Duke Energy Corp. has signed a settlement to recoup costs for “smart grid” upgrades that would raise residential electric and natural gas rates in Ohio, according to the Ohio Consumers’ Counsel. (DUK)
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The N.C. Attorney General’s office has filed a lawsuit alleging three companies duped customers into buying overpriced homes and taking on loans they couldn’t afford.
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KB Home has named Jon Hardy president of the company’s Carolinas division. Hardy assumes responsibility for home-building operations in Charlotte, Raleigh, Charleston and Columbia, including land acquisition, construction, sales and customer service. (KBH)
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General Growth Properties Inc. says it has reached agreements to restructure about $8.9 billion in debt, enabling 170 of its corporate entities to emerge from bankruptcy protection by the end of the year. (GGWPQ) (SPG)
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The chief executive of Crescent Resources says the Charlotte real estate firm is on track to emerge from bankruptcy late in the first quarter. While uncertainty about real estate is hampering a recovery, he sees positive signs.
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Simon Property Group Inc. has hired advisers to help weigh its options regarding the acquisition of assets from fellow shopping-mall owner General Growth Properties Inc. (GGWPQ) (SPG)
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The N.C. Employment Security Commission will receive $950,000 in federal funds to publicize available green jobs in the state, according to U.S. Sen. Kay Hagan (D-N.C.).
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California Attorney General Jerry Brown has agreed to a $1.4 billion settlement with three Wells Fargo & Co. affiliates to pay back buyers of auction-rate securities. (WFC)
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Charlotte auto dealers may lament the ending of the federal government’s “cash for clunkers” program, but the latest auto-safety results may boost their spirits.
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Wells Fargo & Co. has expanded its rewards program by adding an online shopping site that allows members to earn bonus points for purchases they make at participating online merchants. Customers also can purchase gift cards. (WFC)
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Employees at Wells Fargo & Co., parent company of Wachovia Corp. of Charlotte, have pledged $41.9 million to nonprofits and schools through its annual Community Support and United Way campaigns. (WFC)
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Anpath Group Inc. reports a net loss of $663,385, or 4 cents per share, for its second quarter ended Sept. 30. The startup company lost $838,918, or 6 cents per share, a year earlier.
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Parkway Bank of Lenoir reports a third-quarter net loss of $1.05 million, or 75 cents per diluted share. In the same period last year, the bank lost $512,000, or 36 cents, per diluted share.
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Goodrich Corp. has agreed to acquire Atlantic Inertial Systems, a maker of guidance, stabilization and navigation products for the military and defense markets. (GR)
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Jim Rogers, Duke Energy Corp.’s chief executive, called Charlotte a “healthy community” that still faces challenges as he accepted the Charlotte Chamber’s 2009 Citizen of the Carolinas Award at the business group’s annual meeting Monday night at the Charlotte Convention Center. (BAC)
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Telephone company Vonage will refund customers and pay $3 million to North Carolina and 31 other states under a settlement involving the company’s cancellation policies.
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Lowe’s Cos. Inc. and American Express Co. will issue a rewards card that will allow small-business owners to earn points on purchases. (AXP) (LOW)
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The nation is in better financial shape than a year ago, but “significant economic challenges remain,” Federal Reserve Board Chairman Ben Bernanke said Monday.
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Federal regulators haven’t put enough pressure on banks to unload poorly performing commercial real estate loans, according to a panel of industry leaders convened by the Federal Reserve Bank of Atlanta.
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The Securities and Exchange Commission has notified Beazer Homes USA Inc. Chief Executive Ian McCarthy that it may bring civil action against him over prior compensation. (BZH)
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The number of passengers on U.S. airlines in August fell 4.1 percent to 65 million from a year earlier, according to the U.S. Department of Transportation. (LCC)
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Central Piedmont Community College’ Institute for Entrepreneurship is launching a program to help small-business owners boost their sales and managerial skills.
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Lowe’s Cos. Inc.’s reports net income of $344 million, or 23 cents per diluted share, for the third quarter, down 29.5 percent from $488 million, or 33 cents per diluted share, in the same quarter in 2008. (LOW)
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Six N.C. hospitals, including Gaston Memorial Hospital, have been identified in a preliminary audit as being overpaid for outpatient health-care services.
