Rayonier: Q1 Earnings Snapshot
The Wildlight, Florida-based company said it had a loss of 2 cents per share.
The forest products company posted revenue of $82.9 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $157 million.
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USA Today
a few seconds ago
- USA Today
NFL linebacker Jaylon Smith opens ramen restaurant near Notre Dame alma mater
Las Vegas Raiders' Jaylon Smith is opening the first of what could be as many as eight or more Jinya Ramen Bar locations where he first rose to national prominence as a star linebacker for the University of Notre Dame's Fighting Irish. The sleek new 65-seat restaurant in South Bend, Indiana opened to the public on July 9, with the first 100 customers in line for the 11 a.m. opening receiving a free bowl of ramen ― and the chance to interact with Smith, who's now gearing up for his eighth season in the NFL. 'I wanted to bring something back to Notre Dame and the community,' Smith said of the restaurant that he partnered on with restaurateur Jim Wang. 'And I'd like to open several more in Indiana.' Smith, who originally is from Fort Wayne and starred at Bishop Luers High School before coming to Notre Dame, said his hometown would be an obvious choice for a location in the future, and suggested he's already begun scouting out possible locations. 'I'm Indiana through and through,' he said, while enjoying lunch at the new restaurant that fronts East Pokagon Street between Napoleon and St. Vincent streets. 'I bleed the Hoosier state; it's where I'm from.' Founded in 2010 by CEO Tomo Takahashi, the new Jinya is the 74th for the Los Angeles-based chain that prides itself on serving fresh, made-to-order entrées and appetizers with plenty of vegan and vegetarian options. For the curious, Jinya means a place of community and connection in Japanese, according to the restaurant. Prices for appetizers range from about $5 to $15 and dinners run from $20 to $40, and there's a full bar with mixes and syrups made on site. The restaurant, which is family friendly, is open from 11 a.m. to 11 p.m. Sundays through Thursdays and from 11 a.m. to midnight Fridays and Saturdays. Pro athletes raise money: NFL's Gronkowski throws pickleball fundraiser, raises thousands for The Jimmy Fund Mixing business and football The new restaurant is one of several business interests for Smith since being selected by the Dallas Cowboy in the 2016 NFL draft. 'I've been an entrepreneur for nine years,' he said. Clear Eye View or CEV glasses and sunglasses and the Cycle Management Group, which provides financial education and insurance services, are among several business and philanthropic interests for the linebacker. Unlike some athletes who have famously burned through career earnings, Smith said he does a lot of research and verification before deciding where to invest his money. 'I don't hand money over with blind trust,' he said. 'That's being lazy,' said Smith, who knows about the extreme work it takes to come back from a devastating knee injury like the one he suffered in the 2016 Fiesta Bowl. The winner of the Butkus Award for linebackers, Smith was projected as a top five pick in the NFL draft prior to the injury. But work, determination and faith helped him overcome the knee injury and enjoy a lengthy career in the NFL. 'It was the first time that I worried that football could be taken from me,' he said. Now, Smith is planning for his future after football, developing businesses while splitting time between Fort Wayne, Texas and now Las Vegas. He even hopes to eventually partner with one of his old teammates at Notre Dame on a project. 'God willing, I have three more years of football,' he said. Email Tribune Market Basket columnist Ed Semmler at esemmler@ with tips about retail and restaurant openings and closings.
