Year in Review: Top National and State news of 2023
December 29, 2023
| Good morning: TRC Nexus usually avoids headline news and instead highlights stories for business leaders that often go under the radar. But today, we’re taking a look back to highlight the top five national stories from 2023 and the top five North Carolina stories. Tomorrow, we can’t wait to showcase to you the top Saturday thought pieces on the year. But let’s get to the top National and State stories that hit your inbox this year… *** National May 19, 2023 | Forbes: A Short History Of ChatGPT: How We Got To Where We Are Today Picture an AI that truly speaks your language — and not just your words and syntax. Imagine an AI that understands context, nuance, and even humor. This is no longer just a futuristic concept — it’s the reality of ChatGPT.Why it matters: 2023 marks the first time AI technology entered the mainstream of the public consciousness. Business consultants worldwide predict the substantial impact of AI-related technologies in nearly every industry. March 27, 2023 | The Wall Street Journal: First Citizens Acquires Much of Failed Silicon Valley Bank First Citizens Bancshares Inc., one of the nation’s largest regional banks, is buying large pieces of Silicon Valley Bank more than two weeks after the lender’s collapse sent tremors through the banking system. The Federal Deposit Insurance Corp. said First Citizens is acquiring all of Silicon Valley Bank’s deposits, loans and branches, which will open Monday morning under the new ownership. The purchase includes $56.5 billion in deposits and about $72 billion of SVB’s loans at a discount of $16.5 billion. Some $90 billion of SVB’s securities will remain in receivership.Why it matters: In March, fears swarmed about a severe financial crisis started by the collapse of Silicon Valley Bank. Where there was some fallout and turmoil, the current financial system contained the contagion and stopped a wider panic. October 3, 2023 | The New York Times: McCarthy Is Ousted as Speaker, Leaving the House in Chaos The House voted on Tuesday to oust Representative Kevin McCarthy from the speakership, a move without precedent that left the chamber without a leader and plunged it into chaos. After a far-right challenge to Mr. McCarthy’s leadership, eight G.O.P. hard-liners joined Democrats to strip the California Republican of the speaker’s gavel. The 216-to-210 vote reflected the deep polarization in Congress and raised questions about who, if anyone, could muster the support to govern an increasingly unruly House G.O.P. majority. “The office of speaker of the House of the United States House of Representatives is hereby declared vacant,” Representative Steve Womack, Republican of Arkansas, a McCarthy ally who presided over the chamber during the vote, declared after banging the gavel to finalize the result.Why it matters: Despite winning the majority in the 2022 midterms, House Republicans struggled to govern due to internal divisions. Every essential governing task became a high-stakes drama concerning the Republicans’ ability to coalesce around an agenda. Ousting Speaker McCarthy to vote for a less conservative spending package later exemplified the divisions within the Republican conference. December 11, 2023 | The New York Times: U.S. and Ukraine Search for a New Strategy After Failed Counteroffensive American and Ukrainian military leaders are searching for a new strategy that they can begin executing early next year to revive Kyiv’s fortunes and flagging support for the country’s war against Russia, according to U.S. and Ukrainian officials. The push for a fresh approach comes after Ukraine’s monthslong counteroffensive failed in its goal of retaking territory lost to the invading Russian army and after weeks of often tense encounters between top American officials and their Ukrainian counterparts.Why it matters: At the start of 2023, hopes were high that Ukraine would progress in expelling Russian forces from its territory. But the counter-offensive flounder, leaving no easy military path to ending the conflict. While the conflict lasts, international sanctions will remain, complicating global commerce. April 4, 2023 | The New York Times: How Alvin Bragg Resurrected the Case Against Donald Trump One year ago this week, the Manhattan district attorney’s investigation into Donald J. Trump appeared to be dead in the water. The two leaders of the investigation had recently resigned after the new district attorney, Alvin L. Bragg, decided not to charge Mr. Trump at that point. Amid a fierce backlash to his decision — and a brutal start to his tenure — Mr. Bragg insisted that the investigation was not over. But a disbelieving media questioned why, if the effort was still moving forward, there were so few signs of it. “Unless y’all are great poker players,” Mr. Bragg told The New York Times in an early April 2022 interview, “you don’t know what we’re doing.”Why it matters: The New York District Attorney’s indictment of former President Donald Trump with crimes related to his business dealings alleging a type of fraud. This unprecedented legal situation changed the nature of the Presidential election. While polling consistently shows Trump’s legal troubles pose problems with independent voters, Republican Primary voters rallied to his cause, limiting the potential for an actual GOP primary. |
