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President Biden addresses the United Nations General Assembly



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WASHINGTON — President Joe Biden will defend his decision to end America’s military mission in Afghanistan as he addresses the U.N. General Assembly on Tuesday for the first time as president.

Biden is also expected to discuss the Covid pandemic, climate change and the challenges posed by China.

Brazilian President Jair Bolsonaro was scheduled to be the first head of state to address this year’s gathering, at 9 a.m. ET. Biden will speak after Bolsonaro.

“America is back. We believe in the United Nations and its value,” Biden said Monday evening before a meeting with U.N. Secretary-General Antonio Guterres.

Biden’s debut address to the 193-member body since taking office in January comes three weeks after a chaotic U.S. exit from Afghanistan that resulted in the deaths of 13 American service members and an incomplete global evacuation mission of vulnerable Afghan nationals and U.S. citizens from the country.

On a separate front, Biden infuriated France, America’s oldest ally, last week when he announced an arms deal that effectively ruins one of the largest French military contracts.

The blowback from Paris resulted in the recall of the French ambassadors to the U.S. and Australia.

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Watch CNBC’s Sustainable Future Forum EMEA: Providing Energy



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Click on the stream above to watch to CNBC’s Sustainable Future Forum. Tuesday’s session from Europe focuses on providing energy.

No discussion on our Sustainable Future would be complete without taking a look at how we are going to power the change. Fossil fuels are still our main source of energy but things are changing.

CNBC takes a look at the energy transition, from the role incumbent energy providers will play, to the new start-ups that are looking to change the business model one green-step at a time.

The lineup for Tuesday’s sessions are below, and click here for the full schedule of the week.

Panel: Can hydrogen power the energy transition?
6:30 p.m. SGT/HK | 11:30 a.m. BST

Marco Alverà, CEO of Snam, and Christian Bruch, CEO of Siemens Energy. 

With the clean energy transition underway, hydrogen is back in the spotlight. Offering a light, storable and energy-dense solution to providing cleaner energy, green hydrogen is playing an increasingly important role in the journey to a low-carbon future. We’ll hear from Italian energy infrastructure operator Snam and Germany’s Siemens Energy about the role hydrogen can play in powering the energy transition, whether that transition is coming fast enough and what investment is still needed.

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Fireside: Accelerating the energy transition
7 p.m. SGT/HK | 12 p.m. BST

Ignacio Galán, chairman and CEO of Iberdrola.

Ignacio Galán, the CEO of Iberdrola, has long been a champion of renewable energy, transforming the company from an operator of fossil fuel plants into an offshore wind and solar powerhouse. He wants there to be a sense of urgency in Europe’s transition to cleaner energy, and will discuss how we get there, what his strategy is to double Iberdrola’s renewable power capacity by 2025, and what impact the gas crisis will have on Europe’s long-term decarbonization goals.

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Delivery Hero leads $1 billion investment in grocery start-up Gorillas



A courier for German grocery delivery start-up Gorillas, on his way to deliver an order in Berlin on July 8, 2021.

Tobias Schwarz | AFP via Getty Images

LONDON — German food delivery firm Delivery Hero has invested $235 million in Gorillas, an online grocery start-up, as part of a $1 billion funding round.

Gorillas was founded in May 2020 but has grown at a rapid clip as demand for its service, which ships groceries to people’s doors in as little as 10 minutes, took off during the coronavirus pandemic.

It’s one of several European start-ups competing in an increasingly crowded space. Rivals include Turkish company Getir, British firm Zapp and German peer Flink.

Delivery Hero says it led Gorillas’ latest funding round and now holds an 8% stake in the company. Tencent, Coatue, DST and Dragoneer also invested.

Delivery Hero is one of Europe’s biggest online food delivery platforms, competing with the likes of Deliveroo and Just Eat It has ambitions of its own to succeed in rapid grocery delivery, having opened several delivery-only “dark stores” in various countries.

Gorillas is now valued at $3.1 billion following the cash injection, a significant step down from the $6 billion market value the firm had reportedly been seeking earlier this year.

The company was also in discussions with American food delivery giant DoorDash on an investment but those talks ultimately fell apart, according to various reports.

Gorillas declined to comment on the reports when asked about them by CNBC.

“Delivery Hero is on a mission to advance quick commerce globally and we see Gorillas as one of the leaders in Europe and the US,” Niklas Östberg, Delivery Hero’s CEO and founder, said in a statement Tuesday.

“The Gorillas team has an exceptional customer focus driving the highest retention rates we have seen in the industry.”

Shares of Delivery Hero were up more than 1% Tuesday morning.

Gorillas says it now has a run rate of $300 million, meaning it expects to make that much revenue on an annual basis. For a company that’s still only a little over a year old, that’s no mean feat.

Still, whether Gorillas can keep up its wild growth as Covid-19 restrictions are rolled back remains to be seen. Meanwhile, the company has also faced anger from delivery couriers protesting unfavorable working conditions.

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Chinese EV maker Xpeng’s flying car company raises over $500 million



Less than half a year since revealing a flying vehicle prototype, Chinese electric car start-up Xpeng unveiled a second model at the Shanghai auto show in April 2021.

Evelyn Cheng | CNBC

GUANGZHOU, China — HT Aero, the flying car company backed by Chinese electric carmaker Xpeng Inc. and its founder, raised more than $500 million from outside investors.

The money will be put toward research and development and rolling out a new model that has the ability to operate in the air and on roads.

Zhao Deli, founder and president of HT Aero, said in a press release that the company’s next-generation model will be a “fully integrated flying vehicle and automobile, designed for both low-altitude air travel and road driving.”

The company is planning for an official roll-out of the new vehicle in 2024, Zhao said. However, he did not give a timeline for when the new vehicle will be launched.

HT Aero is an affiliate company of Xpeng, one of China’s electric vehicle start-ups. Xpeng’s founder He Xiaopeng as well as the electric car company itself are investors in HT Aero.

The new funding round was led by high-profile venture capital firms IDG Capital and 5Y capital as well as Xpeng. Other investors include Sequoia China, Eastern Bell Capital, GGV Capital, GL Ventures and Yunfeng Capital.

Flying cars — also called electric vertical take-off and landing vehicles — have garnered a lot of interest from automakers and start-ups. Companies including South Korea’s Hyundai, German start-up Lilium, and China-based Ehang are developing flying passenger vehicles.

Read more about electric vehicles from CNBC Pro

In July, HT Aero launched the X2, its second flying car prototype and first that’s able to carry a passenger.

Xpeng’s founder He told CNBC in an interview last month that flying vehicles will be a part of the company’s future.

Still, such vehicles face a number of hurdles to get off the ground including regulatory approval to operate.

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