North Carolina’s business climate ranks first in the nation, according to an annual listing by Site Selection magazine.

The Tar Heel State garnered the top honor for the fifth consecutive year.

“The concentration of brainpower and research and development activity in North Carolina cuts across many disciplines, territories and institutions,” says Adam Bruns, managing editor of Site Selection. “Research parks, schools, companies and communities in the state have developed a real knack for working across boundaries, and it continues to pay off.”

The business-climate ranking is based on the number of new and expanded business facilities in each state as well a poll of corporate site selectors nationwide.

North Carolina was followed in order by Texas, Virginia, Ohio, Tennessee, South Carolina and Alabama.

Source: Charlotte Business Journal

Cato Corp. reports sales for the four weeks ended Oct. 31 of $61.9 million, a 4 percent increase from $59.5 million a year ago.

Sales at stores in operation for at least a year were flat.

The Charlotte-based retailer says higher-than-expected sales and margins will push projected earnings to between 7 cents and 9 cents per diluted share for the fiscal third quarter. It had projected earnings of 3 cents to 5 cents, says John Cato, chief executive.

Cato earned 3 cents per diluted share in the third quarter of last year.

Cato (NYSE:CATO) is a retailer of women’s apparel and accessories. As of Oct. 31, the company operated 1,291 stores in 31 states.

Source: Charlotte Business Journal

Davidson College has been named the fourth-best value among top liberal arts colleges by Kiplinger’s Personal Finance.

The rankings are based largely on academic quality and affordability. Tuition, fees and room and board cost $45,000 at the private school.

Pomona College in California ranked first, followed by Swarthmore College in Pennsylvania and Williams College in Massachusetts.

Davidson is one of several N.C. schools to be recognized by the magazine.

Duke University was ranked the sixth-best value among U.S. private universities.

The top five private institutions on the list were the California Institute of Technology, Princeton University, Yale University, Rice University and Harvard University.

“This year’s top-100 private schools met the challenges of a slumping economy with brio,” says Janet Bodnar, editor of Kiplinger’s. “With so many private institutions offering generous financial-aid packages, families are finding that private college is still affordable. In fact, the average tuition price can be as little as half or less of the sticker price — making them very competitive with public universities.”

Wake Forest University was ranked No. 25 among private schools, and Elon University was No. 28.

Source: Charlotte Business Journal

The energy industry is getting a makeover. The U.S. needs to lead the way to remain competitive in the global market, and Charlotte’s ready to lead the charge.

The $787 billion stimulus package the Obama administration put together this year includes about $70 billion in grants and tax breaks for the energy industry — almost all of it directed at clean-energy companies. The Charlotte region, hungry for growth in the sector, has already received significant grants from the clean-energy programs in the bill.

The largest was the $42.9 million awarded to Celgard, a local subsidiary of Charlotte-based Polypore International Inc. That will help Celgard beef up production of membranes used in lithium batteries to power electric vehicles.

That effort will create 200 jobs. Celgard has payroll of 300 at its plant on Carowinds Boulevard. But it’s not clear whether all the new jobs will be in the region. The company intends to use the stimulus funding to help build a second plant, but Mitch Pulwer, general manager, says Celgard has not decided on a site.

Chemetall Foote Corp. in Kings Mountain, a division of Germany-based Chemetall, will also be working on batteries for electric vehicles, using a $28.4 million grant.

Full story here: creativeloafing.com

For the second consecutive year, Red Ventures has been named one of the city’s best companies to work for by the Charlotte Business Journal. The rapidly-growing online marketing and sales company was honored for its unique culture that rewards entrepreneurship and risk-taking.

Red Ventures ranked 6th among medium-sized companies on the 2009 Best Places to Work list. Winning firms were selected based on the outcome of nearly 40,000 employee surveys collected and analyzed by Quantum Market Research.  Finalists were chosen based on employee responses to questions about each company’s policies, practices and benefits.

Red Ventures generates new customers for leading home and business services companies in satellite television, home security, internet services and several other markets. Despite a lingering recession, the company continues to grow, recently announcing plans to expand into South Carolina and add 1,000
new jobs over the next several years. Red Ventures currently has 700 employees in five locations.

“We’ve worked hard to create an environment in which all employees can contribute meaningfully to the business and have fun at the same time,” said Melinda Narciso, director of human resources. “Our continued growth is a direct result of a culture that encourages people to test new ideas and challenge assumptions.”

Full story here: reuters.com

No one (not currently on payroll in Charlotte) wants to be CEO of Bank of America. That much is obvious. Not Ken Lewis, not anyone. Included in that group of people: Bank of New York Mellon Robert Kelly. And yet, despite having their calls forward to The Rejection Line, several times at this point, BAC seems to be having some difficulty getting the message. Concluding that brain trust down south would not fuck off and leave him alone unless a more direct approach was taken, the Kelly shot the team this message:

From: Robert P KellyTo: Operating Committee

Date: 11/04/2009 02:00 PM

Subject: Bank of America Speculation

——————————————————————————-

There have been some press reports this week that say I might be interested in the CEO job at Bank of America. I want to be clear: I am not interested.

Frankly, the Wall Street Journal got it right when they said I wouldn’t leave because our company is well positioned with a very bright future. I couldn’t agree more. I look forward to crafting the future with you.

Bob

Full story here: www.dealbreaker.com

The city of Charlotte has given developer Jim Donnelly a two-year extension on his option to purchase the Carolina Theatre and has added some financial safeguards to its development agreement as well.

