A British Virgin Islands court ordered the liquidation of Three Arrows Capital Ltd. after creditors sued the cryptocurrency hedge fund for failure to repay debts. Nichol Yeo, a partner at law firm Solitaire LLP, said Three Arrows Capital is considering its options and seeking legal advice in the British Virgin Islands.
When Mark Tritton took the helm of Bed Bath & Beyond in 2019, he moved quickly to overhaul the home-goods chain by cleaning up crowded aisles, scaling back coupons and doing away with popular national brands in favor of new, private-label goods. That strategy was repudiated on Wednesday, after the company reported another quarter of … Read more
The US and Europe have been scrambling for ways to stop financing Vladimir Putin’s war machine without sending their economies into recession. The latest idea, advanced at the G-7 summit this week, is an oil price cap. This will work as well as most price-control gambits, which is to say it probably won’t. Despite Western … Read more
Text size Tesla stock is down about 16% for the current quarter. Nicholas Asfouri / AFP via Getty Images Tesla ‘s second-quarter delivery results are expected to arrive in early July. It has been hard to predict the numbers for a couple reasons: The first is production volatility from Covid-19 lockdowns in China, and the … Read more
Pinterest longtime chief executive is stepping down and a Google commerce executive is taking over the top job, the social-media company said Tuesday. Ben Silbermann, who co-founded Pinterest in 2010 and served as its CEO ever since, is transitioning to executive chairman of the board, a newly created position. His replacement, Bill Ready, comes from … Read more
WASHINGTON — Democrats were wrestling with where to focus their legislative response to the Supreme Court ruling ending federal abortion protections, after Republicans stymied the party’s previous attempts to enact a law guaranteeing abortion access. Democrats — who control both chambers of Congress and the White House — have tried twice this session to pass … Read more
Nike Inc.’s quarterly sales were roughly flat and its inventory surged, signs that the sneaker giant is still trying to balance consumer demand with supply-chain snarls. Executives said they were optimistic as the company starts a new fiscal year, because production has surpassed prepandemic levels. They forecast stronger revenue growth for the year started June … Read more
The largest US banks said they would increase payouts to shareholders after the Federal Reserve said the banks are able to keep lending in a severe hypothetical recession. Four of the six biggest banks boosted their dividend payments on Monday. The collective 15% increase in payouts is relatively muted compared to last year, when the … Read more
JetBlue Airways Corp. isn’t backing down in its fight to buy Spirit Airlines Inc. raising its offer yet again in an effort to outmaneuver rival Frontier Airlines. JetBlue on Monday proposed a $ 400 million breakup fee, which it would pay to Spirit if regulators block the merger, up from the $ 350 million it … Read more
Volkswagen is close to selling a minority stake in its US electric-vehicle charge business to an arm of Siemens a deal that would value the network at more than $ 2 billion, according to people familiar with the matter. A sale of a stake in Volkswagen’s Electrify America LLC would generate additional funding as part … Read more