Instacart doesn't plan to issue many new shares in its planned IPO. According to sources, the food delivery company plans to have most of the shares listed come from employees' shares. The move would allow the company's staff, especially its earliest hires, to cash out their shares. More: - Instacart was founded in 2012; the company had its first profitable quarter in Q2.
- As many tech startups delay their initially planned IPO for this year due to market conditions, Instacart is targeting a Q4 public listing.
- Similar publicly listed delivery firms like DoorDash and Delivery Hero have seen their stock fall more than 50% since the start of the year.
- The tech-heavy Nasdaq is down nearly 30% YTD.
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Hotel giant Hilton will design the astronaut facilities for the private space station Starlab. Voyager Space Holdings’ operating company Nanoracks and Lockheed Martin are developing Starlab. The partnership with Hilton is a first of its kind between the space and the hospitality sectors and raises the possibilities of a hotel in space. More: - Hilton will design the hospitality suites and sleeping arrangements.
- The hotel chain will also work with Voyager to explore marketing opportunities for the space station and astronaut experiences onboard.
- Starlab is one of four private space stations being built by U.S. companies with support from NASA contracts.
- NASA plans to retire the International Space Station (ISS) in 2030.
- Voyager and Lockheed Martin aim to have the first Starlab space station operational in low Earth orbit by 2027.
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Porsche’s parent company Volkswagen has priced the public offering of its preferred stock in line with average analyst expectations. Porsche shares are set to start trading on Sept. 29 and could value it at $78B. Volkswagen is selling 25% of its Porsche brand and is expected to raise around $19.5B. More: - Volkswagen said it plans to distribute about half of the net proceeds from the Porsche share sale to its shareholders in a special dividend.
- CFO Arno Antlitz had previously stated that money raised from the Porsche share sale would finance the company’s transformation to electric vehicles.
- Qatar Investment Authority, Norway’s Norges Bank Investment Management, T. Rowe Price, and ADQ, an investment arm of the Abu Dhabi government, have together pledged to buy at least €3.54B (~$3.54B) worth of Porsche’s preferred shares.
- Some investors have criticized Volkswagen’s structure of the Porsche share sale, noting it cements insider control of Volkswagen and Porsche.
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The European Commission, the governing body of the EU, is seeking emergency powers that would require member states to stockpile essential products and break contracts during a crisis like the Russia-Ukraine war or the COVID-19 pandemic. The legislation would allow the commission to declare a state of emergency, which would trigger a series of interventionist measures. More: - The move, referred to as the single market emergency instrument, would help ensure the availability of goods in times of crisis.
- An example of a possible EU interventionist measure could be facilitating the expansion or repurposing of production lines.
- The EU's commissioner for internal markets, Thierry Breton, said the legislation would provide a structural answer to preserve the free movement of goods, people, and services in adverse times.
- The new legal tool would allow the commission to ask companies for information about their production capacity and inventory.
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Kaisa Group, a Shenzhen, China-based property developer, has been offered $2B by a group of its bondholders to take over the indebted company’s stalled housing projects. According to sources, the talks are in the early stages, and the bondholders aim to facilitate the buildings’ completion. More: - Kaisa is the second-largest U.S. dollar bond issuer among Chinese developers after China Evergrande Group.
- If successful, it would be the first foreign investor takeover of a Chinese developer’s residential assets amid the ongoing widespread debt crises in the sector.
- Kaisa defaulted on some of its bond payments last year and is currently in the middle of restructuring its $12B foreign debt.
- The talks also come as Chinese authorities have been trying to contain a mortgage boycott by homebuyers against paused projects.
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The FAA has rejected a proposal by Republic Airways to cut down the flight-time requirement for co-pilots to 750 hours. Republic Airways submitted the proposal in April asking the FAA to allow airlines to hire new co-pilots after 750 hours of flight time versus the current 1,500-hour flight time requirement. More: - The aviation sector has been experiencing a severe shortage of pilots, leading several airlines to cut routes.
- Republic Airways flies short routes for Delta Airlines, American Airlines, and United Airlines.
- The 1,500-hour requirement was implemented following the fatal Colgan Air crash in February 2009 near Buffalo, New York.
- The crash also established new rules for a minimum rest period for pilots before a flight.
- In a statement on Monday disclosing the proposal rejection, the agency noted it “considers it to be of greater public interest to ensure and maintain the level of safety provided by the foundation of an integrated aviation education.”
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- Global leaders, including President Joe Biden, and members of the royal family attended Queen Elizabeth II’s state funeral at Westminster Abbey on Monday. The Queen’s coffin was lowered into the royal vault in St. George’s Chapel, Windsor.
- During an appearance on 60 Minutes on Sunday, President Joe Biden said that U.S. troops could defend Taiwan in the event of a Chinese invasion. President Biden also noted that the pandemic is over.
- The U.S. 10-year Treasury yield rose six basis points to 3.518% on Monday, its highest level since April 2011. The 2-year Treasury yield jumped nine basis to 3.949%, its highest level since 2007.
- The price of Bitcoin fell below $19,000 to as low as $18,387 on Monday. The price of the cryptocurrency later recovered, crossing $19,400 by late Monday afternoon. Shares of crypto exchange Coinbase fell more than 5% on Monday.
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 |  | Vanessa Omeokachie is a Freelance Writer for Inside.com. She writes the Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, exploring cities, and traveling. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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