Piedmont Natural Gas has asked the N.C. Utilities Commission for approval to build a natural gas pipeline in parts of Mecklenburg, Iredell and Cabarrus counties that are served by Public Service Co. of North Carolina.

Charlotte-based Piedmont needs the eight miles of pipeline to help serve a new gas-fired power plant that Progress Energy will build near Wilmington. PSNC Energy, headquartered in Gastonia, is not expected to object.

Piedmont and PSNC tangled over service territory in 2009. Piedmont objected to a 43-mile pipeline built by the city of Monroe and to which PSNC has capacity rights. Piedmont said the line would intrude into its Union County service area.

That dispute was settled in 2010, a PSNC spokeswoman said. Bruce Henderson

Alliance Bank remains 'very strong,' CEO says

Despite the announcement of a consent order with the FDIC, Alliance Bank and Trust CEO Dan Ayscue said in an interview Wednesday that the bank remains "very strong" in capital and liquidity, and says the bank already has made a lot of progress toward meeting the terms of the agreement.

On Tuesday, the Gastonia-based bank announced in a securities filing that a recent agreement with the FDIC mandates that the bank review its management team, create a plan to resolve problem loans and maintain capital levels.

Ayscue said that he is not surprised that regulators are exercising increased oversight, but that the bank has made progress in the past year and the consent order will help the bank improve more.

"The quality of our loan portfolio has improved drastically over the last year," he said. "We have been doing a lot of work to get where we need to be." Andrew Dunn

Ingersoll-Rand profit rose 13% in fourth quarter

Ingersoll-Rand PLC said Wednesday its fourth-quarter profit rose 13 percent, as pricing and efficiency improvements offset a decrease in sales.

The Ireland-based manufacturing company, which has its U.S. headquarters in Davidson, said its major markets showed mixed and slowing demand during the fourth quarter.

Ingersoll-Rand said that for 2012, it expects slower growth at refrigerated transport markets and in demand for commercial heating and cooling systems, especially in Europe where economic conditions remain volatile.

The company reported net income of $242.2 million, or 76 cents per share, for the three months ended Dec. 31, up from $212.1 million, or 62 cents per share, a year earlier. AP

Reynolds American profit rose 16% in fourth quarter

Reynolds American Inc., the nation's second-biggest tobacco company, said Wednesday its fourth-quarter profits rose 16 percent as higher prices and productivity gains helped offset declining cigarette sales.

The Winston-Salem-based maker of Camel, Pall Mall and Natural American Spirit brand cigarettes reported net income of $304 million, or 52 cents per share, for the three-month period ended Dec. 31, up from $262 million, or 45 cents per share, a year ago.

"Over the past year, the marketplace environment has been a difficult one and the year ahead is not likely to be any easier," CEO Daniel Delen said in a conference call. "The weak economy and high unemployment rates continue to put pressure on consumers' disposable income and competitive promotional activity remains intense." AP