Business & Economy

Business & Economy
6:25 am
Wed January 19, 2011

Glaxo Writes Off $3.4 Billion to Cover Avandia Costs

More bad news for Glaxo Smith Kline as the company attempts to account for the costs of Avandia litigation. .

GSK made the announcement in a statement posted on the company's website. Glaxo will take a $3.4 billion write-off out of fourth quarter profits to cover liability costs for blockbuster diabetes drug Avandia.

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Business & Economy
9:00 am
Fri January 14, 2011

NC Foreclosure Filings Hit Record

Foreclosure filings in North Carolina broke a state record last year.

An analysis of 2010 foreclosure filings shows approximately one in 63 housing units in the state faced foreclosure

The North Carolina Justice Center has released a county-by-county look at housing and commercial foreclosure filings.

Jeff Shaw with the Justice Center says numbers show Brunswick, Mecklenburg and Union counties suffered the most. He says the foreclosure problem is a jobs problem.

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Business & Economy
3:35 am
Thu January 13, 2011

Recycling Industry Jobs On The Rise

The North Carolina Department of Environment and Natural Resources has released a new study showing growth in recycling-related jobs in the state. Private sector jobs in the recycling industry have increased by about 5 percent since 2008 according to the study. Sherry Yarkosky with the state Recycling Business Assistance Center says the study reinforces that recycling helps not just the environment.

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Business & Economy
5:45 pm
Mon January 10, 2011

An Electric Marriage

Duke Energy and Progress Energy no longer have to compete for customers. The two North Carolina-based utility companies have inked out a $26-billion deal and joined forces to become the largest utility in the US. Leoneda Inge reports.

A surprising but not shocking marriage was announced in North Carolina today.  Two – well branded utility companies – decided to get hitched. And if regulators approve the merger of Duke Energy and Progress Energy – the union will form the largest utility company in America.

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Business & Economy
2:44 pm
Mon January 10, 2011

Duke And Progress Energy To Merge

Duke Energy and Progress Energy officials announced today they are merging their companies. Duke Energy will be the name of the combined company. Its headquarters will be in Charlotte and it will become the largest utility in the country. Progress Energy C-E-O William Johnson will be the new Duke Energy leader. He says the merger is good for North Carolina:

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Business & Economy
5:10 am
Thu January 6, 2011

App State Wants To Open The Tap

Officials at Appalachian State University are planning to sell beer brewed in the chemistry department. Faculty and students began a class on fermentation last spring. But current rules prohibit selling the fruits of their labor.

Brett Taubman is an assistant professor of chemistry at ASU and a home brewer:

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Business & Economy
4:50 am
Wed January 5, 2011

Joblessness From The Mountains To The Coast

Latest numbers show – the North Carolina unemployment rate has increased in every corner of the state.

Business & Economy
5:30 am
Tue January 4, 2011

Economic Forecast For 2011

Wells Fargo Economist Mark Vitner
Credit NC Chamber of Commerce

National and state economies are expected to improve in 2011 – but by only just a little bit.

Yesterday’s Economic Forecast Forum in Research Triangle Park was about telling the hard truth.  Wells Fargo Senior Economist Mark Vitner:

"We’re still on a path that we’re seeing extremely modest job growth."

Billie Redmond is trying to stay optimistic.   She’s the CEO of Coldwell Banker Commercial Trademark Properties in Raleigh.

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Business & Economy
5:00 am
Mon January 3, 2011

Economic Forecast 2011

More than one thousand people are gathering in Research Triangle Park today to hear the latest news on the 2011 economy. Economists are already saying it should be better than 2010.

  One big draw at this year’s Economic Forecast Forum is outgoing U-N-C president Erskine Bowles – who is also known for serving as co-chair of the National Commission on Fiscal Responsibility and Reform.  Thad Woodard is President and C-E-O of the North Carolina Bankers Association.  He says Economist Mark Vitner of Wells Fargo will give the forecast:

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Business & Economy
2:00 pm
Thu December 30, 2010

Gas Prices Top 3 Dollars A Gallon

Drivers in North Carolina are paying more for gas than they have in the past two years. Average gasoline prices have topped 3 dollars per gallon according to Triple A. Tom Crosby is with Triple A Carolinas.

"Prices are going up, mostly because of the poor economy, the weak dollar. Our weak dollar is causing investments in Euros in crude oil. Crude oil is selling for over 90 dollars a barrel, which, that’s the first time it’s been that high in two years. When crude oil prices go up, the oil companies raise prices at the pump."

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