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Tag: charlotte

  • NC Senate votes on medical marijiuana: 5 things to know – Medical Marijuana Program Connection

    NC Senate votes on medical marijiuana: 5 things to know – Medical Marijuana Program Connection

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    A bill legalizing medical marijuana in North Carolina passed a floor vote in the state Senate Tuesday, where it has strong bipartisan support.  

    The bill, which passed 36-10, will have to have one more vote in the Senate, but that is mostly a pro-forma vote. The bill then heads to the House, where its fate is less certain.

    The N.C. Compassionate Care Act, SB3, passed the Senate last year but stalled out in the House. This year’s bill is essentially the same as last year’s with some minor changes. It would legalize medical marijuana in North Carolina through tightly regulated prescriptions and dispensaries.

    “It seems to me that the idea is gaining momentum and obviously there’s strong support in the Senate,” said Rep. Jon Hardister, a Guilford County Republican and the majority whip in the House. “In general, it seems like the attitude among members of the House is shifting more in favor of the legislation.”

    Who could get a medical marijuana prescription?

    The bill would only allow medical marijuana to be prescribed to people with “debilitating medical conditions.” In the current proposal, those conditions are:

    • Cancer
    • Epilepsy
    • HIV/AIDS
    • Amyotrophic lateral sclerosis (ALS)
    • Crohn’s disease
    • Sickle cell anemia
    • Parkinson’s disease
    • Post-traumatic stress disorder (subject to evidence that an applicant experienced one or more traumatic events)
    • Multiple sclerosis
    • Cachexia or wasting syndrom
    • Severe or persistent nausea in a person who is not pregnant that is…

    Original Author Link click here to read complete story..

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  • Bank of America CEO’s 2022 compensation dips to $30 million, new filing shows

    Bank of America CEO’s 2022 compensation dips to $30 million, new filing shows

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    Bank of America CEO Brian Moynihan had his total compensation for last year fall by $2 million, according to a securities filing from the bank.

    Bank of America CEO Brian Moynihan had his total compensation for last year fall by $2 million, according to a securities filing from the bank.

    dlaird@charlotteobserver.com

    Bank of America CEO Brian Moynihan’s total compensation decreased by 6% for 2022, according to a recent securities filing from the Charlotte-based bank.

    The bank’s board approved $30 million in total compensation for Moynihan last year, compared to $32 million in 2021. The filing didn’t provide a specific reason for the decrease.

    In 2021, Moynihan’s compensation increased by 31% as Bank of America reaped record profits and the stock price soared. But a worsening economic outlook helped drag the bank’s stock back down last year — share prices fell 26% in 2022.

    That decrease “reflect(ed) weakened investor sentiment given geopolitical tensions and recessionary fears,” the filing said.

    On Monday morning, Bank of America’s stock was trading at $36.05.

    Despite the pay dip, the board said in the filing that it acknowledged both the bank’s “continued success” last year and Moynihan’s leadership, particularly in a period of economic uncertainty.

    Moynihan’s pay package for 2022 includes a $1.5 million base salary and $28.5 million in stock awards. Similar to prior years, he didn’t receive a cash bonus, the filing said.

    Moynihan’s compensation over the years

    Moynihan’s compensation, as authorized by the Bank of America board, has doubled since he took over as CEO in 2010. As some stock bonuses depend on meeting performance goals over multiple years, Moynihan’s actual take-home may differ from what the board awarded him.

    Bank of America’s stock price has increased significantly during Moynihan’s tenure. On Dec. 31, 2009, it was trading at $15.06 a share.

    The bank is one of Charlotte’s largest employers, with more than 18,000 workers in the region. It’s also the second-largest bank in the country, with $2.41 trillion in assets.

    This story was originally published February 6, 2023 1:04 PM.

    Related stories from Charlotte Observer

    Hannah Lang covers banking, finance and economic equity for The Charlotte Observer. Her work has appeared in The Wall Street Journal, the Triangle Business Journal and the Greensboro News & Record. She studied business journalism at the University of North Carolina at Chapel Hill and grew up in the same town as her alma mater.

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  • 3 things to know about Wells Fargo, Charlotte’s biggest bank by employee totals

    3 things to know about Wells Fargo, Charlotte’s biggest bank by employee totals

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    Wells Fargo isn’t based in Charlotte, but it has more employees here than any of its rivals.

    Wells Fargo isn’t based in Charlotte, but it has more employees here than any of its rivals.

    File photo

    Charlotte is home to two major banks, but a third player — with its headquarter city on the other side of the country — still looms large.

    On Tuesday, Wells Fargo announced major shifts and renovations to its office spaces in Charlotte — changes that will impact thousands of employees, thanks to the bank being one of the largest employers in the city.

    But why does Wells Fargo have such a big presence in Charlotte to begin with? And why do not one, not two, but three Charlotte office towers bear its name?

    Here’s what you need to know about one of the city’s biggest banks.

    How big is Wells Fargo?

    Wells Fargo is the country’s fourth largest bank by assets, at $1.7 trillion. That number is capped by the Federal Reserve, which restricted the bank’s ability to grow in the aftermath of the 2016 fake accounts scandal — more on that below.

    While Bank of America is a bigger bank by assets and has its headquarters here in Charlotte, Wells Fargo has a significantly larger employee base in the region.

    In 2021, Bank of America had 16,000 workers in the Charlotte area. By contrast, Wells Fargo has about 27,000.

    Wells Fargo is based in San Francisco and has about 250,000 employees companywide, according to its most recent annual report.

    Why does Wells Fargo have such a big presence in Charlotte?

    Wells Fargo’s local footprint can be traced back to the bank’s $15 billion acquisition of Charlotte-based Wachovia in 2008, in the midst of the financial crisis. Wells Fargo expanded employment in Charlotte even after buying the bank.

    As part of the deal, Wells Fargo took over local office spaces, including the One Wells Fargo building — the headquarters of Wachovia predecessor First Union — and 550 S. Tryon St. The South Tryon tower was designed to be Wachovia’s new headquarters before the bank collapsed in the crisis.

    The One, Two and Three Wells Fargo Centers have donned the name of three different banks in Charlotte, beginning with First Union, and each building can be traced back to that bank’s office footprint in the city. Counter-intuitively, Two Wells Fargo Center is older than the other towers, with parts of the building dating back to the 1950s.

    Wells Fargo is moving out of that building and its One Wells Fargo Center headquarters, according to its new office plans. Both of those buildings will get new names when new tenants move in, bank spokesman Josh Dunn said Tuesday.

    Why is Wells Fargo in the news so much?

    Wells Fargo has faced harsh scrutiny from regulators and lawmakers in recent years dating back to its 2016 scandal — when it was discovered that bank employees created millions of fake accounts for customers without their knowledge in order to meet aggressive sales goals.

    Since then, regulators have identified a number of problems with how the bank handled mortgages, auto loans and consumer deposit accounts.

    Last year, that culminated in a $3.7 billion charge in fines and restitution from the Consumer Financial Protection Bureau.

    The consumer agency found that, over a period of several years, Wells Fargo charged surprise overdraft fees, incorrectly applied car loan payments and improperly denied mortgage modifications — the last of which caused customers to lose their vehicles or homes.

    It was the largest penalty in the agency’s history, and led to a 50% drop in fourth quarter profits for the bank.

    Wells Fargo CEO Charlie Scharf has maintained that the bank is headed in the right direction to resolve the issues at the heart of the 2016 scandal, despite last year’s setbacks.

