Nacco: Q2 Earnings Snapshot
The Cleveland-based company said it had profit of 44 cents per share.
The small appliance maker posted revenue of $68.2 million in the period.
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San Francisco Chronicle
4 hours ago
- San Francisco Chronicle
Whitmer told Trump in private that Michigan auto jobs depend on a tariff change of course
WASHINGTON (AP) — Michigan Gov. Gretchen Whitmer met privately in the Oval Office with President Donald Trump to make a case he did not want to hear: the automotive industry he said he wants to save were being hurt by his tariffs. The Democrat came with a slide deck to make her points in a visual presentation. Just getting the meeting last Tuesday with the Republican president was an achievement for someone viewed as a contender for her party's White House nomination in 2028. Whitmer's strategy for dealing with Trump highlights the conundrum for her and other Democratic leaders as they try to protect the interests of their states while voicing their opposition to his agenda. It's a dynamic that Whitmer has navigated much differently from many other Democratic governors. The fact that Whitmer had 'an opening to make direct appeals' in private to Trump was unique in this political moment, said Matt Grossman, a Michigan State University politics professor. It was her third meeting with Trump at the White House since he took office in January. This one, however, was far less public than the time in April when Whitmer was unwittingly part of an impromptu news conference that embarrassed her so much she covered her face with a folder. On Tuesday, she told the president that the economic damage from the tariffs could be severe in Michigan, a state that helped deliver him the White House in 2024. Whitmer also brought up federal support for recovery efforts after an ice storm and sought to delay changes to Medicaid. Trump offered no specific commitments, according to people familiar with the private conversation who were not authorized to discuss it publicly and spoke only on condition of anonymity to describe it. Whitmer is hardly the only one sounding the warning of the potentially damaging consequences, including factory job losses, lower profits and coming price increases, of the import taxes that Trump has said will be the economic salvation for American manufacturing. White House spokesman Kush Desai that no other president 'has taken a greater interest in restoring American auto industry dominance than President Trump." Trade frameworks negotiated by the administration would open up the Japanese, Korean and European markets for vehicles made on assembly lines in Michigan, Desai said. But the outreach Trump has preferred tends to be splashy presentations by tech CEOs. In the Oval Office on Wednesday, Apple CEO Tim Cook gave the president a customized glass plaque with a gold base as Cook promised $600 billion in investments. Trump claims to have brought in $17 trillion in investment commitments, although none of those numbers has surfaced yet in economic data. Under his series of executive orders and trade frameworks, U.S. automakers face import taxes of 50% on steel and aluminum, 30% on parts from China and a top rate of 25% on goods from Canada and Mexico not covered under an existing 2020 trade agreement. That puts America's automakers and parts suppliers at a disadvantage against German, Japanese and South Korean vehicles that only face a 15% import tax negotiated by Trump last month. On top of that, Trump this past week threatened a 100% tariff on computer chips, which are an integral part of cars and trucks, though he would exclude companies that produce chips domestically from the tax. Whitmer's two earlier meetings with Trump resulted in gains for Michigan. But the tariffs represent a significantly broader request of a president who has imposed them even more aggressively in the face of criticism. Materials in the presentation brought Whitmer to the meeting and obtained by The Associated Press noted how trade with Canada and Mexico has driven $23.2 billion in investment to Michigan since 2020. General Motors, Ford, and Stellantis operate 50 factories across the state, while more than 4,000 facilities support the auto parts supply chain. Altogether, the sector supports nearly 600,000 manufacturing jobs, forming the backbone of Michigan's economy. Whitmer outlined the main points of the materials to Trump and left copies with his team. To Grossman, the Michigan State professor, a key question is whether voters who expected to be helped by tariffs would react if Trump's import taxes failed to deliver the promised economic growth. 'Everyone's aware that Michigan is a critical swing state and the auto industry has outsized influence, not just directly, but symbolically,' Grossman said. AP VoteCast found that Trump won Michigan in 2024 largely because two-thirds of its voters described the economic conditions as being poor or 'not so good.' Roughly 70% of the voters in the state who felt negatively about the economy backed the Republican. The state was essentially split over whether tariffs were a positive, with Trump getting 76% of those voters who viewed them favorably. The heads of General Motors, Ford and Stellantis have repeatedly warned the administration that the tariffs would cut company profits and undermine their global competitiveness. Their efforts have resulted in little more than a temporary, monthlong pause intended to give companies time to adjust. The reprieve did little to blunt the financial fallout. In the second quarter alone, Ford reported $800 million in tariff-related costs, while GM said the import taxes cost it $1.1 billion. Those expenses could make it harder to reinvest in new domestic factories, a goal Trump has championed. 'We expect tariffs to be a net headwind of about $2 billion this year, and we'll continue to monitor the developments closely and engage with policymakers to ensure U.S. autoworkers and customers are not disadvantaged by policy change,' Ford CEO Jim Farley said on his company's earning call. Smaller suppliers have felt the strain, too. Detroit Axle, a family-run auto parts distributor, has been one of the more vocal companies in Michigan about the impact of the tariffs. The company initially announced it might have to shut down a warehouse and lay off more than 100 workers, but later said it would be able to keep the facility open, at least for now. 'Right now it's a market of who is able to survive, it's not a matter of who can thrive,' said Mike Musheinesh, owner of Detroit Axle.
