BBBY: Bed Bath & Beyond Falls 24% After Revealing Plans To Close 150 Locations, Conduct Layoffs
Despite wild price swings in its equity, the underlying operation behind Bed Bath & Beyond (NASDAQ: BBBY) is evidently struggling to the point that it needs to embark on strategic changes to keep the company afloat. “We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business […]
Yikes: Crypto.com Accidentally Transfers $10.5 Million While Trying To Process A $100 Refund
A Crypto.com employee mistakenly typed an account number on the payment section and accidentally deposited AUS$10.5 million into an account owned by a Melbourne-based woman, according to the Australian news outlet, 7NEWS. The employee was attempting to process an AUS$100 refund. The Singapore-based cryptocurrency trading firm only noticed the error seven months after. The mistake […]
Kontrol Technologies Secures $50 Million In Credit Facilities To Pay Off Debt, Conduct M&A
Kontrol Technologies (NEO: KNR) has obtained credit from a Schedule 1 bank, enabling it to repay certain debentures due in October. The funding is said to consist of up to $50 million in senior secured credit facilities. The facilities consist of a term loan facility of up to $20 million, as well as a revolving […]
Bright Minds Begins Phase 1 Clinical Trials Focused On Treating Dravet Syndrome
Phase 1 trials are officially underway for Bright Minds Biosciences (CSE: DRUG) and their lead product, referred to as BMB-101. The firm this morning revealed that it has dosed the first patient under the trial as it looks to find a treatment for Dravet Syndrome, among other medical indications. The product is classified as a […]
Snap Falls 7% Amid Reports Of 20% Workforce Layoff, Ad Exec Leaving For Netflix
Following the expected guidance miss, Snap Inc. (NYSE: SNAP) is rumored to be considering letting go 20% of its employees. The report, broke by The Verge, relayed what people familiar with the matter said of the plans of cutting one-fifth of the tech firm’s 6,400 workforce. The layoffs have reportedly been in the pipeline for […]
Crypto Card: Mastercard, Visa Are Working On Making Cryptocurrency Payments Happen
You may be able to literally pay for your everyday purchases with bitcoin soon. Mastercard (NYSE: MA) announced that it is working with Binance to enable using crypto assets as payments through its network. CEO Michael Miebach posted on his LinkedIn account that the payment gateway is aiming to “let people to use their crypto […]
Dan Bilzerian’s Ignite International Investigated For Accounting Fraud By SEC
The company may have just completed its go-private transaction, but it appears that the issues related to being a public issuer are nowhere near over for Dan Bilzerian and his Ignite International, which was formerly listed on both the OTC Markets as well as the Canadian Securities Exchange. It appears that the Securities and Exchange […]
Germany Sees Gas Reserves Reaching 85% A Month Ahead Of Schedule, But Is It Enough?
Germany seems to be shoring up its energy reserves faster than its emergency plan as the country heads into the winter season. German Economic and Climate Action Minister Robert Habeck said that the country’s natural gas reserves are expected to reach 85% of its storage capacity by September, a month earlier than its plan. “The […]
The De-Dollarization Continues: Egypt to Issue $500 Million Worth of Yuan Bonds
The US dollar as the world’s reserve currency is losing its lustre, and rather fast. With China’s economic power rising, coupled with the world’s growing distaste for US foreign policy, an increasing number of countries are looking for alternatives to the greenback in the event of a rainy day in Washington. In a press conference […]
Zoltan Pozsar: Here Are Where The West Should Focus Its Policies To Win The ‘Great Crisis Of Globalization’
In his latest dispatch, Credit Suisse contributor Zoltan Pozsar took off from his last pronouncements that an L-shaped recession is needed to curb inflation. But the path to recovery in a world gradually shifting to a new order tied to commodities isn’t gonna be solved by traditional means of QE or economic equations. “What do […]