NEWS
Inside the Industry
The Port of Los Angeles and its partners are debuting five new hydrogen-powered fuel-cell electric vehicles and the grand opening of two hydrogen-fueling stations. Through the $82.5 million Shore-to-Store project, more than a dozen public- and private-sector partners have teamed up for a 12-month demonstration of the zero-emissions Class 8 trucks and will expand the project to include five more hydrogen-fueled heavy-duty trucks, two battery-electric yard tractors and two battery-electric forklifts. “Transporting goods between our port and the Inland Empire is the first leg of this next journey toward a zero-emissions future,” said Port of Los Angeles Executive Director Gene Seroka. “This project is a model for developing and commercializing the next generation of clean trucks and cargo-handling equipment for the region and beyond. Just as the air we breathe extends beyond the port’s footprint, so should the clean air and economic benefits we believe this project will yield.”
White Oak Commercial Finance, LLC, has welcomed Mike Earnhart as managing director of originations. Based in Los Angeles, Earnhart has deep experience in factoring, asset-based lending, banking and territory sales management and will cover White Oak’s national responsibilities. Prior to joining White Oak, Earnhart served as executive director at JPMorgan Chase in addition to roles with Wells Fargo Capital Finance, Coast Business Credit and CIT Bank. “We’re excited to add such a versatile executive to our team,” said White Oak Commercial Finance President and Chief Executive Officer Bob Grbic. “Mike’s industry know-how, ability to develop strong partnerships and commitment to client success is a great fit for our organization.”
Xcel Brands, Inc., a media and consumer-products company, will join the Russell Microcap Index at the conclusion of the 2021 Russell indexes annual reconstitution. Membership in the Russell Microcap Index lasts for one year and means automatic inclusion in the appropriate growth and value style indexes. The Russell indexes are widely used by investment managers and institutional investors for index funds and investment strategies. “Joining the Russell Microcap Index is the latest step in our evolution and demonstrates our success navigating the significant impacts the COVID-19 pandemic has had on the apparel industry,” said Excel Chairman and Chief Executive Officer Robert W. D’Loren.
The National Retail Federation, looking for an answer to the challenges retailers are facing from supply-chain disruptions leading to congestion at U.S. ports, has delivered a letter to the White House asking to meet with President Biden and other top administration officials. The letter from NRF President and CEO Matthew Shay said: “The supply-chain disruption issues, especially the congestion affecting our key maritime ports, are causing significant challenges for America’s retailers. The congestion issues have not only added days and weeks to our supply chains but have led to inventory shortages impacting our ability to serve our customers. In addition, these delays have added significant transportation and warehousing costs for retailers.” The NRF recently revised its annual retail-sales forecast to grow between 10.5 percent and 13.5 percent to more than $4.44 trillion in 2021 as the economic recovery accelerates.