    “While our risk and regulatory work hasn’t always followed a straight line and we have more to do, we have made significant progress, and are moving forward,” he said in a statement on the bank’s fourth quarter earnings release.

    This story was originally published January 31, 2023 3:08 PM.

    Related stories from Charlotte Observer

    Hannah Lang covers banking, finance and economic equity for The Charlotte Observer. Her work has appeared in The Wall Street Journal, the Triangle Business Journal and the Greensboro News & Record. She studied business journalism at the University of North Carolina at Chapel Hill and grew up in the same town as her alma mater.

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  • Wells Fargo moving all workers from 2 uptown Charlotte towers in coming months

    Wells Fargo moving all workers from 2 uptown Charlotte towers in coming months

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    Wells Fargo is making big changes to its Charlotte office spaces — including a move out of the uptown building that’s served as an East Coast hub for the bank and its predecessor for nearly four decades.

    The bank will move employees out of One and Two Wells Fargo Center buildings, according to a memo sent to Charlotte-area employees on Tuesday morning. Wells Fargo declined to say exactly how many workers will be impacted by that move, but it is likely that thousands will be changing offices.

    Offices will be consolidated, with workers moving to Three Wells Fargo Center and 550 S. Tryon Street, the former Duke Energy building. Both of those towers will get new names as part of the changes.

    The bank will sell Two Wells Fargo Center, spokesman Josh Dunn confirmed Tuesday, and the new owner will control the naming rights.

    The space that Wells Fargo occupied in One Wells Fargo was already just a small piece of its square footage in uptown, he said, less than 10%. That building will likely get a new name as well when a new tenant moves in.

    The S. Tryon Street tower will effectively become the bank’s new Charlotte headquarters. By the end of this year, Wells Fargo will occupy 95% of the office space at 550 S. Tryon, the memo said. The bank already owned the building.

    Wells Fargo also is making major upgrades to its facilities, renovating 21 floors at 550 S. Tryon and 14 floors at Three Wells Fargo Center at 401 S. Tryon St.

    “It’s so much easier for our teams to work together when they are together,” said Mary Mack, the bank’s CEO of consumer and small business banking, in an interview Tuesday with The Charlotte Observer. “We want to create the environment where people want to be here.”

    Wells Fargo is based in San Francisco but has its largest employment hub in Charlotte, with about 27,000 workers here.

    CLT_BuildingMugs1_4.JPG
    One Wells Fargo Center as seen on Friday, June 24, 2022 in uptown Charlotte, N.C. Arthur H. Trickett-Wile atrickett-wile@charlotteobserver

    Uptown vacancy rates

    Wells Fargo’s moves impacts more than just the bank’s workers.

    Office vacancy rates in uptown were just under 13% as of late last year, according to data from CoStar Group, a real estate research firm. That’s more than double what they were to start 2020, when rates were 6% in uptown.

    Vacancy rates for the Charlotte market overall were around 11% in late 2022; they stood at about 6.9% in the first quarter of 2020.

    mary mack_02.JPG
    Mary Mack, the bank’s CEO of consumer and small business banking. Diedra Laird dlaird@charlotteobserver.com

    Other Wells Fargo office changes

    In addition to shuffling employees in its uptown buildings, Wells Fargo is also making major upgrades to its Customer Information Center in north Charlotte, close to University City.

    Some 10,000 employees work out of the center, a 157-acre campus off of W.T. Harris Boulevard. It’s the bank’s largest employment site across the country, Mack said.

    The bank is investing hundreds of millions of dollars in the campus over the next several years, adding more work spaces, a new parking deck and a revamped food court.

    About One Wells Fargo Center

    Dubbed the jukebox building for its curved design, One Wells Fargo Center opened in 1988.

    At 42 stories — or about 590 feet — it stood as the tallest building in Charlotte at the time. As many as 3,000 bank employees used to work out of the building, which was developed by Childress Klein for Wells Fargo’s predecessor, First Union.

    The building is under relatively new ownership.

    It was last sold in March 2016 to an LLC affiliated with Nevada businessman Dennis Troesch for $284 million. Tampa-based Vision Properties is the managing and operating entity in the building’s ownership.

    Tuesday’s announcement comes at a time when the jukebox building is undergoing a number of changes.

    That includes a remodeling of the top two floors from bank executive conference rooms to an amenity space for tenants. There will be lounge seating, billiards, conference rooms and terraces for people to enjoy the sweeping views of uptown Charlotte, according to Cushman & Wakefield. The commercial real estate firm is handling leasing in the building.

    The building’s ground-floor lobby also was recently renovated with new furniture. A new coffee shop, Night Swim, opened up inside. The Childress Klein YMCA is located inside the building. Plus, crews have been busy upgrading the outdoor plaza.

    Vision Properties invested $10 million in renovations in 2021.

    As of late last year, One Wells Fargo was 62% leased, according to a fact sheet provided to The Charlotte Observer by Cushman & Wakefield. Asking rents were listed between $38.50 and $42 per square foot.

    Also as of late last year, the average rent for office space in the Charlotte metro area was $32.58 per square foot, according to CoStar. It was $35.76 per square foot in uptown and $43.18 in South End.

    Wells Fargo already had taken steps to shrink its footprint in the uptown tower. In 2020, Wells Fargo was set to vacate more than 500,000 square feet of space in the building over the next year and a half, the Charlotte Business Journal reported at the time.

    On Tuesday, Dunn told the Observer that most Wells Fargo employees had left One Wells Fargo Center two to three years ago.

    About Two Wells Fargo Center

    Originally called Jefferson First Union Tower and later First Union Plaza, the 32-story building was finished in 1971.

    It is one of four office towers that comprise the uptown Wells Fargo Complex. The building has close to 760,000 square feet of space.

    This story was originally published January 31, 2023, 11:00 AM.

    Related stories from Charlotte Observer

    Hannah Lang covers banking, finance and economic equity for The Charlotte Observer. Her work has appeared in The Wall Street Journal, the Triangle Business Journal and the Greensboro News & Record. She studied business journalism at the University of North Carolina at Chapel Hill and grew up in the same town as her alma mater.

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  • Wells Fargo CEO won’t see a raise this year, as his compensation stays at $24.5 million

    Wells Fargo CEO won’t see a raise this year, as his compensation stays at $24.5 million

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    Wells Fargo CEO Charlie Scharf won’t get a raise this year, according to a recent securities filing from the bank.

    Scharf asked the bank’s board of directors to keep his pay for 2022 the same as the prior year, at $24.5 million in total compensation, the bank stated. That includes a $2.5 million base salary and $22 million in variable compensation, such as stock awards.

    Scharf, the bank’s chief executive since 2019, is still navigating the aftermath of a number of regulatory investigations and penalties at Wells Fargo, many of which can be traced back to its 2016 fake accounts fiasco.

    The scandal — which revealed that bank employees had created millions of fraudulent accounts for customers — led to a Federal Reserve asset cap that still limits the bank’s growth.

    In the bank’s filing, the board of directors “expressed strong confidence” in Scharf’s leadership of the bank.

    “Mr. Scharf acknowledged the strong performance of the company and significant progress in its transformation journey (in 2022), but noted the remaining work left to be completed,” the filing stated. “Therefore, (he) did not believe an increase in compensation level was appropriate this year.”

    Based on Wells Fargo’s usual pay structure for executives — which takes into account the bank’s performance as well as his own — Scharf’s total compensation would have landed at about $27 million for last year, the filing said.

    Wells Fargo is based in San Francisco but has its largest employee base in Charlotte, with about 27,000 workers here.

