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United Airlines is investing millions in electric air taxis, Kim Kardashian launches private equity firm, US crude futures take a major dip, Democrats tell big business investments, China’s trade falters as demand wanes, and more financial news.
United Airlines has already invested $25 million in electric air taxis. United invested $15 million in air taxi maker Eve Air Mobility, ABC reported, ordering 200 of Eve’s four-seater electric vertical take-off-and-landing vehicles. Eve’s taxis have a range of 40 to 60 miles.
United also made a $10 million down payment on 100 eVTOLS from Archer Aviation, another private air taxi firm, The Hill reported.
“Together, we believe our suite of clean energy technologies will revolutionize air travel as we know it and serve as the catalyst for the aviation industry to move toward a sustainable future,” said Michael Leskinen, President of United Airlines Ventures (UAV), the company’s corporate venture fund, in a press release.
Kim Kardashian is preparing to launch a private equity firm with Jay Sammons, a former partner at Carlyle Group Inc, US News reported. The new firm, named SKKY Partners, will be focused on investing in consumer and media businesses, making investments in sectors including consumer products, hospitality, luxury, digital commerce, and media, and plans to make both control and minority investments, according to a joint statement.
While the pair will be co-founders and co-managing partners, Sammons will lead the day-to-day operations of the firm.
U.S. crude futures slumped 1.2% to finish at their lowest level since January 11, according to Dow Jones market data, amid concerns over slowing global economic growth. U.S. crude futures tumbled 5.7% to $81.94 per barrel, Kiplinger reported.
Ahead of the midterms, Democrats are touting investment in big business, particularly in key battleground states such as Arizona, North Carolina, and Ohio, CNBC reports. Democrats are promoting these corporate partnerships as a way of convincing voters they can deliver jobs and safeguard the economy.
On Friday, Biden will attend the groundbreaking of Intel’s $20 billion semiconductor facility in Ohio. Treasury Secretary Janet Yellen toured Ford’s electric vehicle plant in Michigan on Thursday and will travel to North Carolina, where Toyota is spending $2.5 billion to manufacture EV batteries.
China’s exports rose 7.1% in August from a year earlier but have slowed from an 18.0% gain in July and marking the first slowdown since April, missing forecasts that expected a 12.8% increase, according to official data, US News reported.
Domestically, inbound shipments rose just 0.3% in August from 2.3% in the month prior, significantly below a forecast 1.1% increase.
