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The Air Taxi Revolution May Be Close

The Air Taxi Revolution May Be Close

Your unbiased daily news brief

James Kratch
October 23, 2024

Good Wednesday morning. The world's largest collection of fossilized poop can be found at a new museum in Arizona. Yes, you read that right. Have a great day!

In Today’s Brief

Bird flu: National uptick
South Korea: Ukraine aid
House: Neck-and-neck
HSBC: Big changes
NBA: History made

... and more

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Top Tips

1) Take off

Get ready for the Ubers of the sky.

The news: You may soon see, or ride in, an electric air taxi. The Federal Aviation Administration has signed off on long-awaited standards for pilot training and operations. The move is expected to catalyze an industry that has been in a holding pattern while awaiting the guidance.
Cutting edge: The "advanced air mobility" or "powered lift" aircrafts take off and land vertically like a helicopter, but fly like a fixed-wing plane. They are the first new civil aircraft category to receive recognition since the 1940s.
Big picture: Some air taxi companies are expected to begin operations as soon as next year. They are likely to carry cargo and people; and airlines see them as a way to deliver passengers to airports. While the aircraft are more environmentally friendly than commuter jets, they are not expected to replace them anytime soon.

2) Crying foul

Former President Donald Trump has accused Great Britain's ruling Labour Party of interfering in the presidential election.

Catch up: Labour Head of Operations Sofia Patel made a recent LinkedIn post claiming 100 current and former party members would be traveling to the U.S. to campaign for Vice President Kamala Harris in battleground states. The message, which has since been deleted, said housing would be handled for those who particpated.
The response: Trump's campaign has filed a complaint with the Federal Election Commission alleging "blatant foreign interference." The complaint accuses the Harris campaign of accepting "illegal foreign national contributions."
The law: Foreign nationals can volunteer for campaign duties as long as they are not compensated, according to federal election law. The participants say they are acting as private citizens, not on behalf ofthe Labour Party. There is also no indication of any coordination with the Harris campaign.
Also note: Trump has received support from across the pond as well. Current Reform UK leader and House of Commons member Nigel Farage appeared at a 2020 rally with the former president and was at this year's Republican National Convention. Trump's complaint compares the situation to the Australian Labor Party's support of Vermont Sen. Bernie Sanders during the 2016 presidential race, but it was found the ALP officially sanctioned the project and compensated participants.

3) Businessman indicted

The former CEO of Abercrombie & Fitch was arrested on sex trafficking charges.

The news: Mike Jeffries, his romantic partner and an employee are accused of luring men into sex parties in New York and overseas with drugs and promises of modeling work. Department of Justice officials alleged the misconduct occurred during Jeffries' final six years helming the retailer; the men face federal sex trafficking and interstate prostitiution charges.
Catch up: Jeffries took over A&F in 1992 and engineered a remarkable turnaround as it moved away from its outdoors and sporting goods heritage and became a controversial and trendy lifestyle brand for "cool kids" that leaned into scantily-clad models, sold clothing that often featured insensitive slogans and faced a class-action discimination lawsuit by minority employees in 2003. Jeffries was forced out in 2014 amid financial struggles; he was then accused of sex trafficking in a 2023 a BBC investigative report and subsequent class-action lawsuit.
Big picture: This is the latest example of high-profile criminal sexual misconduct cases being pursued following civil and media allegations, joining the ongoing Sean "Diddy" Combs and Harvey Weinstein sagas. Jeffries was released on $10M bond in Florida; his partner Matthew Smith was detained as a flight risk given his dual U.S.-British citizenship and the third man, James Jacobson, was released on $500K bond in Minnesota.