    Charlie Scharf
    Wells Fargo CEO Charlie Scharf’s pay will be unchanged in 2022, according to a securities filing from the bank. Courtesy of Wells Fargo

    Another tough year for Wells Fargo

    Wells Fargo continued to make headlines last year, most notably for a $3.7 billion regulatory charge levied against the bank by the Consumer Financial Protection Bureau in December. The penalty was the largest in the federal agency’s history.

    Over a period of several years, the bank charged surprise overdraft fees, incorrectly applied car loan payments and improperly denied mortgage modifications, the CFPB found — the last of which caused customers to lose their vehicles or homes.

    Those charges led to billions worth of losses on the bank’s balance sheet and a 50% drop in profits for the fourth quarter.

    The bank also found itself under fire for diversity and equity issues in 2022.

    In March, a Bloomberg investigation highlighted how the bank approved fewer than half of Black homeowners’ mortgage refinancing applications in 2020, compared with 72% of white applicants.

    Former customers filed a class action lawsuit against the bank, and eleven senators called for a review of the bank’s home loan refinancing processes.

    Wells Fargo also revamped its hiring guidelines after a report from The New York Times found the bank had conducted “fake” interviews for diverse candidates. The bank interviewed women and candidates of color for roles that sometimes had already been promised to someone else, the Times found, in order to boost diversity efforts on paper.

    The bank also had to cut hundreds of jobs in its mortgage division last year, as the home lending industry buckled under rising interest rates.

    This story was originally published January 30, 2023, 12:18 PM.

    Related stories from Charlotte Observer

    Hannah Lang covers banking, finance and economic equity for The Charlotte Observer. Her work has appeared in The Wall Street Journal, the Triangle Business Journal and the Greensboro News & Record. She studied business journalism at the University of North Carolina at Chapel Hill and grew up in the same town as her alma mater.

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  • Does Charlotte have a startup culture? We asked these experts what they think

    Does Charlotte have a startup culture? We asked these experts what they think

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    Dan Roselli and Sara Garcés-Roselli (right and left of screen) are the founders of RevTech Labs, which offers an accelerator program for Charlotte startups. “Charlotte has one of the steepest growth curves for entrepreneurs in the country,” said Dan, pictured here with the program’s most recent cohort.

    Dan Roselli and Sara Garcés-Roselli (right and left of screen) are the founders of RevTech Labs, which offers an accelerator program for Charlotte startups. “Charlotte has one of the steepest growth curves for entrepreneurs in the country,” said Dan, pictured here with the program’s most recent cohort.

    In early January, a Charlotte reddit user with an entrepreneurial streak and software development experience was searching for a sense of community beyond the crowded tables and pastry crumbs of the local coffee shop.

    “Is there any startup culture in Charlotte?” They asked via the r/Charlotte reddit thread, adding that they mostly pursued side projects while sitting at cafes. “It’s a lot of fun and fulfilling, but a bit lonely.”

    Charlotte’s startup scene has been steadily growing for the better part of two decades: Organizations like RevTech Labs and Carolina Fintech Hub sprung up to support new businesses. Companies like LendingTree and AvidXchange proved homegrown firms could make it big.

    Big names like Robinhood and Credit Karma targeted the city for key expansions — boosting the city’s profile as a growing tech town even if some of those plans didn’t pan out.

    But Charlotte’s startup scene still has a ways to go to catch up to other cities of similar size, local tech leaders told The Charlotte Observer in recent interviews. And the city’s deep roots in risk-averse industries — enough to be nicknamed Banktown — doesn’t always mix with a growing entrepreneurial ecosystem.

    The Observer spoke with three local leaders to ask them: Does Charlotte have a ‘startup culture’? And if not, what do we need to build it? Here’s what they told us.

    It’s tough to access startup funding in Charlotte

    Ten years ago, Charlotte didn’t have much of a startup scene at all, said Juan Garzón, managing director of Charlotte Inno and executive director of the entrepreneurial networking event PitchBreakfast.

    “You would have a few entrepreneurs who’d get together,” said Garzón, who also works as entrepreneurship and innovation lead for the city of Charlotte. “If you were really early, there wasn’t a whole lot of community.”

    Charlotte now has a reputation for launching fintech companies, Garzón said. But there’s also a growing number of health technology firms, thanks to its two large hospital systems, and investments like The Pearl, Atrium Health’s new $1.5 billion innovation district that will house a new medical school in midtown Charlotte.

    “I’m hoping that some of the energy that we’ve seen around FinTech, we’re going to see the same energy around health tech after the (district) opens up,” Garzón said.

    But there’s one part of a startup culture that is still lacking in the city, he noted: access to capital.

    “We have a lot of money in Charlotte,” he said. “But that money is harder to access than it would be if you’re in a community where capital is in the hands of people with a tech or more entrepreneurial background.”

    But Charlotte’s expanding beyond fintech startups

    Stefan Friend is executive director of Tabbris, a coworking space and incubator in South End. He agreed that access to funding needs to grow — and that wariness from would-be investors can play a role.

    “There’s a lot more hesitation and apprehension around making that extremely risky bet,” he said.

    But the size and diversity of startup companies in Charlotte is growing, he added: “We’re not only putting out fintech companies anymore.” The city could soon rival that of more well-known tech towns, he said.

    “Another 10 years from now, I really believe that Charlotte will be in the same breadth as Atlanta or Boston on the East Coast,” he said. “We have the foundation to get there.”

    ‘One of the steepest growth curves’

    Back when husband and wife Dan Roselli and Sara Garcés-Roselli founded uptown’s Packard Place, one of Charlotte’s first coworking spaces, the entrepreneurial community here was so small that “you could attend each event personally,” Dan Roselli told the Observer.

    “If a Charlotte entrepreneur got funding, it was most likely from a (venture capital fund) in New York or San Francisco,” Dan Roselli said. “And the first question they would ask is: ‘When are you moving to New York or San Francisco?”

    packardphoto
    When Dan Roselli and Sara Garcés-Roselli founded Packard Place, pictured here in this 2017 file photo, Charlotte’s startup scene a fraction of the size it is now, Dan Roselli said. Ely Portillo

    But over the next 10 years, the number of new companies skyrocketed in the city. “We were starting from a dead stop, and it just took off,” Dan Roselli said. “Charlotte has one of the steepest growth curves for entrepreneurs in the country.”

    “I think people are finally starting to realize that bringing startups to your community is also a huge form of economic development,” Sara Garcés-Roselli added.

    Dan Roselli acknowledged that Charlotte is still a city where most people make their money avoiding risk. But, he said, success stories like AvidXchange are beginning to change that narrative. The Charlotte ‘unicorn’ — a name given to a privately held company with a valuation greater than $1 billion — went public in a $660 million IPO last October.

    Those companies may inspire a new generation of potential investors, Dan Roselli said: those willing to bet on a small local firm one day earning huge returns.

    “That cycle picks up momentum, but we’re early on. That’s a 20, 30, or 40-year cycle. We’re still in our adolescence,” he said. “We are incredibly bullish on the entrepreneurial and tech community here.”

    This story was originally published January 24, 2023 5:50 AM.

    Related stories from Charlotte Observer

    Hannah Lang covers banking, finance and economic equity for The Charlotte Observer. Her work has appeared in The Wall Street Journal, the Triangle Business Journal and the Greensboro News & Record. She studied business journalism at the University of North Carolina at Chapel Hill and grew up in the same town as her alma mater.