New York Post
a few seconds ago
- New York Post
Biden push for $10B electric mail delivery fleet flops with just 250 trucks built in two years
WASHINGTON — A Biden administration plan to create a 'green' fleet of postal vehicles has churned out just 250 electric mail trucks in just over two years — after shelling out taxpayer funds meant to build thousands — leaving Republicans raging at the multibillion-dollar 'boondoggle.' The nearly $10 billion project — which called for more than 35,000 battery-powered US Postal Service (USPS) vehicles to be completed by September 2028 — was funded in part by $3 billion in funding from former President Joe Biden's 2022 Inflation Reduction Act. As of this month, the project is well behind schedule despite taxpayers forking over $1.7 billion — prompting Capitol Hill Republicans to try to rescind the remaining nearly $1.3 billion earmarked from the IRA. 'Biden's multi-billion-dollar EV fleet for the USPS is lost in the mail and more than $1 billion is postmarked to order more,' Sen. Joni Ernst (R-Iowa) told The Post. 'I am working to cancel the order and return the money to the sender, the American people. The rescissions package is a great start, but Congress must keep its foot on the pedal and make DOGE a lifestyle by stamping out waste like this on a regular basis.' 6 A Biden administration plan to create a green fleet of postal vehicles has built only 250 electric mail trucks in more than two years, amounting to a multibillion-dollar 'boondoggle,' Republicans said. Business Wire The move comes after former Postmaster General Louis DeJoy stepped down earlier this year, passing off the agency's EV embarrassment to his successor, David Steiner, whose new job became official Monday. Wisconsin-based Oshkosh, a defense contractor, agreed to be paid $2.6 billion by the USPS to provide the 35,000 vehicles — but the Washington Post reported late last year that just 93 battery-powered electric vehicles (BEVs) were ready by November 2024, even though 3,000 were expected by that date. Oshkosh's mail truck production has struggled to clear a number of engineering hurdles, including issues with airbag calibration and during leak testing, which resulted in 'water [pouring] out as if [the vehicles'] oversize windows had been left open in a storm.' A senior executive at Oshkosh attempted to alert USPS about the production problems in 2022, but was blocked by their superiors. 'This is the bottom line: We don't know how to make a damn truck,' one person involved with the manufacturing process told the Washington Post. Michigan-based Morgan Olson, a previous contractual partner of USPS, had tried and failed to win the bid to produce the BEVs in February 2024. During a meeting between DeJoy, postal officials and Morgan Olson executives, the postmaster general lamented the status of 'a production plant in South Carolina,' apparently referring to the Oshkosh truck manufacturing facility, a source who attended the meeting revealed to The Post. 6 The nearly $10 billion project included $3 billion in funding from former President Joe Biden's 2022 Inflation Reduction Act to electrify the agency's fleet. Getty Images But DeJoy later added that he was 'in the parcel delivery business, not the vehicle manufacturing business,' the source continued. At the time, Oshkosh's Spartanburg factory could produce just one mail truck per day, with company records showing that they had expected to be producing upwards of 80 vehicles on a daily basis. The cost per truck to the defense contractor was pegged at $77.692 for 28,195 electric vehicles, according to The Washington Post. In December 2023, USPS put out a call for vehicle suppliers that could provide 'at least 12,000 battery-electric' mail trucks by October 2025, along with 'at least 1,500 internal combustion engine' trucks starting in October 2024. 6 A rep for Oshkosh referred comments to USPS but confirmed the manufacturer still has an active contract with the agency for electric vehicles. USPS OIG A rep for Oshkosh referred questions to USPS but confirmed the manufacturer still has an active contract with the agency for electric vehicles. 'Modernization of the Postal Service's delivery fleet is part of the organization's $40 billion investment strategy to upgrade and improve the USPS processing, transportation, and delivery networks,' a USPS spokesperson said. 'The Postal Service has placed orders for 51,500 next generation delivery vehicles (NGDVs), of which 35,000 are Battery Electric Vehicles (BEV). More than 1,000 NGDVs have been received to date, of which more than 250 are BEV,' the rep added. 'Additionally, the Postal Service has ordered 9,250 Ford E-Transit electric vehicles, of which nearly 8,000 have been received. Deployment continues to expand to sites across the country in accordance with the rollout of our new delivery network.' 6 Ex-Postmaster General Louis DeJoy admitted he was 'in the parcel delivery business, not the vehicle manufacturing business,' according to a source. AP 6 USPS's Grumman Long Life Vehicles are expensive to maintain, loud, fuel-inefficient, and have been known at times to burst into flame. CJ GUNTHER/EPA-EFE/Shutterstock The Biden administration had been committed USPS to acquiring '100% electric' postal vehicles starting in 2026, but it remains to be seen whether Republicans will withdraw the funding for the green fleet project. The transition of USPS vehicles to electric power from gas vehicles — a central pillar of Biden's environmental agenda — has been stalled almost from the outset. Expert estimates project that the broader set of environmental provisions included in the Inflation Reduction Act could cost taxpayers upwards of $1 trillion during the decade following the bill's passage. The new, predominantly electric vehicles are meant to replace the antiquated fleet of Grumman Long Life Vehicles, which date to 1987 and are expensive to maintain, loud, fuel-inefficient, and have been known at times to burst into flame. 6 The transition of USPS vehicles over to electric power from gas-powered vehicles — a central pillar of Biden's environmental agenda — has been at a near standstill from the outset. AP The miniscule number of vehicles that have been produced by Oshkosh are also a small fraction of the 60,000 total 'Next Generation Delivery Vehicles,' powered by a mix of battery-electric and other energy sources, that USPS is set to purchase from the firm. The Government Accountability Office, a non-partisan taxpayer accountability agency, identified USPS in a February 2025 report as having 'high risk' financial viability because the agency 'still cannot fully fund its current level of services and financial obligations.' In recent months, Trump has floated the possibility of merging USPS with the Department of Commerce, citing USPS losses of an astonishing $9.5 billion in fiscal year 2024. '[USPS has] been just a tremendous loser for this country, tremendous amounts of money they've lost,' the president told reporters in February. 'We want to have a post office that works well and doesn't lose massive amounts of money, and we're thinking about doing that, and will be a form of a merger, but it'll remain the Postal Service, and I think it'll operate a lot better than it has been over the years.' With the 250th anniversary of the founding of the United States Post Office by the Second Continental Congress approaching on July 26, the newly-appointed Steiner will inherit the tall task of modernizing USPS while its EV program continues to tread water.
