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Investors unimpressed with Bed Bath & Beyond’s outlook
Bed Bath & Beyond detailed on Wednesday a new multi-year strategy. The company will focus on leveraging recent momentum along with other operational improvments. The stock fell 20% as investors were not pleased with what the company has to offer. Struggling retailer Bed Bath & Beyond (NASDAQ: BBBY) detailed Wednesday morning its new strategy to “unlock growth and drive significant shareholder value.” The problem is investors swiftly rejected the presentation as the stock traded lower by more than 20%. The plan Bed Bath & Beyond’s strategy is sound and based on expectations of leveraging its 37 million customers. The company expects to launch more than 10 of its own brands in key categories over the next 18 months. The objective is to triple its penetration of owned brands over a three year period. Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. A focus on internal brands will also result in $200 million to $250 million worth of sourcing benefits over three years by reducing the number of suppliers while renegotiation terms with other vendors. Bed Bath & Beyond will also emphasize its competitive pricing across key categories to differentiate itself from
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US approves $1 billion in new arms sales to Taiwan
WASHINGTON: The US government announced approval Wednesday to sell $1 billion worth of advanced air-to-ground missiles to Taiwan as the island shores up its defenses against the threat from China.The State Department said it had agreed to sell 135 of the AGM-84H SLAM-ER missiles, precision-guided, air-launched cruise missiles, and related equipment.Also approved was the sale of six MS-110 reconnaissance pods for air reconnaissance, and 11 M142 mobile light rocket launchers, taking the value of three arms packages to $1.8 billion.The SLAM-ER missiles will help Taiwan "meet current and future threats as it provides all-weather, day and night, precision attack capabilities against both moving and stationary targets" on the ground or ocean surface, a statement said.China, which regards Taiwan as a renegade province, has stepped up pressure toward the island over the past year, sending attack and surveillance aircraft into its airspace and ships near its waters.Last week Beijing released video of a military exercise simulating an invasion of a Taiwan-like territory featuring missile strikes and amphibious landings.While Taiwan has for decades fallen back on an implicit US security guarantee, Washington has urged it to strengthen its own capabilities to resist an attack.But Washington also wants Taiwan to upgrade its armaments."Whether
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Canadian police witness tells court Huawei CFO arrest followed procedure
VANCOUVER/TORONTO (REUTERS) - The Canadian police officer who arrested a Huawei executive in Vancouver in 2018 told a court on Monday (Oct 26) the apprehension was done by the book, amid claims by her lawyers that her rights were violated during the process. Huawei Chief Financial Officer Meng Wanzhou arrived in the British Columbia Supreme Court on Monday for the first of five days of hearings as her US extradition case resumed. This week's hearings will focus on abuse of process committed by Canadian and US authorities during her December 2018 arrest at Vancouver International Airport, as alleged by her lawyers. The case has intensified diplomatic tensions between China and the two North American nations. Meng, 48, is charged by the United States with bank fraud for allegedly misleading HSBC about Huawei's business dealings in Iran, causing the bank to break US sanction laws. She denies the charges and is fighting extradition from under house arrest in Vancouver. Meng's lawyers have argued that Canadian authorities improperly communicated with their US counterparts, including allegedly sharing identifying details about her electronic devices. Canada has denied this and provided affidavits from members of
Russia offers US one-year freeze on nuclear warhead numbers
MOSCOW: Russia on Tuesday said it was ready to offer the United States a mutual one-year freeze on the number of nuclear warheads held by both countries in order to extend a landmark arms reduction deal due to expire next year."Russia offers extending the New START by one year and is ready to take on a political commitment with the United States to freeze the number of nuclear warheads both sides have for this period," the foreign ministry said in a statement.Russian President Vladimir Putin last week proposed extending by one year the New START treaty, which is due to expire in February 2021. The White House described the proposal as a "non-starter" unless accompanied by a freeze on the number of nuclear warheads.
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