Business

Business news and information from Charlotte and the Carolinas. 

Podcast

RSS

Ways to Connect

Hurricane Irma repair costs affected Duke's third-quarter profits.
Duke Energy

Repair costs after Hurricane Irma cut into Duke Energy's profits in the third quarter.  The cancellation of a Florida nuclear project also contributed.

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.

Billionaire Warren Buffett's investment company became Bank of America's biggest stockholder this week and it’s already sitting on a big profit.

Drawing shows design for the W.S. Lee Nuclear Plant in Cherokee County, S.C.
Westinghouse Electric Co./Duke Energy

Updated Aug. 26, 2017

Duke Energy wants to increase electricity rates by an average of 17 percent for residential customers in western North Carolina, including Charlotte. The higher rates would pay for new facilities, cleaning up coal ash - and for a South Carolina nuclear plant the company has decided not to build.

Wells Fargo sign at a bank branch
Flickr / Mike Mozart

High-level changes may be in the works at Wells Fargo. The Wall Street Journal reports the embattled bank is eyeing changes that will likely include the departure of chairman Stephen Sanger. He's held the post since October, when then-chairman and CEO John Stumpf abruptly stepped down.

Governor Roy Cooper announces Allstate expansion in Charlotte.
Alex Olgin / WFAE

Allstate Insurance Company is bringing 2,250 jobs to Charlotte. The governor announced the expansion Wednesday at the Chamber of Commerce. The insurer said it will hire claims specialists, actuaries, underwriters, IT professionals and support personnel over the next three years as part of an expansion of the operations center in Charlotte.


The CEO of Charlotte-based snack maker Snyder's-Lance says he's not satisfied with the company's financial performance. As the company announced quarterly results Tuesday, CEO Brian Driscoll outlined a plan to increase profitability by 2020.

Ben Bradford

About two years ago, Salisbury improved the download speed of its city-owned internet service to 10 gigabits per second, making it one of the fastest systems in the country. By comparison, Google Fiber is one gigabit. Salisbury officials predicted that Fibrant would create jobs and attract new businesses. But Fibrant is losing millions of dollars annually and city officials are considering a way out.

Bank of America sign
Jennifer Lang / WFAE

"Against modest economic growth of 2 percent, we had one of the strongest quarters in our history." That is how Bank of America CEO and Chairman Brian Moynihan characterized the Charlotte based bank's second quarter results this morning. B of A saw profits rise 10 percent from last year with net earnings of $5.3 billion for the quarter.

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

Billionaire Warren Buffett's company is about to become Bank of America’s largest investor, when it exercises rights to buy 700 million shares in the bank. The purchase will mean a big payoff, at least on paper, for Berkshire Hathaway's cash infusion to the bank six years ago. 

Pages