Business

Business news and information from Charlotte and the Carolinas. 

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.

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.

Ben Bradford / WFAE

North Carolina’s unemployment rate once again ticked up slightly in June, the fourth straight month of rising unemployment. The rate now stands at 5.8 percent, up from May’s 5.7 percent and February’s 5.3 percent rates. It’s also 0.5 percent above the national average.


Ben Bradford / WFAE

Governor Pat McCrory stopped in Charlotte Wednesday—ostensibly to announce a financial company will bring new, high-paying jobs to the city. But the governor also used the opportunity to stump for an expansion the tax breaks used to lure the business.


Ben Bradford / WFAE

Since a spill polluted the Dan River early last year, coal ash has become an environmental head ache for Duke Energy. But while Duke, state regulators, and environmental groups struggle with how to safely store or bury more than 100 million tons of the waste, other industries don’t look at coal ash as waste—it’s a commodity, and they want more.


Jennifer Lang / WFAE

The pending merger of Family Dollar Stores and Dollar Tree now appears to be headed toward completion in early July.  


Bank of America is one of six financial institutions hit with a total of nearly $1.8 billion in fines Wednesday by the Federal Reserve. The fines stem from foreign currency trade violations. 

Mike Linksvayer / Flickr

About forty protesters rallied outside Duke Energy’s headquarters, chanting “Up with solar, down with coal,” as shareholders left the annual meeting. The clash between environmental advocates and Duke Energy about solar energy and fossil fuels also extended inside the meeting, even the demonstrations.


Bank of America shareholders Wednesday re-elected the bank’s board of directors at its annual meeting despite intense opposition from two shareholder advisory firms. The opposition stemmed from the bank’s decision last fall to also make CEO Brian Moynihan the bank’s chairman. Shareholders also affirmed the board’s decision to give a $13 million compensation package to Moynihan.

Pages