure to pay-discrimination claims.(LAW JOURNAL 2009)
May 1, 2009... On Jan. 29, President Obama signed into law the Lilly Ledbetter Fair Pay Act of 2009. The act amends Title VII of the Civil Rights Act, the Age Discrimination in Employment Act and parts of the Americans with Disabilities Act so that an...

Recession should spur executives to act on litigation risk management.(LAW JOURNAL 2009)
May 1, 2009... With every challenge comes opportunity. This applies even to executives who oversee corporate litigation in tough economic times. During a down cycle, business leaders must carefully evaluate litigation risks and options. When budgets were...

Recovery and reinvestment Act creates opportunities for businesses.(LAW JOURNAL 2009)
May 1, 2009... When President Obama signed the American Recovery and Reinvestment Act of 2009 into law Feb. 17, it created considerable tax benefits for businesses. These benefits may save businesses more than $75 billion in 2009 and 2010 alone. In general,...

Don't wait until litigation arises to adopt a document-retention policy.(LAW JOURNAL 2009)(Law overview)
May 1, 2009... In today's economy, businesses are more likely to become involved in litigation. Whether you are a plaintiff or a defendant, it is important for a corporate entity involved in a lawsuit to understand its obligations to identify, preserve and...

Citigroup case confirms protections for decisions by corporate boards.(LAW JOURNAL 2009)
May 1, 2009... On February 24, 2009, the Delaware Court of Chancery, a corporate law bellwether, issued a ruling that bolstered long-standing judicial protections afforded corporate directors when shareholders challenge ill-fated boardroom decisions. In re...

Paying off that traffic ticket may not be the best option you have.(LAW JOURNAL 2009)
May 1, 2009... Oh no! I think he's turning around. Shoot, there go the blue lights. Where is that registration card? " Even the most careful drivers occasionally get traffic tickets. And when they do, there are a host of questions that come to mind: "How will...

The tower & the glory: at the ripe old age of 134, Reynolds Tobacco is leaving home--the Winston-Salem landmark it has inhabited for 80 years.(PICTURE THIS)
May 1, 2009... It is their bond, the wisp of smoke from the cigarette between her slender fingers. She's the classic Art Deco woman, fashionably languid, bare of shoulder, peering into the eyes of her Valentino man in his tux and oiled hair. Through the magic...

Que pasa? What's up is that Hispanic immigration to North Carolina is going down. Some are returning home or moving elsewhere.(COVER STORY)(Concert review)
May 1, 2009... Morning passes quietly at the corner of Church and Oak in Biscoe. A block away on the main drag, a logging truck groans, downshifting for one of the town's two stoplights. Then the stillness returns. In a small brick building, the smell of...

Lowe's goes public: Leonard Herring recalls all the wheeling and dealing revolving around the company's IPO.(BOOK EXCERPT)
May 1, 2009... Carl Buchan once told a reporter: "When I was a little boy, I never wanted to be a policeman or a doctor or a fireman. I just wanted to make a million dollars." By 1960, he had done that several times over, but it didn't make him any less...