VIDEO: High School Football Playoffs: Nov. 27
(Reuters) -Bed Bath & Beyond Inc shares nosedived late in the session on Wednesday from a 45% surge earlier after investor and GameStop Chairman Ryan Cohen filed for a proposed sale of his stake in the struggling home goods retailer. The highly shorted shares continued their fall after the bell and were down more than 15% as Cohen's venture capital firm RC Ventures, the second largest investor, said it intends to sell 9.45 million shares, including options, through JP Morgan Securities. The company said it reached an agreement with RC Ventures in March and is working with financial advisors and lenders to strengthen its balance sheet as it struggles with declining revenue and liquidity concerns.
Swvl Holdings Corp ("Swvl" or the "Company") (NASDAQ: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced results for the First Half of 2022 and select results for the Second Quarter of 2022. Swvl's condensed unaudited interim financial statements for the six-month periods ended June 30, 2022 and 2021, and supplementary information are available on Swvl's website here.
From $300 bucket hats to $900 sneakers and $700 t-shirts, the high-flying luxury sector is fretting over the appetite among financially stretched Gen Z consumers for such "aspirational" purchases. Executives are troubled in particular by a hit to young Chinese shoppers, not only because mainland China has been a major driver of the industry's growth in recent years, but also because high end consumers in the world's second-largest economy are a decade younger than the global average of 38. Young adults around the world have been "a very strong factor of luxury growth over the past decade," said Gregory Boutte, chief client and digital officer at Gucci-owner Kering.
(Reuters) -Target Corp reported a bigger-than-expected 90% fall in quarterly earnings on Wednesday and missed estimates for comparable sales as it struggled to lure inflation-hit shoppers with steep discounts on apparel, electronics and home goods. As Target relies more on discretionary categories, it is prone to take a bigger hit during tougher times than its rivals such as Walmart Inc, where groceries and packaged food items get more shelf space. Walmart beat profit estimates as its core base of low-to-middle income shoppers flocked to its stores for bargains on groceries.
425 million grams of unpackaged dried cannabis destroyed, highlighting industry's issue of producing more than it can sell
The euro zone inflation outlook has failed to improve since a July rate hike, European Central Bank board member Isabel Schnabel said, suggesting she favours another large interest rate increase next month even as recession risks harden. The central bank for the 19-country bloc surprised investors with a 50-basis-point rate hike last month fearing that inflation, now approaching double digit territory, was at risk of getting entrenched. That move was not enough to alter the inflation outlook, however, and even a recession on its own would not be enough to tame price pressures, said Schnabel, the head of the ECB's market operations.
NEW YORK (AP) — Creem, which billed itself as “America's only rock ‘n’ roll magazine” during two decades of existence that ended in 1989, is being revived next month. The return is a remarkable story of persistence by J.J. Kramer, who was bequeathed the magazine at age 4 upon the death of his father, founder Barry Kramer. It will reappear during far different times, with a marketing plan that the late writer Lester Bangs or makers of the fake “Boy Howdy” beer could hardly conceive of. The first
(Reuters) -Kohl's Corp cut its full-year sales and profit forecasts on Thursday, squeezed by steeper discounts and higher costs amid dwindling demand for clothing and shoes in the face of high inflation, sending its shares down 5%. The U.S. department store chain joined top retailers including Target Corp and Best Buy Co to warn of a profit squeeze, as decades-high inflation has made Americans wary of opening their wallets for apparel and other discretionary goods. The demand slump has left several retailers with bloated inventories, forcing them to offload excess stocks through steep discounts and clearance sales heading into the back-to-school season.
U.S. stocks ended higher Thursday as an upbeat sales forecast from Cisco Systems helped to lift the technology sector, while data showed the economy remained relatively strong. Investors were still assessing Wednesday's minutes from the Federal Reserve's July meeting, which they initially saw as supporting a less aggressive stance by the central bank. "We're at a point where people are trying to make a judgment about whether the inevitable higher interest rates are going to choke off the upside of the market," said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey.
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SANTIAGO (Reuters) -Chile's gross domestic product came in below expectations in the second quarter of 2022, central bank data showed on Thursday, leading economists to forecast a potential recession as pandemic-related stimulus is unwound. The performance highlighted Chile's struggle to grow as the central bank aggressively tightens its monetary policy to tame soaring inflation, which reached a near three-decade high last month. "Chile's economy merely stagnated in Q2 and the chances are high that it will fall into recession over the second half of the year," Capital Economics' Latin America economist Kimberley Sperrfechter said in a note.
Plans for a high-wage, high-growth economy lie in ruins as Britain's Conservative prime minister struggles to answer a cost-of-living crisis, compounded by rising worker unrest. It is December 1973 and the finance minister has privately warned the cabinet of Edward Heath that the country faces its gravest economic crisis since World War Two, according to classified records that are now publicly available. The papers shed light on the debate at the heart of government during a crisis that bears similarities to that facing current Prime Minister Boris Johnson's cabinet.
Musk has a history of being unconventional, posting irreverent tweets. Below are some other tweets by Musk - who has more than 103 million followers - which have taken investors, Twitter users, Twitter's board and the rest of his audience by surprise. May 13, 2022: "Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users."
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Canada's main stock index fell on Wednesday after five straight days of gains as technology and material stocks fell, although a rebound in oil prices boosted heavyweight energy shares and capped overall losses. The Toronto Stock Exchange's S&P/TSX composite index ended down 88.53 points, or 0.4%, at 20,181.44 after notching its highest closing level in more than two months the day before. "There's a lot of short covering that's happening which has caused the market to rally quite substantially off of the lows," said James Telfser, Managing Partner and Portfolio Manager at Aventine Investment Counsel.
RBC Global Asset Management Inc. ("RBC GAM Inc.") today announced August 2022 cash distributions for unitholders of RBC ETFs, as follows:
LONDON (AP) — Thousands of train workers in Britain staged a new round of strikes Thursday, paralyzing rail service across the country in an escalating dispute over pay and working conditions exacerbated by a deepening cost-of-living crisis. Only around one in five trains ran across the U.K. as a result of the walkout by union members, who have already staged multiple strikes in recent months. A strike planned for Friday is expected to affect most of the London Underground subway network as well
Superior Gold Inc. ("Superior Gold" or the "Company") (TSXV: SGI) (OTCMKTS: SUPGF) announces financial results for the second quarter of 2022 for the Company's 100%-owned Plutonic Gold Operations, located in Western Australia.
TULUM, Mexico (AP) — Unchecked development has hit this once laid back beach town on Mexico’s Caribbean coast so hard that developers are now eager — even desperate — to build condominiums and hotels in a shantytown. While police are trying to evict squatters so towering condos can be built next to wood and tarpaper shacks, residents are fighting back, saying they are tired of foreign investors excluding local people from their own coast. In the latest clash on July 27, police accompanying a bac
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