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  • Zillow Picks Charlotte, North Carolina As 2023’s Hottest Housing Market

    Zillow Picks Charlotte, North Carolina As 2023’s Hottest Housing Market

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    Charlotte, North Carolina will be this year’s hottest housing market, according to a Zillow analysis. Cleveland, Pittsburgh, Dallas and Nashville join Charlotte in the top five of the Zillow 2023 hottest markets list.

    “This year’s hottest markets will feel much chillier than they did a year ago,” said Anushna Prakash, economic data analyst at Zillow. “The desire to move hasn’t changed, but both buyers and sellers are frozen in place by higher mortgage rates, slowing the housing market to a crawl.”

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    “Markets that offer relative affordability and room to grow are poised to stand out, especially given the prevalence of remote work,” said Prakash. “The good news for buyers is that monthly housing costs have stopped climbing. Home shoppers who can overcome affordability hurdles will find a more comfortable market this year, with more time to consider options and less chance of a bidding war, even if they’re shopping in one of the hottest markets.”

    Zillow’s 10 hottest housing markets of 2023 in ranking order are Charlotte, North Carolina; Cleveland; Pittsburgh; Dallas; Nashville; Jacksonville, Florida; Kansas City, Kansas; Miami; Atlanta and Philadelphia.

    Unlike in recent years, fast-growing home values are not a requirement for making this year’s list of hottest markets. Higher mortgage rates and severe affordability challenges have chilled demand and brought home values down from last summer’s peak. Home value growth in Charlotte is expected to be much slower this year than its 11.8% pace of 2022, as is the case in all of Zillow’s 2023 hottest markets and the U.S. as a whole.

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    Charlotte ranks second among large markets in projections for both home value growth and growth in owner-occupied households, which helped shoot it to the top of this year’s hottest markets list. Both Cleveland and Pittsburgh ranked high in projections for time on market and new jobs per new home built.

    There are only four holdovers from last year’s top 10, an indicator of how much the housing market has changed in just one year. Last year’s hottest market, Tampa, just missed the cut this year, coming in at 11. Austin, 2021’s hottest market, has fallen all the way to 29th on the list, in large part because it now ranks among the country’s most expensive large markets. San Jose, Sacramento, Minneapolis–St. Paul, Denver and San Francisco make up the five coolest large markets in Zillow’s 2023 projections.

    While affordability remains a major hurdle, the good news for home buyers is that the cost of a typical mortgage fell in November, thanks to lower mortgage rates. Zillow economists expect affordability to stabilize in 2023, if not improve, making it easier for households to budget and plan for their housing decisions. For those able to buy now, less competition from other buyers means homes are staying on the market longer, many sellers are cutting their list price, and there is less chance of being caught in a bidding war.

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  • 3 dead, 2 hurt in North Carolina construction site accident

    3 dead, 2 hurt in North Carolina construction site accident

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    CHARLOTTE, N.C. — Three construction workers were killed and two others were hurt on Monday when scaffolding collapsed in an industrial accident at a job site in Charlotte, North Carolina, authorities said.

    The collapse happened just after 9 a.m. at a construction site on East Morehead Street just outside of uptown Charlotte, WBTV reported.

    The two injured workers were taken to a hospital for evaluation of their injuries, Fire Capt. Jackie Gilmore said during a news conference. He said all work at the site has been suspended while the incident is being investigated and that officials from the Occupational Safety and Health Administration will evaluate the scene.

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  • 3 dead and 2 hurt after a scaffolding collapse in Charlotte | CNN

    3 dead and 2 hurt after a scaffolding collapse in Charlotte | CNN

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    CNN
     — 

    Three people were killed, and two others injured after a scaffolding collapse at a construction site in Charlotte, North Carolina, Monday, according to tweets from Charlotte Fire Rescue.

    “Currently Charlotte Fire is securing the area,” in the 700 block of East Morehead Street said the agency. “A family reunification area has been established,” said the tweet.

    The two injured people were transported to Atrium Health Carolinas Medical Center “with minor injuries,” a spokesperson for Mecklenburg County Emergency Medical Services Agency said.

    It’s unclear what led to the accident at this time.

    This is a developing story and will be updated.

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  • N. Carolina doesn’t pick electric mix to lower carbon levels

    N. Carolina doesn’t pick electric mix to lower carbon levels

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    RALEIGH, N.C. — North Carolina utility regulators ordered Duke Energy Corp. on Friday to carry out a series of activities to generate electricity that they say will help ensure greenhouse gas reductions set in a new state law are met.

    But the Utilities Commission’s directives on solar, wind, nuclear and other sources for electricity don’t endorse any particular mix of energy sources to meet the mandates currently required for 2030. The order does tell Duke Energy’s subsidiaries in North Carolina to optimally retire its remaining coal-fired plants by 2035, in keeping with a previous announcement by the company.

    The bipartisan 2021 state law said the panel needed by Saturday to approve a plan for the state’s electric public utilities — essentially Duke Energy Carolinas and Duke Energy Progress — to reduce carbon dioxide emissions by 70% by 2030 as compared to 2005 levels. Net-zero emissions by 2050 also are ultimately necessary, according to the law.

    Duke Energy had offered last spring four different portfolio options, three of which actually delayed meeting the 70% reduction until 2032 or 2034. The law provides for wiggle room on the deadline.

    Critics of Duke’s plans said they relied too much on natural gas or unproven technologies and would make customer bills too costly. Some environmental groups offered their own carbon-reduction plan that reached the 70% reduction mandate by 2030 while relying more on solar and wind power and battery storage use.

    But the seven-member commission, chosen by Democratic Gov. Roy Cooper, declined to pick any specific portfolios Friday. The 137 pages produced by the panel said it was adopting “all reasonable steps” that the state law ordered to achieve the reduction and directed near-term actions “that support many of the portfolios the parties to this proceeding present.”

    The commission held 13 days of hearings to receive expert witness testimony and five public hearings. It also received hundreds of statements from consumers.

    “As the record amply demonstrates, there is no single, unique resource portfolio that satisfies the required emissions reduction goals,” Commissioner Dan Clodfelter wrote in a separate opinion to the main order, with which he fully agreed. “I believe this is the most responsible way, and indeed the only responsible way, to proceed on a journey that starts today and will span the next 28 years until 2050.”

    The commission is already required to review the plan every two years, and it can make adjustments. Friday’s order told Duke to file a new proposal by September — which reflect the new directives — and prepare for hearings in May 2024.

    Still, the order could be challenged at the state Court of Appeals by the Charlotte-based utility or any of the dozens of third parties that formally intervened in the case.

    The law says the panel could examine “the latest technological breakthroughs to achieve the least cost path” and other considerations in determining a way forward. The commission ultimately can delay the date for reaching the 70% target if, for example, the electric grid’s performance is questioned.

    A commission news release announcing the order said that last weekend’s power outages caused by the extreme cold and high demand “particularly underscore the need for an orderly transition away from fossil fuels to low and zero-carbon dioxide emitting generating resources while maintaining or improving the reliability of the electric grid.”

    The outages led Duke to reduce demand with automated rolling blackouts that took many by surprise.

    Friday’s order directed Duke Energy to conduct by 2024 two more competitive procurements for solar generation that will come online by 2028. The utility also authorizes Duke to procure battery storage to contain the solar-generated electricity; study the acquisition of wind-lease areas off the North Carolina coast; extend the licenses of its current nuclear power fleet and consider new nuclear generation; and plan for additional natural gas-fired turbines.

    The two Duke Energy subsidiaries serve 4.4 million customers in North Carolina and South Carolina. The utility also intends to carry out an energy-mix strategy in South Carolina.

