Business

Business news from Charlotte and the Carolinas.

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.

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