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Brian Moynihan, president of consumer and small-business banking at Bank of America Corp., is slated to testify at a U.S. House hearing Tuesday on the bank’s acquisition of Merrill Lynch & Co. (BAC)
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Two bank analysts have called for Bank of America Corp. to keep Kenneth Lewis in the chief executive’s spot for up to another year to give the bank more time to find his successor. (BAC)
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Local politicians have ranked among the most business-friendly in the N.C. House and Senate, according to a survey from The N.C. FreeEnterprise Foundation Inc.
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Gov. Bev Perdue has signed an executive order reauthorizing the N.C. Film Council, which advises her on matters affecting the making of movies, commercials and other productions in the state.
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Polymer Group Inc. reports an increase in its third-quarter net income to $15.2 million, or 77 cents per diluted share, from $3.4 million, or 18 cents per diluted share, a year ago.
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North Carolina’s fiscal woes are half as bad as those in California, according to a study by the Pew Charitable Trust. The organization gathered data from each state on revenue declines, budget gaps, unemployment, foreclosure rates and fiscal management. The states received a scored based on the results.
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US Airways Group Inc. Chief Executive Doug Parker missed Thursday’s U.S. Department of Transportation Future of U.S. Aviation Forum, but he sent his thoughts via a letter to Transportation Secretary Ray LaHood, saying “do not harm” the industry. (LCC)
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Swisher Hygiene Inc. has acquired franchised operations in 12 states. The acquisitions bring nearly 90 percent of all Swisher locations under direct corporate control.
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Uwharrie Capital Corp. reports third-quarter net income of $131,000, or 2 cents per diluted share, down from $343,000, or 2 cents per diluted share, a year ago.
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Initial jobless claims in Mecklenburg County fell nearly 7 percent in October from a year earlier, according to the N.C. Employment Security Commission.
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MedCath Corp. posted a net loss of $58.6 million, or $2.97 per diluted share, in its fourth quarter ended Sept. 30, down from income of $469,000, or 2 cents per diluted share, a year ago. (MDTH)
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The Charlotte-Gastonia-Concord area slipped this year to No. 47 in the Milken Institute’s rankings of the nation’s best-performing cities. The metropolitan area ranked No. 26 last year.
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The number of N.C. taxpayers filing electronic returns grew 5.8 percent this year to a record 2.8 million, according to the Internal Revenue Service.
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The U.S. Small Business Administration and its Office of Veterans Business Development have created a three-year program to offer entrepreneurship training for service-disabled veterans of the wars in Iraq and Afghanistan.
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Two U.S. agencies assigned to distribute federal stimulus money for broadband infrastructure projects will cut the number of funding rounds to two from three an effort to streamline the process.
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Anpath Group Inc. has hired investment-banking firm Laidlaw & Co. to provide it with advice on strategic transactions, including possible technology-licensing agreements.
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The number of home closings in the Charlotte market rose 13.6 percent in October from September. However, the average sales price dropped 9.5 percent.
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Multiple media outlets report that Polo Ralph Lauren will move some of its distribution operations to North Carolina’s Triad area from West Virginia.
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President Obama’s economic-stimulus package is not having as big an impact as many may have thought, according to a survey of 3,100 U.S. private- and public-sector hiring managers.
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CC Media Holdings Inc., the parent company of Clear Channel Communications Inc., incurred a third-quarter loss as it struggles to survive a weak advertising environment.
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Bouncing back with the market, the North Carolina pension system’s investment portfolio posted a 10.4 percent return for the quarter ending Sept. 30, state Treasurer Janet Cowell says.
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Sprint Nextel Corp. plans to cut as many as 2,500 jobs by the end of the year in an effort to reduce its annual costs by at least $350 million. (S)
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The federal government has given the N.C. Health Insurance Risk Pool $1.5 million to subsidize monthly premiums for those unable to afford to participate.
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Carolina First Bank has foreclosed on land in Nashville, Tenn., where a Crosland affiliate planned to develop a 280,000-square-foot mixed-use project.
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Seventy-four percent of U.S. physicians say they have less control over the way they practice medicine than they did five years ago, mostly because of malpractice litigation.
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LoopNet, an online marketplace for commercial real estate properties, says a recent survey shows most of its members don’t expect a recovery in the market until 2011.
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