No shareholder vote for now Ordinarily, a shareholder vote is required, but Wachovia's board will bypass shareholder approval as it issues preferred shares to Wells Fargo as part of the Wells Fargo merger agreement. The preferred shares equal 39.9 percent of all Wachovia stock. The actual sale of Wachovia to Wells Fargo will still require Wachovia shareholder approval.

Sanford against S.C. offshore drilling According to The Palmetto Scoop, S.C. Governor Sanford sent a May 21 letter to President Bush asking for protection of the coral reefs off the southeastern coast of the U.S. Sanford asked Bush to use the Antiquities Act to preserve the Charleston Bump, a deepwater bottom feature 100 miles southeast of Charleston. Supposedly the Bump is home to a couple rare species of fish, and it may have some influence on the direction of Gulf Stream waters. Sanford suggested to Bush the Bump should be designated as a Marine National Monument. Sanford's plea to Bush was part of an effort to stop all drilling off the S.C. coast.

Newspapers' future Last month Mexican billionaire Carlos Slim bought a 6.4% stake of New York Times Co., becoming the third- largest holder of Class A shares. The purchase was seen by newspaper owners and shareholders as a possible turning point in the fortunes of the industry.

College football expands to Charlotte UNC Charlotte is gearing up for big- time college football, also known as the Football Bowl Subdivision. To start where there is no football program, the school needs $45 million, as recommended by the school's feasibility committee. The committee also recommended a dash for the bowl subdivision after the first four years of competition, but the president of UNC Charlotte has opted for a longer term in the minors. By 2020, the student population should reach 35,000. In the U.S., 91 percent of the schools with that many students have football teams. Whenever it blossoms, a new near- town rival for the Gamecocks should be a good thing.

Duke builds biopower plants Charlotte-based Duke Energy Corp. has formed a joint venture with Areva Inc., and the two companies together will build biopower plants for U.S. electricity customers. Maryland- based Areva is a division of French nuclear power company Areva S.A. The plants will burn wood waste to produce electricity, something on the order of what USC does with its plant at the corner of Sumter and Whaley. A typical 50- megawatt biomass plant currently runs about $200 million in construction cost. The Duke- Areva venture, to be called Adage and to be based in Philadelphia, plans to build and manage up to 12 plants by 2014.

Creative Loafing goes down Creative Loafing Inc. has filed Chapter 11 bankruptcy protection. It's the Florida- based parent company of the eponymous alternative weekly published in Charlotte; Atlanta; Chicago; Washington, D.C.; and Tampa and Sarasota, Fla. All are to continue publishing. The company had a $40 million loan default looming when it filed for protection at the end of September.

Hot job markets Houston, Tex., is America's hottest job market, according to bizjournals.com. The 100 hottest were listed recently, and No. 100 is Detroit. No. 99 is Bradenton- Sarasota, Fla. No. 98, home of the Rhode Island School of design (RISD), is Providence, R.I. Raleigh, N.C., is the fourth hottest city in the country for jobs, and Charlotte, N.C., is No. 7. Charleston, S.C., is No. 11, while Greenville. S.C., is No. 12. No. 34 is Columbia, S.C.

Chasing the Creative Class Go to http://www.columbiatalent.com before noon Monday, Oct. 20, and participate in the Columbia Talent Magnet Project survey. To quote New Carolina's Lindsey Spires, "Talent matters, maybe more than ever before. In the new economy, cities and regions will be the new drivers of economic activity for our world. Like never before, the power of place is the key, and companies go where the talent is… The Columbia Talent Magnet Project was created to find ways to appeal to and keep today's Creative Class in Columbia."