Business

Pertaining to and impacting businesses, markets and the economy

 
Bed, Bath & Beyond CFO falls to his death in New York
On Friday, Bed Bath & Beyond Inc's chief financial officer fell to his death from the 18th floor of the "Jenga" skyscraper. Gustavo Arnal is believed to have jumped from the Tribeca skyscraper in New York on Friday afternoon.
 
G7 ministers back price cap on Russian oil
Finance Ministers of the Group of Seven (G&) industrialized nations agreed to implement a price cap on Russian oil. Finance Ministers from the US, Japan, Canada, Germany, France, Italy, and the UK were united in their response to Russia's war against Ukraine.
 
IMF Bailout for Sri Lanka
On Thursday, the IMF announced it had reached a preliminary agreement for a bailout with Sri Lanka. Over the next four years, the cash-strapped country stands to receive $2.9 billion for crucial imports and to improve financial stability.
 
First Solar to invest $1.2B in solar panel manufacturing
First Solar Inc (FSLR.O) has announced plans to spend $1.2 billion expanding its solar panel manufacturing operations in the United States. The plan was among the first significant corporate investments announced following the passing of the Inflation Reduction Act (IRA) - a $430 billion package of policies to combat climate change.
 
UK postal workers strike work
Thousands of postal workers in the UK are striking work over pay. Royal Mail stated, "CWU members are taking strike action on 26 and 31 August and 8 and 9 September 2022. We're sorry for the disruption this is likely to cause you."
 
International Monetary Fund (IMF) in Sri Lanka to hash out bailout package
On Wednesday, a team from the International Monetary Fund visited the Sri Lankan capital to finalize a bailout package. The team met Sri Lankan president Ranil Wickremesinghe to discuss the package, which includes restructuring the country's debt - a debt that currently stands at around $29 Billion.
 
Euro drops to lowest level in 20 years, dips below the US Dollar
The Euro fell below parity with the US Dollar, diving to its lowest level in 20 years and ending a near one-to-one exchange rate with the US currency. The Euro's slide underlines the economic situation in the 19 European countries utilizing the currency as they struggle with an energy crisis caused by Russia's war in Ukraine.
 
Over 100 firefighters respond to boatyard fire
A huge fire at a boatyard in Mattapoisett, MA destroyed a number of boats, vehicles, and buildings, creating thick smoke. National Weather Service for Boston tweeted, "Radar is detecting what is most likely a smoke plume in Mattapoisett, MA."
 
Billionaire Xiao Jianhua sentenced to 13 years, $8.1 billion fine
On Friday, a Shanghai court sentenced Chinese-Canadian billionaire Xiao Jianhua to 13 years in jail and fined his Tomorrow Holdings conglomerate 55.03 billion Yuan ($8.1 billion). According to the Shanghai First Intermediate Court, Xiao and Tomorrow Holdings were charged with illegally siphoning away public deposits, betraying the use of entrusted property, and the illegal use of funds and bribery.
 
Japan launches program encouraging people to drink more
The Japanese government is launching a new contest in an effort to get more members of its population to drink alcohol. The Sake Viva! campaign is the brainchild of Japan's National Tax Agency and asks those between 20 and 39 to submit proposals to help encourage people to enjoy alcoholic beverages.