Business

Business news from Charlotte and the Carolinas.

Bank of America said Wednesday that its fourth-quarter profits fell by nearly half from a year ago, as the bank had to record $2.9 billion in charges related to the new tax law. But setting aside those charges, the bank is showing signs that whatever damage was left over from the financial crisis is largely healed.

COLE BENNETTS / GETTY IMAGES

Confirming iPhone owners' suspicions that Apple purposefully slows the operation of older phones, Apple says that it does just that — and that slowing down processors makes it easier for old batteries to perform after they've begun to lose capacity.

Campbell Soup Co. said Monday will pay $50 a share in cash to acquire Charlotte-based snack maker Snyder's-Lance Inc.  That puts the deal's value at $4.87 billion.

Lakemont Business Park
Crescent Communities

Stanley Black & Decker says it will build a $31 million power tool manufacturing plant near Fort Mill, S.C., south of Charlotte.  The plant will make Dewalt cordless tools, and is expected to employee about 500 people.  

Charlotte-based snack-maker Snyder's Lance may be for sale, after it reportedly was approached by a potential buyer. CNBC reported Thursday that the company has hired an investment bank to study a possible sale.

Mark Hames / Charlotte Observer

Bojangles' chicken and biscuits may soon be making their debut in the Midwest. The Charlotte-based company is looking for franchise owners to open restaurants in Cincinnati, Ohio and Evansville, Indiana. The company also plans to add to its locations in Louisville, Kentucky. 

Alex Olgin / WFAE News

Robotic arms coil 335 feet of steel wire into a roll four-and-a-half inches in diameter.  It is then dropped onto a conveyor belt. Where workers at Mar-Mac Wire in McBee, SC, package it into boxes.

Friday was third-quarter earnings day at both Bank of America and Wells Fargo.  BofA beat Wall Street expectations with a bigger profit than a year ago. But Wells Fargo investors were disappointed, as legal expenses related to past mortgage practices contributed to a sharp drop in profits.

Architect's drawing of the planned Ally Charlotte Center, at South Tryon and Stonewall streets. Crescent Communities plans to start construction early in 2018.
Crescent Communities

Another new office tower will begin construction uptown early next year, with Ally Financial as the main tenant. Besides offices, the 26-story building at South Tryon and Stonewall streets will have a hotel and space for restaurants and shops.  It's expected to open in 2021.

Santee Cooper and SCE&G had been adding two reactors at the V.C. Summer nuclear plant in Fairfield County.
Santee Cooper

COLUMBIA, S.C.  — The retiring CEO of one of two utilities that abandoned a nuclear power project in South Carolina argues against selling the pieces, saying the reactors will be completed someday.

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