The chief executive of one of the nation's biggest insurance companies is sharing some of his considerable stock market wealth with a local cultural institution.
Thomas Motamed gifted 2,500 shares of CNA Financial Corp. to the Gibbes Museum of Art on Meeting Street, according to a filing with the Securities and Exchange Commision last week.
The donation was valued Friday at $100,350, based on CNA's closing price of $40.14.
That could help the museum's upcoming renovation.
Motamed has been chairman and CEO since 2009 of the Chicago-based company, which describes itself as the eighth largest commercial insurance writer and the 13th largest property and casualty company. He owns more than 10 percent of the company, which has been around since the 1897.
The Gibbes donation put nary a dent in his remaining CNA Financial holdings of 635,412 shares, which were valued at more than $25.5 million Friday.
Motamed, 65, who previously was president and chief operating officer of Chubb & Son Inc., has owned homes on Kiawah Island and South of Broad in downtown Charleston for years, county property records show.
Customers of Family Dollar will soon be able to add adult beverages to their shopping carts of discounted goods.
The N.C.-based retailer plans to introduce beer and wine to all its stores by 2015, according to its latest financial statement released Thursday. Alcohol sales are one way Family Dollar hopes to lure more shoppers to the stores that have been plagued by lagging revenue recently.
The company reported last week that profits fell by 20 percent for the three months ending May 31 compared to the same quarter last year.
In addition to beer and wine sales, Family Dollar is lowering prices on thousands of items, reshuffling executive roles and closing 370 stores.
"We remain confident that these steps will position the company to improve our financial performance and deliver higher long-term shareholder returns," CEO Howard Levine said in the statement.
Family Dollar is being lapped by competitor Dollar General, which reported a 6.2 percent increase in profits for its most recent quarter that ended May 2. Dollar General offers beer and wine in many of its local discount stores.
A business incubator that was first hatched in Mount Pleasant is spreading its wings in Summerville.
The Harbor Entrepreneur Center is planning to open a site as early as September in the Greater Summerville/ Dorchester County Chamber of Commerce building on Main Street.
The 2,500-square-foot space is being vacated in August by South State Bank, said John Osborne, a center founder.
The Harbor Entrepreneur Center is a recently launched business incubator that was the creation of Osborne and Patrick Bryant. It includes resources like co-working space, mentors and peer groups.
The group received a $250,000 innovation grant from the S.C. Commerce Department earlier this year to open offices beyond its original East Cooper base. Expansion plans include additional sites in West Ashley, North Charleston and downtown.
Weddings have never been an ideal setting for little ones.
But thanks to a new service recently launched by local party-planning company Teacups and Trucks, parents may have a chance to enjoy their friends' celebrations in peace.
The company has upgraded the concept of the kiddie table, organizing a separate area at the event where kids are served their own meals and entertained with games and arts-and-crafts.
On-site caregivers lead the activities to ensure children are kept safe and occupied, according to the company's website.
Teacups and Trucks is a group of mobile event planners that specialize in upscale children's birthday parties.
For the new wedding service, the company ensures that the children's area matches the wedding decor and theme.
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