🌍 Truss in charge

Plus: Porsche’s pricey IPO.
Foreign Secretary Liz Truss delivers an acceptance speech at the Queen Elizabeth II Conference Centre in Westminster, London after being announced the winner of the Conservative Party leadership contest.
Foreign Secretary Liz Truss delivers an acceptance speech at the Queen Elizabeth II Conference Centre in Westminster, London after being announced the winner of the Conservative Party leadership contest.
Photo: Stefan Rousseau - Pool (Getty Images)

Good morning, Quartz readers!

Here’s what you need to know

Liz Truss is in, Priti Patel is out. Truss, the next UK prime minister, is expected to announce her new cabinet today. Patel resigned yesterday as home secretary.

Russia vowed to halt gas supplies to Europe until sanctions are removed. The Nord Stream 1 pipeline stopped delivering fuel on Friday, pushing the euro to a new low. Meanwhile, French president Emmanuel Macron called on his citizens to reduce energy consumption by 10%.

A 6.8 magnitude earthquake shook China’s Sichuan. At least 46 people have died since the quake triggered landslides, blocked roads, and disrupted power supplies already hit by a prolonged drought.

Amazon plans to enter the Japanese healthcare space. The e-commerce giant is considering partnering with small and medium pharmacies for prescription drug deliveries, reports Nikkei.

The Kenyan Supreme Court confirmed William Ruto’s presidential victory. The court rejected opponent Raila Odinga’s allegations of voting fraud.

A private plane carrying a German businessman and his family crashed in the Baltic Sea. Latvian authorities reported no sign of survivors and the causes of the crash have yet to be established.

What to watch for

Porsche could go public this fall in what would be one of Europe’s biggest IPOs. Volkswagen is expected to sign off on the IPO, but investor support will still be needed for the plan to move ahead.

Estimates of the luxury brand’s valuation are as high as $84 billion (€85 billion), and it could raise $9.9 billion (€10 billion) from listing, or even greater, though economic turmoil in Europe has some worried the debut would be untimely.

There is also concern that Porsche will lack independence from its parent company as it plans to free float just 12.5% of its total shares, and the Porsche-Piech family will claim a 25% minority stake in the carmaker.

Investor jitters aside, Porsche has emphasized that the cash raised from the IPO would be key to achieving the brand’s long-term goals (pdf). Among them: increasing the company’s global sales of fully electric vehicles to 80% by 2030.

Why are road accidents so common in India?

The death of Cyrus Mistry, one of India’s best-known business leaders, has revived a conversation around Indian roads, which are among the least safe in the world.

In 2021, India witnessed an average of 18 deaths per hour due to road accidents, according to the National Crime Records Bureau. The data further highlights that public transport is safer than private modes of conveyance.

Image for article titled 🌍 Truss in charge
Graphic: Niharika Sharma

Speeding and negligent driving are the most common reasons for fatal car rides in India, and there’s low awareness around seatbelts. Just this past February, the Indian government made three-point seat belts mandatory for all cars with front-facing passenger seats. But much more is needed for a country that has just 1% of the world’s vehicles, yet about 10% of all crash-related deaths.

Lada, the little car that couldn’t

The Lada, a Russian-made car that looks like a boxier version of the already-boxy Fiat models, was once emblematic of Soviet independence. But as the world cut off business with Russia over its invasion of Ukraine, the car has become a symbol of the country’s economic difficulties.

In our latest Weekend Brief, we looked at the history of the Lada—a car that for Russia has been an easy one to love but not an easy one to trust—and how the Lada still has influence as far as Cuba.

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Our best wishes for a productive day. Send any news, comments, barnyard dust, and plastic diamonds to hi@qz.com. Reader support makes Quartz available to all—become a member. Today’s Daily Brief was brought to you by Niharika Sharma, Sofia Lotto Persio, Julia Malleck, and Morgan Haefner.