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On May 13, the Legislative Council of the Hong Kong Special Administrative Region (HKSAR) passed the "Taxation (Amendment) (Tax Relief, Special Deductions and Exemptions) Bill 2026" to implement the tax relief measures proposed in the 2025 Policy Address and the 2026-27 Budget. The HKSAR Government welcomes this measure. The passed legislation will be gazetted on May 22. The one-off tax relief, increased exemptions and tax deductions will be reflected in the taxpayers final tax payable for the 2025/26 tax year and the tax payable for the 2026/27 tax year, respectively.Eurozone March industrial production month-on-month rate, first quarter GDP annual rate revised figure, and seasonally adjusted employment quarter-on-quarter rate preliminary figure will be released in ten minutes.Market news: Ghana plans to acquire oil field shares held by Lukoil, which is subject to sanctions.French Finance Minister Lescourt: (Regarding next weeks G7 meeting) There are currently no plans for a new round of oil inventory releases, but this issue may be brought up on the agenda in the coming weeks.On May 13th, aluminum prices rebounded after a period of decline, with the Shanghai aluminum main contract closing up 240 yuan/ton, a 0.97% increase. On the macro level, the US April CPI rose 3.8% year-on-year, the fastest pace since 2023. The continued rise in inflationary pressure has led the market to lower its expectations for a Fed rate cut, and the high-interest-rate environment is putting some pressure on non-ferrous metals. On the industry side, domestic aluminum ingot social inventories have declined, but signs of improvement on the consumption side are not yet obvious, and the approaching traditional off-season makes the resilience of demand uncertain. The supply side is relatively stable, and cost support remains. Overall, with a cautious macro sentiment and a supply-demand game in the fundamentals, aluminum prices may maintain a high-level fluctuation pattern in the short term, with attention focused on the effectiveness of support at key psychological levels. Spot trading was moderate today, with aluminum prices fluctuating within a range. Downstream buyers purchased as needed, and the circulation in the spot market appeared to have decreased, providing some support for spot prices. During the session, holders quoted an average price of around -10 yuan/ton, while East China aluminum ingots followed suit at around -60 yuan/ton.

Bed Bath & Beyond's chief financial officer died after falling from New York's Jenga tower

Aria Thomas

Sep 05, 2022 11:42

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Authorities said on Sunday that the chief financial officer of Bed Bath & Beyond Inc fell to his death from the "Jenga" tower in Tribeca, New York, on Friday afternoon, days after the ailing company announced it was closing stores and laying off staff.


52-year-old Gustavo Arnal joined Bed Bath & Beyond in 2020. (NASDAQ:BBBY). According to his LinkedIn profile, he served as CFO for the London-based cosmetics giant Avon and spent 20 years at Procter & Gamble (NYSE:PG).


Police responded to a 911 call on Friday at 12:30 p.m. ET (1630 GMT) and discovered a 52-year-old male who had fallen and incurred fatal injuries. Police identified the individual as Gustavo Arnal.


The reason for Arnal's death will be determined by the New York City Medical Examiner's Office, according to a police statement that revealed no additional details about his demise. In a press announcement issued on Sunday, Bed Bath & Beyond announced his death but provided no other details.


After seeking to sell more private-label products, the fortunes of the big-box store, once seen as a "category killer" in home and bath goods, have declined.


Bed Bath & Beyond stated last week that, in an effort to turn around its money-losing business, it would close 150 stores, reduce jobs, and overhaul its marketing strategy.


It forecast a larger-than-expected 26% drop in same-store sales for the second quarter and stated that it would not sell its buybuy Baby subsidiary.


Arnal sold 55,013 shares of Bed Bath & Beyond in multiple transactions on August 16-17, according to Reuters calculations based on SEC records. After sales totaling nearly $1,400,000, Arnal held approximately 255,400 shares.


The company, Arnal, and key shareholder Ryan Cohen were sued on August 23 for allegedly engaging in a "pump and dump" scheme to artificially increase the firm's stock price, with the lawsuit alleging that Arnal sold his shares at a higher price after the scheme.


In their class-action lawsuit, a group of stockholders who claimed to have lost nearly $1.2 billion named Arnal as one of the defendants.


According to the lawsuit filed in the U.S. District Court for the District of Columbia, Arnal "agreed to limit insider transactions by BBBY's executives and directors to prevent a sudden influx of BBBY shares onto the market."


According to the lawsuit, he made misleading statements to investors as well.


The company responded that it was "in the earliest stages of evaluating the issue, but based on the available facts, it feels that the accusations are without merit."


In recent months, Bed Bath & Beyond's stock has been unusually volatile and has been perceived as a "meme" stock, which trades based on social media reactions rather than economic fundamentals.


Cohen, a wealthy investor, revealed a nearly 10% stake at the beginning of March. Cohen's RC Ventures declared its plan to sell its stake on August 17.

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