Duke, Progress Energy set for future acquisitions

Duke Energy Corp. and Progress Energy Inc. would be "well-positioned" to make additional acquisitions after Duke's $16 billion takeover is completed, the company's executives said.

"We would be as well-positioned as almost anybody to do more" transactions, Bill Johnson, chairman and chief executive officer of Raleigh-based Progress Energy, said at an Edison Electric Institute meeting in Orlando, Fla.

Johnson will become CEO of the combined entity.

High capital costs for building and replacing power plants and upgrades required for an aging electricity grid will drive more utility consolidation during the next decade, said Jim Rogers, chairman and CEO of Charlotte-based Duke Energy.

Companies with bigger balance sheets will be able to use their size to make investments while mitigating some of the price increases for customers, said Rogers, who will become executive chairman when the acquisition is done. The merger is expected to be complete by the end of the year or early next year. Bloomberg

First Citizens triples profits

First Citizens Bancshares' continued expansion enabled it to roughly triple its profit in the third quarter.

The Raleigh-based parent of First Citizens Bank reported Tuesday net income of $81.9 million, or $7.91 per share, in the third quarter. A year ago its net income totaled $27.7 million.

The quarterly results were bolstered by the bank's acquisition in July of Colorado Capital Bank, a failed seven-branch bank in Colorado that was taken over by the Federal Deposit Insurance Corp. First Citizens reported an $87.8 million gain on that transaction, which amounted to $53.4 million after taxes.

The Colorado Capital deal was First Citizens' sixth FDIC-assisted deal since July 2009 and its second purchase of a failed Colorado bank this year. Although many banks have been struggling since the recession hit, First Citizens has used its financial muscle to expand into new territory.

First Citizens has 435 branches nationwide. The bank had $21 billion in assets as of Sept. 30.

The company's stock closed Tuesday at $171.61, up $5.54. Its shares are down 9 percent this year. (Raleigh) News & Observer

Top job postings in years

Employers advertised more jobs in September than at any other point in the past three years. The increase suggests hiring could pick up in the next few months.

Competition for jobs is fierce. And many employers aren't rushing to fill some because they are worried about the strength of the economy.

Still, most economists say the increase in openings is a reassuring sign.

Nearly 3.4 million jobs were posted in September, the Labor Department said Tuesday. That's the most since August 2008, one month before the financial crisis intensified.

Job openings have rebounded from a decade low of 2.1 million in July 2009. But they are well below the 4.4 million advertised in December 2007, when the recession began. AP

Stocks rise on Italy news

Stocks turned higher Tuesday once investors got the news they had been hoping for: Italian Prime Minister Silvio Berlusconi promised to resign once a new budget was passed. The Dow Jones industrial average closed up 101 points.

Europe's evolving debt crisis has been a major driver of trading in financial markets since the beginning of October. The S&P 500 is up 14.9 percent since hitting a 2011 low on Oct. 3 after European leaders began to move more forcefully to get the situation under control. AP