Reporting by Echo Wang in New York, Editing by Rosalba O’Brien and Jamie Freed
World
Instacart valued at $9.9 bln as IPO market rebounds

Sept 18 (Reuters) – Maplebear Inc , the parent of grocery delivery app Instacart, disclosed on Monday it fetched a $9.9 billion fully diluted valuation after pricing its initial public offering (IPO) at the top of its indicated range.
The valuation is a fraction of the $39 billion value that investors assigned to Instacart in a private fundraising round in March 2021, at the height of the COVID-19 pandemic which pushed consumers to order groceries at home.
The IPO was priced at $30 per share after the company marketed it with a range of $28 to $30 per share. That range had been revised upwards from $26 to $28 per share, following strong investor demand.
The IPO raised $660 million based on 22 million shares sold. The shares are scheduled to start trading on Nasdaq on Tuesday.
The offering is the last sign of the U.S IPO market’s rebound, which was arid for most of this year and 2022, until SoftBank Group Corp’s (9984.T) chip designer Arm (9984.T) floated on Nasdaq last week at a $54.5 billion fully diluted valuation.
Arm’s fully diluted valuation has risen to $62 billion following three days of its shares trading.
Marketing automation company Klaviyo Inc (KVYO.N) on Monday increased its proposed IPO price range amid strong investor demand, targeting a fully diluted valuation of up to $9 billion when it debuts in the stock market later this week.
Some investors have agreed to buy up to $400 million worth of shares sold in Instacart’s IPO, accounting for nearly two-thirds of the total proceeds.
These investors include Norges Bank Investment Management, a division of Norges Bank, and entities affiliated with venture capital firms TCV, Sequoia Capital, D1 Capital Partners and Valiant Capital Management. Sequoia and D1 Capital were existing Instacart shareholders.
PepsiCo (PEP.O) agreed to buy $175 million in preferred convertible stock.
Instacart allows customers to order through its app and a “shopper” delivers the product in as little as 30 minutes. Its business has been more muted since the pandemic subsided, though it is trending up.
For the six months ended June 30, Instacart’s revenue came in at $1.48 billion, up 31% from the same period last year.
Advertising and other revenue surged 24% to $406 million. It reported net income of $242 million during the six-month period, compared to a $74 million loss a year earlier. Boasting it is now profitable was key to Instacart attracting risk-averse investors.
Instacart has expanded its delivery business to non-grocery goods from sellers such as beauty product retailer Sephora, convenience store 7-Eleven and pharmacy chain CVS Health (CVS.N).
More than 1,400 national, regional and local retail banners that collectively represent more than 85% of the U.S. grocery market partner with Instacart, the company has said.
Our Standards: The Thomson Reuters Trust Principles.

World
Trump says he's joining Bessent and Lutnick for trade negotiations with Japanese at the White House
WASHINGTON (AP) — President Donald Trump said he’s joining some of his top economic advisers on Wednesday for negotiations at the White House over tariffs and trade with a top Japanese official who is traveling to Washington for the talks.
The Republican president said in a post on his social media platform that he’ll attend the meeting alongside Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, top economic advisers with a central role in his trade and tariff policies.
Trump recently announced a round of global tariffs but then quickly put them on hold for 90 days after the markets tanked.
The move put Japan’s 24% across-the-board tariff on hold, but a 10% baseline tariff and a 25% tariff on cars, auto parts, steel and aluminum exports to the U.S. remain in place.
“Japan is coming in today to negotiate Tariffs, the cost of military support, and ‘TRADE FAIRNESS.’ I will attend the meeting, along with Treasury & Commerce Secretaries,” Trump wrote in the social media post. “Hopefully something can be worked out which is good (GREAT!) for Japan and the USA!”
Japan’s chief trade negotiator, Economic Revitalization Minister Ryosei Akazawa, was headed to Washington on a mission to convince U.S. officials to remove Trump’s tariff measures against the East Asian ally of the United States.
Akazawa is to hold his first talks with Bessent and U.S. Trade Representative Jamieson Greer through Friday.
“I am prepared for the talks,” Akazawa told reporters at Tokyo’s Haneda Airport before boarding his flight to Washington. “I will negotiate in order to firmly protect our national interest.”
He said that both Bessent and Greer are “known to be pro-Japan and professionally talented” and that he hopes to build a relationship of trust with them. “I believe we can have good talks toward a win-win relationship that will serve national interest for both Japan and the United States,” he said.
Japan is among the first countries to start negotiations with the U.S.
___
Yamaguchi reported from Tokyo.
World
American pastor kidnapped in South Africa rescued after deadly police shootout

