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Covey Calling - Business North Carolina

2 weeks ago | businessnc.com | Vanessa Infanzon

Riding along sandy paths in a Kawasaki Mule on his 1,400-acre property in Richmond County, The Webb Farm owner Bill Webb points out remnants of buildings that once held tobacco. Indeed, the hilly terrain has changed little from the 1940s through the early 2000s when his family harvested the state’s most famous crop.
Love Boutique - Business North Carolina

2 weeks ago | businessnc.com | Shannon Cuthrell

Hillsborough’s PHE turned a once-taboo shopping experience into a $300 million adult retail empire. The first toy David Groves ever saw was the Caress Vibrator. “Eight inches, hard plastic, white and running on one C-cell battery,” he recalls. “They’d vibrate a little bit, but the quality in those days wasn’t great.” Later came more powerful models like the Prelude 2, still primitive with a 6-foot power cord.
Wolfspeed plant nears opening as stock remains unloved

3 weeks ago | businessnc.com | David Mildenberg

Many folks of all political stripes agree the U.S. needs to expand domestic chip manufacturing production to relieve our reliance on China. So Wolfspeed’s $5 billion bet on a Chatham County plant, supported by a $750 million in government backing pledged by the Biden Administration, makes sense to a lot of people across the political spectrum.
UNC Health CEO and Dean of UNC School of Medicine Dr. Wesley Burks to step down

3 weeks ago | businessnc.com | Kevin Ellis

UNC Health CEO and the dean of UNC School of Medicine Dr. Wesley Burks will step down from those roles to focus more efforts on the development of a $2 billion children’s hospital, as well as spend more time with his family and tend to a family member’s increasing health needs. His last day in his current roles at UNC will be Sept. 1, according to a UNC Health release. Burks has been in his current roles since December 2018.
McHenry joins NYC investment bank Lazard

3 weeks ago | businessnc.com | David Mildenberg

Wall Street investment bank Lazard hired former U.S. Rep. Patrick McHenry as a senior adviser, three months after the Lincoln County resident left Congress, the Wall Street Journal reported. McHenry was a Republican congressman for two decades. He was considered perhaps North Carolina’s most influential congressman because of his role as chair of the House Financial Services Committee since 2023. Former House Speaker John Boehner predicted McHenry would be the House Speaker someday.
Cone Health has competition for Mebane hospital from Duke Health and Novant Health tandem

4 weeks ago | businessnc.com | Kevin Ellis

Cone Health will have some competition for its plans to build a $250 million hospital in the Alamance County portion of Mebane. Duke Health and Novant Health have put in a joint Certificate of Need request to build a $225 million hospital in Mebane. Both hospitals would be approximately 46 beds. In North Carolina, healthcare providers are required to obtain permission from the Department of Health and Human Services before offering new institutional health services.
Businesses operating in a foggy zone, Barkin says

4 weeks ago | businessnc.com | David Mildenberg

Since becoming president of the Federal Reserve Bank of Richmond in 2018, Tom Barkin has consistently shown up in unusual places to gain the pulse of the economy in his five-state region. This week, Barkin met with various regional business leaders in southeastern North Carolina while visiting UNC Pembroke in Robeson County. Chancellor Robin Cummings hosted Barkin at various gatherings, including the regular weekly meeting of the Lumberton Rotary Club.
Fayetteville medical school takes visible step forward

4 weeks ago | businessnc.com | Kevin Ellis

Tuesday was a big day in Fayetteville when workers with Rodgers Builders held a topping-off ceremony for the Methodist University Cape Fear Valley Health School of Medicine, set to open in 2026. The ceremonial “final beam” covered in signatures — and measuring 27 feet long by 24 inches tall, and weighing 1,500 pounds — was hoisted in place atop the $60 million facility. Doctors, nurses, faculty and staff were joined by community leaders to witness the symbolic turning point of the project.
NET Power fires president and CFO

4 weeks ago | businessnc.com | Kevin Ellis

Durham-based NET Power has fired President and Chief Operating Officer Brian Allen and Akash Patel, its chief financial officer, according to an SEC filing on Tuesday. CEO Danny Rice will serve as president and interim chief financial officer and Marc Horstman as chief operating officer. NET Power shares closed Tuesday at $2.26, near its all-time low after trading as high as $14.27 in the past year. Shares are down more than 77% in the past year.
Cone Health seeks to build $275 million, 46-bed hospital in Mebane

4 weeks ago | businessnc.com | Kevin Ellis

Cone Health will ask the state’s permission to build a full-service, 46-bed hospital in Mebane. If the state approves Cone Health’s plan, Cone Health Mebane Hospital would represent an investment of $275 million and could be completed in late 2028 and open in 2029.