St. Louis food giant completes $880M deal to buy out joint venture private-brand business
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19 minutes ago
China rushes to build out solar, emissions edge downward
TALATAN, China -- High on the Tibetan plateau, Chinese government officials last month showed off what they say will be the world's largest solar farm when completed — 610 square kilometers (235 square miles), the size of the American city of Chicago. China has been installing solar panels at a blistering pace, far faster than anywhere else in the world, and the investment is starting to pay off. A study released Thursday found that the country's carbon emissions edged down 1% in the first six months of the year compared to a year earlier, extending a trend that began in March 2024. The good news is China's carbon emissions may have peaked well ahead of a government target of doing so before 2030. But China, the world's biggest emitter of greenhouse gases, will need to bring them down much more sharply to play its part in slowing global climate change. For China to reach its declared goal of carbon neutrality by 2060, emissions would need to fall 3% on average over the next 35 years, said Lauri Myllyvirta, the Finland-based author of the study and lead analyst at the Centre for Research on Energy and Clean Air. 'China needs to get to that 3% territory as soon as possible,' he said. China's emissions have fallen before during economic slowdowns. What's different this time is electricity demand is growing — up 3.7% in the first half of this year — but the increase in power from solar, wind and nuclear has easily outpaced that, according to Myllyvirta, who analyzes the most recent data in a study published on the U.K.-based Carbon Brief website. 'We're talking really for the first time about a structural declining trend in China's emissions,' he said. China installed 212 gigawatts of solar capacity in the first six months of the year, more than America's entire capacity of 178 gigawatts as of the end of 2024, the study said. Electricity from solar has overtaken hydropower in China and is poised to surpass wind this year to become the country's largest source of clean energy. Some 51 gigawatts of wind power was added from January to June. Li Shuo, the director of the China Climate Hub at the Asia Society Policy Institute in Washington, described the plateauing of China's carbon emissions as a turning point in the effort to combat climate change. 'This is a moment of global significance, offering a rare glimmer of hope in an otherwise bleak climate landscape,' he wrote in an email response. It also shows that a country can cut emissions while still growing economically, he said. But Li cautioned that China's heavy reliance on coal remains a serious threat to progress on climate and said the economy needs to shift to less resource-intensive sectors. 'There's still a long road ahead,' he said. A seemingly endless expanse of solar panels stretches toward the horizon on the Tibetan plateau. White two-story buildings rise above them at regular intervals. Sheep graze on the scrubby vegetation that grows under them. Solar panels have been installed on about two-thirds of the land. When completed, it will have more than 7 million panels and be capable of generating enough power for 5 million households. Like many of China's solar and wind farms, it was built in the relatively sparsely populated west. A major challenge is getting electricity to the population centers and factories in China's east. 'The distribution of green energy resources is perfectly misaligned with the current industrial distribution of our country,' Zhang Jinming, the vice governor of Qinghai province, told journalists on a government-organized tour. Part of the solution is building transmission lines traversing the country. One connects Qinghai to Henan province. Two more are planned, including one to Guangdong province in the southeast, almost at the opposite corner of the country. Making full use of the power is hindered by the relatively inflexible way that China's electricity grid is managed, tailored to the steady output of coal plants rather than more variable and less predictable wind and solar, Myllyvirta said. 'This is an issue that the policymakers have recognized and are trying to manage, but it does require big changes to the way coal-fired power plants operate and big changes to the way the transmission network operates,' he said. 'So it's no small task.' ___
Chicago Tribune
21 minutes ago
- Chicago Tribune
Oberweis launches first ice cream shop under new owners in Winnetka