CNBC
5 hours ago
- CNBC
How one real estate startup is taking on record heat this summer
As brutally high temperatures bake the nation this summer, cooling is becoming increasingly critical across commercial real estate property portfolios. Landlords are balancing soaring demand with rising costs, putting energy efficiency front and center. The trouble is that most large building systems essentially run blind. Temperatures are set centrally, so they don't know if certain parts of the building are running too hot or too cold. That's why so many office workers sit at their desks wearing sweaters in the summer and then feel overheated in the winter. Now, new technology is taking on the challenge. Runwise, a New York-based technology company, invented its own hardware/software platform to eliminate overheating in large buildings. It recently expanded that to cooling. "We're trying to hit these climate goals, yet right in our literal building we're throwing money away every time you run a boiler when it doesn't need to run, you're wasting money and you're producing carbon emissions unnecessarily that really make nobody comfortable," said Jeff Carleton, co-founder and CEO of Runwise. The company combines future weather algorithms with a wireless temperature sensor network that speaks to a Runwise central control system. That control analyzes the data and then operates the system more efficiently. For example, a 100,000-square-foot building may have just one boiler, but it needs multiple temperature inputs. Runwise would put in 20 to 25 sensors, which take an average based on the user setting and future weather, and then figure out how often to run the boiler. The tech is now installed in more than 10,000 buildings across 10 states, with roughly 1,000 customers, including major real estate owner-operators such as Related, Equity Residential, FirstService Residential, MTA, Port Authority, National Grid, Rudin, LeFrak, UDR, Douglas Elliman and Akam. Runwise claims to have collectively saved more than $100 million in energy costs to date. CNBC's Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox. Subscribe here to get access today. The startup recently announced a $55 million Series B funding round led by Menlo Ventures, bringing its total funding to $79 million. Other backers include Nuveen Real Estate, Munich Re Ventures, MassMutual Ventures, Multiplier Capital, Soma Capital and Fifth Wall. Carleton said Runwise will use the additional funding to grow the business nationwide and, of course, to incorporate artificial intelligence into its systems. "It's only going to become more and more ingrained in what we build, as we collect data from more and more buildings and build more advanced models on how to run them more efficiently," he said. "We plan to use AI to continuously make our algorithms more efficient."
NBC News
5 hours ago
- NBC News
Dale Earnhardt's widow and son battle over a $30 billion data center on his North Carolina land
Aug. 9, 2025, 8:03 AM EDT By Bracey Harris Far from the roaring speedways, NASCAR legend Dale Earnhardt was an outdoorsman who liked to hunt and fish. There was plenty of space to do both on his sprawling land near Mooresville, North Carolina, a quiet town 30 miles north of Charlotte. Now that land is at the center of a battle over the future of Mooresville that has galvanized residents and pitted Earnhardt's widow, who wants to develop the property into an enormous data center, against one of Earnhardt's children, who has joined the fight to stop her. The proposed $30 billion Mooresville Technology Park would stretch across 400 undeveloped acres, adding several new buildings and an electrical substation. Teresa Earnhardt, Dale Earnhardt's widow, is seeking approval from the Mooresville Board of Commissioners to rezone his onetime sanctuary as industrial land. Tract, a Denver-based company that builds data centers and leases them to technology companies, has proposed constructing a new campus on that site. Kerry Earnhardt, Dale Earnhardt's eldest son, is part of a growing group of residents urging the board to vote 'no.' 'My Dad would be livid for his name to be associated' with the project, Kerry Earnhardt posted on Facebook last week, ahead of a community meeting that drew hundreds of people. 'Infrastructures like this don't belong in neighborhoods where people's natural resources will be depleted, wildlife will be uprooted, and the landscape and lives of the people that call this area home will forever be changed.' Teresa Earnhardt, Dale Earnhardt's third wife, who was married to him from 1982 until his death in a racing crash in 2001, did not respond to requests for comment. This is not her first dispute over Earnhardt's legacy: A decade ago, she sued Kerry Earnhardt, her stepson, after he started an 'Earnhardt Collection' home and furniture line, saying he was violating her trademark rights in their shared famous last name; ultimately, Kerry Earnhardt prevailed. The Mooresville Board of Commissioners is scheduled to vote on the rezoning after a public hearing in September, but on Friday afternoon Mayor Chris Carney cast doubt on the project's future. Carney, who previously told NBC News he was uncertain on the venture, posted a video on Facebook saying he doesn't feel able to vote 'yes' because Tract hasn't yet said which tech company would ultimately use the data center. And he suggested other board members shared his concerns. 