Wachovia - here we go again

From The Business Journal of the Greater Triad Area:

Citigroup Inc. will acquire the banking operations of Wachovia Corp., according to an announcement from the FDIC. The announcement did not detail the terms of the transaction or the immediate operational impacts except to say that there will be no interruption in services for bank customers.

Wachovia moved its headquarters from Winston-Salem to Charlotte in 2001 following its merger with First Union. The company still maintains its Wealth Management division in the Twin City. The impact of the sale of banking operations on that division has not been announced.

Wachovia’s total Triad employment is 3,800 people.

Big Question? What impact will this have on Triad jobs and, subsequently, the Triad housing market?

Winston-Salem Mayor says 35,000 new jobs needed

During a “State of the Community” speech Winston-Salem Mayor Allen Joines said the city must generate 35,000 jobs within 10 years to catch up with cities in metropolitan statistcal areas that have higher growth rates. He went on to say, “city leaders must identify the community’s “economic driver” and leverage that driver with “ruthless” focus to make it work.”

While no specifics were revealed he did mention the importance of the Piedmont Triad Research Park and the FedEx air-cargo hub.

In addition to Mayor Joines, the city and county managers both addressed the reality of the slowdown in the local economy, reiterating that new building permits are down, unemployment is up and homes sales are down. 

What do you think will need to happen to grow our local economy?

Will the upcoming elections have any effect?

Tell us about the successes you are experiencing in your industry/company.

I welcome your comments.

Wohoo! Apple Store to open in Greensboro!

Greensboro, NC Apple Store nearing completion

Let me say it again, Wohoo!

The long-awaited Greensboro Apple Store located at The Shops at Friendly Center is now underway.  No longer will us Mac lovers have to make the pilgrimage to Charlotte or Raleigh to bask in the glory! (I just made the trip last week with my 3 oldest kids to learn tips and trick for creating iMovies from the guys at Raleigh’s Crabtree Valley Mall Apple Store.One of my favorite blogs, TUAW.com (The Unofficial Apple Weblog) broke the story earlier today and had this to say, “[Greensboro's] AppleStore had a midsummer target to open, which seems optimistic bordering on impossible at this point.” It would appear that, “the delay in construction may have been the result of a proximity dispute; Apple is a bit picky about which stores can cohabit with the glass wonderlands, and now that the neighborhood is up to snuff the project is underway,” according to a commenter on the photographer’s blog.

Lowe’s Beat Wallstreet expectations

Lowes Hardware logo

Lowe’s shares earned an average of 28 cents per diluted share, beating expectations of analysts polled by Thomson Financial, who had forecast that the company would earn 25 cents per share in the latest quarter. Revenue fell short, however, of the analysts’ $10.63 billion expectation pulling in only $10.38 billion.

Of course, many in the media would portray this as a negative thing (ie the Triad Buisness Journal) claiming “Housing woes take toll on Lowe’s.” Well, duh. Did anyone think that Lowe’s would perform better than the same quarter in the previous year? Come on now! How about a little positive spin on the news for a change?

Anyway, good for Lowe’s … one of North Carolina’s largest publically traded companies. Let’s get out there and landscape and remodel this Spring and help them out. :)

Third Year N.C. named ‘Top Business Climate’

The Business Journal of the Greater Triad Area Reports N.C. named ‘Top Business Climate’

North Carolina has been named the state with the “Top Business Climate” by Site Selection magazine. It is the third consecutive year North Carolina has won the honor, and the sixth in the past seven years.

Site Selection’s rankings are based on a survey of corporate site-selection executives as well as a measure of new plant activity. The magazine calls it “a blend of objective, actual new or expansion product announcements, and subjective input from corporate site seekers.”

North Carolina was cited by site-selection executives as having a good quality of life, favorable business climate and access to top-notch academic and research facilities.