Quick Tips

U.S. News

Bird flu cases are beginning to tick up nationwide. Infections in four Washington state farmworkers were detected this week, bringing the national total to at least 31 cases in six states; officials say the risk to humans remains low, but ongoing transmission among farm animals, especially cows, is concerning (More)
An E. coli breakout linked to McDonald's has killed at least one person. The Centers for Disease Control and Prevention said there have been 49 cases in 10 states with 10 hospitalizations; the contamination is linked to Quarter Pounder burgers and has been documented in the western part of the country (More)
A Florida law enforcement officer believed to have died by suicide was murdered by her ex-cop husband, authorities allege. Orange County Sheriff's Office Lt. Eloilda Shea was found dead last week; police determined her husband, Anthony Shea, worked to make her killing look like she took her own life (More)

World News

South Korea is considering military aid for Ukraine amid claims of North Korean troop deployments to Russia. The Kremlin is reportedly concerned about the possibility and working to dissuade Seoul; Russia has declined to comment on whether Pyongyang has boots on the ground (More)
Canada's ruling Liberal Party will hold a caucus meeting today. Embattled Prime Minister Justin Trudeau is expectedto face internal calls to resign as the opposition Conservative Party leads national polls and angles for a snap election (More)
China and India reached a deal over their disputed Himalayan border. The agreement ends a four-year standoff that included violent military encounters; the initial conflict had pushed India closer to the U.S. (More)

Campaign News

The race for the House majority is too close to call, according to Inside Elections. The outlet rates Republican candidates as favorites in 212 districts, Democrats are favored in 208 and there are 15 toss-up races; 65 districts are considered competitive (More)
Former President Trump will appear on comedian and commentator Joe Rogan's influential podcast. The interview is scheduled for Friday; there has been speculation Vice President Harris could also make an appearance on The Joe Rogan Experience before Election Day (More)
Microsoft co-founder Bill Gates has donated roughly $50M to support Harris' presidential campaign, according to The New York Times. The billionaire has given money to the Future Forward nonprofit group; Gates has eschewed political donations in the past and the gifts were reportedly not meant to be public (More)

Business & Markets

Major indexes closed mixed yesterday. The Dow Jones and S&P 500 dropped slightly again as their recent rallies have cooled (Dow -0.02%, Nasdaq +0.18%, S&P 500 -0.05%).
HSBC announced significant structural changes will be implemented next year. The bank will separate itself into East and West geographic markets; it will also simplify operations by splitting into four key units and merging its commercial and institutional banking divisions (More)
Denny's will close 150 locations in the coming months. The diner restaurant chain will shut down 50 restaurants by the end of this year and an additional 100 in 2025; the closings amount to roughly 10% of all current locations (More)

Entertainment & Sports

LeBron James and Bronny James became the first father-son duo to appear in the same NBA game. The younger James, a rookie, made his debut in the Los Angeles Lakers' season opener against the Minnesota Timberwolves (More)
Disney officially pulled Blade from its 2025 release schedule. Repeated production delays have plagued the Mahershala Ali-helmed movie, which has yet to start filming; Marvel is reportedly still committed to the project (More)
Major League Baseball hopes to find the Tampa Bay Rays a temporary home venue near their market if Tropicana Field is not ready to start next season. Hurricane Milton damaged the stadium's roof and no repair timeline has been set (More)

Quick Hitters

Feel Good: A terminally ill man and his wife had accepted they would never be able to make a long-desired trip to Juneau, the capital of Alaska. The staff at a local Chick-fil-A then came up with an idea.
New Idea: Researchers at Oxford have received funding to develop the first vaccine to prevent ovarian cancer. Scientists believe the project, if successful, can save thousands of lives.
Go Deep: Call it yet another political flip-flop. We think of Democrats and Republicans in blue and red terms, but the colors were actually reversed for many years.
Unlikely Beauty: Want to take a trip to a genuinely off-the-beaten-path location? The nation's most scenic parking lot is likely found at the TJ Maxx in Twin Falls, Idaho.
Life Hack: Prescription drugs are often necessary, but extremely expensive. Here are seven strategies that have proven effective for patients trying to secure treatment while maintaining a budget.

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