'No matter what, you can only trust if you know who your final partner is going to be, and we just don't know that,' said the mayor, who would only cast a vote if there's a tie among the board's six members. Tract declined to comment to NBC News. A Tract spokesperson said in a statement to The Charlotte Observer Friday that the company was "both disappointed and surprised" and that it was "carefully evaluating our next steps." Representatives for Tract have glowingly pitched the project to residents, saying the center will be 'a good neighbor' while generating hundreds of millions of dollars for the local government. Earnhardt family disputes aside, the fight in Mooresville echoes similar debates across the country as communities grapple with the potential economic benefits and environmental downsides of giant data centers that are swallowing land and resources to feed America's insatiable demand for computing power. Crowds of people have packed meetings from Arizona to Alabama to express fears that these projects could overtax the electric grid, pollute the water and air, and generally disrupt their rural peace with hulking structures emitting a high-tech hum. Supporters, who often include local officials and business development groups, pitch the data centers as a way to infuse economic opportunity and tax revenue into struggling areas and make good use of land that would otherwise sit vacant. The White House is also praising the projects amid the country's artificial intelligence race against China. In July, President Donald Trump signed an executive order to fast-track federal permitting for data centers. There are already more than 5,400 data centers across the U.S., with many more on the way. The consulting company McKinsey said in April that it forecasts roughly $7 trillion in global spending on data centers in the next five years, sparked in large part by demand for processing power to meet the needs of tech companies racing to build and develop advanced artificial intelligence systems. Data centers, often massive buildings dedicated to housing computing and data storage capacity, can strain local power and water resources. A study by the Environmental and Energy Study Institute found that large data centers can consume up to 5 million gallons of water per day. While tech companies' need for data centers is only growing, opponents of these projects have begun making headway in stopping them. In Arizona, the Tucson City Council on Wednesday voted against Amazon's Project Blue data center, worried that it would raise utility costs. In Oldham County, Kentucky, a data center developer pulled out of a project last month and the county's fiscal court passed a moratorium on data centers after community pushback over environmental concerns. Data Center Watch, a group funded by AI firm 10a Labs that tracks local opposition, found in May that $64 billion in data center developments in the U.S. had been blocked or delayed in the previous year. 'The volume, speed, and effectiveness of local opposition are reshaping the landscape of political risks for the data center industry,' Data Center Watch said in a statement to NBC News. Wendy Reigel, an activist in Chesterton, Indiana, routinely gives advice to other communities fighting data centers after she started a successful movement against a $1.3 billion project in her town last year. She tells those who ask for her help that developers often present the centers as a done deal, but that isn't the case. 'In the end, people need hope,' she said, 'and then they need information, and then they got to work their rear ends off.' That's what the organizers in Mooresville have been doing. About 200 people crowded a Board of Commissioners meeting last Monday, many wearing red T-shirts to signal their opposition to the project. All 10 people who spoke at the meeting raised concerns, questioning Tract's promises about jobs and worrying about the center's demand for water in a drought-prone region. 'Does a data center belong in the middle of a thriving rural residential community?' Kerry Pennell, who lives near the proposed site, said afterward. She helped distribute about 170 'No Data Center' lawn signs that now dot the surrounding roads. 'I don't want an industrial wasteland a mile from my house,' she said. 'I can hear crickets at night.' René Earnhardt, Kerry Earnhardt's wife, was among the speakers at the meeting who advocated protecting the open land and the town's quiet charm from overdevelopment. 'Wealth and power are a destructive combination if used recklessly,' she said. 'There's only so much of this Earth that can be gambled away until there's nothing left.' Tract representatives did not speak at the meeting, but the company has previously pushed back on the residents' criticisms. The nearest residents will hear nothing louder than the thrum of a refrigerator, Tract will pay for infrastructure upgrades that will supply the center with plenty of water and electricity, and the project will generate about 1,000 jobs during construction and 200 permanently, the company said in a presentation. The company currently has 10 projects underway in five states, including Texas, Virginia, Minnesota and Nevada. Donna Jones, 54, was drawn to Mooresville's quiet and safety a decade ago when she and her husband were looking for a place to raise their sons. They bought chickens, then goats and ducks, and they never worried when the boys played outside. 'We had a little farm, and we thought we had paradise,' she said. That little farm is about half a mile from the proposed data center. She worries that the disruption will make it difficult to stay, and just as difficult to leave. 'These are our lives,' she said. 'Our property value. What's going to happen to that? Who's going to want to buy or build a house next to a data center?' In a town where many residents still remember Dale Earnhardt or are friendly with his kin, there is a feeling of protectiveness around the racing star, which extends to the land where he spent time. 'Dale was a hero of mine,' said H.A. Mergen, who spoke at Monday's board meeting. 'This land is Dale's legacy — make no mistake about it. I believe we all know what Dale would want his legacy to be.' Bracey Harris Bracey Harris is a national reporter for NBC News, based in Jackson, Mississippi. Natalie Kainz and Shannon Pettypiece contributed.