    Third parties that got involved in the case included trade and environmental groups, alternate energy producers and big electricity consumers like Google and Meta. The Attorney General’s Office and the commission’s Public Staff, which represents customers, also scrutinized the portfolio proposals.

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  • Woman in Buffalo found dead in her car after getting trapped by snow, family says | CNN

    Woman in Buffalo found dead in her car after getting trapped by snow, family says | CNN

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    CNN
     — 

    A 22-year-old woman was found dead over the holiday weekend in Buffalo, New York, after being trapped in her car by the blizzard that paralyzed western New York, her family told CNN on Tuesday.

    Anndel Taylor, who had moved to Buffalo from Charlotte, North Carolina, was driving home from work at a senior citizen center and was only six minutes away by car from her house when she became stranded, said relatives who live in Charlotte and who became frantic when they lost touch with her.

    Tomeshia Brown, one of Taylor’s older sisters, told CNN that Taylor sent a video to a group chat with her sisters around 3 p.m. on Friday. In the video, Taylor captured the snow and whiteout conditions. She told her sisters who live in North Carolina that she was stuck and the snow kept falling, Brown said.

    Taylor called 911 and was waiting for first responders, Brown and Wanda Brown Steele – Taylor’s mother – told CNN.

    “Her plan was to wait until the police got there,” her sister said. But if that failed, she planned to “get up and walk once her car ran out of gas.” She also said she planned to go to sleep and then try to walk home once she woke up if help did not arrive.

    Her family said they kept in touch with Taylor as the day dragged on. At one point, Taylor texted one of her other sisters separately to say that she was starting to panic, Brown added.

    In the early hours of Christmas Eve, Taylor would send her last video message to the group chat. In the video, Taylor cracks open the driver’s side window of her car, revealing a road turned into a barren wasteland by the snow. A van down the road, which appears to be stuck, can be seen flashing its hazard lights. Taylor wrote in the group chat that she thought the snow would probably be up to her waist if she got out of her car.

    Later that morning, at around 9 a.m. on Christmas Eve, members of her family in North Carolina called and sent her multiple messages. “We texted her in the group to ask, ‘Are you OK?’” Brown said. The family was alarmed when Taylor was not responding.

    “Maybe two hours later, my sister tracked her phone,” Brown said. “She [Taylor] must’ve shared her location with my sister. And it showed that she was still outside.”

    The family alerted Taylor’s relatives in Buffalo to the address, but once they arrived, they said they saw Brown’s car, but did not see her inside.

    “So I put the info on a private Facebook page called Buffalo Blizzard 2022 and asked for help,” Brown said. She posted the address of the tracked phone and later that evening, she got a phone call from an unnamed man. “He let us know he checked her pulse and there was no pulse,” Brown said.

    “I really didn’t believe it,” she said. “It was like a piercing feeling in my stomach, a pain I’ve never felt before.”

    Taylor’s mother, Brown Steele, told CNN she was in “shock.”

    It would not be until the next day that Taylor’s body was removed from the car, Brown said, after a woman sent a message on Facebook to let Brown know that she had also located the car – and her sister’s body.

    The woman told the family in Charlotte that she would not leave until someone came to pick her up.

    With emergency personnel unable to reach the car, the woman waited until Taylor’s relatives who live in Buffalo arrived. They all helped move Taylor’s body into another vehicle, where she was taken to the hospital, Brown said.

    After leaving multiple voicemail messages through the course of the holiday weekend, the family in Charlotte heard back from authorities on Monday evening. They were calling to let them know they were ready to go to rescue Taylor, Brown said. The Brown family informed them that Taylor’s body had already been transported to the hospital the day before.

    “I want to get to the bottom of why the city was unable to help,” Brown Steele told CNN.

    Erie County Executive Mark Poloncarz told CNN’s Poppy Harlow on “CNN This Morning” on Monday that two-thirds of the equipment that was dispatched to help clear snow during the height of the storm got stuck.

    Poloncarz added that a historian with the Buffalo Fire Department said this was the first time in the agency’s history that personnel could not respond to emergency calls because the severity of the conditions wouldn’t allow it.

    Erie County officials said on Tuesday that the county had restored its emergency response service, but they were still begging residents to abide by Buffalo’s travel ban and stay off the roads.

    CNN has contacted the Buffalo Police Department for further details.

    As of Tuesday evening, Taylor’s family in Charlotte has yet to learn the official cause of Taylor’s death, Brown said.

    Taylor was described by her sister as “a caring and nurturing person. She hustled a lot, she cared about a lot of people,” her sister said.

    “If she could help, she would help you,” her mother said. “She had a lot of friends here in Charlotte – a lot of people cared about her.”

    Charlotte Mayor Vi Lyles released a statement offering her deepest condolences to Taylor’s family and friends.

    “Anndel was taken from this world far too soon, and words cannot begin to express the heartache and pain her loved ones feel during this difficult time,” Lyles’ statement reads. “This was a devastating storm that brought tremendous tragedy, and our community here in Charlotte mourns with her family.”

    Her family set up a GoFundMe campaign to pay for her funeral services.

    Taylor would have turned 23 next month, Brown said.

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  • Swiss central bank lifts interest rates by 50 basis points to counter ‘further spread of inflation’

    Swiss central bank lifts interest rates by 50 basis points to counter ‘further spread of inflation’

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    The Swiss National Bank hikes interest rates again.

    FABRICE COFFRINI / Contributor / Getty Images

    The Swiss National Bank increased its benchmark interest rate Thursday for the third time this year, taking it to 1%.

    The central bank said it was looking to counter “increased inflationary pressure and a further spread of inflation” with the move.

    Speaking to CNBC Thursday, bank Chairman Thomas Jordan said: “All in all the inflationary pressure is higher than in September so further tightening was necessary.”

    “We are using a risk management approach and we are looking at what policy is appropriate in order to achieve our [inflation] goal,” he added.

    Inflation in the country remains well above the Swiss National Bank’s target of 0-2%, but is noticeably below the soaring rates of neighboring European countries. Switzerland’s inflation rate remained steady at 3% last month, having dropped from a three-decade high of 3.5% in August.

    The central bank’s 50 basis point hike Thursday came after it unexpectedly raised its policy interest rate for the first time in 15 years in June, taking it from -0.75% to -0.25%. It then entered positive territory with a 75 basis point increase on Sep. 22.

    “We have to take the decisions now in order not to take more rate increases later on,” Jordan told CNBC, adding that further inflationary pressure would prompt more hikes.

    “It cannot be ruled out that additional rises in the SNB policy rate will be necessary to ensure price stability over the medium term,” a press release from the central bank said.

    “To provide appropriate monetary conditions, the SNB is also willing to be active in the foreign exchange market as necessary,” it added.

    Global slowdown

    In announcing its latest rate hike, the Swiss National Bank noted the global slowdown in growth and that inflation is “markedly above” central banks’ targets in many countries — and it doesn’t expect this to change any time soon.

    “The SNB expects this challenging situation to persist for now. Global economic growth is likely to be weak in the coming quarters, and inflation will remain elevated for the time being,” the press release said.

    In the medium term, however, the bank expects inflation to settle at more moderate levels as countries continue to tighten monetary policy.

    Charlotte de Montpellier, senior economist at ING, noted that the Swiss National Bank’s total increase of 175 basis points in 2022 compares to an expected 250 basis-point increase in the eurozone and a 425 basis-point hike in the U.S.

