FairPoint Communications Inc., working to restructure its debt in bankruptcy court, reports a net loss of $77.3 million for the third quarter on revenue of $268.3 million.
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Drugmaker Aventis Pharmaceuticals Inc. has agreed to pay $2.2 million to North Carolina for underpaying rebates to Medicaid for allergy medications.
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3D Systems Corp. has acquired the assets of AdvaTech Manufacturing, a provider of prototyping and manufacturing services to the aerospace and defense industries. (TDSC)
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US Airways Group Inc. plans to reduce capital expenditures during the next three years, and doesn’t expect to access the aircraft-finance market next year. The airline (NYSE:LLC) also plans to boost its reserves by $450 million in 2010 and improve its liquidity position by $150 million this year. (LLC)
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The U.S. Federal Reserve has asked banks to submit plans on how they will repay funds received through the Troubled Asset Relief Program, both Reuters and TheStreet.com report. (BAC) (WFC)
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The N.C. Employment Security Commission is encouraging employers to make a voluntary tax contribution before Dec. 16, saying it could help them reduce their tax rates next year.
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Bank of America Corp. says it has made more than $1 billion in loans and investments to more than 120 Community Development Financial Institutions in 37 states. (BAC)
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Laid-off workers at Daimler Trucks North America’s plant in Gastonia are eligible to apply for financial support under the Trade Adjustment Assistance Act.
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Premier Purchasing Partners has signed supply contracts with Konica Minolta Business Solutions U.S.A. Inc. and Ricoh Americas Corp., both of New Jersey, and Connecticut-based Xerox Corp.
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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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