Business

Business
12:11 am
Thu June 12, 2014

Are NC Film Incentives Worth It? Part 2: Running The Numbers

Filming of Iron Man 3 in Wilmington. The blockbuster was the first film in North Carolina to hit the $20 million dollar film incentive cap.
Credit Courtesy of the Wilmington Film Commission

The curtain is poised to come crashing down on North Carolina’s film incentive.

Wednesday, the House Finance Committee adopted a plan which would slash the amount a production company could receive, from $20 million to five million.

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Business
9:35 am
Wed June 11, 2014

Are NC Film Incentives Worth It? Part 1: How They Work

A chair on set of CBS's "Under The Dome"
Credit Courtesy of EUE/Screen Gems

For the past seven years North Carolina has been aggressively trying to lure movie and television shows to film in the state. Their bait? Tax dollars.

Since the program began it has been hugely successful. But the film incentive program is controversial. In Raleigh there is a movement to change the program or let it sunset at the end of this year.

This week, we take a closer look at the incentives program and proposals to change it. This report looks at how the system works and how much money just one TV show spends in the state.

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Business
5:13 pm
Thu April 24, 2014

Postal Workers Fear Expansion Of Staples Pilot Program

Carol Bishop, a mail clerk at a post office in West Charlotte, says she's afraid she may lose her job if Staples expands their full-service counter to all of its stores nationwide.
Credit Tasnim Shamma

About two dozen Postal Service employees protested uptown today because they fear more of their work will be outsourced to Staples.

The protest was in response to a comment made by the Postmaster General, in which he said he was so pleased with a pilot program with Staples that he would like to see a post office counter in all 1,500 Staples stores.


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Business
9:32 am
Tue February 4, 2014

Rooftop Solar Boosters Worry Boom Will End If Duke Gets Its Way

Vivian Lord's solar panels take up a small section of the roof, abate 75 percent of her household's utility bill.
Credit Ben Bradford / WFAE

Americans installed solar panels at their homes last year at a record pace, and backers of rooftop solar picture a not-too-distant future, where entire neighborhoods power themselves with the sun’s rays. For now, users and the industry rely on generous tax incentives and special agreements with electric utilities to reach affordability. Duke Energy wants to reduce how much it pays customers for the energy they produce. Rooftop solar advocates call it an attack on a burgeoning industry, while the utility says it is about cost.


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Business
1:09 pm
Thu January 30, 2014

Feds Seeking $2.1B From Bank Of America

Credit Jennifer Lang / WFAE

The U.S. Attorney General’s office is seeking to more than double the fines Bank of America faces for fraudulent mortgages that helped lead to the financial crisis.

The federal government is asking for $2.1 billion in damages, the total amount it says Bank of America’s Countrywide unit received for its defective loans from Fannie Mae and Freddie Mac in 2007 and 2008. The new number is a substantial increase from the $863 million plaintiffs had sought, representing the amount they say Fannie and Freddie lost from the loans in 2007 and 2008.

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Business
4:35 pm
Wed January 22, 2014

NC Venture Capital Slow To Return Post-Recession

Data from National Venture Capital Association
Credit Ben Bradford / WFAE

Venture capital investment is best known for funding technology start-ups, including, once upon a time, Google and Facebook. The amount of venture capital funding is also an indication of how many start-ups or early stage companies a region is producing. The latest numbers in North Carolina show the state still has not recovered from the recession.


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Business
9:13 am
Tue January 21, 2014

Family Dollar Profits Drop As Core Customer Struggles

Family Dollar, based in Matthews, has 8,000 stores in 46 states. The company plans to add 525 stores by the end of the year.
Credit WFAE

Matthews-based discount chain Family Dollar started to report record profits about 5 years ago when the country was in a recession.

And now as the economy is recovering, the company seems to be having a bit of trouble holding on to customers it gained during the leaner times. 

But Family Dollar's recent decrease in profits is a little more complicated than that.

In a conference call this month, Family Dollar CEO Howard Levine told investors an economic recovery is underway:

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Business
2:13 pm
Wed January 15, 2014

Bank Of America Profits By Reducing Expenses

Credit Jennifer Lang / WFAE

Bank of America shares jumped almost 2 percent overnight, up to over $17 a share, as the company announced better-than-expected profits in its fourth quarter.


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Business
10:12 pm
Sun January 5, 2014

Chinese Textile Manufacturer Finds A Good Deal In South Carolina

Last month, a Chinese textile company announced it would invest $218 million to bring more than 500 jobs to Lancaster County, South Carolina in the next five years.

The Keer Group is building its first facility outside China in Indian Land. But in exchange for bringing jobs to South Carolina, the company will pay less than half of the property tax rate and receive a 7.7 million dollar bond to help pay for construction.  


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Business
9:58 pm
Fri December 20, 2013

Electrolux Announces 810 New Jobs, $85M Investment In Charlotte

Jack Truong, CEO of Electrolux Major Appliances North America, announced the company will add 810 jobs by 2017.
Credit Tasnim Shamma

Appliance Maker Electrolux announced it will add more than 800 jobs with the expansion of their U.S. corporate headquarters in Charlotte. Electrolux says it will also invest more than $85 million toward construction costs for the expansion.


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