Authorities in the Eastern Cape Province of South Africa rescued a kidnapped American pastor during a deadly shootout on Tuesday at a house in KwaMagxaki, Gqeberha.
The Directorate for Priority Crime Investigation (HAWKS) released a statement announcing that an operation led by the agency “resulted in the successful rescue” of an American pastor who was kidnapped.
Though the news release did not name the pastor, 34-year-old Josh Sullivan, of Tennessee, was kidnapped by several armed, masked men last week at his church in the Eastern Cape, Fellowship Baptist Church Motherwell.
AMERICAN PASTOR’S KIDNAPPING IN SOUTH AFRICA FUELED BY SOARING ARMED ROBBERY INCIDENTS IN RECENT YEARS
American pastor Josh Sullivan, who was kidnapped from his church in the Eastern Cape Province last week, has been rescued by police following a “high-intensity shootout.” (Fellowship Baptist Church/Facebook)
Police said they received tips that Sullivan was inside a safe house in KwaMagxaki, Gqeberha.
When they arrived at the home, suspects inside a car on the premises began firing at law enforcement and attempted to flee.
A “high-intensity shootout” took place and three unidentified suspects were killed.
Sullivan was found inside the same car that the suspects were in, but he was “miraculously unharmed,” police said, adding that he is “currently in an excellent condition.”
‘SLOWING THINGS DOWN’ IS ‘KEY’ TO SAFE RETURN OF TENNESSEE PASTOR KIDNAPPED IN SOUTH AFRICA: RETIRED FBI AGENT

Josh Sullivan is from Maryville, Tennessee, and spent years observing the leadership of Fellowship Baptist Church Pastor Tom Hatley, according to congregation members on Facebook. (Facebook)
Tom Hatley, pastor of Fellowship Baptist Church in Maryville, Tennessee, confirmed Sullivan’s rescue early Wednesday morning in a Facebook post.
“Josh has been released. I just got ‘the go ahead to let it be known’. SA media has started broadcasting. American media will follow. Thank you for your support and prayers. Please do not stop praying for The Sullivans. Praise The Lord Jesus Christ!” he wrote.
Sullivan is from Maryville and spent years learning how to be a pastor under Hatley’s leadership, according to congregation members on Facebook.
Sullivan went to South Africa with his wife and two children in 2018 after the couple participated in a six-month internship there in 2015 as part of their Bible training to become missionaries.

Josh Sullivan, an American pastor from Tennessee, has been working as a missionary in South Africa with his wife and their children since 2018. (Fellowship Baptist Church Motherwell/Facebook)
“It was during this time that the Lord began to stir their hearts specifically for the Xhosa people,” fellow Missionary Mark Coffey said. “They returned in 2018 as full-time church-planting missionaries, determined to share the Gospel and see lives changed. Josh committed himself to two years of language school and became fluent in Xhosa so he could preach, disciple, and minister more effectively.”
This is a breaking news story. Check back for updates.
World
Is the EU’s aid to Palestinians useful?

What is the European Union contribution to the Palestinian territories? Today we dive into the topic with Martin Konecki, who runs the European Middle East Project in Brussels.
Earlier this week, the EU held the first EU-Palestine High level political dialogue and announced it would send up to €1.6 billion to support the Palestinian Authority (PA) and fund projects in the West Bank, Jerusalem and the Gaza Strip.
Radio Schuman also reports on a new announcement on migration by the European Commission and an overview of drought in Europe.
Radio Schuman is hosted and produced by Maïa de la Baume, with journalist and production assistant Eleonora Vasques, audio editing by David Brodheim. Music by Alexandre Jas.
-
News1 week ago
3 Are Killed in Shooting Near Fredericksburg, Va., Authorities Say
-
Movie Reviews1 week ago
Film Review: 'Warfare' is an Immersive and Intense Combat Experience – Awards Radar
-
Culture1 week ago
Men’s NCAA Championship 2025: What to know about Florida, Houston
-
Health1 week ago
As RFK Jr. Champions Chronic Disease Prevention, Key Research Is Cut
-
Politics1 week ago
H2Go: How experts, industry leaders say US hydrogen is fuel for the future of agriculture, energy, security
-
News1 week ago
Boris Johnson Has Run-In With Feisty Ostrich During Texas Trip
-
World1 week ago
EPP boss Weber fells 'privileged' to be targeted by billboard campaign
-
Technology1 week ago
Meta got caught gaming AI benchmarks