City Council approved the ninth extension for CMP Carolina Theatre, the development company Donnelly heads, with an 8-3 vote on Oct. 12. The extension gives the developer until Dec. 1, 2011, to purchase the property at Sixth and Tryon streets at no additional cost.

In 2006, the city agreed to sell the property to Donnelly’s group for $1 million, but CMP must secure development financing for the project before it can close. Donnelly and his partners plan to restore the theater and attach a high-end condo tower called Encore to the property. Because of the economic downturn, however, the group has not been able to secure the funding it needs to move forward.

Donnelly says he’s relieved to get the extension. Removing the uncertainty will make it easier for his group to obtain the financing it needs, he adds. “It finally allows us to go ahead and make some progress.”

In August, the city put off granting a longer extension so it could further evaluate Donnelly’s ability to follow through on the proposed development. That month, RBC Bank Inc. initiated foreclosure proceedings for a first-floor office unit at 221 S. Tryon St. that is owned by TBG Development, another company controlled by Donnelly. The office space is occupied by Emerson Joseph, a men’s grooming lounge co-founded by Donnelly with his wife and her sister.

The property is scheduled to be sold at a foreclosure auction on Oct. 28, but Donnelly says he is working with the bank to resolve the matter before that happens.

City Council member John Lassiter says Donnelly recently made a presentation to the city staff that assuaged any concerns about his finances. During the meeting, Lassiter said any questions had “all been erased and answered.”

“I think we owe them a little bit of confidence and trust,” he said.

The extension does add some protections for the city in the event of an “adverse financial action” impacting any of the principals behind CMP Carolina Theatre. In the event of a bankruptcy filing, a foreclosure action or a suit for breach of contract, CMP is required to notify the city, which then has the right to terminate the agreement.

Pursuit Group, the design and development firm headed by Donnelly, is the main principal and owns 65.8% of CMP Carolina Theatre, according to the city document.

Although Donnelly is facing lawsuits regarding The Trust, an upscale condo project on Tryon Street, those complaints have been filed against different holding companies and would not trigger an “adverse financial action” under the amendment.

The other principals in CMP Carolina Theatre are Atlanta-based development firm Camden Partners; Reliance Holdings, an Albemarle-based company registered to Baldeep Mac; and Littlefield Holding, which is managed by John Littlefield, chief executive of Concord-based real estate development firm David Drye Co. CMP has made $250,000 in nonrefundable deposits to the city for the Carolina Theatre property.

City Council members Michael Barnes, Warren Cooksey and Anthony Foxx voted against the extension. Before the vote, Barnes voiced his exasperation with the repeated extensions, and suggested CMP should provide additional compensation to the city for the extension.

“This has gone from the sublime to the ridiculous,” he said. “They can’t get this done.”

But other council members expressed support for the developer, saying they believed Donnelly deserved the chance to finish the deal — especially because no other developers have expressed interest in the property.

“They are still at the table,” said council member Warren Turner. “We have nothing to gain by pulling the plug on it.”

Source: Charlotte Business Journal

Clinverse Inc., a Charlotte-based technology company, has received $2.2 million in financing.

The funds will be used to develop ClinPay, an electronic-payment network used for drug trials in the pharmaceutical industry.

The money comes from an investment syndicate that comprises current investors and Vital Financial, an investment bank based in Bethesda, Md.

“We are pleased to have rounded out our investment with significant funding from Vital Financial,” says Steve Ayala, Clinverse president. “Not only is Vital adding to our capital base, but they also are contributing their team’s experience in growing successful software companies.”

Clinverse focuses on the financial management of clinical trials and associated payments. The company was founded in July 2008 and has eight employees. Clinverse is seeking to hire a senior vice president of sales and marketing and four programmers.

Source: Charlotte Business Journal

Goodrich Corp. has signed a research agreement with Rolls-Royce Group plc to develop fuel nozzles. The product will be used on environmentally friendly gas-turbine aircraft engines, Goodrich says.

The Charlotte-based manufacturer also will supply Rolls-Royce with combustion-system fuel nozzles for the Rolls-Royce Trent XWB engine used on Airbus A350XWB commercial aircraft.

Goodrich says its fuel nozzles are designed to meet increasingly stringent requirements for reduced emissions. The company says its technology can reduce nitrogen-oxide emissions and improve air quality around airports.

Financial terms of the agreement weren’t disclosed.

Goodrich (NYSE:GR) is a global supplier of systems and services to the aerospace and defense markets.

United Kingdom-based Rolls-Royce is provider of power systems and services for industries that include civil aerospace, defense aerospace, marine and energy.

Source: Charlotte Business Journal

General Dynamics Armament and Technical Products has been awarded a $16 million contract to supply chemical-agent detector systems to the U.S. Army.

Under the agreement, the Charlotte-based company will provide Joint Service Lightweight Standoff Chemical Agent Detector systems and spares for Stryker Nuclear, Biological and Chemical Reconnaissance Vehicles.

The technology uses an infrared detection system that searches for chemical-agent vapor clouds. When a harmful chemical is detected, the system signals a warning that allows personnel to either avoid contaminated areas or don protective gear. It has a detection range of up to two kilometers.

Work will be performed at the company’s Charlotte facility.

General Dynamics Armament and Technical Products makes weapons systems, biological- and chemical-detection systems and mobile-shelter systems. It is a division of Virginia-based General Dynamics Corp. (NYSE:GD).

Source: Charlotte Business Journal