Bank of America and Wells Fargo could see their debt ratings lowered by a major rating agency. Moody’s Investors Service said it might downgrade the ratings of the two corporations, as well as Citigroup, citing concerns that the U.S. government ...Read More »
Horizon Lines said it has reached an agreement with the majority of holders of its senior notes regarding refinancing the company’s debt. The agreement centers on a complete refinancing and a new asset-based revolving loan of up to $125 million, for ...Read More »
Cato Corp. today said its May sales were $80.7 million, flat compared with the same month last year. But same-store sales were down 3 percent over the same period. “May same-store sales were below expectations and we remain cautious given the continuing ...Read More »
Duke Energy Corp. said today that it plans to work with American Electric Power to develop a $275 million, 55-mile, extra-high-voltage transmission project with the Tennessee Valley Authority in Indiana and Kentucky. Duke and AEP have formed a joint venture, Pioneer Transmission, that plans to build ...Read More »
County commissioners added $3 million to sales tax projections during the straw vote process for the fiscal 2012 budget Wednesday night. In the straw vote process, commissioners vote on budget line items, but the votes are nonbinding. The results can be ignored ...Read More »
Wells Fargo will pay up to $16 million to compensate customers who are deaf, have hearing problems or have trouble speaking, the U.S. Justice Department said. The government said the settlement resolves Americans with Disabilities Act complaints filed by customers with hearing ...Read More »
Embattled shipping company Horizon Lines faces losing its listing on the New York Stock Exchange. Charlotte-based Horizon Lines said it has fallen below the NYSE’s listing standards because its market capitalization averaged less than $50 million during a 30 trading-day ...
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The Michael Scott Mater Foundation said it has partnered with Accion USA to provide micro loans in Charlotte and throughout North Carolina. The partnership said it is focused on low- and moderate-income individuals, primarily minorities, who are having difficulty getting small-business ...Read More »
SPX Corp. said today that has been awarded a contract to design, build and install a new powder-processing line for dairy company Arla Foods Ingredients of Denmark. Terms of the deal were not disclosed. Charlotte-based manufacturer SPX will help Arla increase ...Read More »
North Carolina’s economy expanded by only 1 percent last year and will continue to have a sluggish recovery from the recession through 2012, University of North Carolina at Charlotte economist John Connaughton said today in his latest quarterly economic forecast. “Overall, the ...
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