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According to US financial media Semafor, Florida Republican Congressman Brian Master is also one of the candidates to succeed Driscoll as Secretary of the Army.September 3 – Japanese companies are considering selling strategic holdings and other assets to offset the impact of the highest financing costs in a generation. A survey of 30 Japanese non-financial companies shows that they are also considering measures such as increasing overseas borrowing and raising funds in advance. Rising financing costs have begun to affect corporate investment decisions. Companies such as Toyota Motor and Tohoku Electric Power expect their annual interest expenses to increase by more than 30% if they refinance yen-denominated bonds.On September 3, according to Axios, US Presidential Envoy Steve Vitkov met with UAE National Security Advisor Al Nahyan in Sardinia over the weekend to discuss the next steps in the Iran situation. Two sources familiar with the matter said the meeting, which was not announced by the White House, occurred amid the Trump administrations push to reopen the Strait of Hormuz and increase economic pressure on Iran. This comes after the UAE decided to suspend trade, business, and financial transactions with Iran. Bilateral trade between the two countries is projected to reach $28 billion by 2024, and the UAE, particularly Dubai, has historically been a crucial trade and transshipment hub for Iran. Sources said an Iranian delegation visited Abu Dhabi on August 11, hoping to ease tensions and improve bilateral relations, requesting UAE assistance in obtaining food and medicine and requesting non-compliance with US sanctions, but this was refused. Subsequently, the Iranian Revolutionary Guard intensified attacks on UAE National Oil Company tankers attempting to pass through the Strait of Hormuz, prompting the UAE to suspend related business activities. The US government is currently establishing an interagency task force to coordinate the implementation of economic pressure on Iran.September 3 – According to the Wall Street Journal, new details of the civilian nuclear program agreement reached between the Trump administration and Saudi Arabia are drawing criticism, with some arguing that the landmark agreement falls short in preventing nuclear proliferation risks. Last week, the text of the agreement, along with a series of related documents, was submitted to US lawmakers. The documents outline a roadmap showing that, following further consultations, Saudi Arabia may enrich uranium on its territory to a level potentially approaching 20%. This enrichment level might be sufficient for small, modular civilian reactors, but it would also increase the risk of nuclear materials being diverted for military use. Scott Rock, a former US Department of Energy official and vice president of the nonprofit security organization Nuclear Threat Initiative, stated, “From a civilian perspective, this certainly makes sense. However, once that enrichment level is reached, it means that a large part of the work needed to produce weapons-grade materials has already been done.”According to Axios: Sources familiar with the matter revealed that U.S. Middle East envoy Witkov met with the UAEs national security advisor over the weekend to discuss next steps regarding Iran.

DoorDash Performs Well Because of Inflation-resistant Takeout Demand

Aria Thomas

Nov 04, 2022 14:49

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In the third quarter, food delivery startup DoorDash Inc.'s orders reached a new high as demand remained strong despite rising prices and inflation, helping it to surpass Wall Street's revenue estimates and sending its shares 10% higher on Thursday.


Many continue to purchase food online from the comfort of their own homes, as they did during lockdowns, despite the fact that dining out is back in full swing.


According to a business official, though, DoorDash has observed a little impact from recession-aware clients purchasing fewer items each transaction.


The company achieved 439 million orders and a 30% rise in gross order value to $13.53 billion during the quarter. The gross order value is the sum of all app purchases and subscription payments.


In addition to the food industry, grocery stores, convenience stores, and retail all performed well. "Retail and supermarket partnerships will be a growth driver for DoorDash, giving the potential for a higher average order value," said Third Bridge analyst Nicholas Cauley. DoorDash estimated a fourth-quarter gross order value between $13.9 billion and $14.2 billion and confirmed its full-year forecast for the industry's most crucial metric.


The parent company of UberEats, Uber Technologies (NYSE:UBER), said on Tuesday that the number of active drivers has returned to September 2018 levels.


Driver shortages have not hurt DoorDash, with the exception of the first quarter of 2021, when the U.S. government distributed its second round of stimulus checks to help people cope with the pandemic. According to IBES data from Refinitiv, the company's third-quarter revenue climbed by 33% to $1.70 billion, exceeding analysts' forecasts of $1.63 billion. However, the company's net loss of $295 million, or 77 cents per share, exceeded expectations.

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