Forbes
2 minutes ago
- Forbes
GM Supplying Redwood Materials With Batteries For Data Center, Energy Grid Packs
A modular battery microgrid powers Redwood Materials' Nevada campus. Redwood Materials General Motors, which has poured billions of dollars into producing electric vehicle batteries at U.S. plants, is partnering with Redwood Materials to use some of its cells for stationary energy storage systems for the power grid as well as AI data centers. The Detroit-based automaker, which already supplies battery scrap materials to Redwood for recycling, plans to supply both new and used U.S.-made battery cells that Redwood will package as large stationary packs, the companies said. The move comes after Reno-based Redwood, founded by Tesla cofounder and current board member JB Straubel, last month created a new unit to supply energy storage packs called Redwood Energy. 'The market for grid-scale batteries and backup power isn't just expanding, it's becoming essential infrastructure,' said Kurt Kelty, GM's battery chief. 'Electricity demand is climbing and it's only going to accelerate.' Finding additional uses for battery cells beyond EVs can help GM maximize its investment in R&D and production of that technology as Trump Administration policies, distilled in the just-enacted One Big Beautiful Bill Act, darken the outlook for not only EV sales but large-scale wind and solar projects. Pursuing new applications for cleaner, less-polluting energy technology is exactly what many investors are encouraging companies to do. 'Someone said, 'climate tech has gone from green to khaki,' because it's not just about green tech anymore. It's all about domestic security and domestic supply chains,' Nicole LeBlanc, a partner at Toyota's Woven Capital venture fund, recently told Forbes . 'From an investment perspective, that mitigates some uncertainties around the climate element in terms of the scaling of these technologies. Because now they have a second market that is accelerating and has more money in it.' Data centers are a particularly fast-growing source of electricity consumption, likely to use 12% of U.S. power generation by 2028, according to the Energy Department. In June, Redwood said it supplied a 63 megawatt-hour battery microgrid for use by Crusoe, an AI infrastructure company, that's operating at its Nevada headquarters. That installation includes used GM batteries. GM already makes lithium-ion batteries for its electric models and this week announced plans to also make lower-cost lithium-iron phosphate cells at its Spring Hill, Tennessee, plant. The company also recently announced plans to begin producing lithium-manganese-rich cells, a new cell chemistry expected to shave at least $6,000 off the cost of electric truck battery packs. GM is upgrading its Spring Hill, Tennessee, plant to make lithium-iron-phosphate battery cells. General Motors GM and Redwood declined to provide financial details of the partnership, but will share more information later this year, they said in a statement. Redwood, which Straubel cofounded in 2019, recycles used lithium-ion cells to recover valuable raw materials and also makes components for new batteries. The closely held company estimates it's processing more than 20 gigawatt-hours of used battery cells–equivalent to 250,000 EVS–annually. Straubel and Kelty worked together at Tesla, building up the EV company's battery operations from its earliest days until 2017, when Kelty departed. Straubel, formerly Tesla's CTO, left the company in 2019 to focus on Redwood. More From Forbes Forbes GM's New Battery Will Cut The Cost Of Its Electric Trucks By Over $6,000 By Alan Ohnsman Forbes Redwood Materials Gears Up To Recycle First Big Wave Of Used EV Batteries By Alan Ohnsman Forbes Redwood Materials' New Specialty: Recycling EV Batteries Damaged By Fire And Hurricanes By Alan Ohnsman