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  • 3 Charlotte-area CEOs’ predictions on office life and the economy for next year

    3 Charlotte-area CEOs’ predictions on office life and the economy for next year

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    Bank of America CEO Brian Moynihan, seen here in a file photo, was among the speakers at the Charlotte Regional Business Alliance’s annual outlook event on Tuesday.

    Bank of America CEO Brian Moynihan, seen here in a file photo, was among the speakers at the Charlotte Regional Business Alliance’s annual outlook event on Tuesday.

    dlaird@charlotteobserver.com

    Businesses in Charlotte and beyond will face a familiar list of economic obstacles in 2023, among them higher prices, crises in Europe and a rapidly evolving workplace.

    That’s according to CEOs of three of the region’s largest companies: Marvin Ellison of Lowe’s, Darius Adamczyk of Honeywell, and Brian Moynihan of Bank of America.

    The chief executives spoke on a panel at the Charlotte Regional Business Alliance’s Annual Outlook Event Tuesday afternoon at the Westin hotel in uptown. Here are four key questions they answered about the year to come.

    What economic challenges lie ahead in 2023?

    Most of the challenges the CEOs described as looming in the new year have already plagued the economy for months.

    Inflation remains one of their top concerns, as do labor shortages and supply chain snags that are affecting many different types of businesses.

    “I’m just kind of looking for a normal year,” Adamczyk said. “We haven’t really had one since 2019. It seems like it’s just one crisis after another.”

    Moynihan pointed to how the Federal Reserve has moved aggressively to respond to inflation, but if interest rates remain high for a longer period, it could pose a more profound challenge for firms. The central bank is expected to approve a seventh consecutive interest rate hike on Wednesday.

    “There’s nobody under the age of 40 in business who’s worked with an interest rate environment (like this),” Moynihan said.

    “For a lot of businesses, it is different,” Adamczyk added. “This is not something that you’ve had to worry about for decades.”

    Who will be hit the hardest?

    Today’s combination of economic challenges is impacting different businesses in different ways, Ellison said. That’s unlike crises in recent history such as the Great Recession, he said, which represented a uniformly severe hit across industries.

    For example: despite a slowing U.S. housing market, Lowe’s has seen a “tailwind” in its retail sales, he said. As U.S. consumers shy away from buying a new place to live, they’re opting to spend on home improvement projects and enhance their current space instead.

    CLT_Business_5536
    Marvin Ellison, CEO of Lowe’s, said on Tuesday that economic challenges in 2023 will likely stop short of a crisis. “I don’t think we’re going to have a massive economic shock.” Khadejeh Nikouyeh Knikouyeh@charlotteobserver.com

    “Most of us still see our homes as a rather valued asset, so our business is still rather robust,” Ellison said. “Yes, this is a tough macro(economic) environment… But in this space, we’re very fortunate in that our retail sector still has a bit of a tailwind.”

    At electronics manufacturer Honeywell, the company’s e-commerce sector has slowed, while aerospace business has soared, Adamczyk said.

    HONEYWELL_CEO_ADAMCZYK_03.jpg
    Darius Adamczyk, Honeywell CEO, said on Tuesday’s panel that the manufacturer’s aerospace business was booming. “Consumers came back faster than anyone could have anticipated.” John D. Simmons jsimmons@charlotteobserver.com

    “That’s been on fire,” he said of the aerospace industry. “Consumers came back (to air travel) faster than anyone could have anticipated.”

    The severity of potential economic distress in 2023 will also vary by geography, Adamczyk said. Challenges may be more profound in Europe, which has faced record increases in the gas prices and a growing energy crisis complicated by conflict in Ukraine.

    Is work from home here to stay?

    In the aftermath of the COVID pandemic, many Charlotte firms have continued to allow their employees to work from home at least part of the time. That includes Bank of America and Honeywell, which have allowed many employees to work remotely up to two days a week.

    “I think three days a week (in the office) is reasonable,” Adamczyk said. “I want to maintain some level of flexibility, but we also want to get back to some level of being collegial.”

    Neither Adamczyk nor Moynihan said their company’s workplace shifts were permanent,

    “I think we’re all still learning about the right way to do this,” Moynihan said. “We’ll see how (our plan) plays out over time.”

    What are some other predictions for 2023?

    Overall, economic challenges will likely make next year tougher than the last, Adamczyk said.

    “I don’t think it’s gonna be as good as it was in 2022. Savings rates are coming down, and have been coming down… Inflation is outpacing wage increases. We have to contain it,” he said. “But I don’t see a meltdown. Far from it.”

    Ellison agreed that another crisis was unlikely. “I don’t think we’re going to have a massive economic shock.”

    Regardless of looming threats, Moynihan stressed that the U.S. economy remains uniquely resilient.

    “The rumors of America having a demise are greatly over-exaggerated,” he said. “We’ll still be talking about inflation this time next year… But we’ll also still be talking about how America is a better place to be than in any place in these times.”

    Related stories from Charlotte Observer

    Hannah Lang covers banking, finance and economic equity for The Charlotte Observer. Her work has appeared in The Wall Street Journal, the Triangle Business Journal and the Greensboro News & Record. She studied business journalism at the University of North Carolina at Chapel Hill and grew up in the same town as her alma mater.

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  • Need some financial advice? A new Bank of America program will help you for free

    Need some financial advice? A new Bank of America program will help you for free

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    Bank of America announced Tuesday that it will offer no-cost financial counseling to customers in 17 cities, starting next year. That’ll include locations in Charlotte.

    Bank of America announced Tuesday that it will offer no-cost financial counseling to customers in 17 cities, starting next year. That’ll include locations in Charlotte.

    jvorhees@macon.com

    If you’re looking to pay down debt, raise your credit score or reach a savings goal in the new year, you can find some free professional help at a local Bank of America branch starting next month.

    The Charlotte-based bank announced Tuesday that it’s partnering with Operation HOPE, a financial education nonprofit, to offer no-cost financial counseling to customers in 180 bank branches across the country. That’ll include locations in Charlotte and 16 other cities across the U.S., according to a news release from the bank.

    Charlotte will be the only city in the Carolinas to offer the counseling.

    The program is open to all customers but will be primarily based in branches in low- to moderate- income communities, said Christine Channels, Bank of America’s head of community banking.

    “There’s a real need in these communities for more financial literacy and more counseling when it comes to financial goals,” Channels said. “It also helps with consumers that may have had some financial damage, particularly over the last few years with all of the things we’ve seen through the pandemic, like job losses.”

    Through the program, bank branch employees can refer customers to Operation HOPE’s financial coaches, who can provide free monthly counseling sessions focused on credit and money management. Customers can access sessions in English and Spanish at most locations.

    Bank of America launched the program at four branches in Atlanta and Los Angeles, according to the news release. At those centers, participating customers raised their FICO scores by 21 points and increased their yearly savings by $4,313 on average, the bank said.

    “By having one-on-one coaching, being able to meet every month and talk about your financial goals… It’s really created that accountability that has made a significant difference in consumers’ lives,” Channels said.

    Bank of America plans to continue expanding the program to more cities and branches, she added. “We’re looking for centrally located centers that can cover the most people where we see the direct need.”

    Customers who are interested in the program can ask an employee at their local branch about a referral.

    ’They all fit together’

    The free financial counseling program is the second equity-focused initiative that Bank of America has announced in the last several months.

    In September, the bank announced it was testing a new program that offers home loans with no down payments and no closing costs to first-time homebuyers in Black and Latino communities. It’s available in five cities, including in Charlotte.

    “They all fit together,” Channels said. “We know literacy is important, access to products and services is important, (and so is) access to credit, jobs and capital.”

