Business

Business news from Charlotte and the Carolinas.

Duke Energy's Profit Down 27 Percent Through September

Nov 5, 2015
Duke Energy/Flickr

Duke Energy's latest earnings report shows profits declined 27 percent from the same period a year ago. The Charlotte-based company's net income was $932 million through the end of September, which missed analyst expectations.

Weak results internationally and legal settlements in the U.S. hurt Duke Energy's bottom line. The settlements in the quarter were related to a coal plant in Indiana and cleaning up coal ash in North Carolina.

US Airways

Friday at 12:05 p.m., a flight from Philadelphia will land at Charlotte Douglas Airport. This is not normally news, or history. But this flight will be both.

If you happen to be in the terminal around that scheduled landing time make sure to stop by gate D-13 and look for US Airways flight 1939. It will be on the ground for two hours and then it’s off to Phoenix. When it takes off it will mark the end of an airline.

Bank of America and Wells Fargo both reported strong third-quarter profits Wednesday. 


Shareholders Vote To Keep Moynihan As Chairman

Sep 22, 2015
Brian Moynihan
Bank of America

Bank of America shareholders have voted to allow Brian Moynihan to continue as both board chairman and chief executive officer. Shareholders voted to separate the two roles in 2009. Then last year, BofA’s board reversed that decision and named Moynihan chairman in addition to CEO. The move sparked controversy and protests by some shareholders.

Brian Moynihan
Bank of America

Bank of America shareholders will vote Tuesday on whether chief executive Brian Moynihan should continue to also serve as the company’s chairman.   The issue has been brewing for several years. 

Shareholders voted back in 2009 to separate the CEO and chairman roles.   But in a controversial move last year, the Bank of America board changed the company’s by-laws to allow one person to hold both titles.   

Salisbury Now Home To Fastest Internet In U.S.

Sep 4, 2015
Ben Bradford / WFAE News

Salisbury, North Carolina – population just shy of 34,000 – can now lay claim to the title of “city with the fastest Internet in the U.S.” It’s not operated by Google, Verizon, or Time Warner Cable. Instead, it’s a homegrown fiber optic network. WFAE’s Ben Bradford says, when city officials launched it, the only title they were seeking was “employed.”

Owners of a restaurant with locations in Concord and Statesville have to pay back wages to employees for violating the Fair Labor Standards Act.   

 U.S. Department of Labor investigators say the owners of Charanda Mexican Grill and Cantina in Concord and Statesville did not pay their servers any wages. They were paid in tips only.

bank of america sign
MoneyBlogNewz / Flickr / https://www.flickr.com/creativecommons/by-2.0/

Two of the largest public pension funds in America are calling for Bank of America to strip Brian Moynihan of his joint title of Chairman and CEO.

Last October the Bank of America board of directors changed the company bylaws and combined the positions of Chairman and CEO. It was a controversial move. In a response to criticism, the Board allowed for a shareholder vote on the move which scheduled for later this month. 

Belk, Inc.

After more than a century as a family-owned department store chain, Belk has agreed to sell to a New York-based private equity firm later this year for about $3 billion.

Started as a single store in Monroe in 1888, Belk now has 296 stores in 16 states.

One of the Charlotte area's largest companies, Lowe's, is growing its profits but not as much as analysts want.

The home improvement giant reported a profit of more than $1.1 billion for its most recent fiscal quarter. That's an 8 percent increase over the same period (May through July) a year ago.

Lowe's CEO called the results "solid," and highlighted particularly strong growth in appliances and outdoor power equipment.

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