Here is a rundown of Cheddar News' top market stories of the day.
BED BATH & BEYOND SEEKS BUYER
Bed Bath & Beyond is reportedly in talks with a number of potential buyers and lenders to help pull the retailer back from the brink of bankruptcy. The goal is to find a buyer that will keep the Bed Bath & Beyond name, as well as its buybuy Baby chain. Funding-wise, the company is seeking $100 million to stave off bankruptcy, which could still occur in the coming weeks.
APPLE INTRODUCES NEW HOMEPOD
Apple has announced the second generation of the HomePod. The original was discontinued almost two years ago, and Apple is touting a number of improvements in the new version, from sound quality to the ability to send notifications when a smoke or carbon monoxide alarm goes off. The company is calling the product "groundbreaking," but one critic from The Verge noted that the new model was strikingly similar to the last one.
AMAZON FINED FOR WORKER VIOLATIONS
U.S. regulators have fined Amazon more $60,000 for violations of workplace safety law. The Occupational Safety and Health Administration charged the company with overworking its employees at warehouses in Deltona, Florida, Waukegan, Illinois, and New Windsor, New York. "Each of these inspections found work processes that were designed for speed but not safety, and they resulted in serious worker injuries," said Assistant Secretary for Occupational Safety and Health Doug Parker in a news release.
NEW TWITTER PLAN
Twitter Inc has announced a new $11 price for a Twitter Blue subscription per month and a cheaper annual plan as well. The price is the same for Android and iOS subscribers, despite the latter coming with higher app fees.
Cust2Mate is a leading innovator in retail technology, aiming to revolutionize the shopping experience. By implementing smart cart technology, the tech company addresses the issue of theft while enhancing the shopper's journey.
The Biden administration has unveiled a plan, Plan B, to address the student loan debt crisis. It offers to cancel up to $20,000 in interest for borrowers enrolled in income-driven repayment plans. This proposal aims to reset balances for those facing growing debt due to unpaid interest, benefiting low—and middle-income borrowers. An estimated 25 million borrowers are eligible for some form of interest forgiveness.
As we head into the second quarter, there’s an argument in favor of buying Boeing stock. Why? As one expert says, ‘there’s nowhere else to get planes.’
With inflation and prices still on the rise, it might be worth considering a carpool app. One of them, Singapore-based Ryde, just went public in the U.S.
Full Glass Wine Co., the company behind Bright Cellars, Wine Insiders, and Winc, knows you fell in love with home delivery during the pandemic – and it’s investing millions into making it even better.
It might sound counterintuitive, but the Fed cutting interest rates three times this year could cause inflation to spike and actually be worse for markets and the economy as a whole.