    Related stories from Charlotte Observer

    Hannah Lang covers banking, finance and economic equity for The Charlotte Observer. Her work has appeared in The Wall Street Journal, the Triangle Business Journal and the Greensboro News & Record. She studied business journalism at the University of North Carolina at Chapel Hill and grew up in the same town as her alma mater.

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  • TV meteorologist, pilot die in news helicopter crash

    TV meteorologist, pilot die in news helicopter crash

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    RALEIGH, N.C. — A helicopter pilot and a meteorologist who worked for a North Carolina television station died Tuesday when a news helicopter crashed along a Charlotte-area interstate, with police praising the pilot for heroically avoiding the roadway in his final moments.

    Meteorologist Jason Myers and pilot Chip Tayag were identified as the people killed in the crash in a statement by WBTV — and by coworkers who’d been reporting on the crash live from the station’s studio.

    Fighting back tears, anchors Jamie Boll and Molly Grantham mourned their colleagues while providing updates during a broadcast that carried on uninterrupted for hours. They included witness reports that Tayag prevented the helicopter from crashing onto Interstate-77 during a busy week of holiday travel.

    “Jamie and I are learning it here as our newsroom is learning it and trying to figure it out while deeply grieving …,” Grantham said during the broadcast. “We’re giving the news and we’re all — all — of our WBTV family grieving Chip and Jason because we love them.”

    The Robinson R44 helicopter crashed shortly after noon local time with two people on board, the Federal Aviation Administration said in a statement. The Mecklenburg County EMS Agency said the two were pronounced dead at the scene.

    Police said that no vehicles on the ground were involved in the crash, which still snarled traffic on the major highway.

    “The pilot is a hero in my eyes,” tweeted Johnny Jennings, chief of the Charlotte-Mecklenburg Police Department. “Witnesses indicated that the pilot made diversionary moves away from the highway to save lives. Because of his heroic acts, there were no further injuries or vehicles on the highway involved in the incident.”

    The chief also told reporters: “We’re looking at going into the holiday season where we’re supposed to be spending time with our loved ones. And tragically, there are two people involved in this crash that will not be going home and will not be spending the holidays with their family.”

    Anchors Boll and Grantham spent at least 90 minutes providing live coverage before halting to confirm the deaths of Myers and Tayag, having made sure their families were notified.

    “The words are hard to come by folks, we’ve been holding on to this for a while,” Boll said, his voice wavering before he cleared his throat.

    Boll had seen Tayag at 11 a.m. Tuesday morning as the pilot sat in the helicopter, preparing to pick up Myers, the meteorologist.

    “Those smiles you see right there on your screen, those are those two people,” Boll said from the anchor desk.

    “Every single day in this newsroom, Chip would wave at you say hello, ask you how you’re doing. He’d wave from behind the pilot’s chair of the helicopter,” Boll said. “Jason Myers — I could go on and on. He would bound through this newsroom with incredible energy and smiles and just cared about everybody here.”

    Myers was raised in North Carolina’s Union and Catawba counties and worked in the city of Raleigh, and in Texas and Virginia before returning to the Charlotte area where he grew up, WBTV said. He and his wife Jillian have four children.

    Tayag had been a pilot for more than 20 years, the station said. He began working for WBTV in 2017 and celebrated his three-year wedding anniversary in August, according to his Instagram page.

    Gov. Roy Cooper offered his condolences to the station and the North Carolina press corps at large.

    “This is a terrible tragedy for the WBTV family and we are praying for them and all of those in the media who work so hard to keep the public informed,” Cooper wrote in a tweet.

    The National Transportation Safety Board will lead an investigation into the crash along with the FAA.

    ———

    Finley reported from Norfolk, Va.

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  • This graph shows Charlotte home affordability based on credit score, interest rates

    This graph shows Charlotte home affordability based on credit score, interest rates

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    A for sale sign sits in front of a house on Circle Avenue in Charlotte, N.C., Friday, Nov. 4, 2022.

    A for sale sign sits in front of a house on Circle Avenue in Charlotte, N.C., Friday, Nov. 4, 2022.

    alslitz@charlotteobserver.com

    Interest rates have been the talk of the real estate world recently, with mortgage rates rising to levels not seen in years as white-hot markets try to cool.

    Higher rates across the board mean more expensive mortgages for folks looking to buy a home, but the market isn’t the only thing that influences interest rates. Your individual financial situation, especially your credit score, impacts the rate you’ll be offered by lenders when you apply for a mortgage.

    Here’s what to know about credit scores and interest rates on mortgages, and how to improve your own chances of getting the best rates available:

    Credit scores and interest rates on mortgages

    Regardless of whether interest rates on mortgages are going up or down, your credit score impacts the rate you’ll get from lenders. Even small differences in rates can make a big difference in what you’ll ultimately pay over the life of your mortgage.

    Use the graph below to see what your credit score would get you in today’s market (Note: This graphic will update as rates fluctuate):

    Tips for improving your credit score

    If you’re thinking about buying a home in the future, there are steps you can take to improve your credit score before applying for a mortgage. The mortgage lender Fannie Mae recommends:

    • Using credit cards “in moderation” and maintaining a low balance on them

    • Paying your bills on time

    • Not opening an excessive amount of credit cards

    • Avoiding closing credit cards and therefore impacting “the total amount of credit you have available and how much you have used”

    • Avoiding opening a new credit card or making a big purchase “within six months before trying to buy a home”

    This story was originally published November 11, 2022 1:26 PM.

    Related stories from Charlotte Observer

    Mary Ramsey is a service journalism reporter with The Charlotte Observer. A native of the Carolinas, she studied journalism at the University of South Carolina and has also worked in Phoenix, Arizona and Louisville, Kentucky.

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  • HODLween Brings Bitcoiners Together To Celebrate Halloween In Charlotte

    HODLween Brings Bitcoiners Together To Celebrate Halloween In Charlotte

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    This is an opinion editorial by Chris Alaimo, the multimedia producer and host of Bitcoin Magazine’s Twitter Spaces.

    It was a dark and cold night in the midst of the bear market, when a group of Bitcoiners gathered in Charlotte, North Carolina, to speak about hard money and a better world.

    On Friday night, attendees got to eat a meal prepared by Texas Slim and Gourmet Cavemen, who talked about the importance of food intelligence and how the quality of food around the world has declined in value since 1971. They used this equation to justify their position: value equals quality divided by cost. They asserted that the quality of food has been decreasing while costs increase, resulting in food of lower value.

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    Chris Alaimo

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  • Charlotte’s tallest tower sits atop a literal gold mine, and 4 more facts as it turns 30

    Charlotte’s tallest tower sits atop a literal gold mine, and 4 more facts as it turns 30

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    Thirty years later, it’s still the tallest tower in Charlotte.

    This week marks three decades since the official opening of the Bank of America Corporate Center, the headquarters of the city’s largest bank and the tip of its crown-shaped skyline.

    The building — a.k.a. the “tower of power” or the “Taj McColl,” — opened in 1992 as NationsBank Corporate Center.

    The leading force behind the building was then-CEO Hugh McColl. (In 1998, NationsBank merged with BankAmerica to become Bank of America, and McColl remained its CEO.)

    “I wanted something that reeked of power and wealth,” McColl told the Observer in 2012 for the tower’s 20th anniversary, “but was (also) warm and friendly.”

    The Charlotte Observer took a spin through our archives to hunt down a few fun facts about the building. Here are a few things you might not know about the tower:

    It was meant to make a statement

    McColl, who retired from Bank of America in 2001, oversaw the tower construction — and had a bit of a point to prove in doing it.