| North Carolina October 31, 2023 | Toyota: Toyota Supercharges North Carolina Battery Plant with New $8 Billion Investment Toyota today announced a new investment of nearly $8 billion that will add approximately 3,000 jobs at Toyota Battery Manufacturing North Carolina (TBMNC). This brings total investment to approximately $13.9 billion and job creation to more than 5,000 – further supporting Toyota’s multi-pathway approach to global vehicle electrification. This investment adds capacity to support battery electric vehicles (BEV’s) and plug-in hybrid electric vehicles (PHEV’s). An additional eight BEV/PHEV battery production lines will be added to the two previously announced, for a total of ten BEV/PHEV battery lines. In addition, as originally announced, the plant will also have four battery lines for Hybrid Electric Vehicles (HEVs). Production will be increased in a phased approach, with line launches planned through 2030 to reach a total production of more than 30GWh annually.Why it matters: Toyota’s decision to invest in North Carolina is a bat signal to other companies across the country on where they should invest. In 2021, Toyota announced its initial construction, and in 2023, North Carolina is on the way to becoming the battery belt as other companies follow Toyota’s lead. April 5, 2023 | Axios Raleigh: NC Democrat expected to change parties A North Carolina Democratic lawmaker is expected to flip her party affiliation, multiple Republicans with knowledge of the discussions tell Axios. The move would cement Republicans’ toe-hold in a fast-changing swing state, handing them a veto-proof majority in the middle of the legislative session and a clear runway to enact their agenda despite opposition from Democratic Gov. Roy Cooper. Driving the news: Republicans, who are currently just one seat short of a supermajority in the legislature, have been hoping that state Rep. Tricia Cotham, a Democrat from Charlotte, might switch parties at some point this session, but the prospect began to seem more realistic last week, a Republican House member said.Why It Matters: Cotham’s party switch relieved the pressure within the General Assembly this session as Republicans worked to pass a conservative legislative agenda. Before Cotham’s party switch, liberal activists exerted enormous pressure on individual House Democrats to uphold Gov. Cooper’s veto. But once it became clear Republicans could pass what they wanted without any Democratic support, the pressure campaigns subsided, and several moderate Democrats voted with Republicans on supposedly controversial legislation. October 3, 2023 | BusinessNC:NCInnovation hires staff after getting $500 million in state budget NCInnovation, backed by $500 million in the new state budget, has hired four regional directors to lead its operations across the state. One director will be based at each of four “anchor” universities – UNC Charlotte, Western Carolina University, East Carolina University and N.C. A&T State University – and will manage NCInnovation activities at other universities in each region as well. The goal of NCInnovation is to support North Carolina universities that are not Tier I research universities – Duke, UNC Chapel Hill and N.C. State – to help them commercialize their work and turn concepts into companies that create jobs in North Carolina.Why it matters: North Carolina is home to the country’s largest public university system. NC Innovation leverages the talent and research already happening in North Carolina’s world-class institutions. The significant investment by the General Assembly puts North Carolina on track to be the Innovation State. September 27, 2023 | Fox News: North Carolina becomes 9th state to pass universal school choice, the first to do so without GOP trifecta North Carolina became the ninth state to pass universal school choice when the legislature passed its budget on September 22. North Carolina is the most recent state to adopt school choice using the Education Savings Account model (ESAs). The program’s funding will increase each year, reaching $520 million by 2032. ESAs allow parents to use public funds to cover a variety of education expenses, including private school tuition, instructional materials, and homeschooling costs.Why it matters: Over time, this program can potentially transform public education as we know it. For centuries, Americans attended neighborhood schools, but now, with school choice movements, funding follows the student, allowing parents to provide direct feedback about the quality of the education. July 11, 2023 | CNBC: With a world-class workforce and a booming economy, North Carolina repeats as America’s Top State for Business in 2023 At a time when companies are clamoring for workers while trying to navigate a treacherous economy, no state is meeting their needs more effectively than North Carolina. The Tar Heel State is America’s Top State for Business in CNBC’s annual competitiveness study. It is the second consecutive year at the top for North Carolina — a rare feat in the CNBC study, which launched in 2007. Business and the economy in the state have been on a tear since the pandemic, and the state has scarcely looked back.Why it matters: North Carolina’s repeating win as top state for business is an anomaly in CNBC’s rankings, though well deserved. The rapid ascention is a result of a decade’s worth of policy planning and business friendly legislatures. |
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