In a final voting session before the crossover deadline, NC senators passed 20 bills, including measures allowing concealed carry in private schools, shielding parents who reject a trans child’s identity from abuse claims, and blocking ESG-based loan denials for farmers. These bills now move to the House.
$65M renovation set for N.C. Aquarium at Fort Fisher this fall
The North Carolina Aquarium at Fort Fisher will launch a $65 million renovation and expansion later this year — its first major upgrade in over 20 years. Plans include the state’s largest shark habitat, a rooftop sky deck, and immersive education and conservation spaces.
State orders Winston-Salem/Forsyth schools to fix $16M budget gap
State education leaders have directed Winston-Salem/Forsyth County Schools to address a $16 million shortfall for FY 2024–25 and raised concerns over a delayed audit. The audit flagged reduced fund balance and overspending, prompting calls for urgent corrective action.
Former N.C. Utilities Commission chair joins law firm representing Duke
Charlotte Mitchell, former chair of the N.C. Utilities Commission, has joined McGuireWoods — a firm that frequently represents Duke Energy and other utilities before the commission she once led. Mitchell, appointed in 2018, served as chair from 2019 to 2025 and brings regulatory insight to McGuire’s energy practice.
N.C. lawmakers move to strip Oxford of $10M water plant funding
A new bill would redirect $10 million earmarked for Oxford’s regional water project to GOP-held districts, prompting Democrats to accuse Republicans of political retribution after Rep. Bryan Cohn flipped a key House seat in 2024. Oxford officials say the funding is essential to their infrastructure plan.
Krispy Kreme sinks after 2025 forecast withdrawn
The shares of Krispy Kreme lost almost a quarter of their value after the Charlotte-based doughnut retailer withdrew its previous full-year financial forecast, partly due to an unprofitable start for its national McDonald’s rollout. Shares closed at $3.26, down 24.7%.
First quarter revenue sank 15.3% to $375.2 million, hurt by last year’s sale of a majority stake in Insomnia Cookies and a U.S. consumer pullback that offset an increasing number of locations selling doughnuts, the company said in a statement.
Krispy Kreme also discontinued its quarterly cash dividend of 3½ cents a share, after saying in its annual securities filing in February it expected to continue paying a dividend, with the final quarterly payout to shareholders on Wednesday, May 7. It plans to redirect the money to reducing debt.
“In this challenging macro environment, we are prioritizing paying down debt and deleveraging our balance sheet, generating positive cash flow and pursuing only profitable growth based on sustainable revenue streams,” CEO Josh Charlesworth told analysts on a conference call.
In a blow to its national expansion, Krispy Kreme is pausing the addition of new McDonald’s restaurants until it can figure out how to generate profitable sales through the fast-food giant’s outlets. Since last year, it’s begun selling in more than 2,400 McDonald’s locations.
“We are seeing that after the initial marketing launch, demand drops below our expectations,” said Charlesworth, explaining the decision to add no new McDonald’s distribution in the second quarter. While confident about long-term prospects, he said, “We really need to make sure we’re positioned for profitable growth before we expand any further.”
Last quarter, Krispy Kreme began outsourcing doughnut delivery, part of its effort to simplify operations. Aiming to improve efficiencies, it’s going to curb sales in lower-volume regional grocery chains and convenience stores. It’s also reducing the number of days it offers discounts while focusing on efforts to sell its original glazed doughnut, relatively inexpensive for customers and more profitable for the company.
Krispy Kreme is also seeking to spur sales with improvements to drive-throughs, offering larger packages in membership club stores and adding secondary displays in discount and supermarkets.
“Given the scope of these actions, the macroeconomic softness and uncertainty with McDonald’s, we are withdrawing our prior full year outlook and not updating it at this time,” CFO Jeremiah Ashukian told analysts.
In February, the company projected organic revenue growth of 5% to 7%, with net revenue of $1.55 billion to $1.65 billion and adjusted EPS of 4 cents to 8 cents.
Krispy Kreme estimated $5 million in operational inefficiencies related to an information technology hack last year. At that time, it said in a securities filing it anticipated that the loss of online sales and other costs from the cybersecurity incident will result in “a material impact” on the company’s business operations and finances.
Looking ahead, Charlesworth told analysts Krispy Kreme plans to open five to seven production hubs this year, mainly to improve coverage for national customers such as Target Corp.
PPG returns to Shelby with $380 million investment, 110 jobs
Pittsburgh-based PPG Industries will invest $380 million to establish a manufacturing center in Shelby that’s expected to employ 110 workers, marking a return for the company that first established a facility in Cleveland County in the 1950s. The company’s project in Shelby will establish a facility to produce a full line of PPG’s aerospace coatings and sealants.
Wages for the new jobs will be $66,861, compared to the current average wage of $48,310 in Cleveland County. PPG’s median wage for its more than 46,000 employees last year was $61,469.
The company will locate in a shell building at 2215 Randolph Road, which will be built out for manufacturing. It will construct a second building for warehousing on the property. Construction is expected to start in October and be completed in the first half of 2027, which is when production will begin, according to the company.
The Fortune 500 company is a global supplier of paints, coatings and specialty materials and operates in more than 70 countries. It had reported net sales of $15.8 billion last year. PPG’s aerospace business provides solutions for Original Equipment Manufacturers (OEM) and aftermarket customers, such as airlines and maintenance, repair and overhaul facilities for commercial, general aviation, and military segments. The company’s aerospace portfolio includes advanced coatings, sealants, transparencies, packaging, chemical services, engineered materials, and specialty products designed to enhance the performance, durability and safety of aircraft.
PPG sold its fiberglass operations in Shelby as part of a larger exit from the glass business in 2017 to Nippon Electric Glass in 2017. Nippon Electric Glass still has operations in Shelby.
The return of PPG held special significance for GOP Rep. Kelly Hastings, a Gaston County Republican whose district includes parts of Gaston and Cleveland counties.
“PPG is a name held in high regard in our area, and we’re all excited to open the next chapter of this partnership for our region and for our state,” says Hastings. “We welcome these new jobs and investment to our region, and I am especially proud that my mom is a PPG retiree.”
“PPG’s investment in this new manufacturing facility demonstrates the significant demand growth for our world-class technologies and our continued commitment to serving our aerospace customers,” says Tim Knavish, PPG CEO, in a release. “By modernizing and digitizing our facilities, PPG will continue to embody our purpose — to protect and beautify the world — while contributing to the growth and innovation of the aerospace sector.”
A performance-based grant of $300,000 from the One North Carolina Fund will help facilitate PPG’s project into Cleveland County. The grant also requires a local matching grant.
Xi fortifies China’s economy ahead of landmark U.S. trade talks
Beijing rolled out sweeping economic stimulus measures, including major interest rate cuts, just before trade talks begin in Switzerland with top Trump administration officials. The moves are seen as a bid to strengthen China’s position amid escalating tariffs and global trade tensions.
Wells Fargo CEO’s 2024 compensation climbs to $30.3M
Wells Fargo CEO Charles Scharf saw a 16.7% pay increase in 2024, driven by a sharp rise in stock awards. His total compensation reached $30.3 million, with base salary holding at $2.5 million and incentive pay up 8.3% to $7.18 million. Scharf has led the bank since 2019.
Canton mill site redevelopment plan expected within six months
Spirtas Worldwide, which purchased Canton’s 185-acre former mill site last fall, plans to release a bold master plan within six months. Owner Eric Spirtas says the vision includes economic, residential, commercial and environmental components. Spirtas continues to cover wastewater treatment costs as discussions with the town continue.