EUR/USD 1.15948
0.221%
Gold 4164.07
0.807%
Oil 57.937
-0.134%
USD/JPY 156.415
0.221%
GBP/USD 1.32322
0.516%
GBP/JPY 206.977
0.745%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
New York silver futures broke through $53 per ounce, up 2.66% on the day.On November 26th, BlackRock analyst Vivek Paul stated in a report that the UK budget has reached a balance, which should boost market confidence and alleviate concerns about any potential political consequences. The chief UK investment strategist said the governments expansion of fiscal space to £22 billion—exceeding market expectations and the £10 billion in the spring budget—was a positive surprise to the market. He said, "The government wants to show the market its strong commitment to fiscal credibility. The decision not to take politically sensitive measures such as tax increases and spending cuts today is not out of fear of political backlash, but because it is not currently necessary." He indicated that the increased fiscal space appears to stem from the delayed implementation of fiscal consolidation plans.According to the Italian news agency ANSA, Italy may slightly increase corporate taxes on large banks.On November 26th, Henderson High Income analyst David Smith stated in a report that he welcomed the UK governments decision to reduce stamp duty on newly listed companies on the London Stock Exchange. However, the portfolio manager pointed out, "The government could have taken more ambitious steps to enhance the attractiveness of the UK market." Currently, the UKs 0.5% stamp duty is particularly high among major global financial centers. He emphasized that this tax not only diminishes the value of savings but also increases the cost of equity financing for UK-listed companies, potentially leading to lower valuations.On November 26th, Deutsche Bank analyst Sanjay Raja stated in a report that the UK budget appears better than expected, with the fiscal buffer doubling from £10 billion in March to just under £22 billion. He indicated that public borrowing is expected to continue its downward trend. Budgetary measures could lower inflation, thereby increasing the likelihood of a Bank of England interest rate cut. Raja noted, however, that the fiscal austerity measures may take effect later, raising some questions about their credibility.

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

Aria Thomas

Sep 05, 2022 11:42

6.png


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.

Suggestion