Commerce SPAC Omnichannel Acquisition Announces Redemption Following No Business Combination Deal
Special purpose acquisition company Omnichannel Acquisition Corp. (NYSE: OCA) announced that it will redeem all its outstanding shares as it looks to cease operations. This follows after it has failed to consummate an initial business combination within the prescribed period. The blank check firm looks at June 1, 2022, as its last trading day on […]
Is A Recession On The Horizon? This Stripper Says It’s Already Here
Are we headed towards a recession? There are many possible indicators: the skyrocketing price of gas, record-breaking inflation, Russia’s war in Ukraine and the resulting cost of living crisis in Europe, and of course the Omicron-induced lockdowns in China. But no one’s officially calling it yet, and those who can call it aren’t ready to […]
Former German Chancellor Leaves Top Rosneft Position To Avoid EU Sanctions
Gerhard Schröder, former chancellor of Germany, resigned from his board position with the Russian state-controlled energy giant Rosneft on Friday. The decision comes after a draft resolution that called to sanction the former leader. Schröder, who served as chancellor from 1998 to 2005, has been a long-term friend and supporter of Russian President Vladimir Putin. […]
Electric Vehicles Begin To See Their Operating Cost Advantages Versus Traditional Cars Erode
Electric vehicle (EV) manufacturers have faced many obstacles over the last six or months or so. Most start-up OEMs have experienced high cash burn levels as they develop their models. Moreover, supply chain issues, particularly for semiconductors, have exacerbated this heavy cash usage problem. In turn, the share prices of EV makers have been, and remain, under intense […]
Iran To Revisit Hengam Gas Project With Oman, Says State News Agency
Iran is looking into reviving a 2004 gas project with Oman, according to the country’s oil minister Javad Owji. The initiative is estimated to bring in around US$1 billion in gas revenue to Tehran. As reported by the state-run Islamic Republic News Agency, Owji brought back to the table the long-stalled project when he met […]
Bitfarms: Is There Further Downside Risk To This Crypto Miner?
On May 16, Bitfarms Ltd. (TSX: BITF) reported solid 1Q 2022 earnings. The company reported quarterly revenue of US$40.3 million and operating income and adjusted EBITDA of US$6.9 million and US$32.4 million, respectively. Investors reacted to the earnings details in the same way they have to almost all news released by Bitfarms (and other Bitcoin miners) over the last […]
Enthusiast Gaming Sees Canaccord Give Slight Lift To Price Target
On May 16th, Enthusiast Gaming (TSX: EGLX) reported its first quarter financial results. The company announced revenues of $47.2 million, up 57% year over year. While gross profits also saw an increase, going from $5.9 million to $13.5 million this quarter, or a margin of 28.6% versus 19.8% a year ago. The company attributes the […]
Health Canada Recalls Over 200,000 Packs Of Cigarettes For “Fire Hazard Concerns”
In an unexpected, somewhat unlikely, and mostly unnecessary turn of events, Health Canada has issued a recall for hundreds of thousands of packs of cigarettes due “increased fire hazard” concerns. On Thursday, the recall was issued for 256,500 packages of 20-pack, regular-sized Viceroy Fulls (Viceroy Original) sold between September 2021 and March 2022. The recall […]
S&P ESG Index Boots Tesla Over Poor Working Conditions, ‘Lack of Low Carbon Strategy’
It appears that Tesla (NASDAQ: TSLA) lost its highly prized spot on the S&P 500’s ESG Index amid compounding accusations of poor working conditions and inadequate low-carbon initiatives. As part of a routine annual update, the index booted Tesla from its list after the EV maker failed to meet criteria that even Apple, Microsoft, Amazon, […]
Russian Ruble Soars to 4-Year High Against US Dollar
The ruble continues to strengthen against the US dollar and the euro, as demand for Russia’s currency rises following its new gas payment mechanism, upcoming corporate tax payments, and capital controls. The ruble reached a high of 62.0 against the US dollar on Friday, marking the strongest it’s been since March 2018. Russia’s currency also […]