    When he first announced plans for the building, McColl was an ambitious and relatively young chief executive who wanted to take homegrown North Carolina National Bank into the stratosphere — literally. As CEO, he took advantage of new banking laws to swallow up smaller institutions and grow beyond state borders.

    Through those deals, NCNB became NationsBank in 1991 and Bank of America in 1998. And as the mergers piled up, so did the need for more space.

    BoA 001.JPG
    The Bank of America Corporate Center opened in 1992 as NationsBank Corporate Center. Robert Lahser rlahser@charlotteobserver.com

    During the same period, another Charlotte bank was employing a similar strategy.

    First Union, the bank that would become Wachovia and then Wells Fargo, had a similar appetite for acquisitions. It was headquartered in a 42-story-tower, now the One Wells Fargo building, on the south side of uptown.

    At the time, McColl denied glancing down Tryon Street before building the 60-story skyscraper that literally would loom over his rival. But years later, he told the Observer: “I’ll have to admit that we wanted to do something dramatic on our end of town.”

    McColl didn’t want an all-glass skyscraper

    Keen on picking a famous architect, McColl settled on Argentinian architect Cesar Pelli. McColl went with Pelli’s design because it “looked more like stone than glass.”

    The result? A “huge, powerful granite building,” he described to the Observer, one that visitors could spot from miles away.

    BOFAMUSEUM_06
    Former Bank of America CEO Hugh McColl at the Bank of America Heritage Center in February 2015. David T. Foster, III dtfoster@charlotteobserver.com

    It was built atop a gold mine

    Before Charlotte was Banktown, the city was the center of the Carolina Gold Rush. In the 1800s, there were 16 gold mines scattered throughout Mecklenburg County.

    Two of them, St. Catherine and Rudisill, ran as deep as 400 feet below what would become uptown.

    The city’s largest banking HQ would be built — coincidentally — right above remnants of that gold-mining past. While digging out the foundation for the tower, construction workers discovered wooden frames of a mine that was still intact and flecks of gold in the rock.

    nationsbank.jpeg
    On Jan. 30, 1999, workers change the nameplates from NationsBank to Bank of America Corporate Center over one of the building’s entryways following the bank’s merger in 1998. Observer Archives

    The fancy lights are relatively new

    The tower has 384 spires on its crown, lit for the first time in May 1992.

    Over the years, it mostly gleamed with white lights, with a few exceptions like the Panthers’ Super Bowl appearances.

    More complex light displays came only in 2017, when the bank upgraded the LED lighting system. Now, the crown capping the tower can glow red white and blue for the Fourth of July or with the colors of the rainbow for Pride Month.

    But the bank didn’t just rely on those spires to celebrate special occasions in Charlotte.

    When the city was trying to land the Panthers, its first pro football team, the bank spelled out “NFL” on the side of the building in 1993 by turning on lights in the windows.

    nfl boa.jpeg
    When Charlotte leaders were trying to land the Panthers in 1993, office lights in the Bank of America Corporate Center — then the NationsBank Corporate Center — spelled out the initials for the National Football League over uptown. Gary O’Brien Observer Archives

    It’s still the tallest building in NC

    At 871 feet, the corporate center is still the tallest building in all of North Carolina — and South Carolina, too. It’s more than 300 feet taller than the Washington Monument, and just about a hundred feet shy of the Eiffel Tower.

    France Diner en Blanc
    The Eiffel Tower is taller than the Bank of America tower by about a hundred feet. It remains unclear if the French (seen here in white) are celebrating that fact. Thibault Camus AP

    The bank had to get clearance from the Federal Aviation Administration for its construction. Before the tower was built, the tallest building in Charlotte was the One Wells Fargo Center at about 588 feet tall.

    Today, the Bank of America headquarters is still visible to the naked eye from up to 35 miles away.

    It’s safe to say that so far, McColl succeeded in the goal he described to the Observer when the building turned 20: “My thinking was, we’re going to build something that’s going to dominate the skyline forever.”

    This story was originally published October 21, 2022 10:23 AM.

    Related stories from Charlotte Observer

    Hannah Lang covers banking, finance and economic equity for The Charlotte Observer. Her work has appeared in The Wall Street Journal, the Triangle Business Journal and the Greensboro News & Record. She studied business journalism at the University of North Carolina at Chapel Hill and grew up in the same town as her alma mater.

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  • 2 shot, others hurt at Asian Doll college homecoming concert

    2 shot, others hurt at Asian Doll college homecoming concert

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    SALISBURY, N.C. (AP) — Two people were shot and others were injured as they fled gunfire that broke out at a North Carolina college homecoming concert featuring rapper Asian Doll on Saturday night, officials said.

    Officers called to the campus of Livingstone College in Salisbury around 11 p.m. found two people shot and others who were hurt as attendees fled the gunfire, city officials said in a statement.

    Video footage from the concert shows that a fight broke out while Asian Doll was on stage. One person, who isn’t a Livingstone student, then fired one or more shots, police and school officials said in a joint statement.

    A male victim with a gunshot wound was flown to Novant Health Presbyterian Medical Center in Charlotte, where he was in stable condition, and a female victim with a graze wound was treated at a local hospital and released, city spokesperson Linda McElroy said in a text on Sunday afternoon. She could not say whether the victims were adults.

    No arrests had been made, McElroy said.

    Livingstone, a private, historically Black school, is located in Salisbury, which is about 35 miles (56 kilometers) northeast of Charlotte.

    The school’s priority is to ensure students’ mental health and evaluate public safety measures to create a safe environment, Livingstone President Dr. Anthony J. Davis said in a statement. The college is cooperating with police as they investigate, he said.

    “I am saddened because our students, alumni, family and friends were exposed to this senseless act of violence,” Davis said.

    The incident was not the only homecoming event to end in a shooting over the weekend. Early Sunday, four people were hurt, including three students, in a shooting during Clark Atlanta University’s homecoming outside a campus library as a DJ performed.

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  • 2 shot, others hurt at Asian Doll college homecoming concert

    2 shot, others hurt at Asian Doll college homecoming concert

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    SALISBURY, N.C. — Two people were shot and others were injured as they fled gunfire that broke out at a North Carolina college homecoming concert featuring rapper Asian Doll on Saturday night, officials said.

    Officers called to the campus of Livingstone College in Salisbury around 11 p.m. found two people shot and others who were hurt as attendees fled the gunfire, city officials said in a statement.

    Video footage from the concert shows that a fight broke out while Asian Doll was on stage. One person, who isn’t a Livingstone student, then fired one or more shots, police and school officials said in a joint statement.

    A male victim with a gunshot wound was flown to Novant Health Presbyterian Medical Center in Charlotte, where he was in stable condition, and a female victim with a graze wound was treated at a local hospital and released, city spokesperson Linda McElroy said in a text on Sunday afternoon. She could not say whether the victims were adults.

    No arrests had been made, McElroy said.

    Livingstone, a private, historically Black school, is located in Salisbury, which is about 35 miles (56 kilometers) northeast of Charlotte.

    The school’s priority is to ensure students’ mental health and evaluate public safety measures to create a safe environment, Livingstone President Dr. Anthony J. Davis said in a statement. The college is cooperating with police as they investigate, he said.

    “I am saddened because our students, alumni, family and friends were exposed to this senseless act of violence,” Davis said.

    The incident was not the only homecoming event to end in a shooting over the weekend. Early Sunday, four people were hurt, including three students, in a shooting during Clark Atlanta University’s homecoming outside a campus library as a DJ performed.

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