Business Journal Local News

A Charlotte development company is finalizing plans for the $40 million first phase of a mixed-use development at the intersection of Hillsborough and West Morgan streets in downtown Raleigh.

Salix Pharmaceuticals on Tuesday reported a fourth quarter net loss of $7 million, a 37 percent reduction from the $11.1 million loss the Morrisville-based drug maker posted in the same period a year ago. The company also projected that its 2010 earnings would be lower than those forecast by analysts.

Raleigh-based Local Government Federal Credit Union paused for a moment Tuesday to announce it had reached $1 billion in total assets, a “major business milestone” for the 27-year-old financial institution.

CapStone Bank, a Raleigh-based business lender, is opening a loan production office in Cary.

General Growth Properties Inc., owner of The Streets at Southpoint mall in Durham, said its biggest debt and equity holders offered to jointly invest $3.93 billion in the company, bolstering a plan with Brookfield Asst Management Inc. to bring the mall owner out of bankruptcy. (SPG)

Cisco Systems’ unveiling Tuesday of a new routing system that it says will be the foundation of the new Internet drew a lukewarm response from the market as shares in the company fell by about 1 percent immediately after the announcement. (CSCO) (T)

Apria Healthcare has laid off 22 at its employees at its division office in Morrisville.

Stimulus-funded highway improvement projects in North Carolina have supported 18,403 jobs in the state, according to a new report from the American Road & Transportation Builders Association.

The North Carolina Business Committee for Education and Bob Eaves, husband of Gov. Beverly Perdue, have launched Students@Work, a program to encourage job shadowing opportunities for middle school students.

The North Carolina Department of Insurance, under newly elected Commissioner Wayne Goodwin, is giving itself a pat on the back with a news release outlining what it says were its accomplishments in 2009.

Manufactured home lender, Vanderbilt Mortgage and Finance Inc. has agreed to refund $2.8 million to North Carolina homeowners and pay a civil money penalty of $750,000 in settlement with the North Carolina Office of the Commissioner of Banks, NCCOB.

Net employment growth in Raleigh/Cary is expected to hit 16 percent in the second quarter of 2010, a rate putting it of the list of the nation’s strongest employment metros, according to a new survey by Manpower.

Cisco Systems' CEO John Chambers on Tuesday will unveil plans that the company promises will “forever change the Internet and its impact on consumers, business and governments.” (GOOG)

BB&T's profit dipped 42 percent in 2009, but its top executive’s total compensation rose by about $1 million. (BBT)

Consumers remain concerned about the economy and are likely to pull back spending over the next 30 days, according to the Consumer Reports Index.

The Carolinas division of Standard Pacific Corp. has acquired 110 home sites in the Northampton community in Wake Forest, a community formerly owned and developed by St. Lawrence Homes of Raleigh.

Performance Bicycle, a Chapel Hill-base retailer of bicycles, cycling clothes and related products, will open a Raleigh store at the Sutton Square shopping center in May.

Affiliated Computer Services is hiring for 280 new call center positions in Raleigh, the company announced on Monday. (XRX)

Two additional employment lawyers have left Cranfill Sumner & Hartzog to join Jackson Lewis.

North Carolina State University and Campbell University announced Monday that they will offer a dual degree in public administration and law starting in the fall.