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Business news and information from Charlotte and the Carolinas. 

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Shareholders re-elected Bank of America’s board of directors at today’s 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. Many shareholders argued that should have been put up for a vote.

Shareholders also approved the board’s recent decision to drop Moynihan’s compensation package by a $1 million, to $13 million. All but $1.5 million of that is in company stock.

Courtesy of Charlotte Douglas International Airport

Monday, Charlotte Douglas International airport dedicated a new rental car facility and the new hourly parking deck. It marks the end of an eight-year, $1.5 billion construction and expansion project.

How did they celebrate? By announcing a new 10 year, $2.5 billion dollar expansion.

Duke Feels The Effect Of Weather In Earnings

May 1, 2015
Google

Cold weather helped and drought hurt Duke Energy’s earnings this quarter. The company announced its results today, which included the effects of its settlement with federal prosecutors and a changing customer base.


Ben Bradford / WFAE

Duke Energy has taken about a fifth of the power it can generate off-line in North Carolina, as part of what the energy industry calls “outage season.”


Tasnim Shamma

Electrolux reported first-quarter earnings fell 29 percent compared to last year. Company officials blame North American operations for the bulk of the Swedish-based company’s earnings’ decline.

Sales of company appliances, such as microwave ovens and room air conditioners are up slightly in North America, but President and CEO Keith McLoughlin said other factors in the region are hurting profits.

American Airlines Group

American Airlines announced their first quarter profits Friday. And they were a record $932 million. It’s great news for the airline and their stockholders and certainly noted by North Carolina lawmakers. 

Wikipedia

Banking giant Wells Fargo reported a rare decline in its first-quarter earnings from a year ago. According to Wells Fargo officials, this year’s first-quarter net earnings dropped slightly to $5.8 billion, from $5.9 billion a year ago. 

Lucy Perkins / WFAE

Have you ever thought about where your status updates and profile pictures really go after you post them on Facebook? Turns out, your online presence might live closer to you than you think. Facebook’s Forest City data center stores a lot of our online profiles. 

Dylan Hawkins is 21 and from Rutherford County. While his friends are on Facebook, he’s at Facebook’s data center in Forest City. It’s one of five in the world. He works with the servers that store the bits and pieces of our online lives.

"Some are caching information so it will take milliseconds instead of seconds," Hawkins says.

These servers help store information for the 890 million people who use Facebook every day.

Now, just because there’s a data center in Forest City doesn’t mean that your photos, etc. are definitely stored there for easy access. Your data goes to the center that’s most readily available – whether that’s here or in Lulea, Sweden.  


Elliot Brown / Flickr

North Carolina put more solar power online last year than any state other than California. But companies or homeowners wanting to put solar panels on their roofs face major restrictions. State lawmakers have introduced a bill to change that. It’s drawing opposition from Duke Energy, but also dividing solar advocates.


Bojangles To Take Company Public

Apr 6, 2015
Robert Lahser / Charlotte Observer

Charlotte-based fast-food chain Bojangles’ on Monday said it has filed paperwork with the Securities and Exchange Commission for an initial public stock offering.

The amount of shares to be offered and the price range have not yet been determined, the company said. The stock would be listed on the Nasdaq under the ticker symbol “BOJA.”

Bank of America, Wells Fargo and Jefferies are among the banks leading the IPO. The offering is expected to consist of common stock to be sold by certain Bojangles’ stockholders.

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