Business

Business
2:53 pm
Wed August 20, 2014

Bank Of America Reaches $17 Billion Deal In Mortgage-Backed Securities Case

WASHINGTON Officials familiar with the deal say Bank of America has reached a record $17 billion settlement with federal and state authorities over its role in the sale of mortgage-backed securities in the run-up to the 2008 financial crisis.

The officials say the bank will pay $10 billion in cash and provide consumer relief valued at $7 billion.

They spoke with The Associated Press on condition of anonymity because the deal isn't scheduled to be announed until Thursday at the earliest.

The bank declined comment. 

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Business
4:35 pm
Mon August 18, 2014

Dollar General Starts Bidding War For Family Dollar

Family Dollar's headquarters in Matthews.
Credit Jennifer Lang / WFAE

A bidding war is underway to buy Matthews-based retail discounter Family Dollar. A few weeks ago, Dollar Tree agreed to an $8.5 billion deal with Family Dollar.

On Monday, Dollar General CEO says his company is willing to pay $9.7 billion. Plus a $300 million break-up fee for Family Dollar to renege on its merger agreement. 


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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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