Financial Newsletter
Honeywell recently announced its intention to spin off its advanced materials division, which includes a wide array of products ranging from ballistic armor to pharmaceutical packaging. This division was responsible for 10% of Honeywell’s overall sales, which totaled $36.66 billion last year. Vimal Kapur, who has recently taken over as CEO, has been focused on streamlining the company’s portfolio, directing its efforts more towards the aviation, automation, and energy sectors.
In an exciting update, Uber CEO Dara Khosrowshahi has unveiled new sustainability features on the platform, including an “Electric Vehicle Preference” option. This feature allows passengers to set their default ride selection to all-electric vehicles. Previously, Uber introduced the “Uber Green” service, featuring both all-electric and hybrid options. However, moving forward, all-electric cars will be the sole “green” choice available in over 40 cities globally. Khosrowshahi also noted that the company is planning to implement even more sustainability initiatives as the 2024 U.S. elections approach.
On a related note, Lyft has announced enhanced earnings opportunities for its drivers. The rideshare company is setting new compensation structures for rides that exceed expected distances or take at least five minutes longer than anticipated. Furthermore, Lyft will introduce new features such as an updated earnings dashboard, “preferred drivers” who will receive more ride requests, and support for electric vehicle drivers operating within their battery limits. Impressively, Lyft’s driver numbers for the June quarter reached their highest levels since 2019, with a 34% increase in female and non-binary drivers compared to the same time last year.
In safety news, Porsche is recalling 27,527 electric vehicles in the U.S. due to potential short circuit risks in the battery module. This recall impacts the Porsche Taycan models produced between 2021 and 2024. The National Highway Traffic Safety Administration (NHTSA) has stressed that a short circuit in the high-voltage battery could heighten the fire risk. Authorized dealers will address the issue by installing diagnostic software and providing free repairs if necessary.
Lastly, the U.S. trade deficit saw a significant reduction of 10.8% in August, influenced by rising exports and a decline in imports. According to the U.S. Department of Commerce’s Bureau of Economic Analysis, the trade deficit decreased to $70.4 billion from a revised $78.9 billion in July, surpassing economists’ expectations of a drop to $70.6 billion. This marks the second consecutive quarter of reduced trade deficits, with an anticipated annual growth rate of up to 3.2% for the third quarter, compared to 3.0% in the second quarter.