Oberweis Dairy is opening its first new ice cream store since it was bought out of bankruptcy last summer by a Winnetka-based private equity firm. The location? The North Shore hometown of its new owners, the Hoffmann Family of Companies. The new Oberweis store launched quietly Wednesday afternoon near the Winnetka train station and New Trier High School, planting its flag less than a mile down Green Bay Road from Homer's Ice Cream, a North Shore staple for 90 years. 'I'm in Winnetka, so there's a little bit of a bias in having a store here, but we think it's a perfect community for it,' said Geoff Hoffmann, co-CEO of Hoffmann Family of Companies. 'Everybody can't wait to get their first ice cream cone.' The colorful corner ice cream shop at 510 Winnetka Ave. replaces a former carpet store on the first floor of the 18-year-old, three-story brick building, a mixed-used commercial property acquired by Hoffmann's real estate division last year. The grand opening is set for Aug. 27. The new store features a refreshed design that will serve as a blueprint for the Oberweis Ice Cream and Dairy chain. It also marks something of a rebirth for the storied but struggling Chicago-area brand, known for its old-school bottled milk and ice cream. 'It really is going to showcase what the company and what the stores are going to look like into the future,' Hoffmann told the Tribune. 'It's the evolution of Oberweis and it's incredibly exciting.' Started by an Aurora dairy farmer more than a century ago, Oberweis grew into a multistate enterprise with 40 ice cream stores in Illinois, Indiana, Michigan and Missouri, grocery distribution and home delivery service. But recent years were challenging for the family-owned business, which filed for Chapter 11 bankruptcy protection in April 2024 amid declining revenues and mounting debt. The Hoffman Family of Companies, which owns a diverse portfolio ranging from wineries to a minor league hockey club, bested rival bidder Chicago-based Dutch Farms with a $21.25 million offer for the assets of Oberweis at a May 2024 bankruptcy auction, taking ownership the following month. Since then, the new owner has invested in the dairy's 28-year-old North Aurora plant, closed two stores in Champaign and Bolingbrook, streamlined operations and set the table for expanding the Oberweis brand. Oberweis opened its first ice cream store in 1951. The Winnetka launch brings the total number of stores back up to 39, with more in the pipeline. The company is planning to open 15 to 20 new stores over the next few years under new parent company Hoffmann Oberweis Dairy, filling in additional locations in the Chicago market while expanding its retail footprint into Wisconsin and Florida. Meanwhile, the existing stores have all been refreshed, with the new Winnetka location a model for the reimagined Oberweis retail experience. 'Every store in the portfolio has received refreshed painting, there's been new graphics added into the stores, enhancements to the menu boards,' said Adam Kraber, president and CEO of Hoffmann Oberweis Dairy. The new look includes ice cream wallpaper, a waffle cone-like ceiling, a red brick dairy case and black-and-gold touches throughout the store evoking the Oberweis super premium ice cream containers. Another new feature is a station for taking selfies next to giant illuminated ice cream cones and an Oberweis logo. A designated chess table in the dining area is a holdover from the old Oberweis stores. Oberweis, which filed a notice with the state in April 2024 warning of possible layoffs and a plant closure, now has 1,200 employees across the company — more than before it declared bankruptcy, Kraber said. Revenues are on the rise as well, Kraber said. During the pandemic, home delivery boosted the company's fortunes, with revenue jumping from $79 million in 2019 to an all-time high of $116 million in 2020, according to its bankruptcy filing. But annual revenue fell back to $104 million by 2022, and the company was unprofitable in the post-pandemic landscape, precipitating the bankruptcy filing. While Oberweis declined to disclose specifics, revenue is increasing this year under new ownership, with continued growth projected in 2026, Kraber said. The ice cream stores account for about 40% of sales, home delivery 40% and grocery sales are about 20% of the revenue pie, Kraber said. Oberweis will be looking to expand its grocery store operations across the Midwest and beyond, with milk, juice lines and ice cream products, including a new 4-ounce ice cream pushup tube. Another change on grocery shelves this fall will be a redesigned clear glass milk bottle emphasizing the history and quality of the product. The milk container can be meaningful, as Oberweis learned the hard way with the 2017 introduction of amber-colored glass bottles meant to filter out light and preserve freshness. Customers didn't like the look and Oberweis cited the misstep as contributing to its financial difficulties in the bankruptcy filing. For now, the next big test for the refreshed Oberweis is whether the Winnetka store can establish itself as a North Shore ice cream destination amid nearby competitors including Homer's, which opened in 1935 in Wilmette, or the 155-year-old Graeter's, an Ohio import that set up shop in Hubbard Woods eight years ago. Kraber said Oberweis ice cream, with its own rich history and ambitious new owners, is up to the challenge. 