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Soon you may be able to book an Uber ride in the skies. On Wednesday, the San Francisco-based ride-sharing service announced it is partnering with Joby Aviation, a company developing electric air taxis, to bring Blades helicopter service to the Uber app as soon as next year. Last month Joby acquired Blade Air Mobility, which flies passengers by seaplanes,` in a $125 million deal, providing Joby with an established network of terminals. The partnership lays the foundation for Joby’s introduction into key urban markets, and for a faster entry into commercial service once its all-electric vertical takeoff and landing (eVTOL) aircrafts are certified. Last year, Blade flew more than 50,000 passengers in the New York metro area, including to and from Newark Liberty International Airport, John F. Kennedy International Airport, Manhattan, and the Hamptonsas well as in Southern Europe. As Fast Company previously reported, Jobys all-electric fleet is designed to travel up to 200 miles per hour, with minimal noise and zero operating emissions, with four passengers. The company aims to revolutionize urban travel with faster, quieter commutes and less traffic congestion. Were excited to introduce Uber customers to the magic of seamless urban air travel, Joby CEO JoeBen Bevirt said in a statement. Integrating Blade into the Uber app is the natural next step in our global partnership with Uber and will lay the foundation for the introduction of our quiet, zero-emissions aircraft in the years ahead. Together with Ubers global platform and Blades proven network, were setting the stage for a new era of air travel worldwide. Joby successfully completed a series of piloted flights in Dubai back in June, a first for the regions eVTOL aircraft sector. The company plans to launch there in 2026. Uber has been working with Joby to deliver urban air mobility since 2019. Joby and Uber financials Shares in Joby Aviation, Inc. (NYSE: JOBY) stock soared in pre-and early trading on Wednesday, only to lose much of the early gains. The stock was trading up about 1% by midday. Uber Technologies, Inc. (NYSE: UBER) was down over 1%. In its Q2 2025 earnings, for the quarter ending on June 30, Joby Aviation reported EPS (earnings per share) of –$0.24, which missed estimates of -$0.18. Revenue was down 94.6% year-over-year to $0.02 million, coming in below analyst estimates of $0.05 million. Meanwhile, Uber’s Q2 2025 earnings beat expectations, with revenue coming in at $12.65 billion, marking a growth of 18% year-over-year, beating estimates of $12.46 billion. Earnings per share came in at $0.63.
Category:
E-Commerce
Sandwich maker Potbelly is being acquired by the gas station and convenience store chain RaceTrac for $566 million. Potbelly, which was founded in Chicago in 1977, has 445 restaurants across the U.S. The company said the deal with RaceTrac will help it reach its goal of quadrupling in size to 2,000 locations. Potbelly stores are both company- and franchise-owned. With RaceTracs resources, we will unlock new opportunities for this incredible brand while staying true to the neighborhood sandwich shop experience that makes Potbelly special, Potbelly CEO Bob Wright said in a statement Wednesday. Potbelly shares jumped more than 31%, to $17. Sandwich chains and restaurants have struggled in recent years, starting with the pandemic that had millions eating at home when they would usually have dined out. Yet Potbelly’s profits have been rising, and growth in its franchised businesses has been strong. Now it is inflation that is hitting restaurants hard as they pay more for ingredients and customers tighten their belts. At the same time, national chains are being pressured to lower prices, with lower-income customers pulling back on spending and sticking to essentials. McDonalds said this month that it is cutting prices on some combo meals to woo back customers whove been turned off by the rising costs of grabbing a fast-food meal. Some chains have become takeover targets. Daves Hot Chicken was acquired over the summer for $1 billion by a private equity firm. The same firm, Roark Capital, snapped up Subway in 2023 for nearly $10 billion. Roark specializes in franchised businesses and backs two holding companies that own multiple restaurant chains: Inspire Brands, the parent of Arbys, Dunkin, Jimmy Johns, and Buffalo Wild Wings; and Focus Brands, which owns Auntie Annes, Carvel, Cinnabon, and Jamba. RaceTrac was founded in 1934 and is family-owned. The Atlanta company operates more than 800 locations in 14 states. RaceTrac chairman and CEO Natalie Morhous said the company is eager to expand its stable of brands. RaceTrac said it will acquire all of Potbellys shares for $17.12 per share in an all-cash deal. The acquisition is expected to close in the fourth quarter. By Dee-Ann Durbin, AP business writer
Category:
E-Commerce
A Senate committee on Wednesday approved the nomination of White House economic adviser Stephen Miran to the Federal Reserve’s board of governors, setting up a likely approval by the full Senate, which would make Miran the third Trump appointee to the seven-member board. The White House has pushed for an expedited Senate approval of Miran, who was nominated by President Donald Trump to replace former Fed governor Adriana Kugler. Kugler stepped down Aug. 1. Miran would, if approved, simply finish her term, which expires in January. Miran may be approved by the full Senate in time for the Fed’s meeting next week, when it is widely expected to reduce its key short-term interest rate. The committee voted to approve Miran on partisan lines, 13-11, with all Democrats voting against confirmation. Miran’s nomination has raised concerns about the Fed’s independence from day-to-day politics, particularly since he said during a hearing last week that he would keep his job as head of the White House’s Council of Economic Advisers while on the Fed’s board, a historically unusual arrangement. Presidents have nominated members of their staffs to the Fed’s board before, but the nominees have always given up their White House jobs. Trump has hoped to gain a majority on the Fed’s board as part of his efforts to push the central bank to rapidly cut its key interest rate. Yet late Tuesday his goal was dealt a setback when a federal court blocked Trump’s effort to fire Fed governor Lisa Cook, who he has accused of mortgage fraud. It is now likely that both Miran and Cook will be on the Fed’s board when it meets next week. Members of the Fed’s board of governors vote on all interest rate decisions as well as on financial regulatory policy. Trump appointed two other members of the board Christopher Waller and Michelle Bowman in his first term. Waller has been mentioned as a potential replacement for Chair Jerome Powell, a frequent Trump target whose term ends next May. Democrats on the committee criticized Miran for planning to keep his White House ties while at the Fed. The Federal Reserve was designed to make decisions free from political interference, guided by data and the long-term stability of our economy, not the political agenda of any one president,” Sen. Mark Warner, a Democrat from Virginia, said in a statement before the vote. Donald Trump has made clear he wants to tear down that independence, just as he has with so many of the institutions that have kept our democracy and our economy strong. Miran said he would step down from his White House position if he is chosen for a longer term. Yet he can remain on the board after Kugler’s term ends in January, if no replacement is named. He has said in that case he would consider keeping his White House job even if he remains on the board after January, sparking fresh criticism from Democrats. The jockeying around the Fed is occurring as the economy is entering an uncertain and difficult period. Inflation remains stubbornly above the central bank’s 2% target, though it hasn’t risen as much as many economists feared when Trump first imposed sweeping tariffs on nearly all imports. The Fed typically would raise borrowing costs, or at least keep them elevated, to combat worsening inflation. At the same time, hiring has weakened considerably and the unemployment rate rose last month to a still-low 4.3%. The central bank often takes the opposite approach when unemployment rises and cuts rates, to spur more borrowing, spending, and growth. Powell signaled late last month that the Fed may focus more on risks to the job market in the coming months, which makes rate cuts more likely. Wall Street investors now expect three quarter-point reductions this year, which would reduce the Fed’s short-term rate to about 3.6%, from its current level of 4.3%. The Fed cut its key rate three times in 2024, but has kept it unchanged since then. Powell has said the central bank wanted to evaluate the impact of Trumps tariffs on the economy before making any moves. Christopher Rugaber, AP economics writer
Category:
E-Commerce
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