'It's a wonderful product. It's one of the richest ice creams that you will find on the market,' Kraber said. 'And now we can go and take that and properly support that and expand it across not just the Midwest region, but regions outside of that, because we have a foundation that we can grow on for the next 100 years of this organization.' On Wednesday afternoon, workers put the finishing touches on the store, which was redolent with freshly made waffle cones ahead of a planned 4 p.m. soft opening. Several eager customers arrived early. Sean and Mary Geraghty, who live in south suburban Oak Forest, frequent an Orland Park Oberweis and wanted to share the ice cream with their 6- and 8-year-old grandkids while visiting them in Winnetka. They were politely turned away with coupons for free ice cream. 'It's my birthday, so we're going to celebrate my birthday together later,' Mary Geraghty said. 'It'll be nice to come back and have an ice cream cone together.' Mark Cison, a Winnetka resident, received texted marching orders from his wife Wednesday afternoon to go pick up some Oberweis ice cream from the new store for their 12- and 10-year-old children. Unfortunately, he also arrived a couple of hours before the opening and was sent away with a coupon. 'We go to the Oberweis sometimes in Glenview, but it's kind of a long drive,' Cison said. 'I've got two kids that love ice cream — probably going to be here every day getting scoops after school or after work.' While they have also visited the nearby competitors, Cison said he prefers Oberweis ice cream, touting both the quality and the value. 'This is more reasonably priced,' he said. 'You get a good portion, and it's super delicious.'
Business Insider
an hour ago
- Business Insider
Parts of Europe are suspending postal shipments to the US — and your order may not arrive
Postal services operated by Norway, Sweden, Denmark, and Belgium — Posten Bring, PostNord, and bpost — said they will suspend parcel shipments to the US ahead of the end of a customs exemption that allows low-value packages to enter the country duty-free. The conundrum facing postal operators comes as the Trump administration prepares to suspend the " de minimis" exemption starting on August 29. The exemption used to allow international shipments under $800 to cross the border with minimal paperwork and no duties. Now, these shipments will face tariffs, and not every operator can handle the customs declaration paperwork, have a payment mechanism in place, or be responsible for returns should a receiver refuse to pay tariffs. It's unclear when the temporary freeze on shipments will resume. "Due to the short timeframe to adapt to the new specific requirements, PostNord will temporarily halt shipments to the United States and Puerto Rico until a compliant solution has been developed and implemented," wrote the operator owned by the Swedish and Danish governments in a statement on Wednesday. Separately, Posten Bring, Norway's primary postal provider operated by the government, said in a statement that postal services have not been given clear instructions and solutions on how the duties will be paid or who would be responsible for returns. Therefore, Posten Bring sees suspension as the "only option." All three European postal services will suspend shipments starting August 23, which applies to all packages other than letters. This means that if you have a pending purchase that is not shipped by the deadline, your seller may need to cancel your order or arrange alternatives. But even if you're not purchasing from these specific European countries, your shopping options might still dwindle and become more costly. Etsy, the US e-commerce giant and a hub for independent crafters, posted a notice Wednesday that shipping label purchases for Australia Post, Canada Post, Evri, and Royal Mail for US-bound packages will be temporarily suspended starting August 25. Etsy wrote in a statement that these operators are unable to support prepaid duties at the moment, which may result in a large number of rejected packages due to unpaid duties and surprise costs for buyers not listed at checkout. Across social media platforms, many independent sellers based in the UK are also announcing that they can no longer support orders to the US, citing the introduction of an $80 flat fee plus handling charges for using Royal Mail to ship parcels to the US. "We hope to resume shipping as soon as we can, but we really don't want our customers to be hit with an $80+ fee," wrote the Citrine Circle, a UK-based crystal shop, on Instagram. "It feels like the world is getting smaller and smaller."
